A comparative balance sheet for Lomax Company containing data for the last two years is as follows: Lomax Company Comparative Balance Sheet This Year Last Year
Assets Current assets: Cash and cash equivalents $ 91,000 $ 66,000 Accounts receivable 630,000 660,000 Inventory 632,000 440,000 Prepaid expenses 26,000 15,000 Total current assets 1,379,000 1,181,000 Property, plant, and equipment 2,470,000 1,880,000 Less accumulated depreciation 639,000 578,000 Net property, plant, and equipment 1,831,000 1,302,000 Long-term investments 122,000 190,000 Loans to subsidiaries 140,000 80,000 Total assets $ 3,472,000 $ 2,753,000
Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 902,000 $ 590,000 Accrued liabilities 37,000 60,000 Income taxes payable 159,000 134,000 Total current liabilities 1,098,000 784,000 Bonds payable 720,000 460,000 Total liabilities 1,818,000 1,244,000 Stockholders' equity: Common stock 1,130,000 1,020,000 Retained earnings 524,000 489,000 Total stockholders' equity 1,654,000 1,509,000 Total liabilities and $3,472,000 $2,753,000 stockholders' equity The following additional information is available about the company's activities during this year:
a. The company declared and paid a cash dividend this year.
b. Bonds with a principal balance of $400,000 were repaid during this year.
c. Equipment was sold during this year for $80,000. The equipment had cost $170,000 and had $64,000 in accumulated depreciation on the date of sale.
d. Long-term investments were sold during the year for $150,000. These investments had cost $68,000 when purchased several years ago.
e. The subsidiaries did not repay any outstanding loans during the year.
f. Lomax did not repurchase any of its own stock during the year.
The company reported net income this year as follows: $3,400,000 2,108,000 1,292,000 1,036,000 256,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income $ 82,000 (26,000) 56,000 312,000 100,000 $ 212,000
Required: Using the indirect method, prepare a statement of cash flows for this year. (List any deduction in cash outflows as negative amounts.)
Lomax Company Statement of Cash Flows Operating activities: 0 0 Net cash provided by operating activities Investing activities: 0 Net cash provided by investing activities Financing activities: 0 0 Beginning cash and cash equivalents Ending cash and cash equivalents $ 0
Answers
Based on the information given, it can be deduced that the ending cash and cash equivalents of Lomax Company will be $91000.
From the computation, the values gotten include:
Net cash flow from operating activities = $422000Less: Net cash flow in investing activities = -$590000Add: Net case flow from financing activities = $193000Net increase in cash = $25000Beginning cash and cash equivalents = $66000Ending cash and cash equivalents = $91000.Read related link on:
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Related Questions
what advice is given by tom peters in the article customer first? analyse and summarize.
Answers
Answer:
which article?
Explanation:
Tony’s favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, “I’ve always wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know this would be the perfect place.” On November 1, 2022, Great Adventures purchased the land by issuing a $400,000, 6%, 8-year installment note to the seller. Payments of $5,257 are required at the end of each month over the life of the 8-year loan. Each monthly payment of $5,257 includes both interest expense and principal payments (i.e., reduction of the loan amount). Late that night Tony exclaimed, “We now have land for our new camp; this has to be the best news ever!” Suzie said, “There’s something else I need to tell you. I’m expecting!” They decided right then, if it was a boy, they would name him Venture.
Required: 1. Complete the first three rows of an amortization schedule.
Required 2&3. Record the purchase of land with the issuance of a long-term note payable on November 1, 2022, and the first two payments on November 30, 2022, and December 31, 2022, and calculate the remaining balance of the note payable as of December 31, 2022. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) then record the balance
Required 4. The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $40574. How would the remaining balance of the note payable be reported in the balance sheet as of December 31, 2022?
Answers
1. The completion of the first three rows of a monthly amortization schedule is as follows:
Monthly Amortization Schedule
Beginning Interest Principal Ending
Balance Payment Repayment Balance
1 $400,000.00 $2,000.00 $3,257.00 $396,743
2 $396,743.00 $1,984.00 $3,273.00 $393,470
3 $393,470.00 $1,967.00 $3,290.00 $390,180
2&3. Journal Entries:
November 1, 2022:
Debit Land $400,000
Credit Note Payable $400,000
To record the issuance of the note payable for the purchase of the land.
