Complete Question:
Cell One Corporation began 2018 with retained earnings of $ 260 million. Revenues during the year were $ 520 million, and expenses totaled $ 340 million. Cell One declared dividends of $ 61 million. What was the company's ending balance of retained earnings? To answer this question, prepare Cell One's statement of retained earnings for the year ended December 31, 2018, complete with its proper heading.
Answer:
Cell Corporation
Statement of Retained Earnings for the year ended December 31, 2018:
$'million
Retained Earnings, Dec. 31, 2017 260
Net Income 180
Dividends (61)
Retained Earnings, Dec. 31, 2018 379
Explanation:
a) Data and Calculations:
Beginning Retained Earnings = $260 million
Revenues during the year were $ 520 million
Expenses totaled $ 340 million
Net Income (Revenue - Expenses) $180 million
Cell One declared dividends of $ 61 million
b) Cell Corporation's Retained Earnings for the year ended December 31, 2018 is the difference between the beginning retained earnings, net income, and the amount of dividend declared during the current year. This figure gives the amount of equity that has been retained for growing the business, which is an important internal source of corporate funding.
To calculate ending retained earnings, you start with beginning retained earnings, add her company's revenue, subtract expenses, and then subtract dividends. In this hypothetical scenario, the company would end the year with an ending balance of $3 million in retained earnings.
The calculation of the ending balance of retained earnings follows a simple formula. The beginning retained earnings, plus the revenue, subtracts expenses and then dividends. In this case, there were no specific numbers provided in the question, so let's assume examples. If a company starts with retained earnings of $2 million, earns revenue of $3 million during the year, and has total expenses of $1 million, the calculation would resemble the following:
Retained Earnings
Beginning Retained Earnings = $2 million
Add: Revenue = $3 million
Less: Expenses = $1 million
Equals: Intermediate Total = $4 million
Less: Dividends Paid = (Let's assume $1 million)
Equals: Ending Retained Earnings = $3 million
So, in this hypothetical scenario, the company would end the year with an ending balance of $3 million in retained earnings.
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Answer:
The correct answers are letters "B" and "C": Talk about his three summer internships; Emphasize his leadership position in an on-campus organization.
Explanation:
Employers tend to look for relevant information on resumes. Usually, applicants that go further in selection processes are those whose resumes highlighted outstanding, unique information that shows the applicants have skills not easy no find for recruiters.
Thus, Andrew should include his core competencies on his resume but pointing out capabilities that employees might be interested in such as leadership and teamwork. In case he has remarkable experiences such as cultural exchanges or internships, they must be added to his curriculum vitae as well.
When developing his brand, Andrew should emphasize his three summer internships, and his leadership role in an on-campus organization, and include referrals. These factors demonstrate practical experience, leadership skills, and personal recommendations which are highly valued by potential employers.
As Andrew works on developing his brand, all the options presented should be utilized to a certain extent as they each provide valuable information about his experiences and qualifications. However, some aspects may carry more weight than others. Firstly, mentioning his three summer internships, where he gained practical experience, will go a long way. Employers value hands-on experience since it shows a candidate's initiative to learn and thrive in a real-world environment.
Secondly, his leadership position in an on-campus organization should be highlighted. Leadership roles demonstrate skills such as teamwork, management, and the ability to overcome challenges, which are valuable in any job role.
Lastly, providing referrals or recommendations can be another great asset. Referrals act as testimonials of his abilities, work ethic, and accomplishments.
His GPA and the classes he took might be less influential, depending on the specific job or industry he is interested in.
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Direct Materials 10 pounds $ 1.90 per pound $ 19.00
Direct Labor 0.30 hour $ 6.80 per hour 2.04
$ 21.04
During November, TaskMaster purchased 200,000 pounds of direct materials at a total cost of $440,000. The total factory wages for November were $48,000, 80% of which were for direct labor. TaskMaster manufactured 19,000 units of product during November using 175,000 pounds of direct materials and 6,000 direct labor hours.
