Answer:
(a) Revenues overstated $12,000
(b) Expenses understated $11,700
(c) Net income overstated $300
Explanation:
First prepare the journal entries pertaining to the omitted adjusting entries as follows;
Entry 1
Supplies Expense $9,200 (debit)
Supplies $9,200 (credit)
Entry 2
Revenue $12,000 (debit)
Unearned Revenue $12,000 (credit)
Entry 3
Insurance Expense $2,500 (debit)
Prepaid Insurance $2,500 (credit)
Then consider the Effects on the named Accounts
Expenses.
Affected by Entry 1 and Entry 3
Expenses are understated by $11,700
Revenues.
Affected by Entry 2.
Revenues are overstated by $12,000
Net Income
Affected by Entries 1, 2, 3 also the net effect of the two items above.
Income is overstated by $300
Jennifer Burroughs is thinking about starting a firm in the upscale women's fashion industry. To get a full appreciation of the competitive nature of the industry, and how she might position her products, Jennifer has spent considerable time looking at industry-related publications, Hoover's Online, and ABI-Inform, which is a database that provides access to articles covering a wide-variety of business and industry related issues. Jennifer is conducting ________ research.A) primaryB) secondaryC) actionD) temporaryE) purposeful
Answer:
Secondary
Explanation:
Secondary research is the process of summarising and collating existing research. Original or primary research involves collection of data and analysis to make a conclusion on the subject of study.
Secondary research uses information from primary research.
In this instance Jennifer looked at industry-related publications, Hoover's Online, and ABI-Inform, which is a database that provides access to articles covering a wide-variety of business and industry related issues.
The data she is using are from primary research sources.
Our company is growing fast, which always means changes and innovations. Because of this growth, the accounting department will be restructured. For the last five years, Paolo has served as chief manager with grace and dedication. However, because of the restructuring, Paolo’s position will no longer be needed. He will be working in the marketing department on the third floor, starting next Tuesday.In this message, the organizational pattern is used.Outlines give you a chance to organize your thinking before determining word choice and sentence structure. Which of the following will help you create a more effective outline?Avoid illustrations when supporting subpointsCombine subpoints whenever possiblePut the main idea in the titleUse one subpoint per main ideaUse evidence to support subpointsInclude 3 to 5 major components
Complete question
(1) ...In this message, the___organizatipn pattern is used.
(2) Which of the following will help youcreate a more effective outline?Check all that apply.
a) Put the main idea in the title,
b) Use one sub-point per main idea,
c) Use evidence to support sub-points,
d) Include 3 to 5 major components,
e) Combine subpoints whenever possible,
f) Avoid illustrations when supporting subpoints
Answer:
1. indirect organizational pattern
2. a, c, d
Explanation:
1. Since the nagative information was placed at the end of the message it follows an Indirect message pattern inorder to minimise negative feelings by the listeners.
2. A more effective outline is created when the main idea of the message is placed in the title, while also using supporting evidence to discuss the sub-points. And finally limiting the use of illustrations when supporting subpoints.
1) Define the external business environment of Jessops Group Limited.
Answer:
The external business environment of Jess-op Group Limited are factors such as economic, technological, regulatory, social etc. factors which the company does not have control over but affect the operation of the company.
Explanation:
The company has to adapt to its external business environment in order to continue to be successful.
Note: See the attached Microsoft word file for the full explanation. There is a difficulty in submitting everything here.
Colleague responsibilities related to compliance include which of the following:________. A. Report if you have been placed on a state or federal exclusion list B. Report if you have been convicted of a minor traffic violation C. Report when your employment-related professional licenses have been renewed D. Report when you complete annual continuing education
Answer:
A. Report if you have been placed on a state or federal exclusion list
Explanation:
While working in an organization you have some responsibilities which are related to compliance, integrity, honesty, etc are as follows
1. They have to report if they are placed on a state or federal exclusion list that also includes Officer of Inspector General (OIG), General Service Administration (GSA)
2. Instant report the criminal offense if you are convicted other than the minor traffic violation
The conviction excludes the following things
a. Arrest or charges
b. Judicially dismissed
c. That does not consider except felony convictions that also includes controlled substances should always be reported
hence, the correct option is a.
In a company, individuals have roles and responsibilities which should be fulfilled. It can include truthfulness, virtue, compliance's etc.
The correct answer is:
Option A. Report if you have been placed on a state or federal exclusion list.
This can be explained as:
The colleague should report if they were on the state or national exclusion list.The exclusion list can also contain General Service Administration or Officer of Inspector General.If the charges were other than minor traffic violations like criminal offences should be reported instantly.The convictions do not include charges, arrests, court dismissals etc.Therefore, if placed on the exclusion list should be reported.
