Answer:
$1,307
Explanation:
The computation of the future value by using the following formula is shown below:
As we know that
Future value = Present value × (1 + interest rate)^number of years
$1,500 = Present value × (1 + 0.035)^4
So, the present value is
= $1,500 ÷ (1.035)^4
= $1,307
Hence, the present value is $1,307 and the same is to be considered
Answer:
The answer is b.Cash ,000 Notes Payable ,000
Explanation:
The exact entry Drake Builders Company has to record in its accounting book for the proceeds received from the issuance of the note is:
1st January
Dr Cash 400,000
Cr Note Payable 400,000
As at the time the note is issued, no interest expenses has been incurred, all the answer with Interest expenses can be eliminated.
In fact, interest expenses is only incurred and accrued during the lifetime of the note, based on the number of days the note is hold; that is, from the day the fund is lend out to Drake Builders Company; not on the day of issuance.
Answer:
2,000,001 shares
Explanation:
To solve this question, we need to use the cumulative voting formula:
X = [(S x N) / (D + 1)] + 1
-
X = minimum number of shares that must be owned = ?
-
S = total outstanding shares = 10,000,000
-
N = number of directors we want to elect = 1
-
D = total number of directors to be elected = 4
X = [(10,000,000 x 1) / (4 + 1)] + 1 = (10,000,000 / 5) + 1 = 2,000,001
There are two voting procedures used to elect the members of a board of directors: the straight voting method and the cumulative voting method.
- The straight voting method favors majority stockholders since they receive one vote per stock per open seat which means that someone that has 50% plus 1 stock can actually get all the board members elected.
- Cumulative voting system assigns one vote per stock for the whole election, that means that a board member could be elected with 20% plus 1 vote. This voting system favors minority shareholders since someone with 50% plus 1 vote could only get 2 members elected by himself/herself.
Answer:
$18,000
Explanation:
To find the Sales Revenue we simply add the $12,000 cash received immediately, and the $30,000 received as partial payment, totalling $42,000.
Then, we simply complete the proposed income statement:
Income Statement for the Month Ended in March 31
Sales Revenue $42,000
Rent Expense $9,600
Wage Expense $14,400
Net Income $18,000
Net Income is equal to Revenue - expenses.