On the worksheet the adjusted balance of a contra asset account would be extended to:

Answer: the Balance Sheet Credit column.

Explanation:

A contra account is simply an asset account which has a credit balance, unlike the normal asset account that typically has a debit balance.

The two main types of contra account include the accumulated depreciation and the allowance for bad debt. We should note that on the worksheet the adjusted balance of a contra asset account would be extended to the credit column of the balance sheet.

The broker has noticed that a great number of people who are buying in the neighborhood where his listing is located speak Russian. He also noticed a Russian grocery store right by the neighborhood that was attractive. He decides to stop the advertising the property and started advertising the property on two different Russian internet sites. This is:________
a) acceptable because it is not print media
b) unnacceptable due to its discrimnatory nature
c) acceptable if the advertisement includes no preferential language
d) the only appropriate way to market property in this neighborhood

As a long-term investment at the beginning of the 2018 fiscal year, Florists International purchased 25% of Nursery Supplies Inc.'s 16 million shares for $59 million. The fair value and book value of the shares were the same at that time. During the year, Nursery Supplies earned net income of $36 million and distributed cash dividends of $2.25 per share. At the end of the year, the fair value of the shares is $55 million.

Required:
a. Prepare the appropriate journal entries from the purchase through the end of the year.
b. Record the investment revenue in Nursery Supplies shares
c. Record the cash dividends received from Nursery Supplies shares

Vanguard is evaluating new potential investments to add to their international investment fund. Their current fund composition boasts returns that, on average, exceed the S&P 500 at 8.5%. They take a conservative approach by allowing capital investments to be recovered within a decade following each purchase. Vanguard is considering adding the Hungarian firm, Kimco & Company, a new technology firm developing automation software for the automotive industry, to their fund.

Estimated details regarding the Kimco & Co. investment are as follows:

Potential investment Payback period Return on investment (ROI) Net present value (NPV) Internal rate of Return (IRR)
Kimco & co. 7 years 0.079 0 0.085

Required:
As an analyst at Vanguard, would you recommend adding Kimco & co. to their international fund?

Recording Entries for an Installment Note Payable On January 1, 2020, a borrower signed a long-term note, face amount, $70,000; time to maturity, three years; stated rate of interest, 8%. The market rate of interest of 10% determined the cash received by the borrower. The note will be paid in three equal annual installments of $27,162 each December 31 (which is also the end of the accounting period for the borrower). Required a. Compute the cash received by the borrower and prepare a debt amortization schedule. Note: Round your answer to the nearest whole dollar.

If a company's current ratio increases from 1.2 to 1.4 from one year to the next, and its quick ratio decreases from 0.2 to 0.15 over the same time period, this indicates: a. the current liabilities have decreased. b. the inventory management should be further examined. c. the liquidity must have increased. d. the accounts receivable have decreased.

PLEASE HELP!!! 1. Sean buys 400 shares of an income stock. The company pays a dividend of $0.48 per share. What is his total dividend?​

Steven runs a small company that manufactures VCRs. In recent years, his sales and profits have been suffering. Steven knows that people are buying DVD players more than VCRs nowadays. However, he does not understand why people do not continue to purchase VCRs as well. After all, Blockbuster still rents VHS tapes and people still own VHS tapes. Steven refuses to begin manufacturing DVD players. He insists that his specialty lies in the production of VCRs. Steven is suffering from which of the following?
a. Slide-rule syndrome
b. Majority Fallacy
c. Marketing myopia
d. SWOT
e. Product champion

Suppose a Geographic Information Systems (GIS) research firm is approached by the state legislature and asked to provide data about vehicle movement within the state for all cars that can be tracked with direct GPS or through the owner's smartphone. Based on the movement of the cars (and phones) over a certain time, the police can decide when a car was speeding. They intend on using this data to send speeding tickets to those who moved too far, too fast. Also, if an underage driver spends too long parked by an adult only establishment, police will be notified to investigate. If you are the research firm, would you supply the data?