November 30, 2022:
Debit Interest Expense $2,000
Debit Note Payable $3,257
Credit Cash $5,257
To record the first interest payment.December 31, 2022:
Debit Interest Expense $1,984
Debit Note Payable $3,273
Credit Cash $5,257
To record the second interest payment.3. The remaining balance of the note payable as of December 31, 2022, is $393,470.
4. In the balance sheet as of December 31, 2022, the remaining balance of the note payable ($393,470) will be reported under Current Liabilities of $40,574 and Long-term Liabilities of $352,896.
Data and Calculations:
Note payable = $400,000
Interest rate = 6% per annum
Maturity period = 8 years
Monthly installmental payment (interest and principal inclusive) = $5,257
Bal;ance of the Note Payable
November 1, 2022: Note Payable $400,000
First two repayments in Nov and Dec. 2022 = 6,530 ($3,257 + $3,273)
Balance as of December 21, 2022 393,470
Repayments from Jan. 1 to Dec. 2023 40,574
Balance as of December, 2023 352,896
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Funseth Farms Inc. purchased a tractor in 2018 at a cost of $30,000. The tractor was sold for $3,000 in 2021. Depreciation recorded through the disposal date totaled $26,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $10,000; prepare the journal entry to record the sale
Answers
1. The journal entries that Funseth Farms Inc. will record for the sale of the tractor are as follows:
Debit Sale of Tractor $30,000
Credit Tractor $30,000
To transfer the Tractor account to Sale of Tractor account.Debit Accumulated Depreciation $26,000
Credit Sale of Tractor $26,000
To transfer the accumulated depreciation to Sale of Tractor account.Debit Cash $3,000
Credit Sale of Tractor $3,000
To record the cash receipts from the sale.Debit Loss from Sale $1,000
Credit Sale of Tractor $1,000
To record the loss from the sale.2) If the tractor was sold for $10,000, the journal entries are as follows:
Debit Sale of Tractor $30,000
Credit Tractor $30,000
To transfer the Tractor account to Sale of Tractor account.Debit Accumulated Depreciation $26,000
Credit Sale of Tractor $26,000
To transfer the accumulated depreciation to Sale of Tractor account.Debit Cash $10,000
Credit Sale of Tractor $10,000
To record the cash receipts from the sale.Debit Sale of Tractor $6,000
Credit Gain from Sale $6,000
To record the gain from the sale.Data Analysis and Calculations:
Cost of Tractor in 2018 = $30,000
Accumulated Depreciation = $26,000
Proceeds from sale = $3,000
Loss from Sale = $1,000
Accumulated Depreciation $26,000 Sale of Tractor $26,000
Sale of Tractor $30,000 Tractor $30,000
Cash $3,000 Sale of Tractor $3,000
Loss from Sale $1,000 Sale of Tractor $1,000
2) If the tractor was sold for $10,000, the journal entries are as follows:
Accumulated Depreciation $26,000 Sale of Tractor $26,000
Sale of Tractor $30,000 Tractor $30,000
Cash $10,000 Sale of Tractor $10,000
Sale of Tractor $6,000 Gain from Sale $6,000
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Refer to Figure 13-6. The firm experiences economies of scale at which output levels?
a. Output levels less than M
b. Output level greater than M
c. Output levels between M and N
d. Output levels greater than N
Answers
The firm experiences economies of scale at which output levels output levels less than M.
A firm experiences economies of scale when as quantity produced increases, total cost reduces. This is because total cost associated with production is spread out over a large quantity of goods.
A firm experiences economies of scale at the downward sloping part of the long run average total cost curve.
A firm experiences constant returns to scale between M and N of the long run average total cost curve.
A firm experiences diseconomies of scale at the upward sloping part of the long run average total cost curve.
