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3 years ago

Lakeview Company completed the following two transactions. The annual accounting period ends December 31.

Business

1 answer:

Ann [662]3 years ago

6 0

Answer: Check attachment and explanation.

Explanation:

a. The question has been solved. Check the attachment.

b. LAKEVIEW COMPANY

Balance sheet (Partial)

December 31

Current liabilities

FICA Payable=$4800 + $4800= $9600

Charitable contribution payable = $2400

Withheld income tax payable = $6400

State and Federal unemployment tax payable = $560

Unearned rent revenue = $5700 - $3800 = $1900

Total current liabilities = $20860

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Answer:

a security that can be converted into any other type of security.

Explanation:

Convertible securities are securities (e.g. bonds) that can be converted into another security, usually into common or preferred stock, after an specified term of conversion ends. This specific term of conversion is set when the original security was issued.

The most common types of convertible securities are convertible bonds (that can be converted into common or preferred stock) and convertible preferred stock (that can be converted into common stock).

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3 years ago

Suppose there is a policy debate over whether the United States should impose trade restrictions on imported ball bearings:_____

Zigmanuir [339]

Answer:

Infant-industry argument

Explanation:

Here is a paraphrased version of the lobbyist's claim and it is from here that we get our answer.

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4 years ago

On January 1, 2018, Lumos Company purchased a machine for $70,200. Lumos uses straight-line depreciation and estimates an eight-

jeka94

Answer:

Gain= $4,200

Explanation:

Giving the following information:

Purchase price (2018)= $70,200

Salvage value= $5,400

Useful life= 8 years

Selling price= $42,000

First, we need to calculate the depreciation expense and accumulated depreciation:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (70,200 - 5,400) / 8

Annual depreciation= $8,100

Accumulated depreciation (ending 2021)= 8,100*4= $32,400

If the selling price is higher than the book value, the company gain from the sale. Now, we need to determine the book value.

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3 years ago

A one-year zero coupon bond costs \$99.43$99.43 today. Exactly one year from today, it will pay \$100$100. What is the annual yi

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Answer:

0.00573

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Cost of the bond today = $99.43

Value of bond at end of year = $100

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This $0.57 represents earnings on such bond value, that is yield on the bond.

Thus, yearly yield = $0.57/$99.43 = 0.00573

This value represents the discount rate of 1 year on $100 that is for which present value $99.43.

Final Answer

0.00573

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