To learn more about federal exclusion list follow the link:
https://brainly.com/question/25087292
g Dybala Corporation produces and sells a single product. Data concerning that product appear below: Per Unit Percent of Sales Selling price $ 110 100 % Variable expenses 66 60 % Contribution margin 44 40 % The company is currently selling 5,120 units per month. Fixed expenses are $210,000 per month. The marketing manager believes that a $6,600 increase in the monthly advertising budget would result in a 230 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change
Answer:
Effect on income= $3,520 increase
Explanation:
Giving the following information:
Contribution margin= 44
The marketing manager believes that a $6,600 increase in the monthly advertising budget would result in a 230 unit increase in monthly sales.
To calculate the effect on income, we need to use the following formula:
Effect on income= increase in contribution margin - increase in costs
Effect on income= 230*44 - 6,600
Effect on income= $3,520 increase
Roadside, Inc. had the following balances and transactions during 2018:Beginning Merchandise Inventory10units at $ 72March 10Sold 8unitsJune 10Purchased 20units at $ 82October 30Sold 14unitsWhat is the amount of the company's ending Merchandise Inventory, as disclosed in the December 31, 2018 balance sheet, using the periodic LIFO inventory costing method?
Answer:
$576
Explanation:
The computation of the ending inventory using the periodic LIFO inventory costing method is shown below:
But before determining the ending inventory first we have to find out the ending inventory units which is
Units of ending inventory = Opening Stock + Units purchased - Units sold
= 10 + 20 - (8 + 14)
= 8 units
The Ending inventory is 8 units. So, These should be the units out of opening stock
Therefore
Ending inventory is
= 8 units × $72
= $576
In its first month of operations, Concord Corporation made three purchases of merchandise in the following sequence: (1) 250 units at $6, (2) 350 units at $8, and (3) 450 units at $9. Assuming there are 150 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Concord Corporation uses a periodic inventory system.
Answer:
FIFO - $1350
LIFO - $900
Explanation:
Total inventory = 250 + 350 + 450 = 1050
Total inventory sold = 1050 - 150 = 900
FIFO means first in , first out. It means that it is the first purchased inventory that is the first to be sold. So the ending inventory would consist of the last purchased inventory. So the cost of the ending inventory would be allocated to the 3rd purchase of inventory
150 x $9 = $1350
LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold. So the ending inventory would consist of the first purchased inventory. So the cost of the ending inventory would be allocated to the 1st purchase of inventory
150 x $6 = $900
I hope my answer helps you
A company excludes from the current assets section, the amount of cash restricted for purposes other than payment of current obligations or for use in current operations.
1. True
2. False
Land held for speculation is reported in the long-term investment section of the balance sheet.
1. True
2. False
Financial flexibility measures the ability of an enterprise to take effective actions to alter the amounts and timing of cash flows
1. True
2. False
Companies determine cash provided by operating activities by converting net income on an accrual basis to a cash basis. 1. True
2. False
Answer:
1. True.
2. True.
3. True.
4. True.
Explanation:
1. True: A company excludes from the current assets section, the amount of cash restricted for purposes other than payment of current obligations or for use in current operations.
2. True: Land held for speculation is reported in the long-term investment section of the balance sheet because they are fixed assets.
3. True: Financial flexibility measures the ability of an enterprise to take effective actions to alter the amounts and timing of cash flows.
4. True: Companies determine cash provided by operating activities by converting net income on an accrual basis to a cash basis.
On January 3, Halsall Corporation purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $ 8 per share. On January 30, Halsall sold 1,200 shares of the treasury stock for cash of $9 per share. Journalize these transactions.
Answer:
The journal entries alongwith its explanation are as under:
Explanation:
Journal entry at Jan 3, to record purchase of treasury stock would include the recording of treasury stock at the price paid to the shareholders for purchase of the stock, the journal entry is as under:
Dr Treasury Stock (1800 share*$8 per share) $14,400
Cr Cash $14,400
Journal entry at Jan 30, of selling treasury stock would include the elimination of the treasury stock at the amount purchased and the remainder will will be the Paid-In Capital, the journal entry is as under:
Dr Cash (1200*9) $10,800
Cr Treasury stock (1200*8) $9,600
Cr Paid in capital from sale of treasury stock $1,200
Blossom Corp. has collected the following data concerning its maintenance costs for the past 6 months.
Units Produced Total Cost
July 18,070 $41,663
August 32,128 48,192
September 36,144 55,220
October 22,088 44,580
November 40,160 74,798
December 38,152 62.248
Compute the variable cost per unit using the high-low method. (Round answer to 2 decimal places, e.g. 2.25.)
