Kiley Corporation had these transactions during 2022. Classify transactions by type of activity.
a. Purchased a machine for $30,000, giving a long-term note in exchange.
b. Issued $50,000 par value common stock for cash.
c. Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
d. Declared and paid a cash dividend of $13,000.
e. Sold a long-term investment with a cost of $15,000 for $15,000 cash.
f. Collected $16,000 from sale of goods.
g. Paid $18,000 to suppliers.

Answer:

Cash flow from Operating Activities

f. Collected $16,000 from sale of goods.

g. Paid $18,000 to suppliers.

Cash flow from Investing Activities

e. Sold a long-term investment with a cost of $15,000 for $15,000 cash.

Cash flow from Financing Activities

b. Issued $50,000 par value common stock for cash.

d. Declared and paid a cash dividend of $13,000.

None-Cash Activity

a. Purchased a machine for $30,000, giving a long-term note in exchange.

c. Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.

Explanation:

Operating Activities - Results from business daily trading operations with customers and suppliers.

Investing Activities - Results from purchases and sell of assets and investments

Financing Activities - Results from a company`s efforts in raising and repayment of capital

Case X: Compute cash received from customers:
Sales $ 515,000
Accounts receivable, December 31, 2013 27,200
Accounts receivable, December 31, 2014 33,600
Case Y: Compute cash paid for rent:
Rent expense $ 139,800
Rent payable, December 31, 2013 7,800
Rent payable, December 31, 2014 6,200
Case Z: Compute cash paid for merchandise:
Cost of goods sold $ 525,000
Merchandise inventory, December 31, 2013 158,600
Accounts payable, December 31, 2013 66,700
Merchandise inventory, December 31, 2014 130,400
Accounts payable, December 31, 2014 82,000
For each of the above three separate cases, use the information provided about the calendar-year 2014 operations of Sahim Company to compute the required cash flow information.
Case X:Cash received from customers
Case Y:Cash paid for rent
Case Z:Cash paid for merchandise

Q.1.2.2 Explain the implications on Airbnb should South Africa implement a

command economy.

On January 1, 2021, Nana Company paid $100,000 for 8,000 shares of Papa Company common stock, which represents 10% ownership. Papa reported net income of $52,000 for the year ended December 31, 2021. The fair value of the Papa stock on that date was $45 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2021

Yolo Company, which has excess capacity (i.e. it doesn't have to give up producing and selling products in the normal market if it accepts a special order), received a special order for 4,500 units at a price of $16 per unit. Currently, production and sales are anticipated to be 11,000 units without considering the special order. Budget information for the current year follows. Sales $ 231,000 Less: Cost of Goods Sold 165,000 Gross Margin $ 66,000 Cost of goods sold includes $44,000 of fixed manufacturing cost. If the special order is accepted, the company's income will:

Based on the Marshall Laws of Derived Demand, labor demand is more inelastic when a. workers are making a product that uses a highly labor intensive technology b. workers are making a product with more inelastic demand c. workers are making a product that uses a capital input with elastic supply d. workers are making a product that uses a technology with a fixed labor-capital ratio

On January 1, 2021, Sunland Corp. changed its inventory method to FIFO from LIFO for both financial and income tax reporting purposes. The change resulted in a $1090000 increase in the January 1, 2021 inventory. Assume that the income tax rate for all years is 30%. Assuming that comparative statements are not issued, the cumulative effect of the accounting change should be reported by Sunland in its 2021
income statement as a $650,000 cumulative effect of accounting change
income statement as a $520,000 cumulative effect of accounting change
retained earnings statement as of $650,000 addition to the beginning balance
retained earnings statement as of $520,000 addition to the beginning balance
QUESTION 2
In 2020, a company failed to record $100,000 of depreciation expense on a new asset. This was not discovered until 2021. However, the company did record the depreciation on its 2020 income tax return and properly recorded its 20% income taxes payable? How much was net income overstated or understated in 2020?
Overstated by $100,000
Overstated by $80,000
Understated by $80,000
Understated by $100,000
QUESTION 3
Dream Home Inc., a real estate developing company, was accounting for its long-term contracts using the completed contract method prior to 2021. In 2021, it changed to the percentage-of-completion method.
The company decided to continue using completed contract for income tax purposes. The tax rate enacted is 20%. Income before taxes under both the methods for the past three years appears below.
2019 2020 2021
Completed contract $450,000 $300,000 $150,000
Percentage-of-completion 750,000 375,000 270,000
What amount will be debited to the Construction in Process account, to record the change at the beginning of 2021?
$75,000
$200,000
$300,000
$375,000

Burns Industries currently manufactures and sells 11,000 power saws per month, although it has the capacity to produce 26,000 units per month. At the 11,000-unit-per-month level of production, the per-unit cost is $46, consisting of $30 in variable costs and $16 in fixed costs. Burns sells its saws to retail stores for $71 each. Allen Distributors has offered to purchase 4,100 saws per month at a reduced price. Burns can manufacture these additional units with no change in its present level of fixed manufacturing costs. Using an incremental analysis approach, Burns should consider accepting this special order only if the price per unit offered by Allen is at least: Multiple Choice $16. $46. $71. $30. qizket

