Answer:
Jim's Gross Income:
A. Car Repair $275
B. Option $0
Explanation:
Jim actually received the $275 car repair services from a club member and should include this sum in his gross income. However, since he did not actually receive the credit option of $150 for the local ski resort, because it expired, he should not include it in his gross income. The exchange was not complete since he did not benefit from the Ski Resort's free services.
A luxury bathtub manufacturer offered scented bubble bath foams and massage coupons as a gimmick when their bathtubs did not sell. Their bubble foam became famous among some women and led to a line of exclusive bath products for women. They established shops in various regional locations and roped in celebrities to market their products to enhance sales. Now its products are sold through retail outlets and online sites throughout the world. Which of the following is accurate?a. Roping in celebrities to market their products was an emergent strategy.b. Creating a sub-brand that offered exclusive bath products for women was an emergent strategy.c. Establishing shops in regional locations was an emergent strategy.d. Creating a worldwide presence through retail outlets and online sites was an emergent strategy.e. Offering scented bubble bath foams and massage coupons was an emergent strategy.
Answer:
Option B: Creating a sub-brand that offered exclusive bath products for women was an emergent strategy.
Explanation:
Which of the following provides the correct sequence in the marketing research process? 1. defining the problem, analyzing the situation, getting problem-specific data, interpreting the data, solving the problem 2. analyzing the situation, defining the problem, getting problem-specific data, interpreting the data, solving the problem 3. getting problem-specific data, interpreting the data, defining the problem, solving the problem, analyzing the situation 4. analyzing the situation, getting problem-specific data, interpreting the data, defining the problem, solving the problem 5. getting problem-specific data, interpreting the data, analyzing the situation, defining the problem, solving the problem
Answer:
Marketing Research Process
The correct sequence is:
1. defining the problem, analyzing the situation, getting problem-specific data, interpreting the data, solving the problem
Explanation:
A good market research process requires a clear definition of the research problem. This definition is required to focus the research efforts on the identified problem.
Secondly, the situation must be analyzed to enable the development of a good marketing plan, which is the fulcrum of the research.
The third stage is the collection of relevant data that are problem-specific because only relevant data can solve the research questions.
At the fourth stage, the carefully selected and collected data are then analyzed and interpreted in order to create understanding of the issues and help point to solutions based on findings.
Finally, the need to put the identified solutions into action becomes imperative. Information discovered during the research must be put into action to resolve the problem.
Toyota has been working alongside us for years, but we just heard the bad news: they’re not renewing our electric vehicle (EV) collaboration when the current project is completed. Their research and development (R&D) team feels that they’ve finally caught up, and they’re going to start using their own EV components in their cars—even though the range is less than ours, the components are less expensive.This represents an example of which of the following competitive forces?a. Bargaining power of suppliersb. Bargaining power of buyers (customers)
Answer:
The right approach is Option a (Bargaining power of suppliers).
Explanation:
The concept is such an industry influences the buyer's business climate and determines the potential including its buyer to attain profitability.The meaning is basically how very much jurisdiction a single provider has. By supplier, I represent the industries that create the manufactured goods that even the sellers refine into the finished product to something like the sellers throughout the business. If there are several suppliers during the sector because each supplier is indeed very poor.You have 24 cups of milk.
You need 1.25 cups to make one serving of deep-fried chicken.
How many servings can you make? Whole servings only - round down
rather than using partial servings.
Answer:
to make a servings of roast beef gravy.
Answer:
19.2 serving
Explanation:
Because if you have 24 cups of milk and need 1.25 cups to make 1 serving we would have to divide.
24 cups of milk - 1.25 cups of milk per serving = 19.2
Cortez Company is planning to introduce a new product that will sell for $96 per unit. The following manufacturing cost estimates have been made on 20,000 units to be produced the first year: Direct materials $ 800,000 Direct labor 640,000 (= $16 per hour × 40,000 hours) Manufacturing overhead costs have not yet been estimated for the new product, but monthly data on total production and overhead costs for the past 24 months have been analyzed using simple linear regression. The following results were derived from the simple regression and provide the basis for overhead cost estimates for the new product. Simple Regression Analysis Results Dependent variable—Factory overhead costs Independent variable—Direct labor-hours Computed values Intercept $ 120,000 Coefficient on independent variable $ 5.00 Coefficient of correlation 0.921 R2 0.848 Required: a. What percentage of the variation in overhead costs is explained by the independent variable? 92.10% 45.00% 84.80% 8.48% None of the above
Answer:
84.80%
Explanation:
According to the given situation, the computation of the percentage of the variation is shown below:-
The Percentage of the variation is
= R^2 × Percentage
= 0.848 × 100
= 84.80%
Therefore for computing the percentage of the variation we simply applied the above formula.
