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Chapter 8 Quiz
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CHAPTER 8 - Capital Budgeting and Investment Decisions
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Chapter 8 Quiz
Question
10
Correct
Mark 1.00 out of 1.00
If you are to receive payments of $2,000 annually for five consecutive years, what is the present value of the total payments assuming that the
interest rate is 9%?
Select one:
a. $7,779.30
b. $6,499.00
c. $1,299.80
d. $8,205.50
Your answer is correct.
Explanation: The present value annuity factor for 9% in 5 years is 3.8897. Therefore, the present value of all the payments is $7,779.40 ($2,000
x 3.8897). Note that this amount could have also been derived using the PV function in Excel as follows: =PV(9%,5,2000,0,0)=$7,779.30
The correct answer is: $7,779.30
11/20/23, 7:38 AM
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Sheffield Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become
uncollectible. Accounts receivable are $430,800 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,864.
(a) Prepare the adjusting journal entry to record bad debt expense for the year.
(b) If the allowance for doubtful accounts had a debit balance of $887 instead of a credit balance of $2,864, prepare the adjusting journal entry for
bad debt expense.
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What are the future value and the interest earned if $4000 is invested for 3 years at 8% compounded quarterly? (Round your answers to the nearest cent.)
future value
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interest earned
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N Academic Tools :: Northern Virgi X
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Cullumber Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to
accrue interest except at December 31.
r.com: 24/7 On-
Tutoring
Nov. 1 Loaned $53,400 cash to C. Bohr on a 12-month, 9% note.
ary Resources
Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $5,400, 90-day, 8% note.
16 Received a $9,600, 180-day, 8% note to settle an open account from A. Murdock.
31 Accrued interest revenue on all notes receivable.
Journalize the transactions for Cullumber Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered.…
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Es.5 (LO 1, 2) (Preparation of a Corrected Statement of Financial Position) Bruno SpA has decided to expand its operations. The bookkeeper
recently completed the following statement of financial position in order to obtain additional funds for expansion.
11
Bruno SpA
Statement of Financial Position
December 31, 2022
Current assets
Cash
€260,000
Accounts receivable (net)
340,000
Inventory (at lower-of-average-cost-or-net realizable value)
401,000
Trading securities-at cost (fair value €120,000)
140,000…
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4) Listen ▶
Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1.
Givens Brick Company signs a $600,000, 8%, 9-month note. What is the adjusting
entry required if Givens Brick Company prepares financial statements on June 30?
Interest Expense
a)
24,000
Cash
24,000
b)
Interest Expense
24,000
24,000
Oc) Interest Payable
24,000
Cash
24,000
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24,000
24,000
A O
80
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Interest Payable
Interest Expense
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C
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On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces
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cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had
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On June 1, 2015, Sage Company and Pronghorn Company merged to form Stellar Inc. A total of 876,000 shares were issued
to complete the merger. The new corporation reports on a calendar-year basis.
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The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football.
YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year.
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Return to the original data. Monk Builders has just signed a contract with the state government to replace the windows in low-
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Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of
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Entry" for the account titles and enter O for the amounts.)
connect
Owner invested $66,500 in exchange for common stock of the corporation.
Hired an employee to be paid $500 per week, starting tomorrow.
Paid two years' rent in advance, $7,100.
Paid the worker's weekly wage.
Recorded service revenue…
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A newspaper editor starts a retirement savings plan in which $225 per month is deposited at the beginning of each month into an account that earns an annual interest rate of 6.4% compounded monthly.
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Problem 15-2
Stellar Company had the following stockholders' equity as of January 1, 2017.
Common stock, $5 par value, 20,500 shares issued
$102,500
Paid-in capital in excess of par-common stock
304,000
Retained earnings
321,000
Total stockholders' equity
$727,500
During 2017, the following transactions occurred.
Stellar repurchased 1,950 shares of treasury stock at a price of $18 per share.
Feb. 1
720 shares of treasury stock repurchased above were reissued at $16 per share.
Mar. 1
520 shares of treasury stock repurchased above were reissued at $14 per share.
Mar. 18
580 shares of treasury stock repurchased above were reissued at $19 per share.…
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Note: Enter debits before credits.
Date
Dec. 31
General Journal
Cash
Discount on bonds payable
Bonds payable
Record entry
Clear entry
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Exercise 2-8 (Algo) Preparing journal entries LO A1
Following are the transactions of Sustain Company.
June 1 T. James, owner, invested $11,50 cash in Sustain Company in exchange for common stock.
June 2 The company purchased $4,500 of furniture made from reclaimed wood on credit.
✪
June 3 The company paid $700 cash for a 12-month prepaid insurance policy on the reclaimed furniture.
June 4 The company billed a customer $3,500 for sustainability services provided.
June 12 The company paid $4,500 cash toward the payable from the June 2 furniture purchase.
June 20 The company collected $3,500 cash for services billed on June 4.
June 21 T. James invested an additional $10,500 cash in Sustain Company in exchange for common stock.
