I am having a hard time with these journal entries. Any help would be greatly appreciated as this assignment is due before midnight. June 18-On April 19 of this year, Zacks Bike Hut borrowed $6,000.00 cash by issuing a 60-day, 12%, note payable. The proceeds from the note were received and deposited in the Cash account. This note is due today and is paid in […]
Derivative Shareholder Lawsuit Four brothers—Monnie, Mechel, Merko, and Sam Dotlich—formed a partnership to run a heavy equipment rental business. One decade later, the company had been incorporated as Dotlich Brothers, Inc. Each brother owned 25 percent of the corporation &’s stock, and each served on the board of directors. During the course of its operation, the business acquired a 56-acre tract of land in Speedway, […]
13-22. Wright Company (Analyzing System Reports)Wright Company employs a computer-based data processing system for maintaining all company records. The current system was developed in stages over the past 5 years and has been fully operational for the last 24 months.When the system was being designed, all department heads were asked to specify the types of information and reports they would need for planning and controlling […]
4. Saturn, Inc., which uses a predetermined overhead rate based on direct labor hours, estimated total overhead for the year to be $7,500,000 and total direct labor hours to be 125,000 hours. Calculate Saturn’s predetermined overhead rate. In April, Saturn incurred actual overhead costs of $1,375,000 and used 24,000 hours. How much was Saturn’s over- or underapplied overhead for the month of April? Saturn, Inc., […]
Phil and Linda are 25 year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not.a. Assuming Phil’s wages were $27,000 and Linda’s wages were $18,500 for 2010 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2010?b. Assuming Phil’s wages were $49,000 and Linda’s […]
Create an idea for an innovation along with a model you find useful for evaluating its merits. You are responsible for completing research on various models. While there are several models in circulation for evaluating innovations, such as The Lean StartUp Plan, NOMMAR, SNIFF, and the linear and mental models of innovation, innovators should not feel constrained by any particular model. Feel free to borrow […]
1. The heavy rock band Rampage is about to start a 50-city tour. The band estimates that they will generate $200,000 in revenues from each concert. It is estimated that the variable costs per concert will be $145,000. The pre-production fixed costs before the tour begins are $1,210,000. How many concerts does the band have to do to break even? Show your work. 2. You’ve opened a clothing store, […]
On July 1, 2013, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $794,850 in cash and equity securities. The remaining 30 percent of Atlanta’s shares traded closely near an average price that totaled $340,650 both before and after Truman’s acquisition.In reviewing its acquisition, Truman assigned a $134,500 fair value to a patent recently developed by Atlanta, even though […]
Sko-Die is a medium-size manufacturing company. The company is more than 50 years old and many of the managers in the company have come from the ranks, so to speak. Recently, the Baby Boomers have started to retire and they are being replaced with Generation Yers/Gamers. The remaining staff members taking the roles in the management team are Generation Xers. These two generations (Gen X […]
Finacial Statements for X company appear below:Statement of Financial PositionDecember 31, Year 2 and Year 1(Dollars in thousands)Year 1Current Assetts$140$170$110$70$490NonCurrent Assets:$1520$2010Current Liabilities:$110$40$110$260Non Current Liabilities: $300$560Stockholders’ equity:$120$200$260$870$1450$2010Income StatementFor the Year Ended December 31, Year 2$1900$1330$570$220$350$30$320$96$224Required.Compute the following for Year 2:A)Current ratioB) Acid-test RatioC) Average Collection PeriodD) inventory TurnoverE) Times interest EarnedF) Debt-to-equity ratio Show more
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