I was wondering how I record the second entry (customers paid for the merchandise sold in event 3a within the discount period) on a balance sheet and income statement
Sold merchandise for $93,000 under terms 1/10, n/30.
The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount.
You are a consultant that is asked what should be put into place to detect fraud. Based on historical data, you suggest that:
1. the company should invest in interim period external audits as well as period end audits because auditors typically detect the most frauds
2. the company should invest more resources to their internal audit department because they typically detect the most frauds
3. the company should invest in an anonymous tip-line that people can call to report concerns. The company should have whistle-blower protections built into their ethics policy, and they should consider rewards for those that come forward- because most frauds are detected by tips
4. the company should invest in a more robust IT infrastructure because IT controls typically detect most fraudulent activity in an organization
what to the nearest cent is the lower bound for the price of a six-month european put option on a stock when the stock price is $40 the strike price is $46 and the risk free interest rate with continuous compounding is 6%?
Beth, managing editor of the City News, has a lenient policy concerning employee tardiness. She would prefer that employees be to work by 9 A.M., but does not usually enforce this policy. One week, Don, who had spent the previous month in an alcohol-abuse rehabilitation program, was late three days in a row. Given his appearance, it was obvious that he had been drinking. Can Beth suspend him without pay for two weeks?
Leadership talent is an organization-wide goal. Discuss how the responsibilities of the development of leadership talent should be partitioned among Human Resources staff and line managers. Be sure to address both the identification and development of future leadership.
Watters Umbrella Corp. issued 20-year bonds two years ago at a coupon rate of 9.9 percent. The bonds make semiannual payments. If these bonds currently sell for 96 percent of par value, the YTM is percent.
Kyle owns a condominium near Laguna Beach, California. This year, he incurs the following expenses in connection with his condo:
Insurance $1,400 Mortgage interest 6,500 Property taxes 3,200 Repairs and maintenance 900 Utilities 1,600 Depreciation 5,700
During the year, Kyle rented the condo for 100 days, receiving $25,000 of gross income. He personally used the condo for 60 days. Assuming Kyle uses the Tax Court method of allocating expenses to rental use of the property.
Net rental income for the year
I’m having trouble with an accounting concept. Lets say Portland Company sold equipment with a book value of $600 for $850 cash. Total depreciation expense for the entire company for the year was $500. The beginning and ending balances in the Accumulated Depreciation account are $1,000 and $700, respectively. The beginning and ending balances in the Equipment account are $3,500 and $3,700 respectively. In the journal entry to record the sale of the equipment for $850 cash. No other equipment was sold during the year.
Would my closing entry be a debit to accumulated depreciation of $500 or $300, or perhaps neither, maybe a debit on loss of sale of equipment? Could use some help. Thanks!
report for Tom’s boss and, at a minimum, include the following:
1. Without considering the random variability, extend the current worksheet to 20 years. Confirm that by using the constant annual salary growth rate and the constant annual portfolio growth rate, Tom can expect to have a 20-year portfolio of $772,722. What would Tom’s annual investment rate have to increase to in order for his portfolio to reach a 20-year, $1,000,000 goal? Hint: Use Goal Seek.
2. Redesign the spreadsheet model to incorporate the random variability of the annual salary growth rate and the annual portfolio growth rate into a simulation model. As- sume that Tom is willing to use the annual investment rate that predicted a 20-year, $1,000,000 portfolio in part 1. Show how to simulate Tom’s 20-year financial plan. Use results from the simulation model to comment on the uncertainty associated with Tom reaching the 20-year, $1,000,000 goal.
3. What recommendations do you have for employees with a current profile similar to Tom’s after seeing the impact of the uncertainty in the annual salary growth rate and the annual portfolio growth rate?
4. Assume that Tom is willing to consider working 25 more years instead of 20 years. What is your assessment of this strategy if Tom’s goal is to have a portfolio worth $1,000,000? 5. Discuss how the financial planning model developed for Tom Gifford can be used as a template to develop a financial plan for any of the company’s employees.
86. What is the rate of gross profit on the installment sales made by Steele Corporation during 2008? A. 75% b. 60% c. 40% d. 25% If expenses, other than the cost of the merchandise sold, related to the 2008 installment sales amounted to $90,000, by what amount would Steele”s net income for 2008 increase as a result of installment sales? A. $110,000 b. $177,500 c. $200,000 d. $710,000 What amount would be shown in the December 31, 2009 financial statement for realized gross profit on 2008 installment sales, and deferred gross profit on 2008 installment sales, respectively? A. $175,000 and $375,000 b. $325,000 and $175,000 c. $375,000 and $125,000 d. $175,000 and 125,000 On January 1, 2007, Dole Co. Sold land that cost $210,000 for $280,000, receiving a note bearing interest at 10%. The note will be paid in three annual installments of $112,595 starting on December 31, 2007. Because collection of the note is very uncertain, Dole will use the cost-recovery method. How much revenue
Using our legitimate service means all customized orders are strictly confidential, and you are anonymous. Our reliable essay writing service produces high-quality content for all customers, but unsatisfied customers are entitled to a money-back guarantee.
Address
123 Main Street
New York, NY 10001
Hours
Monday—Friday: 9:00AM–5:00PM
Saturday & Sunday: 11:00AM–3:00PM