How much money did daniel radcliffe make from harry potter

Corporation purchased inventory costing and sold % of the goods for . All purchases and sales were on account. later collected

Likurg_2 [28]

Answer:

1.

A. Dr Inventory 180,000

Cr Accounts Payable 180,000

B. Dr Accounts Receivable 235,000

Cr Sales Revenue 235,000

C. Dr Cost of Goods Sold 135,000

Cr Inventory 135,000

D. Dr Cash 70,500

Cr Accounts Receivable 70,500

2. BALANCE SHEET $45,000

INCOME STATEMENT $100,000

Explanation:

1. Preparation of the journal entry

A. Preparation of the journal entry for the purchase of inventory.

Dr Inventory 180,000

Cr Accounts Payable 180,000

(Being to record the purchase of inventory)

B. Preparation of the journal entry for sale

Dr Accounts Receivable 235,000

Cr Sales Revenue 235,000

(Being to record sale revenue)

C. Preparation of the journal entry to

Record the cost of goods sold portion of the sale.

Dr Cost of Goods Sold 135,000

Cr Inventory 135,000

(75%*180,000)

(Being to record cost of goods sold portion of the sale)

D. Preparation of the journal entry to Record the collection of 30% of the accounts receivable.

Dr Cash 70,500

Cr Accounts Receivable 70,500

(30%*235,000)

(Being to record the collection of 30% of the accounts receivable)

2. Calculation to Determine what the company will report on the balance sheet

BALANCE SHEET

Current Assets:

Inventory $45,000

(180,000-135,000)

Therefore the company will report $45,000 on the balance sheet

Calculation to Determine what the company will report on the income statement:

INCOME STATEMENT

Sales revenue 235,000

Less Cost of Goods Sold 135,000

Gross profit $100,000

Therefore the company will report $100,000 on the income statement

6 0

2 years ago

Both Bond Bill and Bond Ted have 5.8 percent coupons, make semiannual payments,

viva [34]

Answer:

a.

Percentage change in Bill Price = (91.8486 - 100) / 100 = -0.0815 or -8.15%

Percentage change in Bill Price = (78.1448 - 100) / 100 = -0.2186 or -21.86%

b.

Percentage change in Bill Price = (109.0298 - 100) / 100 = 0.0903 or 9.03%

Percentage change in Bill Price = (132.0946 - 100) / 100 = 0.3209 or 32.09%

Explanation:

To calculate the percentage change in the price of both the bonds, we assume that the par value of both the bonds is $100 each.

a.

To calculate the price of the bond today, we will use the formula for the price of the bond. We assume that the interest rate provided is stated in annual terms. As the bond is a semi annual bond, the coupon payment, number of periods and semi annual YTM will be,

Coupon Payment (C) both Bill and Ted = 100 * 0.058 * 6/12 = $2.9

Total periods (n) - Bill= 5 * 2 = 10

Total periods (n) - Ted= 25 * 2 = 50

As the bonds were previously price at par, the YTM or market interest rate would have been same as the coupon rate. Thus, the old market interest rate was 5.8%. Now as the interest rates have risen by 2% new interest rate will be = 5.8 + 2 = 7.8%

New r or YTM - both Bill and Ted = 7.8% * 6/12 = 3.9% or 0.039

The formula to calculate the price of the bonds today is attached.

Bond Price - Bill = 2.9 * [( 1 - (1+0.039)^-10) / 0.039] + 100 / (1+0.039)^10

Bond Price - Bill = $91.8486

Percentage change in Bill Price = (91.8486 - 100) / 100 = -0.0815 or -8.15%

Bond Price - Ted = 2.9 * [( 1 - (1+0.039)^-50) / 0.039] + 100 / (1+0.039)^50

Bond Price - Ted = $78.1448

Percentage change in Bill Price = (78.1448 - 100) / 100 = -0.2186 or -21.86%

b.

As the bonds were previously price at par, the YTM or market interest rate would have been same as the coupon rate. Thus, the old market interest rate was 5.8%. Now as the interest rates have fallen by 2% new interest rate will be = 5.8 - 2 = 3.8%

New r or YTM - both Bill and Ted = 3.8% * 6/12 = 1.9% or 0.019

The formula to calculate the price of the bonds today is attached.

Bond Price - Bill = 2.9 * [( 1 - (1+0.019)^-10) / 0.019] + 100 / (1+0.019)^10

Bond Price - Bill = $109.0298

Percentage change in Bill Price = (109.0298 - 100) / 100 = 0.0903 or 9.03%

Bond Price - Ted = 2.9 * [( 1 - (1+0.019)^-50) / 0.019] + 100 / (1+0.019)^50

Bond Price - Ted = $132.0946

Percentage change in Bill Price = (132.0946 - 100) / 100 = 0.3209 or 32.09%

5 0

3 years ago

A cost incurred in the past that is not relevant to any current decision is classified as a(n):_________

inessss [21]

A cost incurred in the past that is not relevant to any current decision is classified as a(n): Sunk costs

This is further explained below.

<h3>What are Sunk costs?</h3>

Generally, A cost that has already been incurred but cannot be recouped is referred to as a "sunk cost" in economics and the process of making business decisions. In contrast to sunk costs, prospective costs are future expenses that might be avoided if action is done, while sunk costs have already been incurred.

In conclusion, A cost that was incurred in the past but is not relevant to any choice that is being made at this time is considered to be a(n): Incurred expenses

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6 0

1 year ago

During the process of confirming receivables as of December 31, Year 1, a positive confirmation was returned indicating the "Bal

romanna [79]

Answer:

D. Verify that the amount was received.

8 0

3 years ago

A photocopier cost $105,000 when new and has accumulated depreciation of $96,000. if the business discards this plant asset, the

Ahat [919]

A photocopier cost $105,000 when new and has accumulated depreciation of $96,000. if the business discards this plant asset, the result is a loss of 9,000.

During the asset's anticipated useful life, depreciation is allocated in order to charge a fair percentage of the depreciable amount in each accounting period. Amortization of assets with predetermined useful lives is included in depreciation. Depreciation enables businesses to recoup the cost of an item at the time of acquisition. Instead of collecting the full cost of an asset right away, the technique enables businesses to do so during the asset's lifecycle. This enables businesses to replace current assets with the necessary quantity of revenue in the future.

Subtract the asset's cost from its salvage value (what you anticipate it to be worth at the end of its useful life) to determine depreciation using the straight-line technique. The outcome is the amount or depreciable basis.

Depreciation = asset's cost - salvage value

Depreciation = $105,000 - $96,000

Depreciation = $9,000

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4 0

1 year ago