Variable cost per unit $ e
Compute the fixed cost elements using the high-low method. Fixed costs $
Answer:
Variable cost per unit = $1.5 per unit
Fixed cost = $14,558
Explanation:
Variable cost per unit
= cost at high activity - cost at low activity/High activity -low activity
=$(74,798- $41,663) / (40,160 -18,070) units
= $1.5 per unit
Fixed cost
Total fixed cost = cost at high activity - ( vc per unit × high activity)
= 74,798 - (1.5 × 40,160)
= $14,558
Variable cost per unit = $1.5 per unit
Fixed cost = $14,558
At the annual meeting of the HR division at an insurance company, the vice president of HR noted that pay compression was a problematic phenomenon for certain jobs for which there was high demand but low supply. This problem was especially acute for jobs in actuarial science and legal services. The vice president of HR has hired you as a compensation consultant to help them formulate an action plan for dealing with this situation. What would you say is the best solution to this situation?
Answer:
Prepare high performing employees for promotions to jobs at higher salary levels.
Explanation:
Pay compression occurs when there is little difference in pay between employees regardless of experience and skill they possess. This leads to low motivation ong employees to perform above others since compensation is the same.
In the given instance this is the problem in actuarial science and legal jobs where there is high demand and low supply of talent.
To remedy this there needs to be a framework to compensate high performers.
Promoting them to jobs that have higher salary will be a great way to recognise and motivate high fliers
Austin Fisher contributed land, inventory, and $32,000 cash to a partnership. The land had a book value of $59,000 and a market value of $103,000. The inventory had a book value of $70,900 and a market value of $65,900. The partnership also assumed a $42,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require an entry, leave it blank.
Answer:
Journal entry for Fisher's contribution to the partnership
Description
Cash $32,000 (Debit)
Land $103,000 (Debit)
Inventory $65,900 (Debit)
Payable on Note $42,000 (Credit)
Capital $158,900 (Credit)
NB: Capital= ($32,000 + $103,000 + $65,900 - $42,000) = $158,900
Grosheim Incorporated has fixed expenses of $211,500 per year. Right now, Grosheim Incorporated is selling its products for $100 per unit. Management is contemplating a 20% increase in the selling price for the next year. Variable costs are currently 40% of sales revenue and are not expected to change in dollar amount on a per unit basis next year (the company will pay the same amount for variable costs next year). If fixed costs increase 10% next year, and the new selling price per unit goes into effect, how many units will need to be sold to breakeven?
Answer:
Breakeven in units is 3231
Explanation:
Breakeven units=fixed costs/contribution margin per unit.
new selling price=$100*(1+20%)=$120
variable cost per unit=$120*40%=$48
contribution margin=selling price per unit-variable cost per unit
contribution margin per unit=$120-$48=$72
fixed costs next year=$211,500*(1+10%)=$232,650.00
breakeven units=$232,650.00/$72=3231
The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,700; Brown, $167,700; and Snow, $155,400. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $47,100 in partnership cash remained.
Required:
a. Compute the capital account balance of each partner after the liquidation of assets and the payment of creditors.
b. Assume that any partner with a deficit agrees to pay cash to the partnership to cover the deficit. Present the journal entries on May 31 to record (a) the cash receipt from the deficient partner(s) and (b) the final
disbursement of cash to the partners.
c. Assume that any partner with a deficit is not able to reimburse the partnership. Present journal entries (a) to transfer the deficit of any deficient partners to the other partners and (b) to record the final disbursement of cash to the partners.
Answer:
a. The capital account balance of each partner after the liquidation of assets and the payment of creditors would be as follows:
Field Brown Snow
Capital Balance -4,200 31,800 19,500
b. a
Debit Credit
Cash 4,200
Field capital 4,200
b. Debit Credit
Brown capital 31,800
Snow capital 19,500
Cash 51,300
c. a Debit Credit
Brown capital 2100
Snow capital 2100
Field Capital 4,200
b. Debit Credit
Brown capital 29,700
Snow capital 17,400
Cash 47,100
Explanation:
a. In order to calculate the capital account balance of each partner after the liquidation of assets and the payment of creditors we would have to make the following calculations:
Field Brown Snow Total
Initial Investment $131,700 $167,700 $155,400 454,800
Allocation of all losses: 135,900 135,900 135,900 407,700
(454,800-47,100)/3
Capital Balance -4,200 31,800 19,500 47,100
b. a. The record of the cash receipt from the deficient partner(s) would be as follows:
Debit Credit
Cash 4,200
Field capital 4,200
b. The record the final disbursement of cash to the partners would be as follows:
Debit Credit
Brown capital 31,800
Snow capital 19,500
Cash 51,300
c. a Record to transfer the deficit of any deficient partners to the other partners would be as follows:
Debit Credit
Brown capital 2100
Snow capital 2100
Field Capital 4,200
Brown capital= 4,200/2=2100
Snow capital=4,200/2=2100
b. Record the final disbursement of cash to the partners would be as follows:
Debit Credit
Brown capital 29,700
Snow capital 17,400
Cash 47,100
Brown capital=31,800-2,100 =29,700
Snow capital=19,500-2,100=17,400
On November 1, Bahama National Bank lends $3.8 million and accepts a six-month, 6% note receivable. Interest is due at maturity. Record the acceptance of the note and the appropriate adjustment for interest revenue at December 31, the end of the reporting period. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).)
