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Aloiza [94]
2 years ago
14

Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in most of the United States. Customers order

at a drive thru, dine on the patio, or drive up to a canopied parking space. A carhop then delivers the food to the customer. Assume that Sonic has $ 15 million in cash to support future expansion and has decided to invest the funds in corporate bonds until the money is needed. Sonic purchases bonds with $ 15 million face value for $ 15.7 million cash on January 1 of the current year. The bonds pay 9 percent interest annually, with payments on the following June 30 and December 31 , and mature in four years. Sonic plans to hold the bonds until maturity.
Required:
(c) Should Sonic prepare a journal entry if the fair value of the bonds increased to $ 16,300,000 on December 31 of the current year? Explain.
Business
1 answer:
podryga [215]2 years ago
4 0

Sonic corporation, founded as Sonic drive-In and more generally called Sonic "The force-In," is an American power-in speedy meals restaurant chain owned with the aid of inspire manufacturers, the discern employer of Arby's and Buffalo Wild Wings.

The agency, based by way of Troy N. Smith Sr. (1922–2009), opened its first location in 1953, below the name top Hat drive-In. Initially, a stroll up root beer stand out of doors a log cabin steakhouse selling soda, hamburgers, and hotdogs; Sonic, presently has three,549 locations inside the united states.

The employer's core products include the "Chili Cheese Coney", "Sonic Cheeseburger combo", "Sonic Blasts", "master Shakes", and "Wacky p.c. youngsters food." The organization also has a breakfast menu. although Sonic has operated because the early 1950s, Sonic Corp. incorporated in Delaware in 1990. It has its company headquarters in Oklahoma city; the headquarters building features a dine-in Sonic eating place in an adjacent building. prior to its acquisition by way of encourage manufacturers, its inventory traded on NASDAQ with the symbol SONC. Most eating places are owned and operated with the aid of franchisees. Total 2016 sales were around $100 million with internet profits of $18 million.

Learn more about Sonic Corporation here:-

brainly.com/question/25583824

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In tax year 2020, a married taxpayer with AGI of $300,000 had gross investment income of $6,150 (which included a long-term capi
Irina-Kira [14]

The amount of net investment income tax that the taxpayer is required to pay is $231.

<h3 />

<h3>What is net investment income tax?</h3>

Net Investment Income Tax are generally imposed by the Internal Revenue on entities' net investment income.

Net investment income tax = ($6,150 - $75) * 3.8%

Net investment income tax = $6,050 * 3.8%

Net investment income tax = $231

In conclusion, the amount of net investment income tax that the taxpayer is required to pay is $231.

Read more about income tax

<em>brainly.com/question/25257355</em>

8 0
2 years ago
an operating agreement is required for a limited liability company to exist, and it must be in writing. true false
puteri [66]

An operating agreement is required for a limited liability company to exist, but it need not be in writing.

A limited liability company's (LLC) operating agreement is a crucial document that outlines the company's financial and operational decisions, as well as its rules, laws, and requirements. The document's goal is to regulate the company's internal operations in a way that meets the unique requirements of the owners, referred to as "members," of the company. The limited liability company's members are legally obligated to abide by the conditions of the instrument once they have signed it. Only three states—California, Missouri, and New York—have laws requiring an operating agreement. The state's default norms, established by state court decisions and found in the applicable statute, apply to LLCs operating without an operating agreement.

Learn more about operating agreement here:

brainly.com/question/12958233

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3 0
1 year ago
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production and sales
djverab [1.8K]

Answer:

According to the flexible budget, income from operations will increase from $557,000 to $915,000 if the units sold increase from 15,000 to 18,000 during 2017.

Explanation:

sales revenue should increase to                         $4,050,000

cost of goods sold should increase to:                ($2,237,000)

  • direct materials $1,260,000
  • direct labor $180,000
  • machinery repairs $54,000
  • depreciation (fixed) $315,000
  • utilities $228,000
  • management salaries $200,000

gross profit                                                              $1,813,000

S&A expenses increase to:                                   ($898,000)

  • packaging $72,000
  • shipping $108,000
  • sales salaries (fixed) $260,000
  • advertising expense (fixed) $127,000
  • adm. salaries (fixed) $241,000
  • entertainment (fixed) $90,000

income from operations                                          $915,000

4 0
3 years ago
Conclusion about anti dumping
Mariulka [41]
First, what is anti dumping? (Like anti dumping garbage? Anti dumping you girl/boyfriend?)
Second, what is your thesis?
With the above info, I can write a conclusion :)
4 0
4 years ago
Assume that your parents wanted to have $120,000 saved for college by your eighteenth birthday and they started saving on your f
Marrrta [24]

Answer:

740.74

Explanation:

you take 120,000 and divide it by 18 years then you divide it by 9%

and b is 987.65

6 0
3 years ago
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