Kingbird Windows manufactures and sells custom storm windows for three-season porches. Kingbird also provides installation service for the windows The installation process does not involve changes in the windows, so this service can be performed by other vendors. Kingbird enters into the following contract on July 1, 2017, with a local homeowner.
The customer purchases windows for a price of $2,470 and chooses Kingbird to do the installation. Kingbird charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $580. The customer pays Kingbird $1,940 (which equals the standalone selling price of the windows, which have a cost of $1,050) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2017, Kingbird completes installation on October 15, 2017, and the customer pays the balance due.
Prepare the journal entries for Kingbird in 2017.

Answer:

Kingbird Windows

July 1, 2017:

Debit Cash Account $1,940

Credit Unearned Sales Revenue $1,940

To record the receipt of cash from customer.

Sept. 1, 2017:

Debit Unearned Sales Revenue $1,940

Credit Sales Revenue $1,940

To record the sale of windows.

Debit Inventory $1,050

Credit Cost of Goods Sold $1,050

To record the cost of goods sold.

Oct. 15, 2017:

Debit Cash Account $530

Credit Service Revenue $530

To record the service revenue earned for installation of windows.

Explanation:

Since Kingbird's selling price equals $1,940, which the customer pays in advance, this amount is taken as the sales revenue.  Though the stand-alone price of installation is estimated to be $580, only $530 is recorded as revenue for installation because the $580 remains an estimate of a stand-alone item.

On January 1, Year 1, the City Taxi Company purchased a new taxi cab for $39,000. The cab has an expected salvage value of $4,000. The company estimates that the cab will be driven 200,000 miles over its life. It uses the units-of-production method to determine depreciation expense. The cab was driven 48,000 miles the first year and 51,000 the second year. What would be the depreciation expense reported on the Year 2 income statement and the book value of the taxi, respectively, at the end of Year 2

arret Company has provided the following selected information for the year ended December 31, 2019: Cash collected from customers was $783,000. Cash received from stockholders in exchange for common stock totaled $91,000. Cash paid to suppliers was $361,000. Cash paid to employees was $204,000. Cash to stockholders for dividends was $33,000. Cash received from sale of a building was $250,000. Cash paid for store rent was $39,000. Cash received for interest and dividends was $7,000. Cash paid for income taxes was $55,000. Based on the selected information provided, how much was Garret's cash flow from operating activities?

Identify which of the following accounts should be closed with a debit or a credit to Retained Earnings at the end of the fiscal year. If it is not closed to Retained Earnings , mark as N/A. 1. Utilities Payable 2. Utilities Expense 3. Supplies 4. Supplies Expense 5. Fees Earned 6. Unearned Fees 7. Accounts Receivable 8. Dividends 9. Retained Earnings 10. Accumulated Depreciation-Equipment 11. Depreciation Expense-Equipment 12. Equipment 13. Prepaid Insurance 14. Insurance Expense

Tariff effects: An overview
Consider two hypothetical countries, Alagir and Ertil. Both countries produce iGadgets, and the price of iGadgets is lower in Alagir than in Ertil. If Alagir and Ertil open to trade, producers in would be more likely to lobby their government for an import tariff on iGadgets in order to protect themselves from foreign competition.
Which of the following statements about the effects of the tariff compared to free trade are correct?
A. In Alagir, workers in iGadget importing companies lose their jobs.
B. In Ertil, some workers at retail and shipping companies that import iGadgets lose their jobs.
C. In Ertil, consumers pay more for the domestic iGadgets.
D. In Ertil, workers in iGadget importing companies see more jobs available to them.
E. In Ertil, producers of iGadgets are willing to expand output.

