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kramer
2 years ago
9

Flint Corporation commenced operations in early 2020. The corporation incurred $58,500 of costs such as fees to underwriters, le

gal fees, state fees, and promotional expenditures during its formation.
Required:
Prepare journal entries to record the $58,500 expenditure and 2020 amortization, if any.
Business
1 answer:
Alekssandra [29.7K]2 years ago
6 0

Answer and Explanation:

The journal entry is shown below:

1. Organization expense Dr $58,500

     To cash $58,500

(Being organization expense is recorded)

Here organization expense is debited as it increased the expenses and credited the cash as it decreased the assets. Also the assets and expenses contains normal debit balance

2. No entry is required as the amortization is recorded for only intangible assets

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If the united states government raises the income taxes on the wealthiest americans, while increasing welfare payments to the po
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Efficiency will undoubtedly suffer if the US government increases assistance payments to the poorest Americans while raising income taxes on the wealthiest Americans and an increase in inequality.

<h3>What will happen if the U.S. raises taxes on the wealthiest Americans?</h3>

Every society must choose between equality and productivity. If the US government increases assistance payments to the poorest Americans while raising income taxes on the wealthiest Americans, the outcome will probably be a decline and increased inequality in the United States.

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8 0
1 year ago
Wendell’s Donut Shoppe is investigating the purchase of a new $18,600 donut-making machine. The new machine would permit the com
sertanlavr [38]

Answer:

1. Total Annual Cash Inflows = 5000

2. Discount Factor = 3.72

3. New Machine's internal rate of return = 16%

Explanation:

<em>Note:</em> the question is incomplete and it lacks essential data to be used in part 4. Without the exhibits mentioned in the questions, it is not possible to solve this question completely. We will be solving it till part 3.

1) What would be the total annual cash inflows associated with the new machine for capital budgeting purposes?

Answer:

In this we have to calculate the total annual cash inflows and the formula to calculate it is mentioned below:

Total Annual Cash Inflows = Savings in Part Time help annually + Additional contribution Margin from Expected Sales.

Total Annual Cash Inflows = 3800  + ( 1000 x 1.20)

Total Annual Cash Inflows =  3800 + 1200

Total Annual Cash Inflows = 5000

2. What discount factor should be used to compute the new machine’s internal rate of return?

Answer:

Formula to calculate the Discount factor:

Discount Factor = Price of new machine/ annual cash inflow

Price of new machine = 18600 USD

Annual cash inflow = 5000

Discount Factor = 18600 /5000

Discount Factor = 3.72

3.  What is the new machine’s internal rate of return?

Answer:

As, it can be seen from the exhibits (which are missing from this question)  that the discount factor for 6 years is nearly closest to 16%, hence the new machine's internal rate of return = 16%

<em>Note:</em> the question is incomplete and it lacks essential data to be used in part 4. without the exhibits mentioned in the questions. It is impossible to solve further.

7 0
3 years ago
Why might a bank be willing to borrow funds from other banks at a higher rate than the rate at which it can borrow from the fed?
liberstina [14]
Because when a bank borrows money from the Fed it has to out toward collateral. Central banks in turn will want extra regulation, depending on the banks rep. As well as banks borrow too frequently from the Fed, resulting in the Fed restricting the ability to borrow in the future.
hope this helps!
3 0
3 years ago
Glenda works for a telecommunications company and oversees the planning, execution, and closing of any large telecom projects fo
yarga [219]

Answer:

Project manager

Explanation:

Glenda must be working as a<u> project manager</u>.

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Hence, Glenda must have been employed as a project manager for the telecommunication company.

4 0
2 years ago
The mls is a good source for data when researching a subject property. what information will you find there?
madam [21]

The mls is a good source for data when researching a subject property. former sales price will be found there.

A multiple listing service is a database which is  established by cooperating real estate brokers in order to provide data about properties for sale.

An MLS allows the brokers to see one another’s listings of properties  held for sale with the goal of connecting homebuyers to sellers. Under this arrangement, both the listing and selling brokers are benefited by consolidating and sharing information and also by sharing commissions.

Typically, multiple listing services create a general  book and electronic database with all of the houses for sale by affiliated brokers.

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8 0
1 year ago
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