Required: Compute financial ratios as follows: 1. Earnings per share. (Round your answer to 2 decimal places.) 2. Dividend payout ratio. (Round your intermediate calculations to 2 decimal places. Round your percentage final answer to nearest whole number (i.e., 0.1234 should be entered as 12).) 3. Dividend yield ratio. (Round your intermediate calculations to 2 decimal places. Round your percentage final answer to nearest whole number (i.e., 0.1234 should be entered as 12).) 4. Price-earnings ratio. (Round your intermediate calculations to 2 decimal places. Round your answer to nearest whole number.) 5. Book value per share. (Round your answer to 2 decimal places.)

An oral contract is
O Not enforceable
O Legal
O Not for money
O Not legal

On February 24, 2020, Allison's building, with an adjusted basis of $2,986,000 (and used in her trade or business), is destroyed by fire. On March 31, 2020, she receives an insurance reimbursement of $3,881,800 for the loss. Allison invests $3,493,620 in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer. a. By what date must Allison make the new investment to qualify for the nonrecognition election

Diamond Boot Factory normally sells its specialty boots for $26 a pair. An offer to buy 90 boots for $22 per pair was made by an organization hosting a national event in Norfolk. The variable cost per boot is $10, and special stitching will add another $2 per pair to the cost. Determine the differential income or loss per pair of boots from selling to the organization. $fill in the blank 1 Should Diamond Boot Factory accept or reject the special offer

Which of the following two ARMs is likely to be priced higher, that is, offered with a higher initial interest rate?

a. ARM A has a margin of 3 percent and is tied to a three-year index with payments adjustable every two years; payments cannot increase by more than 10 percent from the preceding period; the term is 30 years.
b. ARM B has a margin of 3 percent and is tied to a one-year index with payments to be adjusted each year; payments cannot increase by more than 10 percent from the preceding period; the term is 30 years.

g In the theory of comparative advantage, a good should be produced in that nation where Multiple Choice the production possibilities line lies further to the right than the trading possibilities line. its cost is least in terms of alternative goods that might otherwise be produced. its absolute cost in terms of real resources used is least. its absolute money cost of production is least.

Northwest Fur Co. started 2021 with $95,000 of merchandise inventory on hand. During 2021, $440,000 in merchandise was purchased on account with credit terms of 3/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $9,100. Merchandise with an invoice amount of $3,800 was returned for credit. Cost of goods sold for the year was $365,000. Northwest uses a perpetual inventory system.
Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale?
A. $540,300.
B. $527,214.
C. $539,100.
D. $527,100.

Which of the following is a firm's cash cycle?
a. the average length of time between when a firm originally purchases its inventory and when it receives the cash back from selling its product
b. the average length of time between when a firm pays cash to purchase its initial inventory and when it receives cash from the sale of the product produced from that inventory
c. the average length of time between when a firm pays cash to purchase its initial inventory and when it sells that product
d. the average length of time between when a firm originally purchases its inventory and when it sells the product produced from that inventory

From Transaction-Based Marketing to Relationship Marketing: The Paradigm Shift

The stockholders' equity section of Sheridan Company balance sheet at December 31, 2019, appears below:
Stockholders' equity
Paid-in capital
Common stock, $10 par value, 410,000 shares authorized;
330,000 issued and outstanding $3,300,000
Paid-in capital in excess of par 1,250,000
Total paid-in capital 4,550,000
Retained earnings 800,000
Total stockholders' equity $5,350,000
During 2020, the following stock transactions occurred:
Jan. 18 Issued 80,000 shares of common stock at $24 per share.
Aug. 20 Purchased 26,000 shares of Sheridan Company common stock at $26 per share to be held in the treasury.
Nov. 5 Issued 50,000 shares of common stock at $32 per share.
1. Prepare the journal entries to record the above stock transactions.
2. Prepare the stockholders' equity section of the balance sheet for Makoto Corporation at December 31, 2021. Assume that net income for the year was $100,000 and that no dividends were declared.

1. Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership.
a) true
b) false
2. Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation.
a) true
b) false
3. When a corporation is formed, organization costs are recorded as an asset.
a) true
b) false
4. Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation.
a) true
b) false
5. The number of issued shares is always greater than or equal to the number of authorized shares.
a) true
b) false
6. A journal entry is required for the authorization of capital stock.
a) true
b) false
7. Publicly held corporations usually issue stock directly to investors.
a) true
b) false
8. The trading of capital stock on a securities exchange involves the transfer of already issued shares from an existing stockholder to another investor.
a) true
b) false
9. The market price of common stock is usually the same as its par value.
a) true
b) false
10. Retained earnings is the total amount of cash and other assets paid in to the corporation by stockholders in exchange for capital stock.
a) true
b) false

17. Which of the following is not a true statement
about monoplies?
a. Monopolies try to charge higher prices
than would result through competition.
b. By maximizing profits, monopolies
ultimately benefit social welfare.
c. Antitrust laws attempt to reduce
monopoly power.
d. Monopolies may try to influence the
political system in order to protect and
enhance their power.

