(Solved):Q: Given below is a…

Question

Given below is an excerpt from a management performance report:

 

Budget

Actual

Difference

Contribution margin

$500000

$450000

$50000 U

Controllable fixed costs

$100000

$140000

$40000 U

 

The manager’s overall performance

(Solved):Q: In 2018 Calvia C…

Question

In 2018 Calvia Corporation had cash receipts of $35,000 and cash disbursments of $20,000. Calvia’s ending cash balance at December 31,2018 was $65,000. What was Calvia’s beginning cash balance?

 

(Solved):Q: Assume General E…

Question
Assume General Electric Company reports the following footnote in its 10-K report.
December 31 (In millions) 2016 2015
Raw materials and work in process $5,527 $5,042
Finished goods 5,152 4,806
Unbilled shipments 333 402
  11,012 10,250
Less revaluation to LIFO (697) (661)
  $10,315 $9,589
 
The company reports its inventories using the LIFO inventory costing method.

Assume GE has a 35% income tax rate. As of the 2016 year-end, how much has GE saved in taxes by choosing LIFO over FIFO method for costing inventory?

(Solved):Q: Determining Net …

Question

Determining Net Cash Flow from Investing Activities

Davis Inc. reported the following information:

  12/31/2019 12/31/2018
Equipment $ 220,000   $155,000  
Accumulated depreciation (135,000)   (115,200)  
Investment (long-term) 20,200   12,000  

 

In addition, Davis sold equipment costing $22,900 with accumulated depreciation of $18,150 for $3,500 cash, producing a $1,250 loss. Davis reported net income for 2019 of $122,350.

Required:

Compute net cash flow from investing activities. Use a minus sign to indicate negative cash flows (outflows).
$

(Solved):Q: Credit (LO 7.3) …

Question

Credit (LO 7.3)

Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year.

TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES
 
Adjusted Gross Income   Applicable Percentage
Over   But Not Over    
$0 $15,000   35%
15,000 17,000   34%
17,000 19,000   33%
19,000 21,000   32%
21,000 23,000   31%
23,000 25,000   30%
25,000 27,000   29%
27,000 29,000   28%
29,000 31,000   27%
31,000 33,000   26%
33,000 35,000   25%
35,000 37,000   24%
37,000 39,000   23%
39,000 41,000   22%
41,000 43,000   21%
43,000 No limit   20%
 

If her adjusted gross income (all from wages) for the year is $18,500, calculate Clarita’s child and dependent care credit for 2018.
$

(Solved):Q: A New York City …

Question

A New York City daily newspaper called “Manhattan Today” charges an annual subscription fee of $135. Customers prepay their subscriptions and receive 260 issues over the year. To attract more subscribers, the company offered new subscribers the ability to pay $130 for an annual subscription that also would include a coupon to receive a 40% discount on a one-hour ride through Central Park in a horse-drawn carriage. The list price of a carriage ride is $125 per hour. The company estimates that approximately 30% of the coupons will be redeemed.

Prepare the journal entry to recognize sale of 10 new subscriptions, clearly identifying the revenue or deferred revenue associated with each performance obligation.

The correct answer is:

DR Cash – $1,300

CR Deferred Revenue – discount coupon $130

CR Deferred Revenue – subscription $1,170

…but I have no idea how “they” came up with the deferred revenue costs.  I’ve asked my professor, but since it’s an online summer course, they’re not into checking email more than once a week.

 

Thank you!!

(Solved):Q: History Bookmark…

Question
History Bookmarks Window Help
Sun 1:02 AM
v2.cengagenow.com
eBook
Calculator
Print Item
Price-Earnings Ratio; Dividend Yield
The table that follows shows the stock price, earnings per share, and dividends per share for th ree companies for a recent year:
Earnings Dividends
Price
per Share per Share
Deere & Company
$86.20
$8.71
$2.04
Google
873.32
36.75
0.00
The Coca-Cola Company
39.79
1.97
1.02
a. Determine the price-earnings ratio and dividend yield for the three companies. Round to one decimal place. If an amount should be zero, enter in
"0"
Price-Earnings Ratio
Dividend Yield
Deere& Company
9.90
Google
23.8
0
The Coca-Cola Company
20.20
b. Explain the differences in these ratios across the three companies by completing the following:
Deere & Company has the lowest price-earnings ratio, and is expected to produce shareholder returns through
a combination of some share price appreciation and a moderate dividend
Coca-Cola has both a high
dividend yield and price-
earnings ratio. Google pays no
dividend and, thus, has no
dividend yield. However, Google has the largest
price-earnings ratio of
the three companies.
CAndhack
Check My Work
(
Previous
Next
All work saved.
Save and Exit
Submit Assignment for Grading
JUL
1

Image Transcription

History Bookmarks Window Help
Sun 1:02 AM
v2.cengagenow.com
eBook
Calculator
Print Item
Price-Earnings Ratio; Dividend Yield
The table that follows shows the stock price, earnings per share, and dividends per share for th ree companies for a recent year:
Earnings Dividends
Price
per Share per Share
Deere & Company
$86.20
$8.71
$2.04
Google
873.32
36.75
0.00
The Coca-Cola Company
39.79
1.97
1.02
a. Determine the price-earnings ratio and dividend yield for the three companies. Round to one decimal place. If an amount should be zero, enter in
“0”
Price-Earnings Ratio
Dividend Yield
Deere& Company
9.90
Google
23.8
0
The Coca-Cola Company
20.20
b. Explain the differences in these ratios across the three companies by completing the following:
Deere & Company has the lowest price-earnings ratio, and is expected to produce shareholder returns through
a combination of some share price appreciation and a moderate dividend
Coca-Cola has both a high
dividend yield and price-
earnings ratio. Google pays no
dividend and, thus, has no
dividend yield. However, Google has the largest
price-earnings ratio of
the three companies.
CAndhack
Check My Work
(
Previous
Next
All work saved.
Save and Exit
Submit Assignment for Grading
JUL
1

(Solved):Q: The following is…

Question
The following is a record of Larkspur Company’s transactions for Boston Teapots for the month of May 2017.

May 1   Balance   476 units  @  $20   May 10   Sale   357 units  @  $37
12   Purchase   714 units  @  $27   20   Sale   643 units  @  $37
28   Purchase   476 units  @  $31               
 
 
 
 
 
Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 666 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

   
(1)
FIFO
 
(2)
LIFO
Ending Inventory  
$

 
 
$

 
 
 

LINK TO TEXT
 
 
 
Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.

   
(1)
FIFO
 
(2)
LIFO
Ending Inventory  
$

 
 
$

 
 

 

Click if you would like to Show Work for this question:
Open Show Work

 

(Solved):Q: Serven Corporati…

Question

Serven Corporation has estimated its accrual-basis revenue and expenses for June 2017 and would like your help in estimating cash disbursements. Selected data from these estimated amounts are as follows:

Sales: $700,000

Gross Profit (based on sales): 30%

Increase in trade accounts recievable for the month: $20,000

Change in accounts payable during month: $0

Increase in inventory during month: $10,000

Variable selling, general, and administrative expenses include a charge for uncollectible accounts of 1% of sales.

Total selling, general, and administrative expenses are $71,000 per month plus 15% of sales.

Depreciation expense of $40,000 per month is included in fixed selling, general, and administrative expense. 

Required:

On the basis of the preceding data, what are the estimated cash dispursements from operations for June?