Hough, Luck, and Cummings operate a local accounting firm as a partnership. After working together for several years, they have decided to liquidate the partnership’sproperty. The partners have prepared the following balance sheet:Cash $ 31,000 Liabilities $ 38,000Hough, loan 19,000 Luck, loan 24,000Noncash assets 184,000 Hough, capital (50%) 123,000Luck, capital (40%) 23,000Cummings, capital (10%) 26,000Total assets $234,000 Total liabilities and capital $234,000The firm sells the noncash assets for $91,000; it will use $32,000 of this amount to pay liquidation expenses. All three of these partners are personally insolvent.(Leave no cells blank - be certain to enter "0" wherever required. Negative amounts and amounts to be deducted should be indicated with a minus sign.)Hough,Loan andCapital Luck,Loan andCapital Cummings,CapitalBeginning balances $ $ $Loss on disposalLiquidation expensesCapital balancesAllocation of Luck's deficitFinal distribution $ $ $
A simple correlation analysis of the table of Worksheet #2 of the A.1 steak sauce indicates an extremely high correlation between the "average number of retailfacings" and "market share", whether measured in revenue or product volume. Given this, critically explore an A.1 proposal to spend $2,000,000 to increase theaverage number of shelf facings from 14 to 15. Use a 1-year time horizon in your evaluation. Carefully state the assumptions that you need to make. Include afinancial analysis.
Labor OutputVariableCostFixedCostTotalCost0 0 121 10 52 18 223 24 15 e4 28 20 32Consider the table above. What is the average fixed cost at 24 units of output?A) $.50B) $9C) $12D) $27
Grand Adventure Properties offers a 7 percent coupon bond with annual payments. The yield to maturity is 5.85 percent and the maturity date is 8 years from today. Whatis the market price of this bond if the face value is $1,000?
a. the government
True or False.1) Shutting down a firms operation is equivalent to exitingthe industry.2) An increased tax on profit leaves the optimal rate ofoutput unchanged in the short run.3) Market supply is the horizontal sum of the individual MCcurves abovethe AVC in a perfectly competitive market.
Cashflow Diagram $75000 monthly pymts 10000 for three years
The Lakeshore Hotel's guest-days of occupancy and custodial supplies expense over the last seven months were:MonthGuest-Days ofOccupancyCustodial SuppliesExpenseMarch5,400$10,510April7,900$12,435May9,400$15,110June11,900$17,655July13,400$19,710August10,400$15,760September8,900$14,335Guest-days is a measure of the overall activity at the hotel. For example, a guest who stays at the hotel for three days is counted as threeguest-days.Requirement 1:Using the high-low method, estimate a cost formula for custodial supplies expense where X is the number of guest-days.(Round the variable cost per guest-day to 1 decimal place. Omit the "$" sign in your response.)Y =$+$XRequirement 2:Using the cost formula you derived above, what amount of custodial supplies expense would you expect to be incurred at an occupancy level of 12,500guest-days?(Omit the "$" sign in your response.)Variable cost$Fixed costTotal cost$
Can someone please help me with this problem? Please explain how you got the answer.ThanksSCOLL DOWN TO THE BOTTOM. FOR SOME REASON THE POSTING IS SEPERATEDAND CONTINUES AT THE BOTTOM.Delmont Corp, has provided the following data for the month ofAugust.There were no beginning inventories, consequently, thedirect materials, direct labor, andmanufacturing overhead appliedlisted below are all for the current month.WIPfinished goodsCOGStotaldirect materials2990105604096054510direct labor4720171606656088440manufacturing overhead applied329089303478047000Total1100036650142300189950Manufacturing overhead for the month was underapplied by$3000.The company allocates any underapplied or overapplied overheadamoung work in process, finished goods, and cost of goods sold atthe end of the month on the basis ofthe overhead applied duringthe month in those accounts.The journal entry to record the allocation of any underappliedor overapplied overhead for August would include thefollowing.a.debit to cost of goods sold of $142,300b. credit to cost of goods sold of $2200c. credit to cost of goods sold of $142, 300d. debit to cost of goods sold of $2200
The Controller of Santa Fe Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budgetinformation:March April MaySales 70,000 84,000 92,000Manufacturing cost 32,000 39,000 42,500Selling and administrative expenses 12,000 18,000 21,000Capital expenditures 0 0 20,000The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in full in the month following the sale andthe remainder the following month. Depreciation, insurance, and property tax expense represent $3,000 of the estimated monthly manufacturing costs. The annualinsurance premium is paid in July, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 80% are expected to be paid in themonth in which they are incurred and the balance in the following month. Current assets as of March 1 include cash of $10,000, marketable securities of $40,000, andaccounts receivable of $75,600 ($60,000 from February sales and $15,600 from January sales).Sales on account for January and February were $52,000 and $60,000,respectively.Current liabilities as of March 1 include a $12,000, 15%, 90-day note payable due May 20 and $4,000 of accounts payable incurred in February for manufacturing costs.All selling and administrative expenses are paid in cash in the period they are incurred. It is expected that $1,800 in dividends will be received in March. Anestimated income tax payment of $16,000 will be made in April. Santa Fe's regular quarterly dividend of $3,000 is expected to be declared in April and paid in May.Management desires to maintain a minimum cash balance of $30,000.Instructions:1. Prepare a monthly cash budget and supporting schedules for March, April, and May. On the basis of the cash budget, what recommendation should be made to thecontroller?
