On July 1, 2020, Culver Inc. made two sales. 1. It sold land having a fair value of $902,220 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,419,656. The land is carried on Culver's books at a cost of $590,900. 2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $402,150 (interest payable annually). Culver Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest.
Record the two journal entries that should be recorded by Sunland Inc. for the sales transactions above that took place on July 1, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No. Date Account Titles and Explanation Debit Credit
1. July 1, 2020
2. July 1, 2020

Answer:

1) July 1, 2020, sale of land

Dr Notes receivable 1,419,656

    Cr Land 590,900

    Cr Discount on notes receivable 517,436

    Cr Gain on sale of land 311,320

Discount on notes receivable $1,419,656 - $902,220 = $517,436

Gain on sale of land $902,220 - $590,900 = $311,320

2) July 1, 2020, service revenue

Dr Notes receivable 402,150

    Cr Service revenue 342,218.69

    Cr Discount on notes receivable 59,931.31

annual interests = $402,150 x 3% = $12,064.50

discount on notes payable = present value of annual interest = $12,064.50 x 4.9676 (PV annuity factor, 12%, 8 periods) = $59,931.31

On September 1, 2019, Fast Track, Inc., was started with $25,000 invested by the owners as contributed capital. On September 30, 2019, the accounting records contained the following amounts:
Unearned revenue $ 500
Accounts payable 2,200
Prepaid expenses $ 1,000
Dividends declared 2,300
Accounts receivable 2,200
Office equipment 20,000
Accumulated depreciation 500
Office supplies 1,750
Cash 9,500
Office supplies expense 600
Consulting fees revenue 19,200
Rent expense 2,400
Contributed capital 25,000
Salary expense 6,900
Depreciation expense 500
Telephone expense 250
Required:
Prepare a classified income statement, a statement of retained earnings and a classified balance sheet for the first month of Fast Track’s operation.

A machine was purchased for $35,500, having a useful life of 10 years, and a residual value of $6,000. Compute the annual depreciation expense using the straight-line method.

12
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50what is the answer please​

Firms may not include all income taxes for a period on the line for income tax expense in the income statement. Other places that income tax expenses may occur include all of the following except: Select one: a. Extraordinary Items b. Other Comprehensive Income c. Common Stock d. Discontinued Operations

By using focus group feedback, Kraft was able to develop a positioning strategy. Focus groups are what type of research?

Learning design software, applying to college and creating a website to showcase work are examples of ______ that lead to a career as a graphic artist?

Mindy Novak is writing a paper and he must determine which of Porter's three generic strategies Beulah’s Boutiques has implemented. Mindy finds out that Beulah’s Boutiques offers specialty products found only in boutiques around the world to affluent customers. What would Mindy determine Beulah’s Boutiques is using as its generic strategy?

A deposit of $10,000 is made a year from now, a second deposit of $10,000 is made at the end of the year 5, and a deposit of $3000 is made at the end of year 8. The account earns 6% interest. You want to withdraw an equal amount, X at the end of each year for the next 10 years. What is the amount of X if the goal is to empty the account

Which best explains why there are many job opportunities in the Lodging pathway?
O The pathway requires a college education.
O The pathway offers seasonal positions.
O The pathway includes low-paying jobs.
The pathway has a high turnover rate.

Suppose there is a policy debate over whether the United States should impose trade restrictions on imported ball bearings:________.
Domestic producers of ball bearings send a lobbyist to the U.S. government to request that the government impose trade restrictions on imports of ball bearings. The lobbyist claims that the U.S. ball-bearing industry is new and cannot currently compete with foreign firms. However, if trade restrictions were temporarily imposed on ball bearings, the domestic ball-bearing industry could mature and adjust and would eventually be able to compete in the world market.
Which of the following justifications is the lobbyist using to argue for the trade restriction on ball bearings?
A. Infant-industry argument
B. Saving-domestic-jobs argument
C. Using-protection-as-a-bargaining-chip argument
D. National-security argument
E. Unfair-competition argument

At January 1, 2021, Cafe Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. The lease agreement specifies annual payments of $29,000 beginning January 1, 2021, the beginning of the lease, and at each December 31 thereafter through 2028. The equipment was acquired recently by Crescent at a cost of $207,000 (its fair value) and was expected to have a useful life of 13 years with no salvage value at the end of its life. (Because the lease term is only 9 years, the asset does have an expected residual value at the end of the lease term of $94,113.) Crescent seeks a 12% return on its lease investments. By this arrangement, the lease is deemed to be an operating lease.

Required:
a. What will be the effect of the lease on Cafe Med's earnings for the first year (ignore taxes)?
b. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Café Med (ignore taxes)?

What are the limitations and risks of a marketing strategy that does not contemplate the responses of your competitors

Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator.

The GDP deflator for this year is calculated by dividing the____________________ using by_____________________________ the using___________ and multiplying by 100. However, the CPI reflects only the prices of all goods and services .