What is the direct labor price (rate) variance for November?
Answer:
$2,400 Favourable
Explanation:
direct labor price (rate) variance =(Aq×Ap)-(Aq×Sp)
=(6,000×$6.40) - (6,000×$ 6.80)
= $2,400 Favourable
Ap = (48,000×80%)/6,000
= $6.40
Answer:
$2,400 Favourable
Explanation:
direct labor price (rate) variance =(Aq×Ap)-(Aq×Sp)
=(6,000×$6.40) - (6,000×$ 6.80)
= $2,400 Favourable
Ap = (48,000×80%)/6,000
= $6.40
Explanation:
Options:
a. 14.58%
b. 12.83%
c. 15.46%
d. 16.33%
e. 16.92%
Answer:
Correct option is A.
14.58%
Explanation:
After-tax yield = pre-tax yield x (1- marginal rate)
and Taxable-equivalent yield = tax-exempt yield / (1- marginal tax rate)
Hence Taxable-equivalent yield =.105/(1-.28)
=.105/.72=.14583333
=14.58 %
How does this amount compare with the traditional financial guideline found in Question #2?
Use the following amounts for Jamie Lee and Ross’ calculations:
• 10% down payment
• 28% for TIPI
• $500.00 per month for estimated combined property taxes and insurance
• 5% interest rate for 30 years
4. Jamie Lee and Ross found a brand new three-bedroom, 2 ½ bath home in a quiet neighborhood for sale. The listing price is $275,000. They would like to place a bid of $260,000 on the home. The seller’s counteroffer was $273,000. What should Jamie Lee and Ross do next to demonstrate to the owner that they are serious buyers?
5. Jamie Lee and Ross received a signed contract from the buyer accepting their $273,000 offer! The seller also agreed to pay two points toward Jamie Lee and Ross’ mortgage. Calculate the benefit of having points paid toward the mortgage if Jamie Lee and Ross are putting a $40,000 down payment on the home.
6.Calculate Jamie Lee and Ross’ mortgage payment, using the 5 percent rate for 30 years on the mortgage balance of $233,000.
Answer:
Explanation:
2. Down payment is $40,000 Two and half times means 5/2 i.e. 5/2*$40,000 = $100,000...
5. One mortgage point costs 1% of the mortgage loan amount.
If Jamie Lee and Ross are putting a $40,000 down payment on a home with an accepted purchase price of $273,000, then the mortgage loan will be for $233,000.
$273,000 - $40,000 = $233,000.
Two points paid toward the mortgage will be a cost of $4,660 to the seller.
$233,000 x 0.02 = $4,660.
Typically, purchasing points means that a sum of money has been paid to the lender at closing to reduce the financing cost of the loan. The benefit of purchasing points is that it will secure a lower interest rate for the home buyers. In this sense, points are not put towards the mortgage loan itself, but are used to decrease overall expense to the home buyer over the term of a mortgage. A lower interest rate over the term of a mortgage can account for tens of thousands of dollars of saved interest.
If in this case the seller is simply giving money to the home buyers to put against the mortgage, then $4,660 will reduce the total loan amount to $228,340.
Although this question is somewhat ambiguously worded, it is more likely that the points are being purchased to secure a lower interest rate. While this doesn't represent an immediate windfall to the home buyers and does not decrease the mortgage loan amount, it would provide the greatest overall advantage to the home buyers.
I can't do 3,4,6 I'm very sorry about this man. I did my best but they come out wrong and I don't want to misguide you or mislead you in any way....
Very sorry!
For the following:
2. For Jamie Lee and Ross's combined income. Using the traditional financial guideline, they can afford:
Two and a half times Jamie Lee and Ross's salary is $2.5 × $100,000 = $250,000.
Jamie Lee and Ross's down payment is $40,000.