Assume the following values for Figures 5.4a and 5.4b. Q1=20 bags. Q2=15 bags. Q3=27 bags. The market equilibrium price is $45 per beg. The price at a is $85 per bag.The price at c is $5 a bag. The price at f is $59 per bag. The price at g is $31 per bag. Apply the formula for the area of a triangle (Area=1/2 XBase X Height toanswer the following question.what is the value of the dead weight loss when output level Q2 is being produced? what is the total surplus when output level Q2 is being produced?
An extreme case of oligopoly in which firms collude to raise joint profits is known as a:Choose one answer.a. price war.b. dominant producer.c. duopoly.d. cartel.
4. Smith Co. has average fixed costs of $165 when it is making two units. It has marginal costs of $15 for the first unit, $10 for the second unit and $5 for the thirdunit. What is its average total cost for three units?(a)$65(b)$195(c)$110(d)$120
Cool Comfort currently sells 300 Class A spas, 450 Class C spas, and 200 deluxe model spas each year. The firm is considering adding a mid-class spa and expects thatif it does it can sell 375 of them. However, if the new spa is added, Class A sales are expected to decline to 225 units while the Class C sales are expected todecline to 200. The sales of the deluxe model will not be affected. Class A spas sell for an average of $12,000 each. Class C spas are priced at $6,000 and the deluxemodel sells for $17,000 each. The new mid-range spa will sell for $8,000. What is the value of the erosion?A. $600,000B. $1,200,000C. $1,800,000D. $2,400,000E. $3,900,000
Computation of Tax, Standard Deduction, and Kiddie Tax. Anthony and Latrisha aremarried and have two sons, James, age 25, and Jonas, age 13. Both sons are properlyclaimed as dependents. Anthony and Latrisha’s taxable income is $130,000 in 2010 andthey file a joint return. Both James and Jonas had part-time jobs as well as some unearnedincome. Below is a summary of their total income.James JoanWages $2,800 $ 400Taxable interest 1,800 2,000Compute the taxable income and tax liability for James and Jonas.
Suppose you own a risky asset with an expected return of 12% and a standard deviation of 20%. If the returns are normally distributed, the approximate probability ofreceiving a return greater than 32% is approximately:a) 16%. b) 2%. c) 67%. d) 5%. e) 33%.(Show work)
The long-run production function for a rm's product is given by q = f(K; L) = 5 K L. Theprice of capital is $10 and the price of labor is $15.a. Suppose the rm wishes to produce output of 500. List 5 combinations of capital and labor that therm can transform into 500 output.b. For each of your 5 combinations from part a, give the cost of using that combination of capital andlabor. Which is the lowest?c. For your lowest cost combination from part b, calculate the marginal product of capital (MPK) and themarginal product of labor (MPL).d. For your answer in parts b-c, is your marginal product per dollar equal across the two inp
For the 12/31/09 entry...where are you getting the 18/20? What period is that?Also, how did you calculate common stock on the 3/31/10 entry?Thanks
he following information ($ in millions) comes from a recent annual report of Amazon.com, Inc.: Net sales $10,894 Total assets 4,472 End of year balance in cash 1,206Total stockholders' equity 404 Gross profit (Sales - Cost of Sales). 2,606 Net increase in cash for the year 13 Operating expenses 2,065 Net operating cash flow 627Other income (expense), net (15) Compute Amazon's cost of goods sold
Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price perbucket of chicken was $20 and 25,000 buckets were produced.Determine the GDP price index for 1984, using 2005 as the base year.Instructions: Enter your response as an index number rounded to one decimal place.GDP price index = 50By what percentage did the price level, as measured by this index, rise between 1984 and 2005? 100 %What were the amounts of real GDP in 1984 and 2005?Real GDP in 1984 =____ $Real GDP in 2005= ______$