The following information is available for Trinkle Company for the month of June:1. The unadjusted balance per the bank statement on June 30 was $81,5002. Deposits in transit on June 30 were $3,1503. A debit memo was included with the bank statement for a service charge of $404. A $5,611 check written in June had not been paid by the bank5. The bank statement included a $950 credit memo for the collection of a note. The principal of the note was $900, and the interest collected amounted to $50RequiredDetermine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)

What is the term for the joining of two or more firms involved in different stages of producing the same good or service?
horizontal merger
conglomerate
closely held corporation
vertical merger

Western Athletic Club International (WACI) owns and operates a chain of fitness clubs and is interested in estimating the CLV for new memberships. Practically all of WACI's costs are fixed costs. Meaning that, when a member pays his or her monthly dues, there are no variable costs associated with that payment and all the revenues go toward covering the fixed costs of the business (facilities, salaries, equipment, etc.) WACI's monthly membership dues are $78 per person. The average member keeps his or her membership active for 26 months. In addition to membership, WACI also offers personal training services through a staff of independent athletic trainers. WACI and the trainer split the fees associated with personal training 50/50. Historically, 15% of members choose to use a personal trainer for, on average, 30 training sessions. Sessions with a personal trainer are priced at $40 each.

Required:
a. What is the monthly margin generated by a new membership (don’t include training)?
b. What is the CLV to WACI on the membership component?
c. What is the CLV of the personal training component for a member who chooses to hire a trainer?
d. What is the total CLV for a new member?
e. What would be the net value of implementing a program that doubled the likelihood that a person would hire a personal trainer?

The cost of equipment purchased by Bonita, Inc., on June 1, 2020, is $119,700. It is estimated that the machine will have a $10,500 salvage value at the end of its service life. Its service life is estimated at 7 years, its total working hours are estimated at 54,600, and its total production is estimated at 728,000 units. During 2020, the machine was operated 6,600 hours and produced 60,500 units. During 2021, the machine was operated 6,050 hours and produced 52,800 units. Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021, using the following methods. (Round depreciation per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 45,892.) 2020 2021 (a) Straight-line $ $ (b) Units-of-output $ $ (c) Working hours $ $ (d) Sum-of-the-years'-digits $ $ (e) Double-declining-balance (twice the straight-line rate)

On July 1, 2018, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $140 million cash. At the date of acquisition of the stock, VB net assets had a total fair value of $480 million and a book value of $280 million. Of the $200 million difference, $44 million was attributable to the appreciated value of inventory that was sold during the last half of 2018, $128 million was attributable to buildings that had a remaining depreciable life of 10 years, and $28 million related to equipment that had a remaining depreciable life of 5 years. Between July 1, 2018, and December 31, 2018, VB earned net income of $60 million and declared and paid cash dividends of $52 million.

Required:
1. Prepare all appropriate journal entries related to the investment in 2016, assuming equity method.
2. Determine the amounts to be reported by Gupta

a. As an investment in Gupta's 2016 balance sheet.
b. As investment revenue or loss on Gupta's 2016 income statement
c. Among investing activities in Gupta's statement of cash flows.

Which investment has the least liquidity?
property
stocks
a savings account
a 401k

Is some number of occupational illnesses and injuries an acceptable part of doing business? Why or why not? Explain your answers.

Louis has created an innovation that will greatly improve the health of millions of people. It has been tested and approved and is ready to sell. Because he is the only one producing this new good, he doesn’t have to settle for the price he would have to accept in perfect competition. Once word gets out about his new device, the demand for it greatly increases. So, he decides to charge a higher price for his good because there are no existing competitors to undercut his price. What benefit does Louis have as the only producer in the market?

Andrew plans to retire in 40 years. He plans to invest part of his retirement funds in stocks, so he seeks out information on past returns. He learns that over the entire 20th century, the real (that is, adjusted for inflation) annual returns on U.S. common stocks had mean 8.7% and standard deviation 20.2%. The distribution of annual returns on common stocks is roughly symmetric, so the mean return over even a moderate number of years is close to Normal. What is the probability (assuming that the past pattern of variation continues) that the mean annual return on common stocks over the next 40 years will exceed 10%

6. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply. The quality of goods available to consumers The costs of air and water pollution Expenditures on federal highways The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government When a U.S. company purchases and imports wood from Brazil to use to build new houses within the United States, this purchase increases the component of GDP while also net exports by the same amount. Therefore, the purchase of wood from Brazil causes in US GDP. g

