Exercise 14-6 (Algo) Bonds; issuance; effective interest [LO14-2] The Gorman Group issued $900,000 of 11% bonds on June 30, 2021, for $977,220. The bonds were dated on June 30 and mature on June 30, 2041 (20 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually on December 31 and June 30. Required: 1. to 3. Prepare the journal entries to record their issuance by The Gorman Group on June 30, 2021, interest on December 31, 2021 and interest on June 30, 2022 (at the effective rate).
Answers
Answer:
1) June 30, 2021, bonds are issued at a premium.
Dr Cash 977,220
Cr Bonds payable 900,000
Cr Premium on bonds payable 77,220
2) December 31, 2021, first coupon payment
Dr Interest expense 48,861
Dr Premium on bonds payable 639
Cr Cash 49,500
amortization of premium on bonds payable = (977,220 x 5%) - 49,500 = -639
3) June 30, 2022, second coupon payment
Dr Interest expense 48,829
Dr Premium on bonds payable 671
Cr Cash 49,500
amortization of premium on bonds payable = (976,581 x 5%) - 49,500 = -670.95 ≈ -671
Related Questions
What may make a small business loan challenging to obtain? List at least two potential obstacles.
Answers
Answer:
credit
work history
Explanation:
hope this helps
Effective and carefully planned mission statements:
A) require major changes every few months.
B) require major changes every few quarters.
C) require major revision every few years.
D) do not require revision.
E) require infrequent major changes, but are always subject to revision.
Answers
Effective and carefully planned mission statements require infrequent major changes but are always subject to revision.
What are mission statements?
The mission statement of an organization succinctly states the reason for its operations, its ultimate goal, the kind of product or service it provides, its target market or clients, and the region in which it operates. It might contain a succinct description of important concepts like an organization's beliefs or philosophy, its key competitive advantages, or its "vision" for the future. It has historically been connected to Christian religious organizations; in fact, for many years, a missionary was thought to be someone on a mission that was especially religious. The Jesuits' sending of missionaries abroad is where the term "mission" first appeared in 1598.
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The table below shows Lanark's production possibilities.
A B C D E F
Wheat 0 180 315 405 450 468
Cars 190 181 163 127 73 0
a. If Lanark is producing 145 cars, it can produce approximately
wheat.
b. If Lanark is currently producing combination C, the cost of 90 more wheat is
(Click to select)
.
c. If Lanark is currently producing combination D, the approximate per unit cost of an additional car is
(Click to select)
. If necessary, round your answers to 1 decimal place. Remember to round 0.05 up to 0.10.
Answers
If Lanark is currently generating 145 buses, it can generate about 180 units of wheat. .
b. The cost of 90 further wheat is 90.
c. The approximate per unit cost of an fresh auto is 54.
To determine the approximate quantum of wheat Lanark can produce if it's presently producing 145 buses , we need to find the matching value in the" Wheat" column. Grounded on the given table, we can see that the values in the" buses" column drop from left to right. thus, we need to find the combination where the number of buses is closest to 145, which is combination B. In combination B, Lanark can produce roughly 180 units of wheat.
We can find the cost of 90 further wheat by comparing the wheat values between combinations C and D, If Lanark is presently producing combination C. The wheat value in combination C is 315, and the wheat value in combination D is 405.
The difference between these two values represents the fresh wheat produced when moving from combination C to combination D. In this case, the difference is 405- 315 = 90. thus, the cost of 90 further wheat is the difference between the wheat values in combination C and D, which is 90.
we can determine the approximate per unit cost of an fresh auto by comparing the auto values between combinations D and E, If Lanark is presently producing combination D. The auto value in combination D is 127, and the auto value in combination E is 73.
The difference between these two values represents the drop in auto product when moving from combination D to combination E. In this case, the difference is 127- 73 = 54.
thus, the approximate per unit cost of an fresh auto is the difference between the auto values in combination D and E, divided by the drop in auto product, which is 54/ 1 = 54.
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Adjusting entries typically involve which transactions:
Those necessary to close the temporary accounts to the Retained Earnings account
O Those dealing with the Cash account
Those that occur continually over a period of time
Those that involve calculation errors or misapplication of accounting rules
O Those between the company and its stockholders.
Answers
Answer:
Adjusting entries typically involve those transactions that occur continually over a period of time, such as the accrual of interest on a loan or the depreciation of fixed assets. These types of transactions are recorded in temporary accounts, such as the Accrued Expenses or Depreciation Expense accounts, and must be closed to the Retained Earnings account at the end of the accounting period in order to prepare the financial statements. Adjusting entries may also involve correcting calculation errors or misapplication of accounting rules. However, they do not typically involve transactions involving the Cash account or those between the company and its stockholders.
