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2 years ago

Identify the following as financing activities (F) or investing activities (I):

Business

1 answer:

9966 [12]2 years ago

8 0

Answer:

Explanation:

Financial activities would basically be anything that involves money but is does not involve an asset with value. This would instead be considered Investing activities if you are buying or selling any asset financial asset. Therefore the following would be considered...

a. Purchase of equipment (F)

b. Purchase of treasury stock (I)

c. Reduction of long-term debt (F)

d. Sale of building (I)

e. Resale of treasury stock (I)

f. Increase in short-term debt (F)

g. Issuance of common stock (I)

h. Purchase of land (I)

i. Purchase of common stock of another firm (I)

j. Payment of cash dividends (I)

k. Gain on sale of land (I)

l. Repayment of debt principal (F)

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jervis sells 3400 of its accounts receivable to northern bank in order to obtain necessary cash northern bank charges a 2% facto

lesya692 [45]

Answer:

Factoring fee = 2% * Account Receivable

= 2% * $3,400

= $68

Date Account Titles and Explanation Debit Credit

Cash $3,332

Factoring expenses $68

Account receivables $3,400

(To record the receipt of cash against the receivables)

6 0

2 years ago

The Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly.

katen-ka-za [31]

Answer:

Allocated MOH per unit= $45.94

Explanation:

Giving the following information:

Product Number of Units Labor Hours Per Unit

Blinks 1,178 2

Dinks 2,060 3

Estimated overhead costs for the period= 108,300 + 87,800= $196,100

Total direct labor hours= (1,178*2) + (2,060*3)= 8,536

<u>First, we need to calculate the predetermined overhead rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 196,100 / 8,536

Predetermined manufacturing overhead rate= $22.97 per direct labor hour

<u>Now, we allocate overhead to Blinks:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 22.97*2= $45.94

5 0

3 years ago

An asset costing $50,000.00 with a residual value of $5,000.00 has an estimated useful life of 5 years. Using the declining-bala

Finger [1]

I think 10,800.000 hope this helps

4 0

3 years ago

Stevie recently received 1,035 shares of restricted stock from her employer, Nicks Corporation, when the share price was $9 per

Anton [14]

Answer:

9,315

Explanation:

The 83(b) election of the IRC which allows the employe of restricted stock to pay taxes on the fair market value at the time were granted.

It applies when the stocks are subject to vesting

The 83(b) election becomes useful when the employee has confidence that market value will increase and thus, saving taxes in the future.

If the market price decrease over the years or the company files for bankrupcy, the taxpersons will have pay income taxes for a worthless amount.

Also, if he leaves the company before esting the shares, it would had pay taxes for shares it won't receive.

So, resuming: under election 83(b) we use granted time value

1,035 x 9 = 9,315

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3 years ago

Iris, a calendar year cash basis taxpayer, owns and operates several TV rental outlets in Florida and wants to expand to other s

nasty-shy [4]

Answer:

C) Expense $23,000 for 2018.

Explanation:

Iris owns and operates TV rental outlets, so all the expenses she makes while investigating possible purchases of related businesses (other TV rental outlets) can be deducted from her income. This deductions can be made regardless of whether Iris ended up purchasing the new stores or not.

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3 years ago