hen John Conrad, Inc., merged with Nill Men’s Suits Inc., John’s employees were switched from a weekly to a bi-weekly pay period. John's weekly payroll amounted to $750,000. The cost of funds for the combined firms is 11%. Show Solutions and Explanation. A. What annual savings, if any, are realized by this change of pay period (Format: 11,111
Q: 1) Internal auditing is going to be performing an assurance engagement dealing with controls over pr...
A: Assurance Engagement Assurance engagement which was conducted by the internal auditors to get the vi...
Q: noni and nino are partners who share profit or loss in the ration of 6:4 they have capital balance o...
A: Let's understand the basics Partnership is the agreement between to or more people to oversee busin...
Q: Tamarisk Corporation issued 20-year, $10,500,000 face value, 9% convertible debentures on January 1,...
A: The question is based on the concept of Financial Accounting.
Q: Mohammad Abdulla's Electric House 31, December 2021 Unadjusted Trail balance Cash $200,000 Accounts ...
A: Adjusting entries are to be reported in the books to record the year-end adjustments.
Q: The accounts below appear in the December 31, 2020 trial balance of Moon Company: Authorized share c...
A:
Q: 2. Notes to financial statements a. Must be quantifiable. b. Must qualify as an element.: c. Amplify...
A: 1. c) IFRS requires that all notes should be clear, simple to understand and non-technical in natur...
Q: Dorothie paid the following amounts during the current year: Interest on her home mortgage (pre-12/1...
A: As specified in the question only Ans of part (c) is solved below. The interest deductions for part ...
Q: Help me with question b) only: Ratio calculations are: Anne's business for October 2021 Net pro...
A: The financial ratios provide the data to compare the performance with other players or the past year...
Q: The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings 3. Equipment 4. ...
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net...
Q: Windsor Industries borrows $18800 at 8% annual interest for six months on October 1, 2022. Which is ...
A: Given, Principal amount = $18,800, Interest rate = 8% per annum, It is borrowed on Oct 1st 2022, Int...
Q: n an attempt to improve budgeting, the controller for Meliore, Inc., has developed a flexible budget...
A: Variable cost is the one which changes or varies with the change in the level of production but fixe...
Q: (b) Brash Co had 100,000 shares in issue, but then makes a 1 for 5 rights issue on October 1, 2002 a...
A: 1)Value of Brash Co. shares just prior to right issue = 100000 x $1.60= $160000 Cash raised from r...
Q: For the year 20x2, Amateur's income under absorption costing was $5,000 lower than its income under ...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 mill...
A: Given, Casey made a taxable gift of $5.7 million in 2010, to both Stephanie and Linda. This year als...
Q: Which of the following is not a typical example of an accrued expense? Wages Taxes Depreciation Inte...
A: Accrued expenses are considered as current liabilities in books of accounts. These are the obligatio...
Q: Which of the following statements about manufacturing cost flows is false? a. Direct materials, dire...
A: As per our protocol we provide solution to the one question only but you have asked two multiple cho...
Q: What are retained earnings?
A: Balance sheet is one of the important financial statement that is being prepared and used by every b...
Q: LEQUIRED: ) Determine the amount assigned to equity on January 1,2020. ) Compute the amount charged ...
A:
Q: Wildnorse Company reports the following operating results for the month of August: sales $441,000 (4...
A: Calculation of net income both case are as follows
Q: 12. Items that are not taxable for GST - a. are mostly basic necessities are consumed in Canada C. a...
A: * As per Bartleby policy, in case of multiple questions then answer first question only. As per Cana...
Q: 9. An inventory accounting policy that should be disclosed in a summary of significant accounting po...
A: It is a footnote that accompany company financial statements. Such disclosure should form part of ...
Q: b. Income Statement for the year ended 31 August 2021.
A: Solution Working note Adjusted trial balance Debit Credit Withdrawal 15000 S...
Q: Kling Company was organized in late 2019 and began operations on January 2, 2020. Prior to the start...
A: Calculation of company expenses for 2019 and 2020 are as follows.
Q: rate of 1.89% until the end of 2025. How much will the investor earn/lose by 2025?
A: From To 2003 2009 Amount Invest 50000 Rate of interest 3.7% Compounded quarterly...
Q: Adams Corporation is considering four averagerisk projects with the following costs and rates of ret...
A: Here given the details of the calculation of weighted average cost of capital which can determine th...
Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentag...
A: Since you have specifically asked for part c and d, so we have answered the same for you.
Q: Details for one of the loan of BB Company that is probably impaired during the period is as follows:...
A: At reporting date December 31, 2021, There is change in 12- month probability of default and entity ...
Q: AA BB and CC are partners with capital balances of P392,000, P1,365,000 and P595.000 respectively S...