June 30 The company received $5,500…
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Principal
$2000.00
Term Length
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Interest Rate
go towards principal?
Monthly Payment
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Activity
Event
Credit Payment Interest Principal Balance
$500.00
$0.00
$0.00
$500.00
Payment 1
$100.00
$7.40
$92.60
$407.40
Payment 2
$100.00
$6.23
$93.77
$313.63
Payment 3
$100.00
$4.79
$95.21
$218.42
Payment 4
$100.00
$3.02
$96.98
$121.44
Payment 5
$100.00
$1.86
$98.14
$23.30
Payment 6
$23.64
$0.34
$23.30
$0.00
Grand Total
$500
$523.64
$23.64
$500.00
$0.00
Study this payment schedule and answer the following questions.
Part A
How long will it take to pay off this credit card?
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You deposit $850 in an account paying an annual simple interest rate of 7.8%. Find the future value of the investment (in dollars) after 1 year.
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Calculate the simple interest due (in dollars) on a 40-day loan of $1,600 if the annual interest rate is 9%. (Use 360 days in 1 year.)
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Bramble Corporation has 10,800 shares of $100 par value, 7 %, preferred stock and 46,500 shares of $10 par value
common stock outstanding at December 31, 2017.
Answer the questions in each of the following independent situations.
(a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what
are the dividends in arrears at December 31, 2017?
Amount of dividends in arrears
226,800
How should these dividends be reported?
not reported
The cumulative dividend is
as a liability.
(b)If the preferred stock is convertible into 7 shares of $10 nar value common stock…
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Below are several transactions for Bluebeard Corporation for 2024.
a. Issue common stock for cash, $49,000.
b. Purchase building and land with cash, $34,000.
c. Provide services to customers on account, $6,900.
Question 5 - Chapter 4 Homewo X
d. Pay utilities on building, $950.
e. Collect $4,900 on account from customers.
f. Pay employee salaries, $8,900.
g. Pay dividends to stockholders, $3,900.
Req 1 and 2
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should classify it as operating, investing, or financing in a statement of cash flows. Calculate net cash flows…
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Problem 3-3
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Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of 10,000 boxes costing $1.50 per
box ($15,000), and he made the following purchases of candy during the year:
March 11
August 15
November 20
Ending inventory.
Cost of goods sold
Feedback
At the end of
the year, Lawrence's inventory consisted of 16,000 boxes of candy.
a. Calculate Lawrence's ending inventory and cost of goods sold using the FIFO inventory valuation method.
6
10,000 boxes at $1.55
20,000 boxes at $1.65
10,000 boxes at $1.70
b. Calculate Lawrence's ending inventory and cost of goods sold…
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- O (148) WhatsApp C 414 (Change in X E intro to hr Gooc x A VitalSource Book x C The equity sectio x O Dashboard Shopee Indones x+ bookshelf.vitalsource.com/reader/books/9781119609247/epubcfi/6/28(%3Bvnd.vst.idref%3De5/4[c05-body-0001]/4(c05-sec-0065)/8[c05-sec-00701/16(c05- 23 : Apps K KissAsian Official - 6 Academic Portal d LIBIS - Sampoerna. O Dashboard O VitalSource Booksh... O Spotify - Web Player MLA Formatting an.. Credible and Non-.. E Reading list Table of Contents AA ... Es.5 (LO 1, 2) (Preparation of a Corrected Statement of Financial Position) Bruno SpA has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion. 11 Bruno SpA Statement of Financial Position December 31, 2022 Current assets Cash €260,000 Accounts receivable (net) 340,000 Inventory (at lower-of-average-cost-or-net realizable value) 401,000 Trading securities-at cost (fair value €120,000) 140,000…arrow_forwardBookmarks Promes Prince Caspian - Chapter Sumi X West Chester University: Finan X D2L Quizzes-2022 Spring-ACC20 x Accountin X quizzing/user/attempt/quiz_start_frame_auto.d2l?ou=3269344&isprv=&drc=0&qi=2006539&cfql=0&dnb=0&fromQB=0 WWest Chester Uni... Vintage Cameral iz #4 (30 m/c, 1 hour allowed) Time Left:0:25:52 Emaan Jafri: Attempt 1 4) Listen ▶ Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1. Givens Brick Company signs a $600,000, 8%, 9-month note. What is the adjusting entry required if Givens Brick Company prepares financial statements on June 30? Interest Expense a) 24,000 Cash 24,000 b) Interest Expense 24,000 24,000 Oc) Interest Payable 24,000 Cash 24,000 d) Interest Payable 24,000 24,000 A O 80 F3 F4 Interest Payable Interest Expense 2 % C F5arrow_forwardM Inbox - 2193565@slu.edu.ph - Sa x A Midterms Part 2 E 131 MIDTERMS PART 2 b My Questions | bartleby A docs.google.com/forms/d/e/1FAlpQLSe94FpCNY14R-JRUFCTTJ60E-Bht7bh1TeDti6nFO0x17GoQg/viewform?hr_submission=Chkl7fXk2cgBEhAlts6E7q4GEgcllbP3ntoDEAE On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces of bread