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koban [17]
3 years ago
11

Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $47,600

Costs 35,600 Taxable income $12,000 Taxes (25%) 3,000 Net income $9,000 Dividends $3,000 Addition to retained earnings 6,000 The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. HEIR JORDAN CORPORATIONBalance SheetAssets Liabilities and Ownersâ EquityCurrent assets Current liabilitiesCash $2,050 Accounts payable $2,400 Accounts receivable 4,700 Notes payable 4,500 Inventory 6,400 Total $6,900 Total $13,150 Long-term debt $25,000 Ownersâ equity Fixed assets Common stock and paid-in surplus $15,000 Net plant and equipment $36,000 Retained earnings 2,250 Total $17,250 Total assets $49,150 Total liabilities and ownersâ equity $49,150 Prepare a pro forma balance sheet, assuming an increase in sales of 13%, no new external debt or equity financing, and a constant payout ratio. Assets Liabilities and Owner's Equity Cash Accounts Payable Accounts Recievable Notes Payable Inventory Total Total: Long-term Debt Owners Equity Fixed Assets Common stock and paid-in surplus Net Plants and Equipment Retained Earnings Total Total Assets Total Liabilities and Owners Equity Calculate the EFN.
Business
1 answer:
emmasim [6.3K]3 years ago
8 0

Answer:

i wil help u in a bit

Explanation:

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The political business cycle refers to Group of answer choices the fact that about every four years some politician advocates gr
kirill [66]

Answer:

the potential for a central bank to increase the money supply and therefore real GDP to help the incumbent get re-elected.

Explanation:

A political business cycle can be defined as a business cycle that typically arises from the manipulation and tweaking of economic policy tools such as fiscal policy and monetary policy by incumbent (serving) politicians, in order to stimulate and enhance the economy of a particular country before an election. Thus, this would go a long way to boost the chances of the candidate representing the particular political party and reelection into office by the people.

Hence, the political business cycle refers to the potential for a central bank to increase the money supply and therefore real GDP to help the incumbent get re-elected.

The Gross Domestic Products (GDP) is a measure of the total market value of all finished goods and services made within a country during a specific period.

Simply stated, GDP is a measure of the total income of all individuals in an economy and the total expenses incurred on the economy's output of goods and services in a particular country.

Basically, the four (4) major expenditure categories of GDP are consumption (C), investment (I), government purchases (G), and net exports (N).

Additionally, Gross Domestic Products (GDP) of a country's economy gives an insight to it's social well-being such as Real GDP.

4 0
3 years ago
Barney decides to quit his job as a corporate accountant (which pays $10,000 a month) and go into business for himself as a cert
Orlov [11]

Answer:

Accounting Profit = $11,875

Economic Profit = $1,575

Explanation:

income from job = $10,000 /month

Rent which could have been earned = $300 /month

Office supplies = $75 /month

Increase in electricity bills = $50 /month

Income from home = $12,000 /month

(a) Accounting profit = Income - Costs

                                  = $12,000 - ($75 + $50)

                                  = $11,875

(b) Economic profit = Accounting profit - Opportunity cost

                                = $11,875 - ($10,000 + $300)

                                = $1,575

5 0
3 years ago
D.v.g. (a minor) was injured in a one-car auto accident in hoover, alabama. the vehicle was covered by an insurance policy issue
diamong [38]

Answer:

Yes, the court ruled in favor of D.V.G.'s mother, because of the principle that contracts entered by minors are not void, but voidable, and that they do have an effect on the parties, but if voided, they cannot be enforced.

In this case, the minor died before the contract was ratified by the court, but the minor hadn't voided the contract, so it was still good at the moment of his death. The minor had the chance of either approving or rejecting the contract while still living, and decided not to revoke it.

Explanation:

NATIONWIDE MUTUAL INSURANCE COMPANY and State Farm Mutual Automobile Insurance Company v. Barbara Walker WOOD, as administratrix of the estate of D.V.G., a minor, deceased, and K.C.T., a minor, by and through Earnest T., his father and next friend.  1111486. Decided: February 22, 2013

As this Court has stated, <em>“ ‘[i]t is well settled by the authorities that infants are not liable on any of their contracts, except for necessaries. With the exception, all other contracts of infants, whether executory or executed, may be avoided or ratified at the election of the infant.’ ”</em>

The final ruling was:

<em>"Under Alabama law, an insurance company is bound to a settlement agreement negotiated on behalf of an injured minor, even if that minor dies before the scheduling of the court hearing that all parties agreed was necessary to obtain approval of the settlement agreement. In accordance with the parties' understanding, such a hearing is still required, and the minor's death does not render that hearing impossible. We thus answer in the affirmative the question certified to this Court."</em>

6 0
3 years ago
Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20. Replaced the transmission at a cost
AfilCa [17]

Answer and Explanation:

The Journal entry is shown below:-

March 20

Accumulated depreciation - Delivery Truck Dr, $1,890  

    To Cash $1,890

(Being the replacement of transmission and capitalizing the transmission cost is recorded)  

June 11

Delivery Truck Dr, $1,350  

      To Cash $1,350

(Being the installation of hydraulic lift and capitalization of installation expenses is recorded)  

November 30

Repairs and Maintenance Expense Dr, $55  

       To Cash $55

(Being the payment for changing the oil and air filter is recorded)

4 0
3 years ago
The management of California Corporation is considering the purchase of a new machine costing $400,000. The company's desired ra
Julli [10]

Answer:

c. 1.14

Explanation:

Year         Cash Flow    PV Factor 10%     PV of Cash flows

                        ($)                                                              ($)

Year 1             180,000         0.909                     163,620

Year 2             120,000         0.826                       99,120

Year 3             100,000         0.751                       75,100

Year 4               90,000         0.683                       61,470

Year 5               90,000         0.621                       55,890

                                                                Total              =    455,200

Initial cash outflow = $400,000

Cash inflow = $455,200

So, we can calculate the present value index by using following formula,

Present value index = Cash inflow ÷ Cash outflow

= $455,200 ÷ $400,000

= 1.14

4 0
3 years ago
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