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2 years ago

Which statement best defines tuition?

2 answers:

7 0

A tuition is a sum of money charged for teaching or instruction by a school, college or university. in other words, fees or bills.

melomori [17]2 years ago

7 0

Tuition is money that is charged for teaching or instruction by either a school, college, university, church or other learning agency. Money that is owed to extracurricular activites like dance, sports or other programs may also be coined the name, tuition. Essentially, no matter where it is used, it is money that is due for receiving a lesson or service.

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Net exports are Multiple Choice exports plus imports. imports less exports. exports less imports. that portion of consumption an

sergij07 [2.7K]

Answer:

The correct answer is letter "C": exports less imports.

Explanation:

Net exports are the difference between exports and imports from a country. It is computed by subtracting the total export value of the country, with the total value of the imports. Net exports from a country take on a negative value or <em>trade deficit </em>if it imports more merchandise than it produces. If a nation imports less merchandise than it exports, a positive value or <em>trade surplus </em>results.

8 0

3 years ago

If he wanted the cash award of each of the five prizes to be $45,000 and his estate could earn 7% per year, how much would he ne

Stels [109]

Answer:

The answer is $3,214,285.71

Explanation:

Price of each award is $45,000

And there are 5

Therefore, we have 5 x $45,000

=$225,000.

So, $225,000 is the future value.

Rate of return(r) in 7% and it is being assumed that it is forever.

So, so how much will be needed to fund his prizes(present value)?:

PV = FV/r

= $225,000/0.07

=$3,214,285.71

5 0

3 years ago

The Allowance for Bad Debts account has a debit balance of $ 9 comma 000$9,000 before the adjusting entry for bad debts expense.

Yakvenalex [24]

Answer:

the amount of the adjustment in the Allowance for

Bad Debts account $3.000

Explanation:

Initial Balance

Allowance for Uncollectible Accounts $ 9.000

END Balance

Allowance for Uncollectible Accounts $ 12.000

The adjustment entry in the accountig will be

Bad debt expense $ 3.000

Allowance for Uncollectible Accounts $ 3.000

3 0

3 years ago

Ocean City Kite Company sells kites for $11.50 per kite. In FY 2019, total fixed costs are expected to be $250,000 and variable

Dmitry_Shevchenko [17]

Answer:

40,000 kits

Explanation:

The computation is shown below:

Number of kits required to be sold to meet the goal = Total Contribution Margin Required ÷ Contribution Margin per Unit

where,

Total contribution margin required is

= Total fixed cost + operating income

= $250,000 + $90,000

= $340,000

And, the

Contribution Margin per Unit = Selling Price per Unit - Variable Cost per unit

= $11.50 - $3

= $8.50

So, the number of kits required is

= $340,000 ÷ $8.50

= 40,000 kits

8 0

3 years ago

On August 1, 2021, Limbaugh Communications issued $30 million of 10% nonconvertible bonds at 104. The bonds are due on July 31,

kodGreya [7K]

Answer:

Answers are journal entries, in the explanation box

<h2>Explanation:</h2><h3><u>Bonds:</u></h3>

Bonds is an interest bearing security or long term promissory note that a company represents while borrowing money with the interested investors.

<h2><u>Requirement 1:</u></h2><h2><u>Prepare the journal entries on August 1, 2021, to record:</u></h2><h3><u>Requirement 1(a):</u></h3>

The issuance of the bonds by Limbaugh (L)

<u>Solution:</u>

<u>Following is the journal entry for the issuance of bonds on August 1, 2021:</u>

<u>1st August 2021:</u>

Debit: Cash $31,200,000 <u>(Working 1)</u>

Debit: Discount on bonds payable $3,600,000 <u>(Working 3: Note 1)</u>

Credit: Bonds payable $30,000,000

Credit: Equity - stock warrants $4,800,000 <u>(Working 2)</u>

<u>Working 1:</u>

Calculation of cash received:

Cash received = Face value × Issued rate

Cash received = $30,000,000 × 104%

Cash received = $31,200,000

<u></u>

<u>Working 2:</u>

<u>Calculation of amount of equity - stock warrants:</u>

Equity - stock warrants = Market price per warrant × number of warrants × number of bonds

Equity - stock warrants = $8 × 20 warrants × (30,000,000÷ 1,000 bonds)

Equity - stock warrants = $4,800,000

<u>Working 3: </u>

<u>Calculate the discount on bonds payable:</u>

Discount on bonds payable = Bonds payable + Equity stock warrants - Cash received

Discount on bonds payable = $30,000,000 + $4,800,000 - $31,200,000

Discount on bonds payable = $3,600,000

<u>Note 1:</u> Since discount on bonds issues is an expense, therefore, it is debited.