Indicate whether each scenario will affect the GDP deflator or the CPI for the United States.

a. A decrease in the price of a Chinese-made car that is popular among U.S. consumers.
b. An increase in the price of a Waterman Industries deep-water reel, which is a commercial fishing product used for deep-sea fishing, made in the U.S., but not bought by U.S. consumers.

Snoblo, a manufacturer of snowblowers, sells four models. The base model, Reguplo, has demand that is normally distributed, with a mean of 10,000 and a stand deviation of 1,000. The three other models have additional features, and each has demand that is normally distributed, with a mean of 1,000 and a standard deviation of 700. Currently all four models are manufactured on the same line at a cost of $100 for Reguplo and $110 for each of the other three models. Reguplo sells for $200, whereas each of the other three models sells for $220. Any unsold blowers are sold at the end of the season for $80. Snoblo is considering the use of tailored sourcing by setting up two separate lines, one for Reguplo and one for the other three. Given that no changeovers will be required on the Reguplo line, the production cost of Reguplo is expected to decline to $90. The production cost of the other three products, however, will now increase to $120.

Required:
a. How will tailored sourcing affect the production and profits?
b. Is tailored sourcing more profitable for Snoblo? Why?

Payton Inc. reports in its Year 7 annual report, sales of $6,544 million and cost of goods sold of $2,618 million. For next year, you project that sales will grow by 3% and that cost of goods sold percentage will be 1 percentage point higher. Projected cost of goods sold for Year 8 will be:

Minion, Inc., has no debt outstanding and a total market value of $211,875. Earnings before interest and taxes, EBIT, are projected to be $14,300 if economic conditions are normal. If there is strong expansion in the economy, then EBIT will be 20 percent higher. If there is a recession, then EBIT will be 35 percent lower. The company is considering a $33,900 debt issue with an interest rate of 6 percent. The proceeds will be used to repurchase shares of stock. There are currently 7,500 shares outstanding. Assume the company has a tax rate of 21 percent
a-1. Calculate earnings per share, EPS, under each of the three economic scenarios before any debt is issued. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
a- Calculate the percentage changes in EPS when the economy expands or enters a 2. recession. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answers as a percent rounded to the nearest whole number, e.g., 32.)
b-1.Calculate earnings per share, EPS, under each of the three economic scenarios after the recapitalization. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
b- Calculate the percentage changes in EPS when the economy expands or enters a 2. recession assuming recapitalization has occurred.

Balance Sheet Data Income Statement Data
Cash $600,000 Accounts payable $720,000 Sales $12,000,000
Accounts receivable 1,200,000 Accruals 240,000 Cost of goods sold 7,200,000
Inventory 1,800,000 Notes payable 960,000 Gross profit 4,800,000
Current assets 3,600,000 Current liabilities 1,920,000 Operating expenses 3,000,000
Long-term debt 2,400,000 EBIT 1,800,000
Total liabilities 4,320,000 Interest expense 403,200
Common stock 720,000 EBT 1,396,800
Net fixed assets 3,600,000 Retained earnings 2,160,000 Taxes 488,880
Total equity 2,880,000 Net income $907,920
Total assets $7,200,000 Total debt and equity $7,200,000
If I remember correctly, the DuPont equation breaks down our ROE into three component ratios: the turnover ratio, and the the total asset And, according to my understanding of the DuPont equation and its calculation of ROE, the three ratios provide insights into the company's effectiveness in using the company's assets, and Hydra Cosmetics Inc. DuPont Analysis Ratios Value Correct/Incorrect Value Correct/Incorrect Ratios Asset management ratio Total assets turnover 1.67 Profitability ratios Gross profit margin (%) Operating profit margin (%) Net profit margin (%) Return on equity (%) 40.00 11.64 14.55 40.58 Financial ratios Equity multiplier 1.67 Do not round intermediate calculations and round your final answers up to two decimals. Hydra Cosmetics Inc. DuPont Analysis Calculation Value Numerator Denominator Ratios Profitability ratios Gross profit margin (%) Operating profit margin (%) Net profit margin (%) Return on equity (%) Asset management ratio Total assets turnover Financial ratios Equity multiplier Check all that apply. Reduce the company's operating expenses, its cost of goods sold, and/or the interest rate on its borrowed funds because this will increase the company's net profit margin. Increase the cost and amount of assets necessary to generate each dollar of sales because it will increase the company's total assets turnover. Increase the efficiency of its assets so that it generates more sales with each dollar of asset investment and increases the company's total assets turnover. Increase the interest rate on its notes payable or long-term debt obligations because it will reduce the company's net profit margin.