In the month of March, Baldwin corporation received orders of 169 units at a price of $15 for the product boat. Baldwin uses the accrual method of accounting and offers 30 day credit terms. Baldwin delivers 112 units in March and the balance of 56 units in April. They receive payments of 56 units in March, 56 units in April, and 56 units in May. How much revenue is recognized on the March income statement from this order how much

Commercial paper. ​ Criss-Cross Manufacturers will issue commercial paper for a​ short-term cash inflow. ​ Criss-Cross must raise ​$​, and the paper will have a maturity of days. If this paper has a maturity value of ​$ and is selling at an annual interest rate of ​, what are the proceeds from each​ paper; that​ is, what is the discount rate on the commercial​ paper? What is the discount rate on the commercial​ paper? nothing​% ​(Round to two decimal​ places.)

What is the economic result of too much money being in circulation?

A. Inflation
B. Deflation
C. Recession
D. Price hikes

Prepare general journal entries to record the following transactions.Omit explanations.

Jan.
3 Paid office rent, $1,600.
4 Bought a truck costing $50,000, making a down of $7,000
6 Paid wages, $3,000.
7 Received $1 6,000 cash from customers for services performed.
10 Paid $4,100 owed on last month's bills.
12 Billed credit customers, $5,300
17 Received $1 ,800 from credit customers.
19 Taylor Gordon, the owner, withdrew $1,700.
23 Paid $700 on amount owed for truck
29 Received bill for utilities expense, $255.

Of the following, ________ is the most closely aligned with employees’ perceptions of procedural justice.

When you undertook the preparation of the financial statements for Oriole Company at January 31, 2021, the following data were available: At Cost At Retail Inventory, February 1, 2020 $83,470 $99,500 Markdowns 35,200 Markups 64,000 Markdown cancellations 19,200 Markup cancellations 9,000 Purchases 226,000 286,500 Sales revenue 310,000 Purchases returns and allowances 4,900 5,900 Sales returns and allowances 9,400 Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. Ending inventory at cost

(Identify Temporary Differences and Classification Criteria) The asset-liability approach for recording deferred income taxes is an integral part of generally accepted accounting principles.
Instructions
(a) Indicate whether each of the following independent situations should be treated as a temporary difference or as a permanent difference, and explain why.
(1) Estimated warranty costs (covering a 3-year warranty) are expensed for financial reporting purposes at the time of sale but deducted for income tax purposes when paid.
(2) Depreciation for book and income tax purposes differs because of different bases of carrying the related property, which was acquired in a trade-in. The different bases are a result of different rules used for book and tax purposes to compute the basis of property acquired in a trade-in.
(3) A company properly uses the equity method to account for its 30% investment in another company. The investee pays dividends that are about 10% of its annual earnings.
(4) A company reports a gain on an involuntary conversion of a nonmonetary asset to a monetary asset. The company elects to replace the property within the statutory period using the total proceeds so the gain is not reported on the current year’s tax return.
(b) Discuss the nature of the deferred income tax accounts and the manner in which these accounts are to be reported on the balance sheet.

Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows:

Direct materials: 5 pounds at $9 per pound $45
Direct labor: 3 hours at $14 per hour 42
Variable overhead: 3 hours at $8 per hour 24
Total standard cost per unit $111

The planning budget for March was based on producing and selling 28,000 units. However, during March the company actually produced and sold 34,000 units and incurred the following costs:

a. Purchased 180,000 pounds of raw materials at a cost of $8.50 per pound. All of this material was used in production.
b. Direct laborers worked 69,000 hours at a rate of $15 per hour.
c. Total variable manufacturing overhead for the month was $565,200.

Required:
a. What raw materials cost would be included in the company's planning budget for March?
b. What raw materials cost would be included in the company's flexible budget for March?
c. What is the materials price variance for March?