Angerstein Inc. produces calendars in a two-process, two-department operation. In the Printing Department, calendars are printed and cut. In the Assembly Department, the material received from Printing is assembled into individual calendars and bound. Each department maintains its own Work in Process Inventory, and costs are assigned using FIFO process costing. In Assembly, conversion costs are incurred evenly throughout the process; direct material is added at the end of the process. For September, the following production and cost information is available for the Assembly Department:
• Beginning WIP Inventory: 5,000 calendars (30 percent complete as to conversion); transferred in cost, $7,550; conversion cost, $1,093
• Transferred in during September: 80,000 calendars
• Current period costs: transferred in, $80,000; direct material, $10,270, conversion, $13,991
• Ending WIP Inventory: 6,000 calendars (80 percent complete as to conversion) For the Assembly Department, compute the following:
a. Equivalent units of production for each cost component EU for transferred in 85,000 x EU for direct materials 79,000 EU for conversion 83,800 x
b. Cost per EUP for each cost component Note: Round your answers to two decimal places. Transferred in cost per EUP $ 87.550 X Material cost per EUP Conversion cost per EUP $ 0 x
c. Cost transferred to Finished Goods Inventory Note: Round your final answer to the nearest whole dollar. $ 105,860
d. Cost of ending WIP Inventory Note: Round your final answer to the nearest whole dollar. $ $ 7,044

What is one main objective in the study of economics?

recognizing the types of services available to everyone
recognizing the relationship between producers and consumers
recognizing the reasons why consumers supply services
recognizing the difference between producers and consumers

HELP HELP HELP MEEE

if joseph is paid 225$ for the week and he worked 20 hours during the week what is his fixed rate?

Biblio Files Company is making plans for its next fiscal year, and decides to sell two new types of bookshelves, Basic and Deluxe. The company has compiled the following estimates for the new product offerings. Type of Bookshelf Sales Price per Unit Variable Cost per Unit Basic $5.00 $1.75 Deluxe 9.00 8.10 The company is interested in determining how many of each type of bookshelf would have to be sold in order to break even. If we think of the Basic and Deluxe products as components of one overall enterprise product called "Combined," the unit contribution margin for the Combined product would be $2.31. Fixed costs for the upcoming year are estimated at $334,950. Recall that the totals of all the sales mix percents must be 100%. Determine the amounts to complete the following

differences between a small office and a big office​

Question 2 of 10
What is one major disadvantage of corporations compared to other types of
business organizations?
A. Corporations have a difficult time raising money to get started
B. Corporations have a limited life span if their owners die or quit.
C. Shareholders may remove the original owners from a corporation
D. One owner assumes all the risk and liability in a corporation
SUOMI

Three Square Market, a Wisconsin-based tech firm, made headlines after they offered implantable microchips to its employees. The controversy highlights a generational divide, with younger generations being less concerned about privacy and much more open to sharing their lives. The move to place technology inside of employees raises concerns about data privacy issues, the lack of legislation around the technology, and the long-term health implications for our bodies.

Two products, QI and VH, emerge from a joint process. Product QI has been allocated $28,300 of the total joint costs of $49,000. A total of 2,300 units of product QI are produced from the joint process. Product QI can be sold at the split-off point for $12 per unit, or it can be processed further for an additional total cost of $10,300 and then sold for $14 per unit. If product QI is processed further and sold, what would be the financial advantage (disadvantage) for the company compared with sale in its unprocessed form directly after the split-off point?

g Time period is important in accounting. Companies need to report revenue and expenses on their income statement based on what they earned and incurred during the accounting period. Assume the company had invested $100,000 in an interest-bearing investment on September 1st of this year. The investment earns 6% interest, but the interest doesn't get paid out until the end of the first six months. What, if any, interest revenue should the company record on their December 31st year ending income statement of this year

