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katen-ka-za [31]
2 years ago
5

Jones & hilton co. owned a large cold storage warehouse where they stored and processed meat and meat products. an insider r

evealed to the media that the cold storage failed to meet numerous safety standards, encountered repeated rodent attacks, and sold potentially harmful and infected meat in the market without notifying authorities. the ________ has the authority to conduct inspections of the cold storage warehouse and initiate legal proceedings against the owners for endangering the health of consumers.
Business
1 answer:
kvv77 [185]2 years ago
6 0
Jones & Hilton co. owned a large cold storage warehouse where they stored and processed meat and meat products. an insider revealed to the media that the cold storage failed to meet numerous safety standards, encountered repeated rodent attacks, and sold potentially harmful and infected meat in the market without notifying authorities. the U.S. Department of Agriculture has the authority to conduct inspections of the cold storage warehouse and initiate legal proceedings against the owners for endangering the health of consumers.
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Steel Company as lessee signed a lease agreement for equipment for 5 years, beginning December 31, 2017. Annual rental payments
balu736 [363]

Answer:

a.

                                                                       Debit   Credit

December 31, 2017

Lease Equipment Under Capital Leases    $166,794  

                                                      Lease Liability    $166,794

December 31, 2017/January 1, 2018

Lease Liability                                        $40,000  

                                                         Cash             $40,000

b.                                           Debit               Credit

December 31, 2018

Depreciation Expense  $23,828  

          Accumulated Depreciation      $23,828

December 31, 2018/January 1, 2019

Interest Expense           $12,679  

Lease Liability          $27,321  

                           Cash                     $40,000

c.                                             Debit     Credit

December 31, 2019

Depreciation Expense        $23,828  

  Accumulated Depreciation  $23,828

December 31, 2019/January 1, 2020

Interest Expense                    $9,947  

Lease Liability                 $30,053  

                Cash                         $40,000

d. Balance Sheet

December 31,2019

Property Plant and Equipment                             Current Liabilities  

Leased Equipment Under Capital Leases $166,794 Lease Liability $33,058

Less Accumulated Depreciation $47,656  

                                                        $119,138                Long Term  

                                                                                      Lease Liability $36,362

Explanation:

a. The journal entries, that should be recorded on January 1, and December 31, 2017, by Steel would be as follows:

                                                                       Debit   Credit

December 31, 2017

Lease Equipment Under Capital Leases    $166,794  

                                                      Lease Liability    $166,794

December 31, 2017/January 1, 2018

Lease Liability                                        $40,000  

                                                         Cash             $40,000

Lease Equipment Under Capital Leases=(40,000*PVIFA(10%,Years = 40,000*4.16986))= $166,794  

b. The journal entries, that should be recorded on January 1 and December 31, 2018, by Steel would be as follows:

                                          Debit               Credit

December 31, 2018

Depreciation Expense  $23,828  

          Accumulated Depreciation      $23,828

December 31, 2018/January 1, 2019

Interest Expense           $12,679  

Lease Liability          $27,321  

                           Cash                     $40,000

Depreciation Expense= (166,794/7)=$23,828

Interest Expense [(166,794 - 40,000)*10%]=$12,679  

Lease Liability=(40,000 - 12,679)=$27,321

c. The journal entries, that should be recorded on January 1, and December 31, 2019, by Steel would be as follows:

                                            Debit     Credit

December 31, 2019

Depreciation Expense        $23,828  

  Accumulated Depreciation  $23,828

December 31, 2019/January 1, 2020

Interest Expense                    $9,947  

Lease Liability                 $30,053  

                Cash                         $40,000

d. The amounts that would appear on Steel's December 31, 2019, balance sheet relative to the lease arrangement would be as follows:

Balance Sheet

December 31,2019

Property Plant and Equipment                             Current Liabilities  

Leased Equipment Under Capital Leases $166,794 Lease Liability $33,058

Less Accumulated Depreciation $47,656  

                                                        $119,138                Long Term  

                                                                                      Lease Liability $36,362

8 0
3 years ago
Given the following production function for Tight Jeans Corporation, calculate the marginal physical product and the value of th
kicyunya [14]

Answer:

labor input      pairs of jeans      marginal physical     value of marginal

                       per day                product                     physical product

0                          0                          0                               0

1                         10                         10                            $300

2                         36                         26                            $780

3                         56                         20                            $600

4                         68                         12                            $360

5                         74                          6                            $180

6                         76                          2                             $60

7                         76                          0                                0

8                         74                         -2                            -$60

The marginal revenue product is the value of marginal physical product, and you calculate it by multiplying marginal physical product times the unit price of the pair of jeans.

5 0
3 years ago
What is a trade off?
gizmo_the_mogwai [7]

a balance achieved between two desirable but incompatible features; a compromise.

4 0
3 years ago
Free Cash Flow Catering Corp. reported free cash flows for 2008 of $8.08 million and investment in operating capital of $2.08 mi
Ksivusya [100]

Answer: $11.16 million.

Explanation:

Free Cash Flow Catering Corp Earnings Before Interest and Tax (EBIT) can be calculated by the following formula,

EBIT = Operating Cashflow + Taxes - Depreciation.

Operating Cashflow = Free Cashflow + Investment in Operating Capital

= 8.08 million + 2.08 million

= $10.16 million

EBIT = 10.16 million + 2.08 million - 1.08 million

EBIT = $11.16 million.

5 0
3 years ago
Suppose that the profit maximizing level of output for the monopolist is 100​ units, and atc​ = $45.00; mc​ = $35.00; mr​ = $35.
Eva8 [605]
I would go with d because wouldn’t you times 35.00$ by 100
6 0
2 years ago
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