QUESTION 6 of 10: A factor that a retailer might consider when choosing a location is
ОООО
a) The availability of workers
b) Local zoning laws
c) Possibilities for expansion
d) All of the above
smit
Answers
Answer:
All of the above
Explanation:
Employee accessibility and affordability, state environmental and local zoning laws, development and expanding possibilities, all this aspect really affects retailers when they would considering choosing a venue.
Why is having a long credit history with a few blemishes that were corrected better than a short history that is clear? edg
Answers
Which of the following combinations is ensured to increase?
Answers
please you can give any option or full question
Assuming a 360 -day year the maturity value of a 15000, 9%,60-day note receivable dated February 10th is:
Answers
Answer:
the maturity value of the note receivable is $15,225, and includes both principal plus interest revenue.
Explanation:
when the note is collected on April 11, the journal entry should be:
April 11, collection of notes receivable
Dr Cash 15,225
Cr Notes receivable 15,000
Cr Interest revenue 225
interest revenue = $15,000 x 9% x 2/12 = $225
According to the above material, there exist large differences between economic growth rate using traditional expenditure approach and the satellite night-light data. How do you evaluate the night-light data method? and can you identify several reasons why there exists such differences?
Answers
The use of satellite night-light data as a method to evaluate economic growth has both strengths and limitations. Reasons for Differences between Traditional Expenditure Approach and Night-light Data: Informal Economy, Data Limitations, Urbanization Bias and Structural Changes.
Here is an evaluation of the night-light data method and several reasons for the differences observed between the traditional expenditure approach and the night-light data:
Evaluation of the Night-light Data Method:
Objective and Timely: Satellite night-light data provides an objective and timely measure of economic activity. Wide Coverage: Night-light data can cover large geographical areas, including remote and inaccessible regions. Granularity: The data can be analyzed at a fine-grained level, allowing for detailed spatial analysis of economic patterns. This can help identify pockets of growth and disparities within regions.Reasons for Differences between Traditional Expenditure Approach and Night-light Data:
Informal Economy: The traditional expenditure approach relies on official economic data, which may not fully capture the informal sector. Data Limitations: Night-light data has its limitations. It primarily measures economic activity related to lighting, which may not capture other dimensions of economic growth such as services or knowledge-based industries. Urbanization Bias: Night-light data tends to be more representative of urban areas with higher population density and greater access to electricity. Structural Changes: The traditional expenditure approach focuses on consumption and investment, while night-light data primarily captures the energy consumption associated with lighting.For such more question on economic:
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which of the following resulted from the 2018 report of the texas commission on public school finance?
a pledge by texas state leadership to shift some of the tax burden for school funding from the state of texas
to local property owners a bill requiring texas local governments
to seek voter approval to increase property taxes more than 3.5 percent a year a broad-scale increase in property taxes to help fund schools in poorer areas greater implementation of testing to ensure that underperforming schools are held accountable and thus receive less fundin
Answers
The outcome of the Texas Commission on Public School Finance's 2018 report is General Revenue Funds.
What is the most important source of revenue for public education in Texas?Property taxes greater than 3.5% per year a widespread increase in property taxes to support funding for schools in under served areas Increasing the use of testing will help to ensure that under performing schools are held accountable and earn less funding.
Local financing An M&O property tax imposed on local taxable values is the main source of local funding for Texas public schools. For every $100 of taxable property value, each school district sets its own M&O tax rate. The state organization in charge of managing public elementary and secondary education is the Texas Education Agency.
The state's present funding system was declared unconstitutional by the court because the state constitution calls for the legislature to create, support, and maintain "an effective system of public free schools."
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Assume a project with and outlay of 200, and inflows of 100 for three years, starting one year from today. Find IRR.
Answers
Answer:
Explanation:
The internal rate of return (IRR) is the discount rate that makes the net present value (NPV) of the cash flows from the project equal to zero. To find the IRR, you can use a financial calculator or spreadsheet software that has a built-in IRR function.
In this case, the initial outlay is -200 and the cash flows for the next three years are 100, 100, and 100.
The IRR can be calculated using excel formula =IRR(values,guess) where values is the range of cells containing the cash flows and guess is the estimated IRR.