An American currency dealer has good credit and can borrow either $1,000,000 or €800,000 for one year. The one-year interest rate is i$ = 2% in the U.S. and i€ = 6% in the euro zone, respectively. The spot exchange rate is $1.25 = €1.00 and the one-year forward exchange rate is $1.20 = €1.00. Show how you can realize a certain dollar profit via covered interest arbitrage.

a. Borrow $1,000,000 at 2%; trade $1,000,000 for €800,000 at the spot rate; invest euros at i€= 6%;translate euro proceeds back to dollars at the forward rate of $1.20 = €1.00. Gross proceeds will be $1,017,600.
b. Borrow $1,000,000 at 2%; trade $1,000,000 for €800,000 at the spot rate; invest euros at i€= 6%;translate euro proceeds back to dollars at the forward rate of $1.20 = €1.00. Net profit will be $17,600.
c. Borrow €800,000 at i€= 6%;translate euros to dollars at the spot rate, invest dollars in the U.S. at i$ = 2% for one year; translate dollars back to €850,000 at the forward rate of $1.20 = €1.00. Net profit will be €2,000.
d. Borrow €800,000 at i€= 6%;translate euros to dollars at the spot rate, invest dollars in the U.S. at i$ = 2% for one year; translate dollars back to €848,000 at the forward rate of $1.20 = €1.00. Net profit will be $2,400.

Suppose that lower production costs increases the supply of wheat, such that more wheat is supplied at each price level. After the increase in supply, the equilibrium quantity _____.

Several factors affect a firm’s need for external funds. Evaluate the effect of each following factor and place a check next to each factor that is likely to increase a firm’s need for external capital—that is, its AFN (additional funds needed). Check all that apply. The firm increases its dividend payout ratio. The firm’s inventory turnover decreases, with no effect on the sales forecast. The firm previously thought its fixed assets were being operated at full capacity, but now it learns that it actually has excess capacity. Dividends to common shareholders are paid out of after-tax earnings. Do these payouts affect a firm’s AFN? No, dividends do not affect a firm’s AFN, because they are paid out of after-tax earnings. Yes, dividends still affect a firm’s AFN even though they are paid out of after-tax earnings.

Market data indicates customers will buy 700 sprockets if they are prices at $13 each. If the price rises to $15 they will only buy 500. If the price is $12 a sprocket, the producers will make 400 sprockets. If the price rises to $13 a sprocket, they will produce 600 sprockets. (a) Find a linear model for the demand price. (b) Find a linear model for the supply price. (c) Use Desmos to find the equilibrium point. What number of units is supplied and demanded? What is the price?

After graduating, you might decide to start a small business. As discussed in this chapter, owners of any business need to know how to calculate the cost of their products. In fact, many small businesses fail because they don't accurately calculate their product costs, so they don't know if they are making a profit or losing money—until it's too late.Suppose that you decide to start a landscape business. You use an old pickup truck that you've fully paid for. You store the truck and other equipment in your parents' barn, and you store trees and shrubs on their land. Your parents will not charge you for the use of these facilities for the first two years, but beginning in the third year they will charge a reasonable rent. Your mother helps you by answering phone calls and providing customers with information. She doesn't charge you for this service, but she plans on doing it for only your first two years in business.In pricing your services, should you include charges for the truck, the barn, the land, and your mother's services when calculating your product cost?InstructionsWrite a response indicating your position regarding this situation. Provide support for your view.

The following transactions occurred during March, the first month of operations for Quality Galleries, Inc. * Capital Stock was issued in exchange for $360,000 cash. * Purchased $180,000 of equipment by making a $60,000 cash down payment and signing a note payable for the balance. * Made a $35,000 cash payment on the note payable from the purchase of equipment. * Sold a piece of equipment for cash of $18,000. The equipment was sold at cost, so there is no gain or loss on the sale. What are total assets of Quality Galleries at the end of March

The future of work is characterized by (choose all that apply):

a.
Staying at the same job for your entire career.

b.
Working with international colleagues.

c.
Repetitive jobs.

d.
Multiple career changes.