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dlinn [17]
2 years ago
12

Smith buys and sells equity securities. On December 15, 2021, Smith purchased $522,000 of Jones shares and elected the fair valu

e option to account for the Jones investment. As of December 31, 2021, the Jones shares had a fair value of $578,000. In the 2021 financial statements, Smith will report (ignore taxes):
Business
1 answer:
Fofino [41]2 years ago
4 0

Answer:

Smith will report an investment income of $56,000 in its income statement.

Explanation:

Based on the information given we were told that Smith made a purchased of the amount of $522,000 of Jones shares in which as of December 31, 2021, the Jones shares also had a fair value of the amount of $578,000 this means that Smith will report an investment income of $56,000 ($578,000-$522,000) in its income statement.

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Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $47,500.
Doss [256]

Answer:

Dep expense for the second year 7,600

Explanation:

\left[\begin{array}{ccccc}Year&Beginning&Dep-Expense&Acc. \: Dep&Ending\\0&-&-&-&47500\\1&47,500&9,500&9,500&38,000\\2&38,000&7,600&17,100&30,400\\\end{array}\right]

1/10 = straight-line method

straight-line x 2 = DD rate

47,500 x 2/10 = 9500

then we calculate the DD rate again with the book value

47,500-9,500 = 38,000

38,000 x 2/10 = 7,600

6 0
2 years ago
Omega Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare th
BARSIC [14]

Answer: Decrease by $9,800

Explanation:

It is shown that fees of $9,800 were earned during the month from clients who had paid in advance. Unearned fees are liabilities because they represent revenue that a company made for services it has not delivered yet.

When the company delivers the service like these ones just did, they will reduce this liability because they have now earned this revenue by delivering the service.

Omega will therefore reduce their unearned fees account by $9,800.  

7 0
2 years ago
Fair use allows individuals to break copyright so long as they ________.
Lady bird [3.3K]
Fair use allows individuals to break copyright so long as they b. <span>Can prove they are not infringing on copyright.

Using another person's work without his permission is considered copyright infringement. However, fair use allows people to use other people's work without their permission, as long as the works used are for commentary, criticism, new reporting, or educational purposes. As long you can prove that a work was not used for infringement purposes, you can break copyright.</span>
3 0
2 years ago
Read 2 more answers
One inherent risk to using lean philosophy is that companies are at higher risk of inventory shortage during volatile times such
olganol [36]

Answer:

True

Explanation:

As in the lean philosophy the production is based on specific customer demands, there are chances that when the order is received then the inventory required is not present and that the inventory is not held in hand.

Whereas in the traditional philosophy the production is based on the principle of budgets and sales forecast, accordingly the sales keeps on moving and the inventory is also held in hand prior to confirmation of order from customers.

Since there is no planning before the order is received from customers under lean, in emergency cases, or scarcity of resources, the inventory will fall short, and acquisition of inventory would not be easy.

6 0
2 years ago
9. The major problem addressed by the warehouse layout strategy is: A) minimizing difficulties caused by material flow varying w
Dimas [21]

Answer:

C) Addressing trade-offs between space and material handling.

Explanation:

Addressing trade offs between material handling and space in the warehouse is a major problem been tackled in warehouse layout strategy.

In any case where it is been found that your warehouse or distribution centre capacity is at bursting point, and costs are escalating while service levels are not being met, it is natural to assume that a bigger warehouse would go a long way to addressing the issues.

That is why experts in this field that have extensive experience in assisting customers in the identification of causal issues through its(warehouse) facility design, operations audits and also layout.

3 0
2 years ago
Read 2 more answers
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