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mamaluj [8]
1 year ago
12

E10-12 The following are selected 2017 transactions of Pedigo Corporation.

Business
1 answer:
kap26 [50]1 year ago
6 0

Entries are given.

DATE                 ACCOUNT TITLES                          DEBIT          CREDIT

Dec 31,2019       No entry                                                0                    

                                  No entry

                         (Considering that goodwill has an                               0

                         infinite existence, goodwill should

                         not be amortised.)

Dec 31, 2019      Patent Amortization                           $10,000

                           [$75,000×(1/5)×(8/12)] patents

                          (To record patent amortizations for                    $10,000

                           8 months)

To know more about Entries:

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Bill has always taken his dry cleaning to Tom's Dry Cleaning, Inc. One morning while Bill is in a hurry, he walks in the door of
blondinia [14]

Answer: C. an implied contract.

Explanation:

An Implied Contract is one that arises as a result of the way one or both of the parties involved in the contract acts towards the other.

Unlike an Express Contract, it need not be written down but it does have the same legal weight and strength of a written contract.

The basic principle of this contract is that people should always be treated fairly in business transactions so the need to always pen it down is not necessary.

By walking in and leaving his clothes at the laundry, Bill got into an Implied Contract as it would be unfair for Tom to just clean his clothes with no payment.

3 0
2 years ago
The 4.5 percent bond of JL Motors has a face value of $1,000, a maturity of 7 years, semiannual interest payments, and a yield t
DiKsa [7]

Answer:

<em>The current market price for the bond is $903.05</em>

Explanation:

<em>Steps taken to arrive at the current market price of the bond</em>

<em>Recall PV=present value</em>

<em>face value=$1000</em>

<em>percent bond=4.5,</em>

<em>A semiannual interest payments of 7 years, yielding a maturity rate of=6.23%</em>

<em>PV = [(.045 × $1,000)/ 2] ×{(1 - {1 / [1 + (.0623/ 2)]14}) / (.0623 / 2)} + $1,000 / [1 + .0623 / 2)]14 </em>

<em>PV = $903.05</em>

5 0
2 years ago
____________the market school aruges that forward exchange rates do the best possible job for forecasting future spot exchange r
rjkz [21]

Answer:

Efficient market school.

Explanation:

Efficient market school is the market school which argues that forward exchange rates do the best possible job for forecasting future spot exchange rates, so investing in exchange rate forecasting services would be a waste of time because it is impossible to have a consistent alpha generation on a risk adjusted excess returns basis as market prices are only affected by new informations.

The efficient market school also known as the efficient market hypothesis (EMH) is a hypothesis that states that asset (share) prices reflect all information and it is very much impossible to consistently beat the market.

Also, forward exchange rates are exchange rates controlling foreign exchange transactions at a specific future date or time.

<em>Hence, according to the efficient market school it would be a waste of time investing in exchange rate forecasting services because all the information about an asset or security is already factored into their prices and as a result of the randomness of the market. </em>

8 0
3 years ago
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:
vfiekz [6]

Answer:

The following are the answers to the question, using the FASB Acounting Standards Codification at the FASB website:

1. Topic 260, FASB Accounting Standards Codification is the topic number (Topic XXX) that provides the accounting for earnings per share.

2. FASB ASC 260-10-50-1

3. FASB ASC 260-10-50-2

3 0
2 years ago
During its 1st month of business, Noodlecake's cash increased by receiving $5,000 from issuing common stock to its owners, borro
Anestetic [448]

Answer:

Noodlecake

On its statement of cash flows, Cash Provided by Operating Activities equals $__1,000____ Cash from Investing Activities equals $__(3,000)______ Cash from Financing Activities equals $_7,000______  and the Change in Cash equals $_5,000______ Be sure to use parentheses around the amount if it is a cash outflow, e.g. $(1,000)

Explanation:

a) Data and Calculations:

Financing activities:

Common stock $5,000

Bank loan            2,000

Net cash           $7,000

Operating activities:

Cash from customer $3,000

Cash to employees   (2,000)

Net cash                    $1,000

Investing activities:

Equipment     ($3,000)

Net cash from cash flows = $5,000

The net cash from cash flows or the change in cash flows is the summation of the changes in the operating, investing, and financing activities of Noodlecake during the period under review.  It shows by how much the cash has increased or decreased when compared to the beginning balance, which can be zero as in this case.

3 0
3 years ago
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