Metropolis Health System has received a wellness grant from the charitable arm of an area electronics company. The grant will run for twenty-four months, beginning at the first of the next fiscal year. Two therapists and two registered nurses will each be spending half of their time working on the wellness grant. All four individuals are full-time employees of MHS. The electronics company has only recently begun to operate the charitable organization that awarded the grant. While they have gained all the legal approvals necessary, they have not yet provided the manuals and instructions for grant transactions that MHS usually receives when grants are awarded. Consequently, guidance about separate accounting is not yet forthcoming from the grantor
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Homework Help for Accounting
Accounting deals with the process of recording financial transactions pertaining to a business entity. Accounting involves summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.
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- Girma is a senor college student. He owns a car that has a market value of 500,000 birr. He also has different personal properties in his rented home. He wears disposable contact lenses which costs him 800 birr every year. Moreover, he runs every day for 30 minutes in a nearby public park that has a track record of being dangerous because of drug dealers and purse-snatchings. His parents are working hard to support his tuition fee.
If Girma potentially faces the following risks, which risk handling tools will be the appropriate? Explain your answer appropriately
- Physical damage to his car because of collision with another car
- Liability lawsuit against him because of negligent operation of his car
- Total loss of his personal properties because of fire
- Disappearance of his disposable contact lenses
- Physical assault on Girma by drug dealers in the area where he runs
- Loss of tuition fee helps because his father is killed by a drunk driver in car accident.
Exchange of Assets. Steffen-Zweig Company exchanges two used printing machines with a total net book value of $24,000 ($40,000 cost less $16,000 accumulated depreciation) for a new printing press with a fair value of $24,000 and $3,000 cash. The fair value of the two used printing presses is $27,000.
Determine the amount of gain or loss that would be recognized from this exchange of assets.
A firm is considering launching a new product. Launching the product will require an investment of $10 million (including marketing expenses and the costs of new facilities). The launch is risky because demand could either turn out to be low or high. If the firm does not launch the product, its payoff is 0. Here are its possible payoffs if it launches the product.
a) Draw a decision tree showing the decisions that the company can make and the payoffs from following those decisions. Carefully distinguish between chance nodes and decision nodes in the tree. [5 marks]
b) Assuming that the firm acts as a risk-neutral decision maker, what action should it choose? What is the expected payoff associated with this action?
TCO G) In your audit of Garza Company, you find that a physicalinventory on December 31, 2010, showed merchandise with a cost$441,000 was on hand at that date. You also discover the followingitems were all excluded from the inventory count. â¢Merchandise of$61,000, which is held by Garza on consignment. The consignee isthe Bontemps Company. â¢Merchandise costing $33,000, which wasshipped by Garza f.o.b. destination to a customer on December 31,2010. The customer was expected to receive the merchandise onJanuary 6, 2011. â¢Merchandise costing $46,000, which was shipped byGarza f.o.b. shipping point to a customer on December 29, 2010. Thecustomer was schedule to receive the merchandise on January 2,2011. â¢Merchandise costing $73,000 shipped by a vendor f.o.b.destination on December 30, 2010, and received by Garza on January4, 2011. â¢Merchandise costing $51,000 shipped by a vendor f.o.b.shipping point on December 31, 2010, and received by Garza onJanuary 5, 2011. Based on the above information, calculate theamount that should appear on Garzaâs balance sheet at December 31,2010, for inventory
HERE COME THE CLOWNS! is the name of a traveling circus. The ledger accounts of the business at June 30, current year, are listed here in alphabetical order.
|Accounts payable||$31,320||Notes payable||$216,000|
|Accounts receivable||8,940||Notes receivable||11,400|
|Animals||226,872||Props and equipment||107,496|
|Capital stock||360,000||Salaries payable||11,700|
|Costumes||37,800||Trucks & wagons||127,008|
Dividends Per Share
Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as follows: 80,000 shares of cumulative preferred 3% stock, $20 par and 405,000 shares of $25 par common.
During its first four years of operations, the following amounts were distributed as dividends: first year, $30,000; second year, $73,000; third year, $100,000; fourth year, $120,000.
Determine the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0.00".
payable every December 31`. LSB incurred P 148,122 of direct origination costs but an origination fee of P 300,000 was
charged against global Corp. The effective rate on the loan as a result of the origination fee and cost is now 9%.
The journal entry on January 1, 2020 to record the release of the loan would be
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