International Management Position (Scenario)
Global Choppers Inc. is an MNE based in Vancouver that manufactures high-quality motorcycles for sale around the world. The majority of design work is done at the Vancouver headquarters, but manufacturing and assembly are performed in company facilities located in Romania. In order to maintain control over manufacturing quality, Global Choppers sends representatives from the company headquarters to manage the Romanian facility for one year rotations. Conrad O'Neil has been selected to run the foreign facility for the upcoming year. The human resources department of Global Choppers will be preparing him for his foreign assignment through a variety of training methods.
Conrad's training for his assignment in Romania would most likely include ________.

how could competition policy undo the wrongs of the past and make south africa a better place​

On December 31, 2017, Dow Steel Corporation had 730,000 shares of common stock and 43,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 5% common stock dividend on May 15 and paid cash dividends of $530,000 and $82,000 to common and preferred shareholders, respectively, on December 15, 2018.
On February 28, 2018, Dow sold 60,000 common shares. Also, as a part of a 2017 agreement for the acquisition of Merrill Cable Company, another 24,000 shares (already adjusted for the stock dividend) are to be issued to former Merrill shareholders on December 31, 2019, if Merrill's 2019 net income is at least $630,000. In 2018, Merrill's net income was $760,000.
In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2018, was $2,750,000. The income tax rate is 40%.
As part of an incentive compensation plan, Dow granted incentive stock options to division managers at December 31 of the current and each of the previous two years. Each option permits its holder to buy one share of common stock at an exercise price equal to market value at the date of grant and can be exercised one year from that date. Information concerning the number of options granted and common share prices follows:
Date Granted Options Granted Share Price
(adjusted for the stock dividend)
December 31, 2016 20,000 $ 32
December 31, 2017 15,000 $ 41
December 31, 2018 18,500 $ 40
The market price of the common stock averaged $40 per share during 2018.
On July 12, 2016, Dow issued $500,000 of convertible 10% bonds at face value. Each $1,000 bond is convertible into 50 common shares (adjusted for the stock dividend).
Required:
Compute Dow's basic and diluted earnings per share for the year ended December 31, 2018. (Enter your answers in thousands.)

Qu. 13-95 (Algo) Two products, QI and VH, emerge from a joint process... Two products, QI and VH, emerge from a joint process. Product QI has been allocated $27,300 of the total joint costs of $48,000. A total of 2,200 units of product QI are produced from the joint process. Product QI can be sold at the split-off point for $11 per unit, or it can be processed further for an additional total cost of $10,200 and then sold for $13 per unit. If product QI is processed further and sold, what would be the financial advantage (disadvantage) for the company compared with sale in its unprocessed form directly after the split-off point

Multiple-Step Income Statement
Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--.
Sales $156,876
Sales Returns and Allowances 2,344
Sales Discounts 4,155
Interest Revenue 419
Merchandise Inventory, January 1, 20-- 27,769
Purchases 112,094
Purchases Returns and Allowances 5,517
Purchases Discounts 2,710
Freight-In 870
Merchandise Inventory, December 31, 20-- 33,028
Wages Expense 27,611
Supplies Expense 744
Phone Expense 888
Utilities Expense 7,988
Insurance Expense 1,294
Depreciation Expense—Equipment 3,809
Miscellaneous Expense 584
Interest Expense 4,692

Superior Company has provided you with the following information before any year-end adjustments: Net credit sales are $131,750. Historical percentage of credit losses is 3%. Allowance for doubtful accounts has a credit balance of $400. Accounts receivables ending balance is $43,500. What is the estimated bad debt expense using the percentage of credit sales method

Vaughn Manufacturing acquires a coal mine at a cost of $1920000. Intangible development costs total $354000. After extraction has occurred, Vaughn must restore the property (estimated fair value of the obligation is $183000), after which it can be sold for $208000. Vaughn estimates that 5000 tons of coal can be extracted. What is the amount of depletion per ton

g If nominal GDP is $4,000 billion and the amount of money demanded for transactions purposes is $800 billion, it can generally be concluded that Multiple Choice the asset demand for money is $3,200 billion. the total demand for money is $4,800 billion. on average, each dollar will be spent five times a year. the supply of money needs to be increased to meet the demand.

Myers Corporation has the following data related to direct materials costs for November: actual cost for 4,650 pounds of material at $5.40 and standard cost for 4,490 pounds of material at $6.20 per pound. The direct materials price variance is a.$992 favorable b.$3,720 unfavorable c.$3,720 favorable d.$992 unfavorable

Why do you think it is important to consider both salary and benefits when applying for a job?

Sheffield Corporation incurred the following costs in 2020. Cost of laboratory research aimed at discovery of new knowledge $145,000 Cost of testing in search for product alternatives 92,000 Cost of engineering activity required to advance the design of a product to the manufacturing stage 240,000 $477,000 Prepare the necessary 2020 journal entry or entries for Sheffield.