hence, the percentage of variation is 84.80%
The City of Waterville applied for a grant from the state government to build a pedestrian bridge over the river inside the city’s park. On May 1, the city was notified that it had been awarded a grant of up to $200,000 for the project. The state will provide re-imbursement for allowable expenditures. On May 5, the special revenue fund entered into a short-term loan with the General Fund for $200,000 so it could start bridge construction. During the year, the special revenue fund expended $165,000 for allowable bridge construction costs, for which it submitted documentation to the state. Re-imbursement was received from the state on December 13.
Required:
For the special revenue fund, provide the appropriate journal entries, if any, that would be made for the following. (Assume the city has a fiscal year-end of December 31).
1. May 1, 2017, notification of grant approval.
2. May 5, 2017, loan from General Fund.
3. During FY 2017, bridge expenditures and submission of re-imbursement documentation.
4. December 13, 2017, receipt of the grant re-imbursement funds.
5. December 31, 2017, adjusting and closing entries.
Answer and Explanation:
The Journal entries are shown below:-
1. No Journal entry is required as the eligibility should be completed before recognition.
2. Cash Dr, $200,000
To Inter fund Loans Payable-Current $200,000
(Being cash is recorded)
3. Expenditure Dr, $165,000
To Voucher Payable $165,000
(Being expenses is recorded)
Due from State Government Dr, $165,000
To Revenues $165,000
(Being revenues is recorded)
4. Cash Dr, $165,000
To Due from State Government $165,000
(Being cash is recorded)
5. Revenues Dr, $165,000
To Expenditure $165,000
(Being revenue is recorded)
No Other entry will made as the balance of $35,000 eligibility is not fulfilled.
NU YU announced today that it will begin paying annual dividends. The first dividend will be paid next year in the amount of $.53 a share. The following dividends will be $.58, $.73, and $1.03 a share annually for the following three years, respectively. After that, dividends are projected to increase by 3.6 percent per year. How much are you willing to pay today to buy one share of this stock if your desired rate of return is 10 percent? Multiple Choice $16.67 $17.27 $3.40 $17.20 $13.60
Answer:
The current stock price is $13.60
Explanation:
D1 = $0.53
D2 = $0.58
D3 = $0.73
D4 = $1.03
Growth rate, g = 3.60%
Required return, r = 10.00%
D5 = D4 * (1 + g)
D5 = $1.03 * 1.036
D5 = $1.06708
P4 = D5 / (r - g)
P4 = $1.06708 / (0.10 - 0.036)
P4 = $16.673125
P0 = $0.53/1.10 + $0.58/1.10^2 + $0.73/1.10^3 + $1.03/1.10^4 + $16.673125/1.10^4
P0 = $13.60
So, current stock price is $13.60
Eric is an inventory manager at a garment manufacturing firm. How should he plan the ordering of inventory? A. He should order less inventory to save on inventory storage cost and ordering cost. B. He should order the exact inventory by forecasting demand. C. He should order excess inventory without calculating the requirement. D. He should order inventory as the requirement arises and avoid planning inventory storage.
Answer:
B
Explanation:
i just took the test and got it correct
B. He should order the exact inventory by forecasting demand.
Explanation:
PLATOAnswer:
Payback period computation; even cash flows LO P1
Compute the payback period for each of these two separate investments:
a. A new operating system for an existing machine is expected to cost $520,000 and have a useful life of six years. The system yields an incremental after-tax income of $150,000 each year after deducting its straight-line depreciation. The predicted salvage value of the system is $10,000.
b. A machine costs $380,000, has a $20,000 salvage value, is expected to last eight years, and will generate an after-tax income of $60,000 per year after straight-line depreciation.
Payback period
Choose Numerator: / Choose Denominator: = Payback period
/ = Payback period
a. =
b. =
Answer:
$520,000 / $235,000 = 2.2 years
$380,000 / $105,000 = 3.6 years
Explanation:
Payback period calculates how long it takes to recover the amount invested in a project from its cumulative cash flows
Payback period = amount invested / cash flow
Cash flow = net income + depreciation expense
Depreciation expense using the straight line depreciation expense = (cost of asset - salvage value) / number of years
A. ($520,000 - $10,000) / 6 = $85,000
cash flow = $150,000 + $85,000 = $235,000
$520,000 / $235,000 = 2.2 years
B. ($380,000 - $20,000) / 8 = $45,000
$45,000 + $60,000 = $105,000
$380,000 / $105,000 = 3.6 years
Jason sell appliances at Best Buy. He earns 12% on his total sales for the
week. Last week he made $690.48, what were his total sales for the week?