How does the company’s focus on recruiting accountants and related services give Accountingfly a competitive advantage?

During the year, Walt who is self-employed travels from Seattle to Tokyo, Japan, on business. His time was spent as follows: two days travel (one day each way), two days business, and two days personal. His expenses for the trip were as follows (meals and lodging reflect only the business portion): Airfare $3,000 Lodging 2,000 Meals 1,000 Presuming no reimbursement, Walt's deductible expenses are: a.$3,500. b.$6,000. c.$4,500. d.$5,500.

Each of the situations below represents a negative outcome of one of Erik Erikson's Psychosocial Stages. Determine which psychosocial stage resulted in each set of behaviors described below; speculate as to what circumstances may have resulted in the negative outcome; and describe what behaviors would be indicative of a positive outcome of that same stage.
1) Jason is a 14-year-old seventh grader who moved to Saint Cloud this summer from another state. He has recently been referred to the school psychologist because of concerns about both his academic performance and school behavior. A review of his school records shows that Jason repeated kindergarten and third grade. His elementary school grades were primarily S's ("Satisfactory") and N's ("Needs Improvement"). His current teachers state that they are unsure of Jason's academic skills because he typically does not turn in assignments and appears to "clown around" and not take exams and assignments seriously.
2) Brenda is a 5th-year undergraduate student. She began her post-secondary education as a nursing major at a private college, but decided she wanted to pursue a career in special education, so she transferred to a state university with a large education program. After a year, she discovered that special education was not for her, so she transferred back to the college where she had first enrolled and registered for courses in the psychology major sequence. She is now a liberal studies major and will graduate in May. Brenda has thought about applying to law schools, but recently decided she really didn't want a career in law. At this point she has no firm career plans. Rather, she had decided to work as a waitress for at least a year, and after that, who knows?
3) Carrie is a 36-year-old woman who is currently being seen for counseling at the community mental health center. Her second marriage recently ended in divorce, and she has sought counseling so that she might "find" herself and get her life "back on track." Carrie married for the first time at age 18, but she and her husband grew increasingly apart and found they had little in common, other than their two children! She remarried shortly after her first divorce as she felt "empty" being alone and thought both she and her children needed a man in the house, but that marriage also proved unsuccessful. She is now thinking of attending college, and is trying to figure out what to do "with the rest of her life."

Advertising department expenses of $26,700 and purchasing department expenses of $46,700 of Cozy Bookstore are allocated to operating departments on the basis of dollar sales and purchase orders, respectively. Information about the allocation bases for the three operating departments follows.
Department Sales Purchase Orders
Books $180,400 1,290
Magazines 123,000 690
Newspapers 106,600 1,020
Total $410,000 3,000
Complete a table by allocating the expenses of the two service departments (advertising and purchasing) to the three operating departments.

Barton Industries expects next year's annual dividend, D1, to be $2.00 and it expects dividends to grow at a constant rate g = 4.2%. The firm's current common stock price, P0, is $20.00. If it needs to issue new common stock, the firm will encounter a 4.5% flotation cost, F. What is the flotation cost adjustment that must be added to its cost of retained earnings? Do not round intermediate calculations. Round your answer to two decimal places.

On January 1, 2017, Alexis Company purchased a delivery truck for $60,000. They estimated the useful life of the truck to be 6 years, and the salvage value to be $12,000. On July 1, 2022, they sold the truck for a loss of $1,200. Assuming the company uses straight line depreciation, what was the selling price of the truck

A band sells shirts, CDs, and other merchandise online. They are using Excel to track sales by date and by name
of the buyer. They would like for any purchases over $50 to be highlighted automatically so that they can send a
special gift to those buyers.
Which is the best way to make Excel automatically highlight these sales?

What is a disadvantage of merging cells? Merging cells combines formatting styles. Once cells are merged the process cannot be reversed. Multiple cells can be combined into one reference. Data functions in multiple cells may not be recognized.

