a. 8,100,000b. 7,950,000c. 9,100,000d. 7,350,000 How much should be reported as current liabilities on Dec 31, 2019? *The following information about Malusog Company is availableat Dec. 31, 2019:Employee income taxes withheld900,000.00Cash balance at First Bank2,500,000.00Cash overdraft at Second Bank1,300,000.00Accounts receivable with creditbalanceEstimated expenses of meeting750,000.00warranties on merchandise sold500,000.00Estimated damages as a result ofunsatisfactory performance on acontract1,500,000.00Accounts payableDeferred serial bonds, interestbearing at 12%, payable in semi-annual installments of Php500,000due on April 1 and Oct 1 of each yearThe last bond to be paid is on Oct 1,2025. Interest is also paid semi-annually5,000,000.00Stock dividends payable2,000,000.00

the following amounts are added in full while computing current liabilities: Employee income taxes…

Answered: I as current liabilities

Business

Accounting

I as current liabilities

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ilrn/takeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator=&inprogress=false < eBook Net income Falkland, Inc., is considering the purchase of a patent that has a cost of $49,000 and an estimated revenue producing life of 4 years. Falkland has a cost of capital of 10%. The patent is expected to generate the following amounts of annual income and cash flows: 5 5,504 X Feedback Year 1 $5,100 $6,500 Operating cash flows 17,300 18,400 (Click here to see present value and future value tables) A. What is the NPV of the investment? Round your present value factor to three decimal places and final answer to the nearest dollar. Check My Work Year 2 B. What happens if the required rate of return increases? If the required rate of return increases, the NPV will be lower 2 Year 3 GO A Year 4 $6,300 $3,000 18,500 14,850 mer ✓. Discount the operating cash flows in accordance to the years they occur using the appropriate time value of money table. The total amount of all cash…
Chavez Corporation reported the following data for the month of July: Inventories: Raw materials Work in process Finished goods Additional information: Raw materials purchases Direct labor cost Beginning Ending $40,000 $36,500 $22,500 $30,000 $38,500 $53,500 $72,500 $97,500 $65,500 Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The cost of goods manufactured for July is: $10,600 $64,500
geb 13 slabintice 5:00 er. Enn 1904 190 e Susbried atsioon ²000-0TR and to en 7. Jaja invested P6,700 for one year, part at 8%, part at 10% and the remainder at 12%. The total annual incomes from these investments was P716. The amount of money invested at 12% was P300 more than the amount invested at 8% and 10% combined. Find the amount invested at each rate
Refer to the following selected financlal Information from Texas Electronics. Compute the company's working capital for Year 2 Year 2 Year Cash $ 38,500 $ 33,250 65,000 84,500 Short-term investments 100,000 receivable, Merchandise inventory Accounts net 90,500 126,000 130,000 Prepaid expenses 13,100 393,000 10,700 Plant assets 343,000 108,400 716,000 112,800 Accounts payable Net Cost sales 681,000 of goods sold 395,000 380,000 Multiple Choice $159,700. $259,700.
Dete for Utuyox735, a large merchandiser, is below Sales are budgeted at $307,000 for November, $327,000 for December, and $227,000 for January . Collections are expected to be 60% in the month of sale and 40% in the month following the sale The cost of goods sold is 75% of sales . Utuyoz735 desires to have an ending merchandise Inventory at the end of each month equal to 90% of the next month's cost of goods soid. Payment for merchandise is made in the month flowing the purchase Other monthly expenses to be paid in cash are $22,800. Monthly depreciation is $29,500 . Ignore taxes. . (D#38127) Annet Cash Balance Sheet October 31 Accounts receivable. Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Q) What are the accounts payable for Utuyoz735 at the end of December? Multiple Choice F 35,000 85,500…
Part 1: Net Present Value (NPV) First, we need to calculate the annual cash flow. The net income is given, and since depreciation is a non-cash expense, we add it back to net income to find the cash flow: Annual Cash Flow = Net Income + Depreciation Annual Cash Flow = $200,000+ $200,000 Annual Cash Flow = $400,000 The project lasts for 8 years with an initial investment of $2,000,000. The NPV formula is: CE NPV - Initial Investment = t=1 where CF, is the annual cash flow, is the discount rate, and 12 is the number of years. NPV= 400,000 - 2,000,000 t=1 (1+0.10) Calculating each term: Year 1: Year 2: Year 3: 400,000 (1+0.10)1 400,000 (1+0.10)² 400,000 (1+0.10) 400,000 1.10 400,000 363, 636.36 330, 578.51 1.21 400,000 = 300, 525.98 1.331
Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals Credit $ 129,000 11,400 10,400 4,400 34,000 240,000 54,000 440,000 340,000 17,000 34,000 4,400 $923,200 $923,200 Debit $11,400 144,000 5,400 27,000 340,000
Assume a merchandising company provides the following information from its master budget for the month of May: Sales $ 121,000 $ 97,000 Cost of goods sold Selling and administrative expenses $ 31,000 Accounts receivable, May 1st $ 17,000 Accounts receivable, May 31st $ 24,500 If all of the company's sales are on account, what is the amount of cash collections from customers included in the cash budget for May?
Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $80 million of 8% bonds, dated January1, on January 1, 2018. Management has the positive intent and ability to hold the bonds until maturity. For bondsof similar risk and maturity the market yield was 10%. The price paid for the bonds was $66 million. Interest isreceived semiannually on June 30 and December 31. Due to changing market conditions, the fair value of thebonds at December 31, 2018, was $70 million.Required:1. Prepare the journal entry to record Fuzzy Monkey’s investment on January 1, 2018.2. Prepare the journal entry by Fuzzy Monkey to record interest on June 30, 2018 (at the effective rate).3. Prepare the journal entries by Fuzzy Monkey to record interest on December 31, 2018 (at the effective rate).4. At what amount will Fuzzy Monkey report its investment in the December 31, 2018, balance sheet? Why?5. How would Fuzzy Monkey’s 2018 statement of cash flows be affected by this investment?
Cinnamon Buns Company (CBC) started 2024 with $54,000 of inventory on hand. During 2024, $284,000 in inventory was purchased on account with credit terms of 2/10, 1/30 - All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $11,000. Inventory with an invoice amount of $4,800 was returned for credit. Cost of goods sold for the year was $320,000. CBC uses a perpetual inventory system. Assume instead that (a) freight costs were paid by the vendor, (b) no discounts were taken, and (c) the inventory on hand at the beginning of 2024 was determined by a physical count that failed to realize that $12,000 of inventory was being held on consignment for Frosting R Us Incorporated. What is cost of goods available for sale, assuming CBC uses the gross method to record purchase discounts? Multiple Choice $324,680 $344,200 $321.200 A