$3246.38
$1380.96
$5754
$7234.98
Answer:
$5754
Explanation:
Jason earns a 12% commission on total sales.
If he earned $690.48 last week, it means that 690.48 was equivalent to 12% of total sales.
i.e., 690.48 = 12% of total sales
Total sales = 100%
If 12% = 690.48
100% =690.48/12 x 100
=57.54 x 100
=$ 5,754
I. Journalize the following transactions: 1. Madison Co. purchased $225,500 of raw materials on account. 2. Actual manufacturing overhead costs include: a. Utilities : $2,800 b. Depreciation on equipment: $12,650 c. Repairs on account: $3,200 d. Rent paid, $6,000 e. Insurance (prepaid policy): $3,350 3. Madison Co. issued $75,500 of material to Process A. 4. Assigned $18,000 is factory labor, of which $12,000 is indirect labor 5. Manufacturing Overhead costs are applied at 82% of material issued 6. Balance in WIP – A is transferred to Process –B 7. $51,000 of material is issued to Process – B 8. Assigned $22,000 of factory labor, of which $15,000 is indirect labor 9. Manufacturing overhead costs are applied to Process B at a rate of 62.5% of material issued (to process B) 10. Actual manufacturing overhead costs paid totaled $39,500; manufacturing overhead costs charged to accounts payable totaled $1,500 11. Balance of Process B is transferred to Finished Goods 12. The cost transferred to finished goods included 62,500 units. Calculate the cost per unit (round to hundredths); Madison Co. sold 13,250 units for $79,000 cash; they sold 4,125 units for $24,500 on account 13. Determine over or under-applied manufacturing overhead and prepare adjusting entry.
Answer and Explanation:
Dr raw materials 225000
Cr accounts payable 225000
Dr wages 40000
Cr materials 40000
Dr manufacturing overhead 28000
Cr cash 2800
Cr accumulated depreciation 12650
Cr rent 3200
Cr repairs 6000
Cr prepaid insurance 3350
Work in progress A Dr 75500
Raw material Cr 75500
Work in progress A Dr 6000
Manufacturing overhead Dr 12000
Wages Cr 18000
Work in progress A Dr 61910
Manufacturing overhead cr 61910
cash dr 79500
account receivable dr 24500
Sales cr 104000
cost of goods Dr 64853
Finished goods Cr 64853
Manufacturing overhead Dr 9785
Cost of goods sold Cr 9785
Note
Work in progress A to overhead calculated 82% of 79500=61910
Following is information on an investment considered by Hudson Co. The investment has zero salvage value. The company requires a 12% return from its investments. (FV of $1, PV of $1, FVA of $1 and PVA of $1). (Use appropriate factor(s) from the tables provided. Round all present value factors to 4 decimal places.)
Investment A1
Initial investment $(350,000)
Expected net cash flows in the year (excluding salvage value):
1 $130,000
2 $136,000
3 $123,000
Required:
Compute these investment's net present value.
Net Cash Flows Present Value of 1 Present Value of Net Cash Flows
Year1
Year 2 0.7972
Year 3
Totals $0 $0
Amount invested
Net present value $0
Answer:
-$37,952.40
Explanation:
The computation of the net present value is shown below:
Particulars Cash flows Discount factor at 12% Present value
Year 1 $130,000 0.8929 $116,077
Year 2 $136,000 0.7972 $108,419.20
Year 3 $123,000 0.7118 $87,551.40
Amount
invested ($350,000) 1 ($350,000)
Net present value -$37,952.40
Wally Company makes dog beds. Last year Wally incurred the following costs related to quality control. What is Wally Company's cost of quality for internal failures? 1. Repairs for dog beds under warranty 2,127 2. Seamstress training 822 3. Wages of part-time inspector of products 1,314 4. Cost of replacements given to customers for defective dog beds 1,460 5. Product liability insurance 3,931 6. Inspection of sewing machines as part of routine maintenance 3,295 7. Inspection of fabric and thread for defects 1,661 8. Repairing defective dog beds prior to sale 1,651
Answer: $1,651
Explanation:
The only cost for Internal failure is Repairing the dog beds prior to sale which is $1,651.