toasters. Pete was to sell these on consignment at 50% above original cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had the remaining unsold units repaired for some electrical defects for which he spent P2,000. Marion subsequently increased the selling price of the remaining units to P330 per unit. On January 31, 20x1, Pete remitted P64,980 to Marion after deducting the 15% commission, P850 for delivery expenses of sold units, and P2,000 for the repair of 100 units. The consigned goods cost Marion Trading P200 per unit, and P900 had been paid to ship them to Pete Electrical Shop. All expenses in connection with the…arrow_forwardClass Specificatio WileyPLUS X myStanState Port Bb Ch 16 WP - 2019 + L- https://edugen.wileyplus.com/edugen/student/mainfr.uni Kieso, intermeaiate ACCounting, 16e INTERMED. ACCOUNTING (ACC 31I0/- Assignment Gradebook ORION Downloadable eTextbook nt CALCULATOR FULL SCREEN PRINTER VERSION BACK NEX Exercise 16-23 Your answer is partially correct. Try again. On June 1, 2015, Sage Company and Pronghorn Company merged to form Stellar Inc. A total of 876,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2017, the company issued an additional 637,000 shares of stock for cash. All 1,513,000 shares were outstanding on December 31, 2017. Stellar Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2017. Each $1,000 bond converts to 44 shares of common at any interest date. None of the bonds have been converted to date. Stellar Inc. is preparing its annual report for the fiscal year ending December 31, 2017. The…arrow_forwardAuditing || fall20 Dashboard My courses ACCT4141_iram_fall20 WEEK 7: 25 OCTOBER - 31 OCTOBER Case study 2 Separate groups: 5 My Submissions Case 2 Title Start Date Due Date Post Date Marks Available Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100 Summary: On Chapters 9, 10, and 11: The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football. YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year. The charity’s income is derived wholly from voluntary donations. Sources of donations include: (i) Cash collected by volunteers asking the public for donations in shopping areas, (ii) Cheques sent to the charity’s head office, (iii) Donations…arrow_forwardprcc riverguide-Search X [0/3.44 Points] https://www.webassign.net/web/Student/Assignment-Responses/submit?dep=33760244&tags=autosave#Q6 DETAILS Tutorial Exercise 46°F Clear PREVIOUS ANSWERS OneLogin Convert 30% to a decimal. percent 100% decimal = Step 1 Recall the following formula to calculate the trade discount, where the trade discount rate is a decimal. trade discount = list price x trade discount rate Submit A boutique buys some merchandise with a list price of $2,400. If the wholesaler extends a 30% trade discount rate, find the trade discount. 100% Enter a number. This question has several parts that must be completed sequentially. If you skip a part of the question, you will not receive any points for the skipped part, and you will not be able to come back to the skipped part. 21 X X % Grades for Marlena McCra x X Skip (you cannot come back) BRECMBC9 7.11.018.MI.SA. The list price was given to be $2,400 and a discount of 30% will be applied. Before substituting values into…arrow_forwardGoogle Calendar - Tuesday, April X M ACC-650 TOPIC 5 Assignment X WP Question 9 of 11 - ACC-650 TOP X ui/v2/assessment-player/index.html?launchld=78f9d393-a0ac-40c8-aeb3-468fb86f3881#/question/8 : BILL'S APPTS ELSA'S APPTS AMBER'S APPT'S : LENTON'S APPT'S : CHUCK'S APPT'S : GABBY'S APPT'S MAKE PAYMENTS ShareFile Question 9 of 11 × Your answer is incorrect. 3.75/9 : Return to the original data. Monk Builders has just signed a contract with the state government to replace the windows in low- income housing units throughout the state. Monk needs 80,000 windows to complete the job and has offered to buy them from Wilson at a price of $120.00 per window. Monk will pick up the windows at Wilson's plant, so Wilson will not incur the $2 per window shipping charge. In addition, Wilson will not need to pay a distributor's commission, since the windows will not be sold through a distributor. Calculate the contribution from special order, contribution lost from regular sales and the net…arrow_forwarddoctors EXTRA CREDIT OPPORTUNITY X WP NWP Assessment Player Ul Ap x ← C education.wiley.com/was/ui/v2/assessment-player/index.html?launchid=f9637d14-156f-4cb7-b76a-c0fea4e5b627#/question/7 b bartleby w wiley ←EXTRA CREDIT OPPORTUNITY Question 8 of 20 Current Attempt in Progress 1. 2. 3. CPO 4. bofa workjam (ulta) workjam (ulta) 5. 1. No. Account Titles and Explanation 2. A Player school school b bartleby Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) connect Owner invested $66,500 in exchange for common stock of the corporation. Hired an employee to be paid $500 per week, starting tomorrow. Paid two years' rent in advance, $7,100. Paid the worker's weekly wage. Recorded service revenue…arrow_forwardWhat is the correct answer A thru Darrow_forwardarrow_back_iosSEE MORE QUESTIONSarrow_forward_ios
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