Business, 12.02.2020 00:01 michaelswagout
Balance Sheet Adjustment and Preperation - The adjusted trial balance of Eastwood Company and other related information for the year 2014 are presented as follows:
Eastwood Company
Adjusted Trial Balance
December 31, 2014
Debit Credit
Cash $41,000
Accounts Receivable 163,000
Allowance for Doubtful Accounts $8,700
Prepaid Insurance 5,900
Inventory 208,000
Equity Investments (long-term) 339,000
Land 85,000
Construction in Process (building) 124,000
Patents 36,000
Equipment 400,000
Accumulated Depreciation- Equipment 240,000
Discount on Bonds Payable 20,000
Accounts Payable 148,000
Accrued Liabilities 49,200
Notes Payable 94,000
Bonds Payable 200,000
Common Stock 500,000
Paid-in Capital in Excess of Par-Common Stock 45,000
Retained Earnings 138,000
$1,422,900 $1,422,900
Instructions: Prepare a balance sheet as of December 31,2014, so that all important information is fully disclosed.
Additional Information:
1. The LIFO method of value is used.
2. The cost and fair value of the long-term investments that consist of stocks and bonds is the same.
3. The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost $85,000, as shown in the trial balance.
4. The patents were purchased by the company at a cost of $40,000, and are being amortized on a straight-line basis.
5. Of the discount on bonds payable, $2,000 will be amortized in 2015.
6. The notes payable represent bank loans that are secured by long term investments carried at 120,000. These bank loans are due in 2015.
7. The bonds payable bear interest at 8% payable every December 31, and are due January 1, 2025.
8. 600,000 shares of common stock of a par value of $1 were authorized , of which 500,000 shares were issued and outstanding.
Answers: 2
Business, 22.06.2019 00:30, krystlemiller4307
A) plot the m1 and m2 money stock in the us from 1990-2015. (hint: you may use the data tools provided by fred.) (b) plot the nominal interest rate from 1960 to 2014. (hint: you can either use the daily interest rates for selected u. s. treasury, private money market and capital market instruments from or the effective federal funds rate fromfred.) (c) the consumer price index (cpi) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. intuitively, the cpi represents the cost of living or the average price level. plot the cpi from 1960 to 2013.(d) the inflation rate is the yearly percentage change in the average price level. in practice, we usually use the percentage change in the cpi to compute the inflation rate. plot the inflation rate from 1960 to 2013.(e) explain the difference between the ex-ante and ex-post real interest rate. use the fisher equation to compute the ex-post real interest rate. plot the nominal interest rate and the ex-post real interest rate from 1960 to 2013 in the same graph.
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Business, 22.06.2019 02:30, chloesmolinski0909
You have learned that there are many ethical concerns surrounding genetic research, and it's important to be familiar with them. for this project, you will write a persuasive essay about an ethical question in biotechnology. directions the goal of a persuasive essay is to convince people to agree with you. it is important to support your opinion with facts. a persuasive essay is not simply a description of your beliefs. be sure to organize your information, give clear examples, and build your argument carefully. read the following genetics topics below. choose a topic and then decide what side you are on. remember that there is no "right" or "wrong" side. ethical questions often have many points of view. research your topic and write a 400 word persuasive essay. topic 1: should insurance companies have the right to learn the genetic profiles of the people they insure? topic 2: should employers have the right to learn the genetic profiles of the people they hire? are there special considerations for employees in jobs in which there is a high risk to others, such as airline pilots, doctors, or bus drivers? topic 3: should scientists who identify genes and create new genetic engineering techniques have the right to patent their methods for their own profit?
Answers: 1
Business, 22.06.2019 03:30, levicorey846
Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000. ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account. iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620. iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account. v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books. required: 1. prepare the journal entries to correct the errors. (narrations required) 14.5 marks 2. prepare the suspense account showing clearly the original trial balance error. 8 marks
Answers: 2
Business, 22.06.2019 04:00, elijahcraft3
Wallis company manufactures only one product and uses a standard cost system. the company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. all of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. the predetermined overhead rate is based on a cost formula that estimated $2,886,000 of fixed manufacturing overhead for an estimated allocation base of 288,600 direct labor-hours. wallis does not maintain any beginning or ending work in process inventory.
Answers: 2
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