Answer and Explanation:
The journal entries are shown below:
a. Note receivable Dr $3,800,000
To Cash $3,800,000
(Being the acceptance of the note is recorded)
For recording this we debited the note receivable as it increased the assets and credited the cash as it decreased the liabilities
b. Interest receivable Dr $38,000
To Interest revenue $38,000
(Being the interest revenue is recorded)
For recording this we debited the interest receivable as it increased the assets and credited the interest revenue as it increased the revenue
The computation is shown below:
= $3,800,000 × 6% × 2 months ÷ 12 months
= $38,000
,
Charles Underwood Agency Inc. has an expected net operating profit after taxes, EBIT(1 – T), of $14,200 million in the coming year. In addition, the firm is expected to have net capital expenditures of $2,130 million, and net operating working capital (NOWC) is expected to increase by $35 million. How much free cash flow (FCF) is Charles Underwood Agency Inc. expected to generate over the next year?
Answer:
The free cash flow (FCF) is Charles Underwood Agency Inc. expected to generate over the next year is $12,035 million
Explanation:
According to the given data we have the following:
net operating profit after taxes=$14,200 million
net capital expenditures= $2,130 million
net operating working capital = $35 million.
Therefore, free cash flow (FCF) is Charles Underwood Agency Inc. expected to generate over the next year would be calculated as follows:
FCF= net operating profit after taxes-net capital expenditures- net operating working capital
FCF=$14,200 million-$2,130 million- $35 million
FCD=$12,035 million
Beasley, Inc., reports the following amounts in its December 31, 2021, income statement. Sales revenue $ 350,000 Income tax expense $ 39,000 Interest expense 12,000 Cost of goods sold 125,000 Salaries expense 37,000 Advertising expense 23,000 Utilities expense 43,000 Prepare a multiple-step income statement.
Answer and Explanation:
The preparation of the multiple-step income statement is presented below:
Beasley, Inc.
Multiple-step income statement
December 31, 2021
Sales revenue $350,000
Less: Cost of goods sold -$125,000
Gross profit $225,000
Less: Operating expenses
Salaries expense -$37,000
Advertising expense -$23,000
Utilities expense -$43,000
Operating income $122,000
Less: interest expense -$12,000
Income before income tax $110,000
Less: income tax expense -$39,000
Net income $71,000
We simply deduct all the expenses from the sales revenue so that the net income could arrive
Maria Am Corporation uses a process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventory was $3,570, the cost of ending work in process inventory was $2,860, and the cost added to production was $43,120. Required: Prepare a cost reconciliation report for the Baking Department for JuneBanking DeparmentBost ReconciliationCosts to be accounted forBlank blank blank amountBlank blank blank amountTotal costs to be accounted forCosts accounted for as followsBlank blank blank amountBlank blank blank amountTotal cost accounted for
Answer:
Explanation:
The following information can be derived from the question above:
The cost of the beginning work in the process inventory = $3,570
The cost of the ending work in the process inventory = $2,860
The cost that is added to the production = $43,120.
In the attached document, it should be noted that the cost of goods that were transferred out was calculated as:
The total cost to be accounted for minus the cost of the ending work in the process inventory. This is:
= 46690 - 2860
= 43830
The cost reconciliation report for the Baking Department for June has been solved and attached.
Using a method of trend projection, the monthly sales for Yazici Batteries, Inc., were as follows: Month Sales Feb 21 Jan 20 Mar 15 Apr 15 May 13 Jun 16 Jul 17 Aug 17Sept 20Oct 22 Nov 23 Dec 23The forecast for the next month (Jan) using the naive method =_____sales. The forecast for the next period Jan using a 3 month moving average approach =_____sales. The forecast for the next period Jan using a 6 month weighted average with weights of 0.10, 0.10, 0.10, 0.20, 0.20 and 0.30, where the heaviest weights are applied to the most recent month =_____sales. Using exponential smoothing with α = 0.35 and a september forecast of 20.00, hte forecast for the next period Jan =_____sales. Using a method of trend projection, the forecast for the next month Jan =_____sales. The method that can be used for making a forecast for the month of March is_____.