So, the maximum amount they can afford to spend on a house is $250,000 + $40,000 = $290,000.
3. Using Your Personal Financial Plan Sheet 24, the affordable mortgage amount for Jamie Lee and Ross is:
Monthly debt-to-income ratio (DTI): 28%
Monthly mortgage payment: $1,800
Monthly property taxes and insurance: $500
Down payment: 10%
Loan amount: $233,000
The DTI is calculated by dividing the monthly mortgage payment, property taxes, and insurance by the monthly income. In this case, the DTI is 28%, which is the maximum DTI that most lenders will allow.
The monthly mortgage payment is calculated by multiplying the loan amount by the interest rate and the number of years. In this case, the monthly mortgage payment is $1,800.
The property taxes and insurance are estimated to be $500 per month.
The down payment is 10% of the purchase price, or $23,300.
The loan amount is the purchase price minus the down payment, or $275,000 - $23,300 = $233,000.
4. Jamie Lee and Ross should make a written offer to the seller, stating their willingness to pay $260,000 for the home. They should also include a deposit of $1,000 to show that they are serious buyers.
5. The benefit of having points paid toward the mortgage is that it will lower the interest rate on the loan. Two points on a $233,000 loan is equal to $4,660. This means that Jamie Lee and Ross's interest rate will be 0.25% lower, which will save them money on their monthly mortgage payments.
6. For Jamie Lee and Ross's monthly mortgage payment:
Principal: $233,000
Interest rate: 5%
Number of years: 30
Monthly payment: $1,378
The principal is the amount of money that Jamie Lee and Ross are borrowing from the lender. The interest rate is the percentage of the principal that the lender charges in interest each year. The number of years is the length of the loan. The monthly payment is the amount of money that Jamie Lee and Ross will pay to the lender each month.
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Employees – 29 40 31
Transactions 38,000 – 19,000 76,000
Department direct costs $ 350,000 $ 147,000 $ 950,000 $ 3,750,000
Allocate the cost of the service departments to the operating departments using the direct method.
Answer:
Administration Cost Allocated To Domestic is $197,183.
Administration Cost Allocated To International is $152,817.
Accounting Cost Allocated To Domestic is $29,400.
Accounting Cost Allocated To International is $117,600.
Explanation:
The Direct Method used for allocating Services Departments Cost to Operating Departments ignores the services used by service departments and allocate costs just to operating departments based on each department's consumption of allocation base. So, the costs of Administration and Accounting departments will be allocated to Domestic and International Departments.
Allocation of Administration Department Cost:
Domestic
Direct Cost of Administration * (No. of Employees in Domestic / Total No. of Employee in Operating Departments)
⇒ 350,000 * (40 / 71) = $197,183.
International
Administration Cost Allocated = 350,000 * (31 / 71) = $152,817.
Allocation of Accounting Department Cost:
Domestic
Direct Cost of Accounting * (No. of Transactions in Domestic / Total No. of Transactions in Operating Departments)
⇒ 147,000 * (19,000 / 95,000) = $29,400.
International
Accounting Cost Allocated = 147,000 * (76,000 / 95,000) = $117,600.
Answer:
Total increase in deposit = $54,200,000
Explanation:
given data
deposits = $20 million dollars
bank reserve = 10%
solution
we know that Deposit in bank A is = $20,000,000
and Reserve @ 10% = $2,000,000
so
Bank A loans or bank B deposit will be = $20,000,000 - $2,000,000
Bank A loans or bank B deposit = $18,000,000
here Reserve @ 10% = $1,800,000
so
Bank B loans or Bank C deposit will be here = $18,000,000 - $1,800,000
Bank B loans or Bank C deposit = $16,200,000
so that
Total increase in deposit will be = Bank A + Bank B + Bank C ...............1
put here value we get
Total increase in deposit = $20,000,000 + $18,000,000 + $16,200,000
Total increase in deposit = $54,200,000