Master Business with Fun Quizzes & Brain Teasers!

Grouper Corporation issued $360,000, 7%, 20-year bonds on January 1, 2022, for $324,655. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Grouper uses the effective-interest method to amortize bond premium or discount. New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Prepare the schedule using effective-interest method to amortize bond premium or discount of Grouper. (Round answers to 0 decimal places, e. G. 5,275. ) Interest Periods Interest to Be Paid Interest Expense to Be Recorded Discount Amortization Unamortized Discount Bond Carrying Value
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Computer Solutions Inc. Created a software system for transmitting data among different departments within the firm. The system provides an easy and quick way of exchanging information. This has increased the firm's efficiency while reducing costs. With regard to demand-supply integration, this is an example of _______ integration
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The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $400,000; Office salaries, $80,000; Federal income taxes withheld, $120,000; State income taxes withheld, $27,000; Social security taxes withheld, $29,760; Medicare taxes withheld, $6,960; Medical insurance premiums, $9,500; Life insurance premiums, $6,500; Union dues deducted, $3,500; and Salaries subject to unemployment taxes, $55,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5. 4% and FUTA taxes are 0. 6%. Required:Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5. 4% and FUTA taxes are 0. 6%
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Please help!1. if you were going to hire an accountant, why might you choose to hire a cpa?2. if you were a cpa, why might you choose to join a professional association like the aicpa?
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Wings Co. Budgeted $555,600 manufacturing direct wages, 2,315 direct labor hours, and had the following manufacturing overhead:Overhead Cost Pool Budgeted Overhead Cost Budgeted Level for Cost Driver Overhead Cost DriverMaterials handling $160,000 3,200 pounds Weight of materialsMachine setup 13,200 390 setups Number of setupsMachine repair 1,380 30,000 machine hours Machine hoursInspections 10,560 160 inspections Number of inspectionsRequirements for Job #971 which manufactured 4 units of product:Direct labor 20 hoursDirect materials 130 poundsMachine setup 30 setupsMachine hours 15,000 machine hoursInspections 15 inspectionsIf Wings uses a volume-based overhead rate based on direct labor hours, the manufacturing overhead for Job #971 is:a. $1,020. b. $990. c. $6,400. d. $3,460. e. $1,600. Can you explain what volume based costing is? Is it another name for traditional costing? What are formulas I need to know for ABC and Volume based costing?
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According to the five forces model, _______ levels of competition for customers translate to _______ levels of profit in the industry.
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On January 1, 2021, Labtech Circuits borrowed $220,000 from First Bank by issuing a three-year, 9% note, payable on December 31, 2023. Labtech wanted to hedge the risk that general interest rates will decline, causing the fair value of its debt to increase. Therefore, Labtech entered into a three-year interest rate swap agreement on January 1, 2021, and designated the swap as a fair value hedge. The agreement called for the company to receive payment based on an 9% fixed interest rate on a notional amount of $220,000 and to pay interest based on a floating interest rate tied to LIBOR. The contract called for cash settlement of the net interest amount on December 31 of each year. Floating (LIBOR) settlement rates were 9% at inception and 10%, 8%, and 8% at the end of 2021, 2022, and 2023, respectively. The fair values of the swap are quotes obtained from a derivatives dealer. These quotes and the fair values of the note are as follows:January 1 December 312021 2021 2022 2023Fair value of interest rate swap 0 $(3,759) $2,935 $0 Fair value of note payable $300,000 $296,241 $302,935 $300,000 Required:a. Calculate the net cash settlement at the end of 2021, 2022, and 2023. b. Prepare the journal entries during 2021 to record the issuance of the note, interest, and necessary adjustments for changes in fair value. c. Prepare the journal entries during 2022 to record interest, net cash interest settlement for the interest rate swap, and necessary adjustments for changes in fair value. d. Prepare the journal entries during 2023 to record interest, net cash interest settlement for the interest rate swap, necessary adjustments for changes in fair value, and repayment of the debt
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Bassett Fruit Farm expects its EBIT to be $413,000 a year forever. Currently, the firm has no debt. The cost of equity is 14. 2 percent and the tax rate is 39 percent. The company is in the process of issuing $1. 8 million worth of bonds at par that carry an annual coupon of 5. 6 percent. What is the unlevered value of the firm?