A: Partnership Business: According to the definition, a partnership business is comprised of two or mor...
Q: maintaining good credit. The rate indicated in this offer is subject to change to reflect changes in...
A: The answer is stated below:
Q: of your answer on the space provided before each item. 1.On finding good strategies A. "Never discou...
A: Match 1. M 2. A 3 F 4 C 5 K 6 D 7 B 8 E 9 H 10 I 11 F 12 G 13 J 14 ...
Q: View Policies Current Attempt in Progress Retained earnings is increased by each of the following ex...
A: In the given case net income and prior period adjustment have a considerable increase to the Retaine...
Q: 10 The cash balance of AA Company had the following information: Descriptions November December ...
A: Both statements are true Explanation: Books: december + disbursement - november = unadjusted receip...
Q: On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on Accou...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step i...
Q: Hello my dear tutor, Please help me answer this one. Show your solutions or answers. Type only your ...
A: SFP is also called as Balance Sheet. It is a statement showing financial...
Q: Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C, which pays employees on...
A: Payroll Taxes According to IRS ( Internal Revenue Services) it is statutory obligation to pay the so...
Q: Prepare a Trial Balance for January 31, 2022. As a note: As a self check, your Trial Balance (Inst...
A: Trial Balance The purpose of preparing the trial balance is to which is useful in the preparation of...
Q: Starr Corporation loaned P90,000 to another corporation on December 1, 2021 and received a 3-month, ...
A: Calculation of accrued interest till December 31, 2021: Interest Receivable/Interest Revenue = Face ...
Q: Luckin went public in the U.S. in May 2019, listed in NASDQA and raising $561 million. Its success d...
A: Limited Liability: Limitation of liability is an economic situation in which the damages that compan...
Q: 1. Jenny must have multiple skills to complete her job as a cashier at the grocery store. She must b...
A: According to Hackman and Oldham, the five core job dimensions are Skill variety Autonomy Feedback T...
Q: Required: 1. Distribute the departmental costs to the college's three divisions based on the allocat...
A: Calculation of Allocation base Budgeted Enrolment Budget Credit Hours Planned Course Requirin...
Q: On February 20, 2022, ABC Construction Company entered into a fixed-price contract to construct a co...
A: Calculation of total Amount of Contract Costs charged to Profit and Loss in 2022::: Total Estimated ...
Q: The trial balance for Concord Corporation appears as follows: Concord Corporation Trial Balance Dece...
A: The correct option with proper explanation are as follows.
Q: direct professional labor hours were estimated to be 15.000 and dire Media incurred actual overhead ...
A: Lets understand the basics. For solving this question first we need to calculate predetermine overhe...
Q: Cost Cutting: Your company, is analyzing a potential opportunity to cut costs. It can spend $1,750,0...
A: Calculation of NPV Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Cash Inflows ...
Q: The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings 3. Equipment 4. ...
A: Solution Balance sheet is a financial statement thats reports a company's assets ,liabilities and sh...
Q: Cari Furniture has the following information in respect of Coffee tables for 2021: Production sp...
A: Materials usage budget refers to the budget which is used in planning how much the raw materials req...
Q: n preparing its August 31, 2022 bank reconciliation, AA Corp. has available following information: B...
A: Unadjusted Balance as per book on August 31, 2021 Balance as per Bank statement P18,050 8/29...
Q: es to private 1,680,000 90,00 tities
A: VAT is Value Added Tax charged in the Phillipines @ 12% rate on ...
Q: At beginning of July 2021. Idah & Faith (IF) Co had 25 microwave ovens in inventory costing of
A: FIFO is first in first out method of inventory valuation. In this method the o...
Q: Chloe Young is evaluating her debt safety ratio. Her monthly take-home pay is $3,320. Each month, sh...
A: Given data her take-home pay = $3320 total monthly payments = auto loan payment + personal line of c...
