Reference no: EM13683258
The local major league team just signed an undrafted rookie to a new contract in December 2014. The agreement specifies that the player will provide services for the 2015 and 2016 seasons in return for monthly checks of $50,000 in May, June, July, and August each summer (this is when the games are played). The contract does not contain any signing bonus. How much liability should the team record for this contract in its balance sheet dated December 31, 2014?
a. $400,000
b. $200,000
c. The present value of 4 payments in 2015 and 4 payments in 2016
d. Zer0
Martin Co. is a retailer and does not manufacture products. At the beginning of the year, Martin Co. had a balance of $195 in wages payable. During the year, Martin paid employees $3,200 in cash. At the end of the year, wages payable has a balance of $250. What is wage expense this year?
a. $3,145
b. $3,200
c. $3,255
d. $3,450
e. None of the above
The Wynkoop Co. began operations on January 1, 2014. It bought 10 units of merchandise on January 8, 2014 for $14 each. It bought another 30 units on March 15 for $16 each. It bought another 15 units on September 15 for $18 each. Wynkoop sold 43 units of merchandise in 2014. Wynkoop uses the LIFO cost flow assumption. What is cost of goods sold for the year ended December 31, 2014?
a. $718
b. $890
c. $216
d. $172
e. None of the above
A company began operations in 2009 and has been using the FIFO cost flow assumption ever since. The cost per unit of inventory has declined over time, but the number of units in inventory has continued to grow. Which of the following statements is most accurate?
a. The company's income this period would have been lower if it had always used LIFO.
b. The company's income this period would have been higher if it had always used LIFO.
c. We have insufficient information to make any statement about LIFO income.
The December 31, 2014 balance sheet of the Welch Co. shows a bond payable with a net book value of $46,768. The notes reveal the bond has a face amount of $50,000, a stated annual interest rate of 8%, and was issued when the market rate was 10%. The bond pays interest on June 30 and December 31 each period. For the interest payment period ending June 30, 2015, what is the amount of interest expense? ("ish" means within a dollar or two)
a. $4,677 ish
b. $2,500
c. $2,338 ish
d. $1,871 ish
e. None of the above
|
Describe how far off course the wind blows the plane
: A pilot directs his plane North of East. The airspeed of the plane is 1 60.0m/s. A wind blows with a speed of 32.0m/s from East to West. Describe how far off course the wind blows the plane in 2.00 hours.
|
|
Adjusting entry for warranties
: The Schrock Co. needs help preparing its adjusting entry for warranties. At the end of the year, 1,000 units remain under warranty. Schrock expects 2% will be returned and each return will cost it $30 to repair or replace. Prior to making th..
|
|
Summarize the life cycle of a product
: Summarize the life cycle of a product (Introduction, Growth, Maturity, Decline) and explain how the stage of the life cycle impacts price. Provide two examples of products where you have seen this occur.
|
|
Why is there a concern for dissolved organics
: Why is there a concern for dissolved organics and color in the water supply and in water treatment plant?
|
|
How much liability should the team record
: How much liability should the team record for this contract in its balance sheet dated
|
|
Heating element of an electric oven is designed to produce
: The heating element of an electric oven is designed to produce 3.1kW of heat when connected to a 240-V source. What should be the resistance of the element? Express your answer to two important figures and include the appropriate units.
|
|
What is angle of projection of body thrown
: A what is angle of projection of body thrown from inclined plane of 37 degree so that body hits inclined plane normalysk
|
|
Evaluate the current flowing around the loop
: If the magnetic field at the center of a square current loop of side L = 40 centimeter is 2.4 x 10-6 mT, evaluate the current flowing around the loop
|
|
Discover the total change in its potential energy
: A train with a total mass 8.00E+6kg rises 775m as it travels a distance of 55.0km along a steady slope at a constant speed of 16.0km/hr. The frictional force on the train is 0.600 percent of the weight. Discover the kinetic energy of the train. Disco..
|