Answer:
the answer is C or b im not 100% sure
The Whitewater LLP is equally owned by three partners and has the following balance sheet at the end of the current tax year:
Basis FMV
Cash $60,000 $60,000
Unrealized 0 15,000
receivables Land $15,000 $45,000
$75,000 $120,000
Petula, capital $25,000 $40,000
Prudence, capital $25,000 $40,000
Primrose, capital $25,000 $40,000
$75,000 $120,000
Petula is an active partner retiring from me service-oriented partnership. She receives $60,000 cash, none of which is stated to be for goodwill.
a) How much of the payment is for "unstated goodwill"?
b) How is the $60,000 allocated between a 736(a) income payment and a 736(b) property payment?
Answer:
A.) $20,000
Explanation:
Kindly check attached picture for detailed explanation
Which of the following reports, which generally are shared only between the organizations that are doing business with one another, are used by auditors to assess the ICFR at one entity that does business with another entity
A. SOC-1
B. SOC-2
C. SOC-3
Answer:
A. SOC-1.
Explanation:
SOC-1 is an acronym for System and Organization Controls Report, which generally are report shared only between the organizations that are doing business with one another. It is also used by auditors to assess, test and report the Internal Control over Financial Reporting (ICFR) at one entity that does business with another entity.
The SOC-1 report is also known as Statement on Standards for Attestation Engagements (SSAE) 18, it helps to create trust and transparency among business entities.
However, it was formerly referred to as the Statement on Auditing Standards 70 (SAS 70) and usually is valid for a period of 1 year (12 months).
Under Tim Cook's leadership, the emphasis at Apple remains on innovation, which is valued in the marketplace. Because of this, it is important that Cook assemble what type of top management team? a. One that is built from the external labor market b. One that is built from the internal labor market c. One that is homogeneous d. One that is heterogeneous
Answer:
D. One that is heterogeneous
Explanation:
It is important that Tim Cook assembles a heterogeneous top management team.
A heterogeneous top management team introduces a variety of perspectives to the company with greater possibility for strong competitive action. It creates more tendencies for people to think outside the box, giving way to more creative decision making, innovation, and strategic actions. It also promotes debate.
Therefore Tim Cook should assemble a heterogeneous top management team since innovation is one of its characteristics.
The board of directors of Capstone Inc. declared a $0.80 per share cash dividend on its $1 par common stock. On the date of declaration, there were 48,000 shares authorized, 16,000 shares issued, and 5,000 shares held as treasury stock. What is the entry when the dividends are declared
Answer and Explanation:
The journal entry when the dividend is declared is shown below:
Cash Dividend A/c Dr $8,800 {(16,000 shares - 5,000 shares) × $0.80}
To Dividend payable A/c $8,800
(Being the dividend is declared)
for recording this we debited the cash dividend as it increased the balance of dividend and credited the dividend payable as it also increased the liabilities
Cash Payback Period, Net Present Value Method, and Analysis
Elite Apparel Inc. is considering two investment projects.
The estimated net cash flows from each project are as follows:
Year Plant Expansion Retail Store Expansion
1 $450,000 $500,000
2 450,000 400,000
3 340,000 350,000
4 280,000 250,000
5 180,000 200,000
Total $1,700,000 $1,700,000
Each project requires an investment of $900,000.
A rate of 15% has been selected for the net present value analysis.
Required:
1. Compute the cash payback period for each project.
2. Compute the net present value for each project.
(Round to nearest dollar)
Answer:
Plant Expansion
Cash payback period = 2 years
NPV = $304,707.24
Retail Store Expansion
Cash payback period = 2 years
NPV = $309,744.42
Explanation:
Cash payback period measures how long it takes for the amount invested in a project to be recovered from the cumulative cash flows.
Cash payback for the Plant Expansion
Amount invested = $-900,000
Amount recovered in the first year = $-900,000 + $450,000 = $-450,000
Amount recovered in the second year = $-450,000 + $450,000 = 0
The amount invested in the project is recovered In the second year. So, the cash payback period is 2 years.
Cash payback for the Retail Store Expansion
Amount invested = $-900,000
Amount recovered in the first year = $-900,000 + $500,000 = $-400,000
Amount recovered in the second year = $-400,000 + $400,000 = 0
The amount invested in the project is recovered In the second year. So, the cash payback period is 2 years.