The other costs are classified as;
Repairs for dog beds under warranty - External failure cost Seamstress training. - Prevention cost Wages of part-time inspector of products - Appraisal costCost of replacements given to customers for defective dog beds - External failure cost Product liability insurance - External failure costInspection of sewing machines as part of routine maintenance -Appraisal costInspection of fabric and thread for defects - Appraisal costWally Company's cost of quality for internal failures is $1,651
Calculation of the cost of quality for internal failure:= repairing defective dog
= $1,651
We know that
Repairs for dog beds under warranty - External failure cost
Seamstress training. - Prevention cost
Wages of part-time inspector of products - Appraisal cost
Cost of replacements given to customers for defective dog beds - External failure cost
Product liability insurance - External failure cost
Inspection of sewing machines as part of routine maintenance -Appraisal cost
Inspection of fabric and thread for defects - Appraisal cost
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Which of the following statements about normal costing is not true? Group of answer choices Manufacturing overhead is allocated using budgeted rate and actual cost allocation base used. Direct costs and indirect costs are traced using an actual rate. Direct costs are traced using an actual rate, and indirect costs are allocated using a budgeted rate. Manufacturing overhead is allocated using budgeted rate and budgeted cost allocation base. Direct costs and indirect costs are traced using budgeted rates. Direct costs are traced using a budgeted rate, and indirect costs are allocated using an actual rate.
Answer:
Direct costs are traced using an actual rate, and indirect costs are allocated using a budgeted rate
Explanation:
Normal costing refers to the actual cost of direct materials, direct labor, and manufacturing overhead applied. This cost is calculated by using a predetermined annual overhead rate.
Direct costs are expenses involved in producing goods or providing services and indirect costs are general expenses that are involved in operating.
The statement about normal costing which is not true is ''Direct costs are traced using an actual rate, and indirect costs are allocated using a budgeted rate''
Blossom Corporation had income from continuing operations of $10,895,300 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $194,400. Prior to disposal, the division operated at a loss of $321,800 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Blossom had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Blossom beginning with income from continuing operations. (Round earnings per share to 2 decimal places, eg. 1.48.)
BLOSSOM CORPORATION
Income Statement (Partial) $
Answer and Explanation:
The preparation of the partial income statement is presented below:
Blossom Corporation
Income Statement (Partial)
For the Year 2020
Particulars Amount (in $)
Income from continuing operations 10,895,300
Income from discontinued operations:
Less:
Loss from disposal of Restaurant net of tax -194,400
Loss from the operation of discontinued -321,800
Total expense -516,200
Net income 10,379,100
Earning per share
Income from continued operations (10,895,300 ÷10,000,000) $1.09
Loss from discontinued operations (516,200 ÷ 10,000,000) ($0.05)
Earning per share $1.04
Which comment is someone who has a conventional personality type likely to make?
"Don't tell me, show me."
"Just do it."
O "How can I help?"
"Status is important to me."
O " express myself, therefore I am."
Answer:
"how can i help"
Explanation:
customer service
Kalani is an account executive with a medical device company that sells sophisticated camera equipment used in surgical procedures such as knee and hip surgery. Therefore, she primarily works with orthopedic surgeons and hospital surgical departments to promote her company's products. Kalani's territory includes five counties in the southwestern part of Tennessee. Kalani can easily visit each customer account once a month to maintain contact. What is the primary difference between business markets and the consumer markets described by Kalani's customer accounts
Answer:
The key difference throughout the particular circumstance is defined throughout the subsection following.
Explanation:
Fewer clients than consumer businesses have been composed of corporate sectors. Since consumers throughout the business community are only found throughout hospitals for treatment, they have become less frequent, whereas consumers mostly in the commercial market include customers across the world, unlike pharmacies where there would be some very buyers.Innovative Consulting has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.
Transactions
Mar. 1 Paid rent for the month, $4,000.
3 Paid advertising expense, $1,350.
5 Paid cash for supplies, $1,800.
6 Purchased office equipment on account, $11,500.
10 Received cash from customers on account, $8,600.
15 Paid creditor on account, $3,180.
27 Paid cash for miscellaneous expenses, $700.
30 Paid telephone bill for the month, $550.
31 Fees earned and billed to customers for the month, $37,200.
31 Paid electricity bill for the month, $830.
31 Paid dividends, $2,000.
Journalize the preceding selected transactions for March 2018 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
Zenith Consulting Co.
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Office Equipment
LIABILITIES
21 Accounts Payable
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Fees Earned
EXPENSES
51 Rent Expense
52 Advertising Expense
53 Utilities Expense
54 Miscellaneous Expense
Answer:
Innovative ConsultingGeneral JournalDate Account Details Debit Credit
Mar. 1 51 Rent Expense $4,000
11 Cash $4,000
To record the payment for rent for the month.