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Stubbs company uses the perpetual inventory method and the weighted-average cost flow method. on january 1, year 2, stubbs purchased 1,400 units of inventory that cost $12.00 each. on january 10, year 2, the company purchased an additional 600 units of inventory that cost $7.25 each. if the company sells 1,600 units of inventory for $24 each, what is the amount of gross margin reported on the income statement
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ABC Hardware Store orders one hundred power hand-drills from Best Tools Inc. When the hand-drills are delivered, they are all missing pieces. ABC rejects the shipment. To exercise a right to cure, Best Tools must a. Pay a cure for. B. Promptly notify ABC of the intent to cure. C. Pick up the nonconforming tools before the end of the business day. D. Enter into a new contract with ABC
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Essay on education system of pakistan by using 7cs of effective communication
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Sell or Process Further Ecolab produces cleaning and sanitizing chemicals for commercial markets. Assume the company processes raw material D into joint products E and F. Raw material D costs $8 per liter. It costs $150 to convert 100 liters of D into 60 liters of E and 40 liters of F. Product F can be sold immediately for $40 per liter or processed further into Product G at an additional cost of $12 per liter. Product G can then be sold for $55 per liter. Determine whether Product F should be sold or processed further into Product G. Calculate the net advantage (disadvantage) of further processing. Use a negative sign to indicate a net disadvantage (if applicable). $Answer per liter
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Why is presenting all costs of an organization as a function of a single independent variable, al-though useful in obtaining a general understanding of cost behavior, often not accurate enough to make specific decisions concerning products, services, or activities?
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Suppose that the price of corn is risky, with a beta of 0. 3. The monthly storage cost is $0. 03 per bushel, and the current spot price is $2. 97, with an expected spot price in three months of $3. 13. If the expected rate of return on the market is 1. 6% per month, with a risk-free rate of 0. 9% per month, what is the expected futures cost
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If Carissa Dalton has a $410,000 home insured for $320,000, based on the 80 percent coinsurance provision, how much would the insurance company pay on a claim of $17,500? Assume there is no deductible
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Which leadership quality must an effective instructor possess to routinely make and maintain appropriate decisions, actions, and relationships
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In this type of job design model, employees thrive, feel motivated, and empowered to believe that their work is meaningful. question 5 options: job enrichment model job characteristics model empowerment model job rotation model
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Shares of halva corp. stock offer an expected total return of 14.6 percent. what is the dividend yield if the dividend increases by 2.8 percent annually?
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Ronaldo wants to determine if employees would prefer having bagels or donuts at morning meetings. Which method would be best to collect this information? A. Observation B. Report C. Survey D. Database
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What is value engineering?engineering products that are not meant to be replaced but have a high costsubstituting low-cost components with high-quality components that still meet the product's lifetime duration and basic purposesubstituting high-quality components with low-cost components that still meet the product's lifetime duration and basic purpose
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Total Liabilities & Equity$ 229,200 $248,000Task 1: Liquidity AnalysisCalculate the following ratios in 2021 for Gerup Garments Inc. Write 100 words describingthe company's liquidity condition:current ratio quick ratioaccounts receivable turnoverdays sales outstandinginventory turnoveraverage days to sell inventoryType your response here:
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In the perfectly competitive market, all firms in the market are assumed to be producing: a. complementary products. b. identical products. c. differentiated products. d. products that are heavily advertised.
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Fluffy Puppy, a Japanese company, decides to expand its toy business by buying 15% of its U. S. Competitor. It does not want to pay more than 83,905,354 yen. Assume that the exchange rate for $1 is equal to 111. 111 Japanese yen or 1 yen is equal to $0. 9. In terms of U. S. Dollars, how much is Fluffy Puppy willing to pay for 15% of its U. S. Competitor
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3. Peter owns a small grain elevator. He hires three helpers at $35,000 per year for eachworker, pays annual rent of $7,000 for his shop, and spends $60,000 per year on materials. Hehas invested some of his own funds in equipment (augers, bins, etc) that could earn him $3,000per year if alternatively invested. He has been offered $65,000 per year to work as a managerfor a competitor. He estimates his entrepreneurial talents are worth $5,000 per year. Totalannual revenue from the grain elevator is $235,000. Calculate accounting profit and economicprofit for Peter's elevator. Show your work. Label all associated costs as implicit or explicit.
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