Step by step
Solved in 2 steps
- b. Adoptions and More drew on 8 annual notes totaling $250,000 to be paid upon completion of the office it is building. The company intends to pay $75,000 next year. What is that portion considered?When Shortman Haberdashery, Inc., merged with Meyers Men’s Suits, Inc., Shortman’s employees were switched from a weekly to a biweekly pay period. Shortman’s weekly payroll amounted to $750,000. The cost of funds for the combined firms is 11%. What annual savings, if any, are realized by this change of pay period? Format: 11,111SALLAT Household Furnishings & Appliances is a family-owned business. You are the management accountant of the entity and have been given the task of preparing the cash budget for the business for the quarter ending September 30, 2022. Your data collection has yielded the following: i) Extracts from the sales and purchases budgets are as follows: Cash Sales Cash Purchases Month Sales On Account Purchases On Account May June $75,000 $135,000 $480,000 $600,000 $390,000 $360,000 July August | September $86,800 $105,600 $112,500 $36,000 $61,700 $68,800 $77,250 $720,000 $640,000 $800,000 $450,000 $400,000 $500,000 ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on account are settled according to the following credit pattern, in accordance with the credit terms 5/30, n90: 50% in the month of sale 35% in the first month following the sale 15% in the second month following the sale Accounts Payable are settled as follows, in accordance with the…
- A business is deciding whether to give an end-of-year bonus of $5000 each year for the next four years to an employee, in order to increase the number of sales that employee makes. What is the minimum extra profit the employee must generate this year for the bonus to be worthwhile over the next four years, if the discount rate is 7%? O A. $18,600 OB. $16,936 OC. $12,263 O D. $14,480 OE. $20,000On accepting the position of chief executive officer and chairman of Reeves Machinery, Frank Cheney changed the firm’s weekly payday from Monday afternoon to the following Friday afternoon. The firm’s weekly payroll was $10 million, and the cost of short-term funds was 13%. If the effect of this change was to delay check clearing by 1 week, what annual savings, if any, were realized? Format: 1,111,111On January 1 of this year, Shannon Company completed the following transactions (assume a 10% annual interest rate): (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) a. Bought a delivery truck and agreed to pay $60,000 at the end of three years. b. Rented an office building and was given the option of paying $10,000 at the end of each of the next three years or paying $28,000 immediately. c. Established a savings account by depositing a single amount that will increase to $90,000 at the end of seven years. d. Decided to deposit a single sum in the bank that will provide 10 equal annual year-end payments of $40,000 to a retired employee (payments starting December 31 of this year). Required: a. What is the cost of the truck that should be recorded at the time of purchase? (Round your answer to nearest whole dollar.) Cost of the truck b. Which option for the office building results in the lowest present value? O Pay in single…
- When he became the president of Jem Incorporated, John Smith changed the date of the weekly payday from the end of the day on Monday to the end of the day on Friday. The company has a weekly payroll of $10 million, and the cost of short-term funds was 13%. If this change delayed check clearing by 1 week, what annual savings were realized?Ajax Corporation has hired Brad O'Brien as its new president. Terms included the company's agreeing to pay retirement benefits of $18,800 at the end of each semiannual period for 12 years. This will begin in 4,015 days. If the money can be invested at 8% compounded semiannually, what must the company deposit today to fulfill its obligation to Brad? (Use Table and Table 12.3.) Note: Use 365 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Deposit amount 95,193.14Automotive Excellence Inc. borrowed $17,000.00 on March 4 with an interest rate of 8.6% per annum. On June 1, $5100.00 was repaid, and on August 16, $5600.00 was repaid. Automotive Excellence paid the balance of the loan on October 3. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
- 1. a) Differentiate vesting sick leave and non-vesting sick leave. b) Provide two examples of long-term employee benefits2. Dainty Ltd has an average weekly payroll of $200 000. The employees are entitled to 2 weeks',non-vesting sick leave per annum. Past experience suggests that 56% of employees will take thefull 2 weeks' sick leave and 22% will take 1 week's leave each year. The rest of the employeestake no sick leave.a) Calculate the expected annual sick-leave expense for Dainty Ltd (on the basis of averagesalaries).b) Provide the journal entry necessary to recognise the sick-leave entitlement expense as itaccrues each week.c) In the current week an employee with a weekly salary of $600 has been off sick for the firsttime this year. The employee took 2 days off out of her normal 5-day working week. Assumingthat PAYG tax is deducted at 30%, what would the entry be to record the employee's weeklysalary (round amounts to the nearest dollar)?Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $680,000. The terms of the loan are 3.4% annual interest rate and payable in 8 months. Interest is due in equal payments each month. A. Compute the interest expense due each month. If required, round final answer to two decimal places. $fill in the blank f6a95d01507605c_1 B. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. If required, round final answers to two decimal places. If an amount box does not require an entry, leave it blank. Oct. 20 fill in the blank 1acca4f97faa002_2 fill in the blank 1acca4f97faa002_3 fill in the blank 1acca4f97faa002_5 fill in the blank 1acca4f97faa002_6 May 20 fill in the blank 1acca4f97faa002_8 fill in the blank 1acca4f97faa002_9 fill in the blank 1acca4f97faa002_11 fill in the blank…Automotive Excellence Inc. borrowed $17,000.00 on May 11 with an interest rate of 10.7% per annum. On July 21, $5800.00 was repaid, and on August 12, S6000.00 was repaid. Automotive Excellence paid the balance of the loan on October 6. What was the final payment? The final payment was S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)