The net present value is the present value of after tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator:
Plant Expansion
Cash flow in year 0 = $-900,000
Cash flow in year 1 = $450,000
Cash flow in year 2 = $450,000
Cash flow in year 3 = $340,000
Cash flow in year 4 = $280,000
Cash flow in year 5 = $180,000
I = 15%
NPV = $304,707.24
Retail Store Expansion
Cash flow in year 0 = $-900,000
Cash flow in year 1 = $500,000
Cash flow in year 2 = $400,000
Cash flow in year 3 = $350,000
Cash flow in year 4 = $250,000
Cash flow in year 5 = $200,000
I = 15%
NPV = $309,744.42
To find the NPV using a financial calacutor:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
I hope my answer helps you
Spicewood Stables, Inc. was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new Assistant Controller. The following transactions for April are provided for your review.1. Received contributions from investors and issued $330,000 of common stock on April 1.2. Built a barn and other buildings for $165,000. On April 2, the company paid half the amount in cash on April 1 and signed a three-year note payable for the balance.3. Provided $24,900 in animal care services for customers on April 3, all on credit.4. Rented stables to customers who cared for their own animals; received cash of $11,500 on April 4.5. On April 5, received $3,900 cash from a customer to board her horse in May, June, and July (record as Unearned Revenue).6. Purchased hay and feed supplies on account on April 6 for $4,700.7. Paid $2,860 on accounts payable on April 7 for previous purchases.8. Received $1,240 from customers on April 8 on accounts receivable.9. On April 9, prepaid a two-year insurance policy for $5,700. for coverage starting in May.10. On April 28, paid $960 in cash for water utilities incurred in the month.11. Paid $15,800 in wages on April 29 for work done this month.12. Received an electric utility bill on April 30 for $1,940 for usage in April; the bill will be paid next month.1. Prepare the journal entry for each of the above transactions.
Answer:
1. Received contributions from investors and issued $330,000 of common stock on April 1.
Dr Cash 330,000
Cr Common stock 330,000
2. Built a barn and other buildings for $165,000. On April 2, the company paid half the amount in cash on April 1 and signed a three-year note payable for the balance.
Dr Barn and Buildings 165,000
Cr Cash 82,500
Cr Notes payable 82,500
3. Provided $24,900 in animal care services for customers on April 3, all on credit.
Dr Accounts receivable 24,900
Cr Service revenue 24,900
4. Rented stables to customers who cared for their own animals; received cash of $11,500 on April 4.
Dr Cash 11,500
Cr Rent revenue 11,500
5. On April 5, received $3,900 cash from a customer to board her horse in May, June, and July (record as Unearned Revenue).
Dr Cash 3,900
Cr Unearned revenue 3,900
6. Purchased hay and feed supplies on account on April 6 for $4,700.
Dr Supplies 4,700
Cr Accounts payable 4,700
7. Paid $2,860 on accounts payable on April 7 for previous purchases.
Dr Accounts payable 2,860
Cr Cash 2,860
8. Received $1,240 from customers on April 8 on accounts receivable.
Dr Cash 1,240
Cr Accounts receivable 1,240
9. On April 9, prepaid a two-year insurance policy for $5,700. for coverage starting in May.
Dr Prepaid insurance 5,700
Cr Cash 5,700
10. On April 28, paid $960 in cash for water utilities incurred in the month.
Dr Utilities expense 960
Cr Cash 960
11. Paid $15,800 in wages on April 29 for work done this month.
Dr Wages expense 15,800
Cr Cash 15,800
12. Received an electric utility bill on April 30 for $1,940 for usage in April; the bill will be paid next month.
Dr Utilities expense 1,940
Cr Accounts payable 1,940
A Journal entry is a systematic record of the transactions with the debit and credit columns, and it helps in identifying the transactions of a particular business in various heads and Accounting procedure starts from the journal entries.
Refer to the image given below for journal entries of the given transactions.
Various types of journal entries are:Purchase of goodsSale of goodsPayment of wagesPayment of insurance premiumReceiving of cashBad debts occurred, etc.Learn more about journal entries, refer:
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Your Competitive Intelligence team reports that a wave of product liability lawsuits is likely to cause Baldwin to pull the product Bat entirely off the market this year. Assume Baldwin scraps all capacity and inventory this round, completely writing off those assets and escrowing the proceeds to a settlement fund, and assume these lawsuits will have no effect on any other products of Baldwin or other companies. Without Baldwin's product Bat how much can the industry currently produce in the Core segment
Answer:
11550
Explanation:
The computation of industry current produced in the core segment is shown below:
As there are five companies in the core segment i.e Abby, Brat, Bat, Cent , and Clack
First, we have to compute the total production capacity which is
Companies Primary Segment Capacity Next Round
Abby Core 2150
Brat Core 1250
Bat Core 1500
Cent Core 1098
Clack Core 1027
Total Capacity 7025
Now
segment without Brat.