Hector was prosecuted following police seizure of 80 pounds of drugs from his airplane. The seizure was held to be unlawful, the evidence was sup- pressed, and the suit against Hector was dismissed. He sued the government officials involved in his arrest and prosecution to recover $3,500 in bail bond expenses, $23,000 in attorney's fees, and $2,000 in travel costs. The district court held he could not recover the costs incurred during the criminal prosecution. Hector appealed. Can he recover the costs? (Hector v. Watt, 235 F.3d 154, 3rd Cir. (2000)]

Making Podcasts and Wikis Work for BusinessPodcasts and wikis are part of Web 2.0, which allows users of the web to create content. Prudent business use of Web 2.0 applications can help businesses build and maintain their reputations online. Understanding how to use Web 2.0 communication tools will be important when you are on the job.Businesses have embraced podcasting to broadcast (confidential/ legal/ repetitive?) information that doesn’t require interaction. For example, some companies use podcasts to broadcast HR policies that can be accessed on demand. What function can companies improve by using wikis for collaboration?A. Communication with investors.B. Project management.
C. Customer interaction.
Consider the scenario:You work on the marketing team for a software development company. You have sales representatives in different locations around the globe. When a product update is released, your team holds teleconferences to demo new features. Due to time differences, these demos are difficult to schedule and usually require multiple demo sessions to accommodate different geographic regions. You want to streamline the new product demos and decide to recommend an electronic communication tool to help facilitate this. Which electronic communication tool would you recommend?A. A podcast.B. A wiki.C. An e-mail.

what has the U.S customs created to force importing companies like wal-mart to provide more detailed information about

In a large open economy , an investment tax credit raises the real interest rate, __________ the trade balance, and __________ net capital inflow.

What was the intrinsic value of SmileWhite Co. stock when the analyst was evaluating the stock (that is in year 2008)

- Which of the following is NOT a Factor of Production
A. Money
B. Land
C. Labor
D. Capital

Tom Cruise Lines Inc. issued bonds five years ago at $1,000 per bond. These bonds had a 20-year life when issued and the annual interest payment was then 13 percent. This return was in line with the required returns by bondholders at that point as described below:
Real rate of return 4 %
Inflation premium 5
Risk premium 4
Total return 13 %
Assume that five years later the inflation premium is only 3 percent and is appropriately reflected in the required return (or yield to maturity) of the bonds. The bonds have 15 years remaining until maturity. Use Appendix B and Appendix D.

A company has total equity of $2,160, net working capital of $240, long-term debt of $1,070, and current liabilities of $4,500. What is the company's net fixed assets?

Robert needs his daily fix of coffee in the mid-afternoon and visits different coffee shops that will give him as much utility as possible, given his $20/month food budget. On Monday, the Blue Coffee Shop was selling espresso shots for $3 each and Robert added 3 shots to his cappuccino. By Friday, the Purple Coffee Shop offered espresso shots for $2 each, while all other prices remained the same, so Robert was bold and added 4 espresso shots to his hot beverage.

Required:
Given this information, plot Robert's demand curve for espresso shots.

Who was the first missionary to arrive in Africa?​

Consider a second-price, sealed-bid auction with a seller who has one unit of the object which he values at s and two buyers 1, 2 who have values of v1 and v2 for the object. The values s, v1, v2 are all independent, private values. Suppose that both buyers know that the seller will submit his own sealed bid of s (and will keep the item if bid s wins), but they do not know the value of s. The buyers know that the seller must submit his bid before seeing the buyer’s bids and they know that the seller will actually run a second price auction with the three bids he has: his own bid and the two buyer’s bids. Each buyer knows his own value but not the other buyer’s value.

Now suppose that the seller opens the bids from the buyers and then submits his own bid after seeing the bids from the two buyers. The seller runs a second price auction with these bids in the sense that the object is awarded to the highests bidder (one of the two buyers or the seller) and that bidder pays the second highest bid. Now is it optimal for the buyers to bid truthfully; that is, should they each bid their true value? Give a brief explanation for your answer.

Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions, and they had $3,550 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice is 18 years of age, the Jacksons may only claim the child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.)
Comprehensive Problem 4-55 Parts-c through f
a. What would their taxable income be if their itemized deductions totaled $28,000 instead of $16,500?
b. What would their taxable income be if they had $0 itemized deductions and $6,000 of for AGI deductions?
c. Assume the original facts but now suppose the Jacksons also incurred a loss of $5,000 on the sale of some of their investment assets. What effect does the $5,000 loss have on their taxable income?

University Printers has two service departments Maintenance and Personnel and two operating departments Printing and Developing. Management has decided to allocate maintenance costs on the basis of machine-hours in each department and personnel costs on the basis of labor-hours worked by the employees in each.
The following data appear in the company records for the current period:
Maintenance Personnel Printing Developing
Machine-hours ? 455 455 2,590
Labor-hours 315 ? 294 1,491
Department direct cost 11,000 $23,000 $25,000 $23,000
Required: Allocate the service department costs using the reciprocal method. Negative amounts should be indicated by a minus sign. Do not round intermediate calculations.