Alternatively, you can use online IRR calculators as
At Ruth Company, events and transactions during 2020 included the following. The tax rate for all items is 20%. (1) Depreciation for 2018 was found to be understated by $150,000. (2) A strike by the employees of a supplier resulted in a loss of $125,000. (3) The inventory at December 31, 2018 was overstated by $200,000. The effect of these events and transactions on 2020 income from continuing operations net of tax would be A. ($280,000). B. ($380,000). C. ($220,000). D. ($100,000).
Answers
Answer:
D. ($100,000)
Explanation:
Calculation for what The effect of these events and transactions on 2020 income from continuing operations net of tax would be
Continuing operations net of tax=(20%*$125,000)-$125,000
Continuing operations net of tax=$25,000-$125,000
Continuing operations net of tax=($100,000)
Therefore The effect of these events and transactions on 2020 income from continuing operations net of tax would be ($100,000)
You are an economics professor teaching large sections of Principles courses this semester. Within the first week of class,
several students have approached you with concerns about exam and homework due dates. They fear they won't do well
because the due dates for your class conflict with the dates for their other classes. You want to allocate exam and homework
due dates to the days most valued by students, but sifting through the opinions of hundreds of students presents a challenge.
The MOST efficient allocation would result if you:
design a predictions market for students to designate when they think the dates will be.
b. create an internal market for students to bid for their preferred dates.
C.
use your centralized power as a professor to assign the dates without student input.
d. determine that you have a knowledge problem when assigning dates
Answers
The MOST efficient allocation of exam and homework due dates for students who have concerns due to conflicting schedules with other classes is to create an internal market for students to bid for their preferred dates.The correct answer is option-b.
A market is the most efficient mechanism for allocating goods and services according to the preferences of consumers. Students who have conflicting schedules can bid for their preferred exam and homework due dates through an internal market.
This method has the advantage of providing the exam and homework due dates to those who are willing to pay the most for them. By using the internal market, the professor can allocate the dates in the most efficient manner without sifting through the opinions of hundreds of students.
This method is also fair as it gives students the opportunity to choose their preferred dates based on their schedule constraints, and it reflects the value that students place on certain exam and homework due dates.
Therefore, the correct answer is option-b.
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In reviewing the Generally Accepted Auditing Standards (GAAS), there are three main conduct expectations identified, as follows:
Independence
Due care
Technical training and proficiency
Answers
The three main conduct expectations identified in the Generally Accepted Auditing Standards (GAAS) are independence, due care, and technical training and proficiency.
Independence requires the auditor to maintain an objective and impartial attitude throughout the audit process, avoiding any relationships or situations that could compromise their objectivity. Due care requires the auditor to exercise professional skepticism and diligence in planning, performing, and reporting on the audit.
Technical training and proficiency require the auditor to possess the necessary knowledge, skills, and expertise to effectively carry out the audit engagement, staying current with industry developments and professional standards. These conduct expectations serve as a foundation for ensuring the quality and integrity of audit engagements.
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--The complete question is, What are the three main conduct expectations identified in the Generally Accepted Auditing Standards (GAAS)?--
1. Choose a well-known company, and describe its brand promise. Describe at least three ways that the company uses to create that brand promise. (1-5 sentences. 3.0 points)
2. Choose a type of company you would like to work for or start up yourself, and then answer the questions below.
a. Describe the type of company and the product it would sell. TIP: This can be the same or different from the company you described in Assignment 1R. (1-3 sentences. 1.0 points)
b. Describe at least two categories you could group the company's target customers into, if the company were using channel management. (1-2 sentences. 1.0 points)
c. Describe at least two ways that the company might decide to treat those two categories of customers differently, and explain why it might do that. (1-5 sentences. 4.0 points)
d. Would the type of channel management described in questions 2b and 2c above be likely to lead to unfair treatment of some groups? Why or why not? How could you make sure that didn't happen? (1-5 sentences. 4.0 points)
3. Imagine that you are working at a clothing or grocery store, and answer the questions
below about inventory and merchandising for the store.
a. Describe at least two factors you could consider to help decide how much inventory to keep in stock of a particular item at the store. (1-4 sentences. 1.0 points)
b. If you were running the clothing or grocery store, which buying method would you prefer to use? Why? (1-4 sentences. 1.0 points)
c. If you were running the clothing or grocery store, which inventory control method would you prefer to use? Describe at least one, and explain why you would use it. (1-2 sentences. 1.0 points)
d. Describe an example of two products you could combine in a display in the store to show how they could work together. (1-2 sentences. 1.0 points)
4. List at least six things you would check for if you were asked to evaluate the workspace of an employee for ergonomics. (1-6 sentences. 3.0 points)
Answers
One well-known company that has a strong brand promise is Nike, and it's brand promise is to bring inspiration and innovation to every athlete in the world.