So,
Production Capacity
= 7025 - 1250
= 5775
Moreover, the company work in two shifts
So, the production capacity is
= 5775 × 2
= 11550
Federal Semiconductors issued 11% bonds, dated January 1, with a face amount of $800 million on January 1, 2021. The bonds sold for $739,814,813 and mature on December 31, 2040 (20 years). For bonds of similar risk and maturity the market yield was 12%. Interest is paid semiannually on June 30 and December 31. Federal determines interest at the effective rate. Federal elected the option to report these bonds at their fair value. On December 31, 2021, the fair value of the bonds was $730 million as determined by their market value in the over-the-counter market. Assume the fair value of the bonds on December 31, 2022 had risen to $736 million.
Required:
1. Prepare the journal entry to record their issuance by Federal on January 1, 2021.
2. Prepare the journal entry to record interest on June 30, 2021 (at the effective rate).
3. Prepare the journal entry to record interest on December 31, 2021 (at the effective rate).
4. At what amount will Federal report the bonds among its liabilities in the December 31, 2021, balance sheet?
Answer:
1. Prepare the journal entry to record their issuance by Federal on January 1, 2021.
Date Account title Debit ($) Credit ($)
Jan 1, 2021 Cash 739,814,813
Discount on bonds payable 60,185,187
Bonds payable 800,000,000
(To record issue of bonds)
2. Prepare the journal entry to record interest on June 30, 2021 (at the effective rate).
Date Account title Debit ($) Credit ($)
June 30, 2021 Interest expense 44,388,889
Discount on bonds payable 388,889
Cash 44,000,000
(To record payment of semi-annual interest)
3. Prepare the journal entry to record interest on December 31, 2021 (at the effective rate).
Date Account title Debit ($) Credit ($)
Dec 31, 2021 Interest expense 44,412,222
Discount on bonds payable 412,222
Cash 44,000,000
(To record payment of semi-annual interest)
4. The amount that Federal will report for the bonds among its liabilities in the December 31, 2021, balance sheet is $740,615,924
Explanation:
1. Discount on bonds payable = $800 million - $739,814,813 = $60,185,187
2. Cash paid = Face value × stated interest × interest time period
= $800,000,000 × 11% × 0.5
= $44,000,000
Interest expense = price of bonds × market interest rate × interest time period
= $739,814,813 × 12% × 0.5
= $44,388,889
Discount on bonds payable = $44,388,889 - $44,000,000 = $388,889
3. Cash paid = Face value × stated interest × interest time period
= $800,000,000 × 11% × 0.5
= $44,000,000
Interest expense = price of bonds × market interest rate × interest time period
= ($739,814,813 + $388,889) × 12% × 0.5
= $ 44,412,222
Discount on bonds payable = $44,412,222 - $44,000,000 = $412,222
4. Long term liabilities = Bonds payable + Discount on bonds payable June 30 + Discount on bonds payable December 31
= $739,814,813 + $388,889 + $412,222
= $740,615,924
Outline the steps that you would take to ensure a successful conversion from the existing call center system to the new EHR-compatible system. Defend your response. Who should be involved in the conversion planning and implementation
Answer:
I. The steps to be taken are:
Scoping the project: Every project must have a scope. That is a scope of what needs to be achieved. Engaging a conversion expert: One must look out for someone experienced and whose prices are affordable. It's best to seek out references before engaging a conversation specialist and if possible, background checks done as he or she will be handling very sensitive data.Execution of the Project: Usually, the first version of the project will have some bugs which will necessitate upgrades and updates. These updates and upgrades are part of the process.Collaborating with the Conversion Specialist: During projects of this nature, one will need to work with other professionals outside of ones normal workforce. This human to human interaction may look simple but is critical as the specialist cannot do his or her job if they are not guided by someone internal who knows the process very well.Testing, Validating, and IteratingAfter the old records have been installed onto the new EHR system, it will be time to see if it really works. At this stage, debugging is very frequent. What works will be noted and what doesn't is fixed. Then the system is tested all over again.
6. Ensure that Import and Extraction work as planned.
Extraction and Importation are key features of an efficient EHR system. Data needs to be imported into the database, and reports/ information need to be extracted at one point or the other.