Mar. 3 52 Advertising Expense $1,350
11 Cash $1,350
To record the payment for advertising expense.
Mar. 5 13 Supplies $1,800
11 Cash $1,800
To record the payment for supplies.
Mar. 6 14 Office Equipment $11,500
21 Accounts Payable $11,500
To record the purchase of office equipment on account.
Mar. 10 11 Cash $8,600
12 Accounts Receivable $8,600
To record the receipt of cash from customers.
Mar. 15 21 Accounts Payable $3,180
11 Cash $3,180
To record the payment of creditor on account.
Mar. 27 54 Miscellaneous Expense $700
11 Cash $700
To record the payment of Miscellaneous expense.
Mar. 30 53 Utilities Expense $550
11 Cash $550
To record the payment of telephone bill.
Mar. 31 2 Accounts Receivable $37,200
41 Fees Earned $37,200
To record fees earned and billed to customers for the month.
Mar. 31 53 Utilities Expense $830
11 Cash $830
To record the payment of electricity bill.
Mar. 31 33 Dividends $2,000
11 Cash $2,000
To record the payment of dividends to shareholders.
Explanation:
Innovative Consulting records business transactions as they occur on a daily basis in the general journal. Journal entries are the first set of records in the accounting books. They identify the accounts to be debited and the accounts to be credited in the general ledger.
Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $550 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, n/30. Exercise 7-5 (Algo) Part - 1 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used.
Answer:
1. November 17
Accounts receivable 77,000
Sales revenue 77,000
November 26
Dr Cash 74,690
Dr Sales Discounts 2,310
Cr Accounts receivable 77,000
2. November 17
Dr Accounts receivable 77,000
Cr Sales revenue 77,000
December 15
Dr Cash 77,000
Cr Accounts receivable 77,000
Explanation:
1. Preparation of the journal entries to record the sale on November 17 and collection on November 26, 2021
November 17
Accounts receivable 77,000
Sales revenue 77,000
[Price = 200 units * $550 *(100%-30%) = 77,000]
November 26
Dr Cash 74,690
(77,000-2,310)
Dr Sales Discounts 2,310
(77,000*3%)
Cr Accounts receivable 77,000
2.Preparation of the journal entries to record the sale on November 17 and collection on December 15, 2021,
November 17
Dr Accounts receivable 77,000
Cr Sales revenue 77,000
[Price = 200 units * $550 *(100%-30%) = 77,000]
December 15
Dr Cash 77,000
Cr Accounts receivable 77,000
The Accounts receivable is 77,0001. A journal is a thorough account that documents all of a company's financial activities. It is used for account reconciliation in the future and for the transfer of data to other formal accounting records, including the general ledger.
The journal entries are provided below:
November 17
Accounts receivable 77,000
Sales revenue 77,000
November 26
Dr. Cash 74,690
Dr. Sales Discounts 2,310
Cr Accounts receivable 77,000
2. November 17
Dr. Accounts receivable 77,000
Cr Sales revenue 77,000
December 15
Dr. Cash 77,000
Cr Accounts receivable 77,000
1. Preparation of the journal entries to record the sale on November 17 and collection on November 26, 2021
November 17
Accounts receivable 77,000
Sales revenue 77,000
[Price = 200 units * $550 *(100%-30%) = 77,000]
November 26
Dr. Cash 74,690
(77,000-2,310)
Dr. Sales Discounts 2,310
(77,000*3%)
Cr Accounts receivable 77,000
2. Preparation of the journal entries to record the sale on November 17 and collection on December 15, 2021,
November 17
Dr. Accounts receivable 77,000
Cr Sales revenue 77,000
[Price = 200 units * $550 *(100%-30%) = 77,000]
December 15
Dr. Cash 77,000
Cr Accounts receivable 77,000.
A journal often uses the double-entry accounting approach and includes the date of a transaction, the accounts that were impacted, and the sums.
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Shirine has been debating between two career pathways in finance. She creates a Venn diagram to compare the two careers. In a Venn diagram, the separate circles contain characteristics unique to each item being compared and the intersection contains characteristics that are common to both items being compared. This is the Venn diagram that Shirine creates:
Which accurately labels the titles in Shirine's diagram?
A) Title 1 should be Investment Career Pathway, and Title 2 should be Banking Career Pathway
B) Title 1 should be Banking Career Pathway, and Title 2 should be Investment Career Pathway
C) Title 1 should be Banking Career Pathway, and Title 2 should be Financial Career Pathway
D) Title 1 should be Financial Management Career Pathway, and Title 2 should be Investment Career Pathway
Answer:
Explanation:
The answer is C.Title 1 should be Banking Career Pathway, and Title 2 should be financial management Career Pathway.