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Who else is affected when an organization acts unethically? Who is affected when an employee acts unethically? List at least three groups and explain how each group is affected by unethical actions by a employer and an employee.
Answers
Employees can be affected when an organization acts unethically such as not enforcing safety laws and not providing proper equipment to employees which can also lead to dangerous environments which lead to injury or death
Customers can be affected when improper enforcement is used while creating or producing products or goods that a customer would then use.
Shareholders can be affected financially if news of unethical actions by the entity was declared by the public.
Your brother rarely filters his observations and often makes insensitive comments that
offend others. What skill does he need to work on?
ed
a. Code-switching
b. Self-monitoring
c. Multimodality
d. Circumscribing
Answers
Considering the situation described above, my brother needs to work on Self-Monitoring.
This is because Self-Monitoring is a term often used in sociology to describe the ability to is a personality trait that involves monitoring and regulating personal presentations, emotions, and attitudes towards his social environments and situations.
By mastering the habit of Self-Monitoring, my brother would be aware of his words, behaviors, and emotions towards its effects on the people around him.
Hence, in this case, it is concluded that the correct answer is "Self-Monitoring."
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The appropriate section in the statement of cash flows for reporting the purchase of land in exchange for common stock is: Multiple Choice Operating activities. Financing activities. Investing activities. In a note to the statement or in a separate schedule. Reconciliation of cash balance.
Answers
The purchase of land in exchange for common stock should be adequately reported in cash flows statement through the Schedule of Non-cash investing or financing activity.
Basically, the non-cash investing and financing activities entails use of some financial tools (not cash) to make an investment or purchase.
The examples of transaction reported as non-cash investing and financing activities is taking out of loan or signing a note payable.In conclusion, the purchase of land in exchange for common stock should be reported in the schedule of Non-cash investing or financing activity.
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Homework help
The acronym used for the process of setting goals is..
O ACHIEVE
O OUTCOME
O GOAL
O SMART
Answers
Answer:
SMART
Explanation:
hope this helps and is right!! p.s. i really need brainliest :)
If a disease infects and destroys a large amount of the nation's supply of tomatoes, what is likely to happen to the price of tomatoes? (Select the best answer.)
Question 5 options:
The price will go up.
The price will remain the same.
The price will go down.
Question 6 (1 point)
In cases of natural monopolies- such as utility companies- prices are kept under control MAINLY through
Question 6 options:
competition
supply and demand
free market forces
government regulation
Question 7 (1 point)
· firms produce and sell identical products
· firms have a relatively small market share
· consumers are aware of the products and their prices
· there are few barriers to entry into the market
All of these are describing what market type of market structure?
Question 7 options:
monopoly
oligopoly
monopolistic competition
perfect competition
Question 8 (1 point)
In the five C's, how is cost different from price? (Select the best answer.)
Question 8 options:
It includes all of the costs related to the product.
It makes it easier to promote the product.
It reduces the company's operating expenses.
It includes the company's operating costs.
Question 9 (1 point)
You notice that juice is now selling for much higher prices than in the past. Which two things would you expect to happen next? (Select two answers.)
Question 9 options:
Supply will go up
Demand will go down
Supply will go down
Demand will go up
Question 10 (1 point)
Needs, product, source, price, and time could all be known as ______.
Question 10 options:
Customer objections to a sale
Economic services
Sales promotion
Channel management function
Answers
Answer:
q5) price will go up
q6) government regulatories
q7) perfectly competitive
q8) includes all cost related to the product
q9)supply will go up and demand will go down
q10) customer objections to sale
State the main legislation for health and safety
Quick as possible please
Answers
Answer:
hold on i will get back to you in a moment
what are the effects of business on environment? List them.
Answers
Answer:
The four main environmental issues that are most likely to influence the activities of a business are climate change, pollution, sustainability and waste reduction.
Explanation:
Jade has learned that listening to customers, learning about their needs, and communicating with them over a prolonged period of time is key toward making large business sales. Jade is most likely using
Answers
Since Jade has learned that listening to customers, learning about their needs, and communicating with them is the key to making large business sales, Jade is probably using relationship selling.
