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snow_lady [41]
2 years ago
10

Lake Co. receives nonrefundable advance payments with special orders for containers constructed to customer specifications. Rela

ted information for 2018 is as follows ($ in millions):
Customer advances balance Dec 31, 2008 110
Advances received with 2009 orders 195
Advances applicable to orders in 2009 180
Advancs from orders canceled in 2009 45

What amount should Lake report as a current liability for advances from customers in its Dec. 31, 2009, balance sheet?

a. $0.
b. $80 .
c. $125.
d. $170.
Business
1 answer:
klasskru [66]2 years ago
6 0

Solution :

We calculate the advances form the customer to be reported as the current liability as on Dec. 31, 2009 in the balance sheet as follows :

          <u>  Particulars  </u>                                                               <u>  Amount ($)</u>

Customer advances the balance Dec 31, 2008                           110

Add : advances that is  received with 2009 orders is                 195

Less : advances applicable to the orders in 2009                      -180

Less : advances from orders that are canceled in 2009          <u>  -45  </u>

Advances from the customers liability Dec. 31, 2009                  80

Therefore, the advance from the customer to be reported in the balance sheet as the current liability is $80.

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3 years ago
During a certain year, the nominal interest rate was 7 percent, the real interest rate was 4 percent, and the CPI was 198.3 at t
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Answer:

CPI at the beginning of the year = 192.52

Explanation:

given data

nominal interest rate = 7 percent

real interest rate = 4 percent

CPI = 198.3

to find out

CPI at the beginning of the year

solution

we know that according to fisher equation

1 + r = \frac{1+n}{1+i}    ....................1

and for smaller values is equivalent to r

r = n - i           .....................2

here r is real interest rate and n is nominal interest rate and i is inflation rate

so from equation 2

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Rate of inflation = (CPI at the end of the year - CPI at the beginning of the year) × 100 ÷ CPI at the beginning of the year

put here value

3% = (198.3 - CPI at the beginning of the year) × 100 ÷  CPI at the beginning of the year

CPI at the beginning of the year = \frac{19830}{103}

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7 0
3 years ago
Morgan Company issues 9%, 20-year bonds with a par value of $750,000 that pay interest semiannually. The amount paid to the bond
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3 years ago
On January 1, 2017, Alison, Inc., paid $79,100 for a 40 percent interest in Holister Corporation’s common stock. This investee h
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Answer:

1. Equity valuation in 2018/= $108,100

2. Net income based on fair value = $7,900

Answer:

A. Equity valuation

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Net income = 40% x $41,750 = $16,700

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Vladimir79 [104]

Answer:

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