Answer:
C
Explanation:
Just did the test like 20 minutes ago
Problem 5.4A Preparing a worksheet and financial statements, journalizing adjusting entries, and posting to ledger accounts. LO 5-1, 5-2, 5-3, 5-4, 5-5 Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2019, the first month of operations, is shown below. End-of-the-month adjustments must account for the following items: Supplies were purchased on January 1, 2019; inventory of supplies on January 31, 2019, is $1,600. The prepaid advertising contract was signed on January 1, 2019, and covers a four-month period. Rent of $2,100 expired during the month. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value. Required: Complete the worksheet for the month. Prepare an income statement, statement of owner’s equity, and balance sheet. No additional investments were made by the owner during the month. Journalize and post the adjusting entries. Analyze: If the adjusting entries had not been made for the month, would net income be overstated or understated?
Answer:
Since so much information is missing, i looked for similar questions.
Adjusting entries should be:
Dr Supplies expense 6,950
Cr Supplies 6,950
Dr Advertising expense 2,500
Cr Prepaid advertising 2,500
Dr Rent expense 2,100
Cr Prepaid rent 2,100
Dr Depreciation expense 220
Cr Accumulated depreciation, equipment 220
The adjusted trial balance:
debit credit
Cash 35,900
Accounts receivables 13,000
Supplies 1,600
Prepaid advertising 7,500
Prepaid rent 19,500
Equipment 26,400
Accumulated dep. 220
Accounts payable 15,950
Paula Judge, capital 60,400
Paula Judge, drawings 7,400
Fees income 58,200
Advertising expense 2,500
Depreciation expense 220
Rent expense 2,100
Salaries expense 10,100
Supplies expense 6,950
Utilities expense 1,600
Totals $134,770 $134,770
Judge Creative Designs
Income Statement
For the month ended January 31, 2019
Revenues $58,200
Operating expenses:
Advertising expense $2,500Depreciation expense $220Rent expense $2,100Salaries expense $10,100Supplies expense $6,950Utilities expense $1,600 $23,470Net income $34,730
Judge Creative Designs
Statement of Owner's Equity
For the month ended January 31, 2019
Paula Judge, capital beginning balance $60,400
Net income $34,730
Subtotal $95,130
Drawings ($7,400)
Paula Judge, capital January 31, 2019 $87,730
Judge Creative Designs
Balance Sheet
For the month ended January 31, 2019
Assets:
Cash $35,900
Accounts receivables $13,000
Supplies $1,600
Prepaid advertising $7,500
Prepaid rent $19,500
Equipment, net $26,180
Total assets $103,680
Liabilities:
Accounts payable $15,950
Equity:
Paula Judge, capital $87,730
Total liabilities and equity $103,680
If the adjusting entries had not been made, net income would have been overstated.
what is agriculture
Answer:
when you grow plants and food by yourself; farms
Agriculture is the process of producing food, feed, fiber and many other desired products by the cultivation of certain plants and the raising of domesticated animals (livestock).
Variable Costing—Sales Exceed Production The beginning inventory is 14,500 units. All of the units that were manufactured during the period and 14,500 units of the beginning inventory were sold. The beginning inventory fixed manufacturing costs are $60 per unit, and variable manufacturing costs are $114 per unit. a. Determine whether variable costing income from operations is less than or greater than absorption costing income from operations. b. Determine the difference in variable costing and absorption costing income from operations. $
Answer:
a. Variable costing income from operations is greater than absorption costing income from operations.
b. $870,000
Explanation:
a. Under Variable costing, only the variable manufacturing costs are apportioned to the units produced.
Cost under Variable costing are;
= 114 * 14,500
= $1,653,000
Under Absorption Costing, both fixed and variable costs are apportioned to the units produced.
Cost therefore is;
= (114 + 60) * 14,500
= $2,523,000
Variable costing income from operations is greater than absorption costing income from operations because Absorption costs yields more cost.
b.= Absorption cost - Variable cost
= 2,523,000 - 1,653,000
= $870,000
Variable costing income from operation will be $870,000 higher than Absorption costing income from operations.
At peak times, your restaurant serves 50 meals per hour that require a grill. Two meals can be on the grill at once and the average meal requires 6 minutes on the grill. How many grills do you need? ANSWER 3
Answer:3 grills
Explanation: Each grill can cook 20 meals in an hour so 3 grills is needed, the restaurant could cook 60 meals in one hour
Foyle Architects incorporated as licensed architects on April 1, 2014. During the first month of the operation of the business, these events and transactions occurred:
Apr. 1 Stockholders invested $21,341 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $445 per week, payable monthly.