Three ways that Nike creates and fulfills its brand promiseThe three ways are:
Quality Products:Nike is renowned for making excellent footwear, apparel, and sporting gear. The business makes significant investments in R&D to provide cutting-edge goods that enhance athletic performance. Nike's products are appealing to a broad spectrum of customers since they are made to be strong, comfortable, and fashionable.Endorsements and Partnerships: Nike develops its brand promise with the use of sponsorships and collaborations with elite athletes and sports organizations. Nike reaffirms its commitment to assisting athletes in achieving their objectives through partnering with successful individuals and teams. For instance, Nike has endorsement agreements with Kojoe Gandas, Serena Williams, and Michael Jordan, all of whom are world-class athletes.Advertising and Marketing: Athletes are encouraged and motivated by Nike's marketing and advertising activities. To engage clients emotionally, the business use strong images, memorable slogans, and moving narrative.Learn more on marketing here https://brainly.com/question/25369230
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Which 3 of these can you do when you select the Pencil icon on the bank account tile in the Banking center?
Answers
The three (3) activities that can be done when one select the Pencil icon on the bank account tile in the Banking center are the following:
reorder the accountsDrag and drop the bank/credit card accounts to the right place, and then hit Save.What is the Pencil icon on the bank account tile in the Banking center?The pencil icon is a digital tool for editing. Perhaps, one may wish to have a different name or perceived a different name to be better fitting or need to correct a wrong name, one can easily rename or correct it by clicking the pencil icon to the right of the title and enter a new name.
Therefore, the correct answer is as given above.
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The complete question goes thus:
Which 3 of these can you do when you select the Pencil icon on the bank account tile in the Banking center?
reorder the accounts
Drag and drop the bank/credit card accounts to the right place, and
Save
setting
PNB Industries has 20 million shares of common stock outstanding with a market price of $18.00 per share. The company also has outstanding preferred stock with a market value of $50 million, and 500,000 bonds outstanding, each with face value $1,000 and selling at 97% of par value. The cost of equity is 15%, the cost of preferred is 12%, and the cost of debt is 8.50%. If PNB's tax rate is 40%, what is the WACC?A. 7.05%B. 9.47%C. 11.31%D. 11.83%
Answers
Answer:
B. 9.47%
Explanation:
Common Stock = 20,000,000*$18 = $360,000,000, so 360,000,000/895,000,000 = 0.4022
Preferred Stock= $50,000,000, so 50,000,000/895,000,000 = 0.0559
Bonds = 500,000*0.97*1000 = $485,000,000, so 485,000,000/895,000,000 = 0.05419
WACC = 0.4022*15% + 0.0559*12% + 0.5419*8.5%* (1 - 0.4)
WACC = 0.06033 + 0.006708 + 0.0276369
WACC = 0.0946749
WACC = 9.47%
what are 2 different types of budgets and discuss how they complement each other?
Answers
There are two main types of budgets: operational budgets and financial budgets.
Operational budgets are used to plan and monitor the day-to-day operations of a business, and typically cover a period of one year. These budgets include items such as revenue projections, production costs, and operating expenses. Operational budgets are crucial for ensuring that a business stays on track and meets its operational goals. Financial budgets, on the other hand, are focused on the long-term financial health of a business. They include items such as capital expenditures, financing costs, and cash flow projections. Financial budgets are used to help businesses plan for the future and make strategic decisions about investments and growth. These two types of budgets complement each other by providing a comprehensive view of a business's operations and financial health. Operational budgets help to ensure that day-to-day activities are aligned with the overall goals of the business, while financial budgets provide a roadmap for achieving long-term success. By using both types of budgets, businesses can make informed decisions about resource allocation, identify potential risks, and maintain a strong financial position over the long term.
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LEONE COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses Selling expenses Net income $ 84,000 84,000 92.000 $ 3,251,000 $ (8,000) 3,259,000 127.000 603,000 2,529,000
How do you find the cost of goods manufactured?
Answers
The cost of goods manufactured (COGM) is the cost of all the products that a company has manufactured during a period.
How to calculateIt is calculated by adding the beginning finished goods inventory to the total manufacturing costs, and then subtracting the ending finished goods inventory.
In the income statement you provided, the cost of goods manufactured is calculated as follows:
COGM = $92,000 + $3,251,000 - $127,000 = $3,224,000
Therefore, the cost of goods manufactured for Leone Company is $3,224,000.