This is an effective sales strategy, as currently the relationship between companies and consumers has intensified and is much more direct, with companies creating value for the consumer in different aspects of the sales process.
Relationship selling focuses on solving problems through personalized service that does not focus on the product and price, but on the consumer's perspective.
Therefore, relationship selling aims to understand the buyer's needs by solving their problems and satisfying their desires, where the seller acts as a partner capable of generating value for the consumer.
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Cause of globalisation on the economy of South Africa
Answers
Answer:
There is a general consensus (see Rodrik, 1997; Frankel, 2000; Hemmer, 2001) that the driving forces behind economic globalisation are a reduction in transport and communication costs in the private sector, reduced policy barriers to trade and investment by the public sector, an increase in the availability of and ...
Planned sales for June this year are $120,000. Last year, the actual sales for June were $110,000. Determine the planned percent increase in sales for the month.
Answers
Given that the planned sales for June this year are $120,000 and that last year's actual sales for the month of June were $110,000, there is a 9.09% increase in sales for the month.
The actual increase in sales is $10,000 ($120,000 - $110,000) or ($110,000 x 1.0909 - $110,000)
Data and Calculations:
Planned sales for June, this year = $120,000
Actual sales for June,last year = $110,000
Planned percent increase in sales for June = 9.09% ($10,000/$110,000 x 100)
Thus, the planned percentage increase in sales for the month is 9.09%.
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A manufacturer paid total factory payroll of $200,000 in cash. The journal entry for this transaction includes a:
Answers
Based on the information given the journal entry for this transaction includes a: Debit Factory Wages Payable $200,000; Credit Cash $200,000.
Based on the given details the we were told that total factory payroll of the amount of $200,000 was paid by cash by the manufacturer.
Hence:
The appropriate journal entry to record this transaction is:
Debit Factory Wages Payable $200,000
Credit Cash $200,000
(To record factory wages payable)
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PLEASAE HELP ME YOU GUYS!!!!!!!!!!!!!!! 40 POINTS IF YOU ANWSER ALL!!!!
What do fear-based marketing messages and advertisements focus on? (Select the best answer.)
Question 1 options:
Threats to the company's business
The company's competitors and their prices
The bad things that will happen to people who don't buy the product
Negative changes in the market that have reduced demand for the product
Question 2 (1 point)
Jacob is a marketer at Gamer Way Video Games. He is currently working to develop four different color versions of their latest video game console. Which of the four Marketing Mix strategies is Jacob working on?
Question 2 options:
Product
Place
Price
Promotion
Question 3 (1 point)
If a product is difficult to find or only carried by high-end retailer, this adds to it's prestige. This always benefits your marketing message.
Question 3 options:
True
False
Question 4 (1 point)
Which of the following can help you evaluate the performance of your ads and other marketing strategies?
Question 4 options:
Sending out a press release multiple times
Collecting secondary data about your target market
Asking customers how they found out about your company or product
Asking competitors what they think of your advertising strategy
Answers
Answer:
1. threats to the company
2. is product
3.true
4. sending out press release
observant real life story examples
Answers
Answer:
real life story real life stories is a story that mean in real life
One example of ___________________ is a wiki, a site where community members can add and discuss information to develop a resource for the entire community. Wikipedia is a famous example of a wiki.
a. a centralized network
b. a formal channel
c. upward communication
d. social media
Answers
One example of social media is a wiki, a site where community members can add and discuss information to develop a resource for the entire community: D. social media
Social media can be defined as a collection of Internet software programs (applications) which avails end users the ability to add, share and discuss information, as well as enhance collaboration between community members over the Internet.
This ultimately implies that, wiki is an example of a social media because it allows community members to add and discuss information, in order to develop a resource for the entire community.
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Answer:
d. social media
Explanation:
Wikis are a type of social media. One way companies can use them is to organically develop reference or training materials that reflect consensus on best practices through contributions and editing by employees. Passionate communities can develop around wikis, as shown by the success of Wikipedia. The giant wiki has its challenges, including ensuring information integrity, maintaining volunteer commitment, and representing diversity, but as the sixth most visited website in the world and about 5 million entries just in English, it demonstrates the opportunity to leverage a community to create a shared resource of great value.