2 Paid office rent for the month $1,067.
3 Purchased architectural supplies on account from Burlington Company $1,541.
10 Completed blueprints on a carport and billed client $2,253 for services.
11 Received $830 cash advance from J. Madison to design a new home.
20 Received $3,320 cash for services completed and delivered to M. Svetlana.
30 Paid secretary-receptionist for the month $1,780.
30 Paid $356 to Burlington Company for accounts payable due.
1.) Journalize the transactions. (If no entry is required, indicate "No entry". Record journal entries in the order presented in the problem.)
2.) Post to the ledger T-accounts. (Post entries in the order of journal entries presented in the question.)
3.) Prepare a trial balance on April 30, 201
Answer:
1)
April 1 Stockholders invested $21,341 cash in exchange for common stock of the corporation.
Dr cash 21,341
Cr common stock 21,341
April 1 Hired a secretary-receptionist at a salary of $445 per week, payable monthly.
no journal entry required
April 2 Paid office rent for the month $1,067.
Dr rent expense 1,067
Cr cash 1.067
April 3 Purchased architectural supplies on account from Burlington Company $1,541.
Dr supplies 1,541
Cr accounts payable 1,541
April 10 Completed blueprints on a carport and billed client $2,253 for services.
Dr accounts receivable 2,253
Cr service revenue 2,253
April 11 Received $830 cash advance from J. Madison to design a new home.
Dr cash 830
Cr unearned revenue 830
April 20 Received $3,320 cash for services completed and delivered to M. Svetlana.
Dr cash 3,320
Cr service revenue 3,320
April 30 Paid secretary-receptionist for the month $1,780.
Dr wages expense 1,780
Cr cash 1,780
April 30 Paid $356 to Burlington Company for accounts payable due.
Dr accounts payable 356
Cr cash 356
2)
Cash
debit credit
21,341
1.067
830
3,320
1,780
356
22,288
accounts receivable
debit credit
2,253
supplies
debit credit
1,541
accounts payable
debit credit
1,541
356
1,185
unearned revenue
debit credit
830
common stock
debit credit
21,341
service revenue
debit credit
2,253
3,320
5,573
rent expense
debit credit
1,067
wages expense
debit credit
1,780
3) debit credit
cash $22,288
accounts receivable $2,253
supplies $1,541
accounts payable $1,185
unearned revenue $830
common stock $21,341
service revenue $5,573
rent expense $1,067
wages expense $1,780
totals $28,929 $28,929
2. An electronics manufacturing firm is currently manufacturing resistors that have a variable cost of $0.50 per unit and a selling price of $1.00 per unit. Fixed costs are $100,000. Current volume is 300,000 units. The firm can substantially improve the product quality by adding a new piece of equipment at an additional fixed cost of $60,000. Variable cost would increase to $0.60, but volume should jump to 500,000 units due to the higher-quality product. a. Should the firm buy the new equipment? b. What is the minimum price the company would have to charge in order for the new equipment to be worth purchasing (assuming the higher or lower price doesn’t affect the 500,000 unit volume)?
Answer:
a. Should the firm buy the new equipment?
no, because operating profit will decreaseb. What is the minimum price the company would have to charge in order for the new equipment to be worth purchasing (assuming the higher or lower price doesn’t affect the 500,000 unit volume)?
$1.02 per unitExplanation:
contribution margin per unit = $0.50
total units sold = 300,000
fixed costs = $100,000
operating income = (300,000 x $0.50) - $100,000 = $50,000
if the firm improves the quality of their products:
contribution margin per unit = $0.40
total units sold = 500,000
fixed costs = $160,000
operating income = (500,000 x $0.40) - $160,000 = $40,000
if you want to keep operating income at $50,000 then minimum sales price should be:
500,000 = $210,000 / contribution margin
contribution margin = $210,000 / 500,000 = $0.42
sales price = contribution margin + variable costs = $0.42 + $0.60 = $1.02 per unit
On January 1, 2021, Kat Corp. granted an employee an option to purchase 60,000 shares of Kat's $5 par common stock at $20 per share. The options became exercisable on December 31, 2022, after the employee completed two years of service. The option was exercised on January 10, 2023. The market prices of Kat's stock were as follows: January 1, 2021, $30; December 31, 2022, $50; and January 10, 2023, $45. An option pricing model estimated the value of the options at $8 each on the grant date. For 2021, Kat should recognize compensation expense of: a. $ 0. b. $ 240,000. c. $ 300,000. d. $ 600,000
Answer:
b. $ 240,000
Explanation:
Calculation for what Kat should recognize as compensation expenses
Using this formula
Compensation expenses= (Purchase shares ×Value of options)/ Years of Service
Let plug in the formula
Compensation expenses=(60,000 shares
x $8 per option) / 2 years of service
Compensation expenses=480,00/2 years of service
Compensation expenses= = 240,000
Therefore what Kat should recognize as compensation expenses is 240,000
As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for accumulation of costs, revenues, and expenses. In July, the accounts payable clerk has asked you to open an account named New Expenses. You know that an account name should be specific and well defined. You feel that the A/P clerk might want to charge some expenses to that account that would not be appropriate. Why do you think the A/P clerk needs this New Expenses account
Answer:
There are a number of reasons, the A/P clerk could want this New Expenses account to be opened with some of them being suspicious and some of them being out of a lack of knowledge.