<h3><u>Requirement: 1 (b)</u></h3>

<u>Prepare the journal entries on August 1, 2021, to record the investment by Interstate (I).</u>

<u></u>

The following is the journal entry on August 1, 2021 to record the investment by Interstate (I) i.e. investor:

Debit: Investment in stock $960,000 (Working 4)

Debit: Investment in bonds $6,000,000 (Working 5)

Credit: Discount on bonds investment $720,000 (Working 7)

Credit: Cash $6,240,000 (Working 6)

<u>Working 4: </u>

<u>Calculate the investment in stock warrants:</u>

Investment in stock warrant = Equity - stock warrant × 20%

Investment in stock warrant = $4,800,000 × 20%

Investment in stock warrant = $960,000

Working 5:

Calculate the amount of investment in bonds:

Investment in bonds = Face value × 20%

Investment in bonds = $30,000,000 × 20%

Investment in bonds = $6,000,000

<u>Working 6:</u>

Calculate the amount of cash paid:

Cash paid = Face value × issued rate × 20%

Cash paid = $30,000,000 × 104% × 20%

Cash paid = $6,240,000

<u>Working 7:</u>

<u>Calculate discount on bond investment:</u>

Discount on bond investment = Investment in stock warrants + Investment in bonds - Cash paid

Discount on bond investment = $960,000 + $6,000,000 - $6,240,000

Discount on bond investment = $720,000

<h2><u>Requirement 2:</u></h2><h2><u>Prepare the journal entries for both Limbaugh and Interstate in February 2032, to record the exercise of the warrants.</u></h2>

<h3><u>Requirement 2(a)</u></h3>

<u>Prepare the journal entries for Limbaugh in February 2032, to record the exercise of the warrants.</u>

Solution:

Following is the journal entry for exercise of warrants by <u>Limbaugh</u>:

Debit: Cash: $7,200,000 (Working 8)

Debit: Equity - stock warrants $960,000 (Working 9)

Credit: Common stock - equity $8,160,000

<u>Working 8: </u>

<u>Amount of cash received from the exercise:</u>

Amount of cash received from the exercise = Exercise price per warrant × Number of warrants × Number of bonds × 20%

Amount of cash received from the exercise = $60 × 20 warrants × ($30,000,000/$1,000) × 20%

Amount of cash received from the exercise = $7,200,000

<u>Working 9:</u>

<u>Amount of equity - stock warrants from exercise:</u>

Equity - stock warrants = Total equity stock-warrants × 20%

Equity - stock warrants = $4,800,000 × 20%

Equity - stock warrants = $960,000

<u>Working 10:</u>

<u>Amount of common stock:</u>

Amount of common stock = Cash received + equity - stock warrants

Amount of common stock = $7,200,000 + $960,000

Amount of common stock = $8,160,000

<h3><u>Requirement 2(b)</u></h3>

<u>Prepare the journal entries for Interstate in February 2032, to record the exercise of the warrants.</u>

Solution:

The journal entry is as follows:

Debit: Investment in common stock: $8,160,000 (Working 13)

Credit: Investment in stock warrants: $960,000 (Working 11)

Credit: Cash: $7,200,000 (Working 12)

Working 11:

<u>Amount of equity - stock warrants from exercise:</u>

Equity - stock warrants = Total equity stock-warrants × 20%

Equity - stock warrants = $4,800,000 × 20%

Equity - stock warrants = $960,000

<u>Working 12:</u>

<u>Calculate the amount of cash paid for exercise:</u>

Amount of cash paid for the exercise = Exercise price per warrant × Number of warrants × Number of bonds × 20%

Amount of cash paid for the exercise = $60 × 20 warrants × ($30,000,000/$1,000) × 20%

Amount of cash paid for the exercise = $7,200,000

<u>Working 13:</u>

<u>Investment in common stock:</u>

<u>Amount of common stock:</u>

Investment in common stock = Cash paid + Investment in stock warrants

Investment in common stock = $7,200,000 + $960,000

Investment in common stock = $8,160,000

3 0

3 years ago