Because any authorized member of the community can post an entry, change, or comment to a wiki, this is not a formal communication channel and communication is decentralized.
Pls help me with this I’ll do 100 points pls pls
Answers
Answer:
It looks like you have to make a presentation for this.
Explanation:
You have to create a ppt (and quick) on promotion.
which is better Window 11 or 10?
Answers
Answer:
Window 10 is better then 11, so i recommand skip 11
Explanation:
Sharon is part of a software engineering team. Her task is to develop a diagnostic program for the medical profession. This is a very complex task. What type of communication structure would work best for her group?
a. Linear
b. Centralized
✔ c. Decentralized
d. Focused
e. All of these
Answers
Answer:
Focus
Explanation:
if she is focus she will achieve it
A customer has an existing margin account that shows the following: Long Market Value: $100,000 Debit Balance: $60,000 If the market value declines to $60,000, the customer will receive a maintenance call for:
Answers
$36,000? I didn't really understand the question.
True or False: Some nonactivists believe in a predetermined-money growth rate, which suggests that the monetary authorities should target the proper federal funds rate before implementing monetary policies. False
Answers
Montgomery Corp. has been paying dividends of $0.90 per share. Assume it has a cost of equity capital of 8.5%. Estimate the stock value per share of Montgomery Corp. using the dividend discount model (DDM) under each of the following separate assumptions:
1) The dividend will continue to stay at $0.90 per share in the future
2) The dividend will be $0.90 for the next two years and then will grow at a rate of 3.5%
(Please show your calculations)
Answers
1. The stock value per share of Montgomery Corporation is $10.59 ($0.90/8.5%).
2. The stock value per share of Montgomery Corporation is $18 ($0.90/ (8.5% -3.5%).
Data and Calculations:
Dividend per share = $0.90
Cost of equity = 8.5%
Growth rate after two years =3.5%
The stock value is determined with the following formula:
P = D(1)/(r - g)
P = stock price
D (1) = value of next year dividend
r = constant cost of equity capital
g = constant growth rate in perpetuity
Thus, the stock price of Montgomery Corp. will be $10.59 without factoring in the growth rate of 3.5%. The stock price will be $18 per share with the growth rate.
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This diagram represents __________________ communications.
a. diagonal
b. upward
c. downward
d, horizontal
Which of the following are examples of this type of communication?
Check all that apply.
- A team of doctors, nurses, technicians, and managers get together at Highland Hospital to discuss ways to save money. They agree to swap a lab kit that costs $96.50 for one that costs $0.29.
- The CEO of Nokia, Stephen Elop, meets with 2,000 employees to tell them why he is recommending that they abandon Nokia software to use less popular software from Microsoft.
- Cargill’s director of high-intensity sweeteners, Zanna McFerson, tells her boss, Marcelo Montero, the president of Cargill’s Health and Nutrition division, that a glycoside called Rebiana can be used to create a new artificial sweetener to be called Truvia.
- Hewlett-Packard CEO Meg Whitman announces to employees that HP will cut its workforce by up to 30,000 people.
Answers
The information in this question represents a downward type of communication in an organization.
Examples of this type of communication from the question are:
The CEO of Nokia, Stephen Elop, meets with 2,000 employees to tell them why he is recommending that they abandon Nokia software to use less popular software from Microsoft.Hewlett-Packard CEO Meg Whitman announces to employees that HP will cut its workforce by up to 30,000 people.This is a downward type of communication given the fact that information flows from the head of the organization to the employees that are at the lower level.
The red arrow in the diagram shows us that information is being passed down from the CEO to the employees in the organization.
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Answer:
This diagram represents upward communications.
✘ A team of doctors, nurses, technicians, and managers get together at Highland Hospital to discuss ways to save money. They agree to swap a lab kit that costs $96.50 for one that costs $0.29.