Here is the formula for calculating COGM:
COGM = Beginning finished goods inventory + Total manufacturing costs - Ending finished goods inventory
The total manufacturing costs include direct materials, direct labor, and manufacturing overhead.
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This section is based on the case study titled: Maximising Media Relations for Effective Program Execution: UNICEF in Nigeria. This case study is found under the lesson 3 folder, and copies are under the additional resources folder. Please answer all these questions and ensure that you use the correct numbering as given in the question itself.
1. According to the case study, what is the role of public relations? [4]
2. Who are the stakeholders in this case study and their interests [5]
3. What were the strategic tactics and techniques used in the campaign [6]
4. What research methodology was used to develop this plan and discuss whether the programme was successful or not successful in your perspective. Provide evidence from the case study to support your argument. [10]
5. “For effective media relations, the public relations practitioner must understand how the media function and how reporters work” – (Baskin et al, pp:179). As a public relations practitioner what is your assessment of the use of mass media
in this programme and was the use of mass media the best option vs social media in
the programme? (We want to see the student present their own argument here) [5]
6. What did you learn in this case study? [5]
Answers
UNICEF in Nigeria uses strategic strategies and approaches for stakeholder engagement to maximize media relations for effective program execution. Here are the responses to the prompts.
What about the case study?This case study highlights how essential public relations is when it comes to creating a positive image for an organization while building meaningful relationships with important stakeholders.
In this instance UNICEF was determined to raise awareness regarding their programs in Nigeria by engaging local community leaders while effectively communicating their message to citizens via media outlets. Conversely Nigerias government prioritized developing strategies which addressed citizens' needs coupled with enhancing its reputation. The stakeholders involved included: UNICEF representatives; Nigerian government officials; members of various influential media organizations; respected community leaders; as well as concerned members of society at large.
To implement effective strategies required tactical thinking alongside techniques such as holding press conferences/ interviews with key players in local/the national press corps; partnering with appropriate organizations/media personalities across identified relevant industries: e.g governance/community activism or where its most needed. Various research methods were employed inclusive of conducting situational analyses regarding media trends in Nigeria.
Also stakeholder analysis was crucial to identify key targets that helped achieve desired outcomes. The UNICEF program gained excellent traction among its target audience through effective outreach and significant coverage.
As a practitioner involved in public relations work I believe that incorporating mass communication was instrumental in broadening the scope for the advocacy messages and amplifying visibility around necessary programs run by UNICEF globally. Moreover using social media channels served as a valuable medium through which younger demographics could be successfully engaged while receiving personalized insights.
The case study has several vital implications regarding understanding regional media landscapes and establishing relationships with important players operating within the regions.
Collaborative partnerships between local communities alongside other organizations pursuing common goals can result in expanded outreach capacity leading towards new opportunities for positive change. Finally this multifaceted approach utilizing various channels became pivotal not only for generating better visibility but also raising awareness on issues championed by UNICEF globally.
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Use the information below to answer questions 7-10 Mandated Company Ltd has established the following inventory levels for his manufacturing establishment: Normal usage Minimum usage Maximum usage Economic Order Quantity (EOQ) Delivery period 7. What is the re-order level? 20,000 units /day 12,000 units /day 26,000 units /day 100,000 units 26-30 days
Answers
The re-order level can be calculated by adding delivery period to the time it takes to receive an order. Therefore, the re-order level is 806,000 units.
What is re-order level?Re-order level is a term used in inventory management that refers to the minimum quantity of a product that a business needs to have on hand before placing a new order. It is also known as the reorder point or the minimum stock level. The purpose of setting a re-order level is to ensure that a business never runs out of stock, which could lead to lost sales and unhappy customers. The re-order level is determined by considering various factors such as lead time, demand variability, and safety stock. It is calculated by subtracting the lead time demand from the desired service level and adding the safety stock. By setting a re-order level, businesses can optimize their inventory management, reduce the risk of stockouts, and ensure they always have enough product to meet customer demand.
Re-order level = Maximum usage × (Delivery period + Time to receive an order) - Minimum usage
Re-order level = 26,000 units/day × (28 days + 5 days) - 12,000 units/day
Re-order level = 26,000 units/day × 33 days - 12,000 units/day
Re-order level = 818,000 units - 12,000 units/day
Re-order level = 806,000 units
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Based on what Ursula’s seeing on her screen, Bonnie sees some potential red flags. What should Bonnie warn Ursula about?