You are considering a new product launch. The project will cost $1,950,000, have a four-year life, and have no salvage value; depreciation is straight-line to zero. Sales are projected at 180 units per year; price per unit will be $24,000, variable cost per unit will be $15,000, and fixed costs will be $540,000 per year. The required return on the project is 10 percent, and the relevant tax rate is 34 percent.
1. What is the cash break-even level of output for this project (ignoring taxes)? (Round your answer to 2 decimal places. (e.g., 32.16))
Cash break-even
2. What is the accounting break-even level of output for this project? (Round your answer to 2 decimal places. (e.g., 32.16))
Accounting break-even

Fickle Company purchased a machine at a total cost of $220,000 (no residual value) at the beginning of 2018. The machine was being depreciated over a 10-year life using the sum-of-the-years'-digits method. At the beginning of 2021, it was decided to change to straight-line. An accompanying disclosure note would include each of the following except: Multiple Choice The cumulative effect of the change. Justification that the change is preferable. The effect of a change on per share amounts affected for all periods reported. The effect of a change on any financial statement line items affected for all periods reported.

Advanced Products Corporation has supplied the following data from its activity-based costing system:
Overhed Costs
Wages and salaries $300,000
Other overhead costs 100,000
Total overhead costs $400,000
Activity Cost Pool Activity Measure Total Activity
for the Year
Supporting direct labor Number of direct labor-hours 20,000 DLHs
Order processing Number of customer orders 400 orders
Customer support Number of customers 200 customers
Other This is an organization-
sustaining activity Not applicable
Distribution of Resource Consumption Across Activities
Supporting Direct Order Customer Other Total
Labor Processing Support
Wages and salaries 40% 30% 20% 10% 100%
Other overhead costs 30% 10% 20% 40% 100%
During the year, Advanced Products completed one order for a new customer, Shenzhen Enterprises. This customer did not order any other products during the year. Data concerning that order follow:
Data Concerning the Shenzhen Enterprises Order
Units ordered 10 units
Direct labor-hours 2 DLHs per unit
Selling price $300 per unit
Direct materials $180 per unit
Direct labor $50 per unit
1. Using Exhibit, prepare a report showing the first-stage allocations of overhead costs to the activity cost pools.
2. Using Exhibit, compute the activity rates for the activity cost pools.
3. Prepare a report showing the overhead costs for the order from Shenzhen Enterprises including customer support costs.
4. Using Exhibit, prepare a report showing the customer margin for ShenzhenEnterprises.

A hospital needs 2,900 units of a medicine throughout the year. The purchasing cost varies with the size of the order. If the number of units of the medicine that the hospital orders is below 100, the supplier charges $30 per unit; if it is between 100 and 499, the price is $27 each; and if they order 500 units and above, it is $26 per unit. The holding cost per unit per year is $30, as the medicine must be kept in a special device to prevent spoilage. The ordering cost is $10.

Required:
a. How many units of medicine should the hospital order to minimize their total annual cost?
b. What is the minimum annual total cost?

Use the following information to compute the cost of direct materials used for the current year. (Assume no indirect materials.)
January 1 December 31.
Inventories Raw materials inventory $ 6,900 $ 11,600
Work in process inventory 12,600 12,000
Finished goods inventory 9,700 7,400
Activity during current year
Materials purchased $ 133,500
Direct labor 104,000
Factory overhead 46,500
Cost of Direct Material Used is Computed as:________

C Corporation is investigating automating a process by purchasing a machine for $808,200 that would have a 9 year useful life and no salvage value. By automating the process, the company would save $141,000 per year in cash operating costs. The new machine would replace some old equipment that would be sold for scrap now, yielding $22,800. The annual depreciation on the new machine would be $89,800. The simple rate of return on the investment is closest to (Ignore income taxes.): Multiple Choice 11.28% 5.28% 6.52% 16.88%