7. Tidying up Work Flow
The EHR is built to ease the administration of patients. If there are any errors or inadequacies, it will be highlighted at this stage. The conversion specialist will be available to ensure that any correction in this regard is effected.
8. Launch: This simply means going live with the new system.
II Those who will be responsible for the conversion planning and implementation are:
1. Internal Staff. Depending on the organisation, Heads of teams and key members of staff whose opinions are valued and who understand the system and the big picture (in terms of what the strategic objective of the new system) will be on the conversion, planning and implementation team.
2. Conversion Specialist will also be required. This person most likely will be a third party and is very crucial to the project.
Cheers!
Burrito King (a new fast-food franchise opening up nationwide) has successfully automated burrito production for its drive-up fast-food establishments. The Burro-Master 9000 requires a constant 30 seconds to produce a batch of burritos. It has been estimated that customers will arrive at the drive-up window according to a Poisson distribution at an average of one every 45 seconds. To help determine the amount of space needed for the line at the drive-up window
A. What is the average line length (in cars)?
B. What is the average number of cars in the system (both in line and at the window)?
C. What is the expected average time in the system?
Answer:
(A)0.6600 (B) 1.325 (C) 0.997 or 1 minute
Explanation:
Solution
Given that:
The constant rate = 30 seconds
The arrival rate according to Poisson distribution is = 45 seconds
Now,
(A) We solve for the average length line of cars
The formula is given below:
Lq = λ²/ 2μ ( μ -λ)
Here,
λ = this is the mean time of arrival rate
μ = This is the mean service rate
Thus we compute for the mean time arrival rate which is given below:
The mean arrival rate λ = arrival rate/ 60 seconds
= 60/45
= 1.33 customer per minute
Then we solve for the means service rate which is given below
The mean service rate μ = 60 seconds/ mean rate
= 60/30 = 2 customer per minute
We will now solve for the average line length in cars which is shown below:
Lq = λ²/ 2μ ( μ -λ)
Lq = 1.33²/2*2 (2-1.33)
Lq = 1.7689/4 (0.67)
Lq = 1.7689/2.68
Lq = 0.6600
Therefore the average length in line for cars is 0.6600 cars
(B) We solve for the average number of cars in the system
Ls =Lq + λ /μ
Ls =0.600 + 1.33/2
Ls =0.6600 + 0.665
Ls = 1.325
(C) Finally we need to find the expected average time in the system which is shown below:
Ws = Ls/λ
Ws= 1.325/1.33 = 0.997 or 1.00
The expected time average in the system is 0.997 or 1.00 minutes.
(A) The average length in line for cars is 0.6600 cars
(B) Ls = 1.325
(C)The predicted time standard in the system is 0.997 or 1.00 minutes.
What is Average Time?The constant rate = 30 seconds
The arrival rate according to Poisson disbandment is = 45 seconds
(A) We solve for the average stature line of cars
The formula is given below:
Lq = λ²/ 2μ ( μ -λ)
Here,
λ = this is the meantime of arrival rate
μ = This is the mean service rate
Thus we compute for the meantime arrival rate which is given below:
The mean formation rate λ = arrival rate/ 60 seconds
= 60/45
= 1.33 customer per minute
Then we solve for the concessions service rate which is given below
The mean service rate μ = 60 seconds/ mean rate
= 60/30 = 2 consumer per minute
We will now solve for the average line length in cars which is shown below:
Lq = λ²/ 2μ ( μ -λ)
Lq = 1.33²/2*2 (2-1.33)
Lq = 1.7689/4 (0.67)
Lq = 1.7689/2.68
Lq = 0.6600
Hence the average length in line for cars is 0.6600 cars
(B) We solve for the average number of cars in the system
Ls =Lq + λ /μ
Ls =0.600 + 1.33/2
Ls =0.6600 + 0.665
Ls = 1.325
(C) Finally we need to find the anticipated average time in the system which is shown below:
Ws = Ls/λ
Ws= 1.325/1.33 = 0.997 or 1.00
The predicted time standard in the system is 0.997 or 1.00 minutes.
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On October 10, a company paid $36,000 to a supplier. Of that amount, $6,000 was for supplies received on October 10 and $30,000 was for supplies that were purchased on account during September. The journal entry to record the $36,000 payment would include a debit to:
Answer:
Debit to :
Supplies Inventory $6,000
Trade Payable $30,000
Explanation:
Here the $6,000 payment will increase the Assets of Supplies Inventories and decrease the Assets of Cash. The $30,000 payment will decrease the Liability - Trade Payable and decrease the Assets of Cash.
The Journal is provided as follows :
Supplies Inventory $6,000 (debit)
Trade Payable $30,000 (debit)
Cash $36,000 (credit)