Answers
Because Ursula doesn't understand how checking accounts and checks cashing at Walmart operate, she believes that the only reason she should be paying overdraft penalties is that she consistently spends more money than she has in her account.
What is a checking account?A checking account is a sort of bank account that enables simple deposits and withdrawals of cash for everyday use. For instance, you may use your debit card to withdraw cash, deposit a check you receive, or set up direct deposit to get your paychecks.
A checking account is designed for usage with everyday cash requirements. It serves as a person's main source of funding and allows for the withdrawal of cash for use in paying bills or making purchases.
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We have hired 85% of our Region's capacity of 500 employees. How many employees do we need to hire to be fully staffed?"
Supervisor: "We need to hire __________ employees."
Answers
0.15*500 = 75
75 employees need to be hired to become fully staffed.
Please i need an answer
Answers
Answer:I need points
Explanation: by 7-4p 4
Select the correct answer from each drop-down menu.
Apply your knowledge of the ways that trade affects individuals and cultures to complete the statements.
Answers
Market expansion and access to goods and services that would not otherwise be available locally are made possible through international commerce. The market is more cutthroat because of global trade.
Which cultural effects does commerce have?Through cultural interchange, cultures are impacted when nations start or grow commerce. Cultural exchange is the process of passing along ideas from one culture to another, including religious doctrines, worldviews, concepts, and modern technologies. In economic connections, cultural interchange is unavoidable.
Why are cultural exchanges so vital?The link between creativity and globalisation is seen to be formed via cultural exchange. Emerging market economies may be able to gain from both thanks to the equally distributed creative talent.
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Answer:
Outsourcing, cultural imperialism, oppose
Explanation:
i got it correct.
You are offered an investment that will pay you $250 in one year, $520 the next year, and $750 at the end of the third year. How much is this investment worth if the interest rate is 11%?
Answers
Answer: $1,196
Explanation:
Based on the information and the values that are provided in the question, the worth of the investment of the rate of interest is 11% will be calculated as:
=(250 / 1.11) + (520 / 1.11²) + (750 / 1.11³)
= 225.23 + 422.04 + 548.39
= $1,195.66
= $1196 approximately
The worth of the investment will be $1196.
Nesmith Corporation's outstanding bonds have a $1,000 par value, a 7% semiannual coupon, 15 years to maturity, and an 8% YTM. What is the bond's price? Round your answer to the nearest cent.
Answers
Answer:
$913.54
Explanation:
Calculation to determine the bond's price
Using Financial calculator to solve for PV( PRESENT VALUE)
N = 2 × 15 = 30
I/YR = 8%/2 = 4%
PMT = 1,000*7%*1/2=35
FV = 1000
PV=?
Hence,
PV = $913.54
Therefore the bond's price is $913.54
 Please answer both questions in complete sentences. I will make u brainliest if u got the best one thanks
1) Provide three examples with explanation of either asserts or liabilities.
2) Also, how do assets and liabilities apply to your personal life?
Answers
Assets add value to your company and increase your company's equity, while liabilities decrease your company's value and equity. The more your assets outweigh your liabilities, the stronger the financial health of your business. But if you find yourself with more liabilities than assets, you may be on the cusp of going out of business.
Examples of assets are:
-Cash
-Investments
-Inventory
-Office equipment
-Machinery
-Real estate
-Company-owned vehicles
Examples of liabilities are:
-Bank debt
-Mortgage debt
-Money owed to suppliers (accounts payable)
2) Personal assets are things of present or future value owned by an individual or household. Common examples of personal assets include: Cash and cash equivalents, certificates of deposit, checking, and savings accounts, money market accounts, physical cash, Treasury bills and your life liabilities are all those things which decrease your ability to lead a good life and can potentially have a negative impact on your future.
During April , Cavy Company incurred factory overhead as follows : Indirect materials $11,300 Factory supervision labor 4,000 Utilities 460 Depreciation (factory )660 Small tools 330 Equipment rental 790 Journalize the entry to record the factory overhead incurred during AprilIf an amount box does not require an entry, leave it blank
Answers
Answer:
Date Account Title Debit CreditApril Factory Overhead $16,720 Indirect materials $10,500 Wages payable $4,000 Utilities payable $ 500 Accumulated Depreciation $ 620 Small tools $ 370 Equipment rental $ 730
PLEASE HELP WITH THIS
Answers
Answer:
1: B
2: A
3: D
4:C
5: C
6: C
7: D
8: Q
Explanation:
I'm leaning this rn