✔ The CEO of Nokia, Stephen Elop, meets with 2,000 employees to tell them why he is recommending that they abandon Nokia software to use less popular software from Microsoft.
✔ Cargill’s director of high-intensity sweeteners, Zanna McFerson, tells her boss, Marcelo Montero, the president of Cargill’s Health and Nutrition division, that a glycoside called Rebiana can be used to create a new artificial sweetener to be called Truvia.
✘ Hewlett-Packard CEO Meg Whitman announces to employees that HP will cut its workforce by up to 30,000 people.
he following information relating to a company's overhead costs is available.
Budgeted fixed overhead rate per machine hour $ 0.50
Actual variable overhead $ 96,000
Budgeted variable overhead rate per machine hour $ 4.00
Actual fixed overhead $ 15,000
Budgeted hours allowed for actual output achieved 41,000
Based on this information, the total overhead variance is:
a $5500 unfavorable.
b $73,500 unfavorable.
c $73,500 favorable.
d $68,000 favorable.
e $5500 favorable.
Answers
Answer:
A) $2,000 favorable
Explanation:
Actual total variable overhead = $ 73,000
Actual total fixed overhead = $ 17,000
Budgeted variable overhead rate per machine hour = $ 2.50
Budgeted total fixed overhead = $ 15,000
Budgeted machine hours allowed for actual output = 30,000
Budgeted variable overhead = $ 2.50 x 30,000 = $ 75,000
Variable overhead variance = Budgeted variable overhead - Actual total variable overhead
Variable overhead variance = $ 75,000 - $ 73,000 = $ 2,000
Since the actual value is under the budgeted value, the variable overhead variance is $2,000 favorable.
If an economy's GDP falls, then it must be the case that the economy's a. income and saving both fall. b. income falls and expenditure rises. c. income and expenditure both fall. d. income falls and saving rises.
Answers
When the income and expenditure both fall, then, it is likely that the economy's GDP will falls.
Basically, the economy's GDP refers to the total of all value added created in an economy in a particular period,
So, when income and expenditure of an economy falls, then, it is likely that the economy's GDP will falls consequently.Therefore, the Option B is correct because it is likely that the economy's GDP will falls.
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Consider the market for land in central Pennsylvania, where land is used mainly for growing agricultural goods, as compared to the market for land in Rittenhouse Square, a small section of Philadelphia known for its cafes and shopping.
Because the supply of land in central Pennsylvania is_____, buyers in central Pennsylvania pay____for use of the land. The rental price of land is much lower in central Pennsylvania than in more densely populated areas like Rittenhouse Square. One possible explanation for this rent difference is that highly productive land is in low____.
Some entrepreneurs decide to build parking lots in Rittenhouse Square. The supply curve for land to be used for parking lots is_____.
Answers
The supply land in central Pennsylvania is perfectly inelastic, buyers in central Pennsylvania pay an interest rate for land use.
The rental price is lower in central Pennsylvania than Rittenhouse Square. One possible explanation for this rent difference is that highly productive land is downward sloping.
Some entrepreneurs decide to build parking lots on Rittenhouse Square. The supply curve for land to be used in parking lots is upward slopping.
Perfectly inelastic supply corresponds to one in which the demand curve is vertical, that is, the quantity demanded does not respond very strongly to price changes.
Buyers pay an interest rate for the use of the land, as the quantity demanded does not change if the price changes.
The rent price in central Pennsylvania is lower than in the Rittenhouse Squar due to the downward sloping curve that corresponds to lower interest expectations in the future, due to the elasticity of the supply.
The construction of parking lots in Rittenhouse Square is upward sloping because of the response to the profit that entrepreneurs hope to achieve in a perfectly elastic market.
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Unlimited liability for sole proprietors means that
Answers
Answer:
Sole proprietors and partners have unlimited liability. The unlimited liability means that if you're unable to repay the debts of the business, your creditors can go after whatever you own
Explain the term opportunity cost
Answers
Answer:
the loss of potential gain from other alternatives when one alternative is chosen.
"idle cash balances represent an opportunity cost in terms of lost interest"
Explanation: