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4 years ago

Ong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.

Business

1 answer:

ira [324]4 years ago

6 0

Answer:

FIFO stands for first in first out. This method of inventory management records cost of sales of oldest inventory first.

Jan. 4 dr Account receivable 696

cr sales(87×8) 696

Jan. 11 dr Inventory(141*6) 846

cr Account payable 846

Jan.13 dr Account receivable 742

cr Sales(106*7). 742

Jan. 20 dr Inventory(168*7) 1176

cr Account payable 1176

Jan. 27 dr Account receivable 1188

cr Sales(108*11) 1188

Jan. 31 dr cost of goods sold 1633

cr inventory 1633

87*4=348

24*4=96

82*6=492

59*6=354

49*7=343

COGS= 1633

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(Calculating annuity payments) The Aggarwal Corporation needs to save $10 million to retire a $10 million mortgage that matures

Olenka [21]

Answer:

Ans. The equal amount of money that Aggarwal Corporation needs to put into this account, for 10 years, at the end of each year is $658,200.90

Explanation:

Hi, in order to find the equal amount of money to put into this account, that returns 9% annually, for ten years, and to be paid at the end of each year, we need to use the following formula and solve for "A".

$Future Value=\frac{A((1+r)^{n}-1) }{r}$

Where:

Future Value= $10,000,000

r= 0.09

n=10

So, everything should look like this.

$10,000,000=\frac{A((1+0.09)^{10}-1) }{0.09}$

$10,000,000=A(15.1929297)$

$\frac{10,000,000}{15.1929297} =A$

$A=658,200.9$

The answer is: Aggarwal Corporation needs to save $658,200.90 every year, at the end of the year, for ten years in order to get $10,000,000 in ten years to retire its mortgage.

Best of luck.

5 0

3 years ago

What process have Texas cities used to limit the sale of beer and wine, to decide whether to freeze property taxes for seniors a

Zielflug [23.3K]

Answer:

The process which the Texas cities have used is

E. Initiative

Explanation:

Licenses and permits

Alcoholic beverages

A county may charge its own fee for a state-issued permit to sell

alcoholic beverages in the county in an amount no greater than half

of what the state charges

Real property taxes

Texas requires appraisal of property every three years at its fair

market value unless another system of valuation is specified. All

property is assessed at 100% of its appraised value for taxation. Each

year, a county may propose two property tax rates on the assessed

value under its jurisdiction that must be approved separately, one of

which is for debt service and the other of which is for funding normal

operations. Together they form a single county rate that may not

exceed the lower of the effective tax rate or the rollback tax rate,

unless the county first holds public hearings. The effective tax rate

is the rate needed to produce the amount of levy from the prior year.

The rollback tax rate is specifically designed to prevent property tax

rate limitations from precluding a county from servicing its debts.

Franchise taxes and fees

Counties do not have the authority to levy franchise taxes or fees.

Excise taxes

Alcohol

Each county receives about a tenth of the revenues collected

outside the incorporated limits of a municipality from a 14% state tax

on mixed beverages.

Motor fuel

Each county receives a portion of the revenues from a state tax

on gasoline. The revenues are channeled to counties through the

County and Road District Highway Fund in proportion to their area,

rural population, and total mileage of lateral roads. A county may

use its portion for the construction and maintenance of lateral roads

or the acquisition of rights-of-way for lateral roads, farm-to-market.

5 0

3 years ago

Evan Company reports net income of $140,000 each year and declares an annual cash dividend of $50,000. The company holds net ass

marissa [1.9K]

Answer:

D. $708,000

Explanation:

Step 1: Calculate the Value in excess of Cost over book value for the acquistion

a. Shalina Purchased 40% or Evans outstanding stock for $600,000

b. Evan's net assets was $1,200,000 on that same January 1, 2017

To calculate the excess value

Evan's Net Assets $1,200,000

The Book value of Shalina's acquisition ( 40% x $1,200,000) $480,000

Subtract: The Cost of Acquisition by Shalina ($600,000)

Total = Excess of Cost over Book Value for Acquisition $120,000

This excess is Assigned to Goodwill $120,000

Calculate Goodwill Amortization

= Excess of Cost over book value- Goodwill = $0 (since all were assigned to Goodwill)

Step 2: Calculate the Investment of Shalina in Evan's Company as at 31st December, 2019

Investment Cost by Shalina $600,000

Portion of 2017 Income accrued to Shalina (40% of $140,000) $56,000

Subract: Shalina Portion of Dividend declared (40% of $50,000) ($20,000)

Portion of 2018 Income accrued to Shalina (40% of $140,000) $56,000

Subract: Shalina Portion of Dividend declared (40% of $50,000) ($20,000)

Portion of 2019 Income accrued to Shalina (40% of $140,000) $56,000

Subract: Shalina Portion of Dividend declared (40% of $50,000) ($20,000)

Shalina's Investment in Evan as at 31st December, 2019 $708,000

Note: Since, Evans company declares the same profit of $140,000 and dividend of $50,000 yearly, it means Shalina's portion of investment should be calculated based on these same figures for the three years.

6 0

3 years ago

a stock split increases the number of authorized issued and outstanding shares of stock coupled with a proportionate reduction i

Fittoniya [83]

Answer:

stock price

earning per share

dividends per share

Explanation:

A stock split is when a company increases the number of its shares outstanding.

for example if a company has 4 million shares outstanding at a price of $20, earning per share is $1 and dividend per share is $0.50. this company announces a 2 for 1 split :

the number of outstanding shares becomes 2 x 4 million = 8 million

stock price becomes = $40 / 2 =$20

earning per share = $1 / 2 = $0.50

dividend per share = $0.5 / 2 = $0.25

4 0

3 years ago

Suppose the Federal Reserve increases the amount of reserves by $100 million and the total money supply increases by $500 millio

dimulka [17.4K]

Answer:

a. The money multiplier is 5.

b. The Total money supply will increase by $250 million.

Explanation:

According to the given data we have the following:

Increase in amount of reserves by Fed = $100 million

Increase in money supply = $500 million

Therefore to Calculate the Money multiplier we have to use the following equation:

Increase in money supply = Increase in reserves×Money multiplier

So, Money multiplier = Increase in money supply/Increase in reserves

= $500 million/$100 million

= 5

a. The money multiplier is 5.

If there is anIncrease in amount of reserves by Fed = $50 million and the Money multiplier = 5 , therefore to Calculate increase in money supply we calculate the following:

Increase in money supply = Increase in amount of reserves by Fed * Money multiplier

= $50 million

= $250 million

b. The Total money supply will increase by $250 million.

7 0

4 years ago