Assuming it is the latter (no need to be suspicious, yet), the A/P might not know that expenses accounts should be specific and well defined and so just assumed that New Expenses would serve them well.
You should explain to them how the naming of accounts is done and ask them for the Source document so you can see what name to give the new account.
If the A/P is being uncooperative, it is time to be suspicious and to clarify the issue with the superior of the clerk so as to avoid any issues with the company's books.
It's important to explain to the accounts payable clerk that the account title is inappropriate and therefore needs to be specific with the name.
If the accounts payable clerk doesn't understand, he should be told to show the source document for the expenses incurred like a check, invoice, etc so that the proper name of the account can be decided.
There isn't any reason to be suspicious because the clerk doesn't understand much about accounting. In a situation where he still insists on the account name, then the information should be reported to higher authorities.
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Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $98,000. b. Direct materials used in production, $41,500. Indirect materials used in production, $18,800. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $8,125. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $63,000. g1. Jobs that had a cost of $63,000 were sold. g2. Sold jobs on account for $90,000.
Answer and Explanation:
The Journal entries are prepared below:-
a. Raw materials inventory Dr, $98,000
To Accounts payable $98,000
(Being raw material is purchased on the account is recorded)
b. Work in process inventory Dr, 41,500
To Raw materials inventory $41,500
(Being direct material used is recorded)
Factory overhead Dr, 18,800
To Raw materials inventory $18,800
(Being indirect material used is recorded)
c. Work in process inventory Dr, $45,000
Factory overhead Dr, $33,000
To Cash $78,000
(Being cash paid is recorded)
d. Factory overhead Dr, $8,125
To Cash $8,125
(Being cash paid is recorded)
e. Work in process inventory Dr, $56,250 (45,000 × 125% )
To Factory overhead $56,250
(Being overhead is recorded)
f. Finished goods inventory Dr, $63,000
To Work in process inventory $63,000
(Being transferred cost is recorded)
g, Cost of goods sold Dr, $63,000
To Finished goods inventory $63,000
(Being cost of goods sold is recorded)
Accounts receivable Dr, $90,000
To Sales $90,000
(Being sales value is recorded)
During 2020, Stellar Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Stellar for a lump sum of $137,655 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type No. of Chairs Estimated Selling Price Each Lounge chairs 920 $90 Armchairs 690 80 Straight chairs 1,610 50 During 2020, Stellar sells 460 lounge chairs, 230 armchairs, and 276 straight chairs. What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.) Gross profit realized during 2020 $enter a dollar amount 27,232 Amount of inventory of unsold straight chairs $enter a dollar amount 42,021
Answer:
What is the amount of gross profit realized during 2020?
(460 x $33.30) + (230 x $29.60) + (276 x $18.50) = $27,232
What is the amount of inventory of unsold straight chairs on December 31, 2020?
[(920 - 460) x $56.70] + [(690 - 230) x $50.40] + [(1,610 - 276) x $31.50] = $26,082 + $23,184 + $42,021 = $91,287
Explanation:
lump sum cost of chairs = $137,655
Type Chairs Selling Price Each Total
Lounge chairs 920 $90 $82,800
Armchairs 690 $80 $55,20
Straight chairs 1,610 $50 $80,500
total 3,220 $218,500
if we allocate costs based on resale, then each chair should cost:
Lounge chairs $90 x ($137,655 / $218,500) = $56.70
Armchairs $80 x ($137,655 / $218,500) = $50.40
Straight chairs $50 x ($137,655 / $218,500) = $31.50
contribution margin per chair:
Lounge chairs $90 - $56.70 = $33.30
Armchairs $80 - $50.40 = $29.60
Straight chairs $50 - $31.50 = $18.50
