The adjusted trial balance of Novak Corporation at December 31, 2022 includes the following accounts: Retained Earnings $12,852; Dividends $5,100; Service Revenue $30,600; Salaries and Wages Expense $15,300; Insurance Expense $2,040; Rent Expense $4,590; Supplies Expense $510; and Depreciation Expense $1,020. Prepare a retained earnings statement for the year. (List items that increase retained earnings first.)

Answer and Explanation:

The preparation of the retained earnings is presented below:

Novak corporation

Statement of retained earnings

For the year ended Dec 31,2022

Particulars                                         Amount

Opening bal of retained earnings    $12,852

Add: Net income                                $7,140

($30,600 - $15,300 - $2,040 - $4,590 - $510 - $1,020)

Less: dividend paid                            -$5,100

Ending balance of retained earnings $14,892

Who is the Father of accounting

Copy Center pays an average wage of $13 per hour to employees for printing and copying jobs, and allocates $18 of overhead for each employee hour worked. Direct materials are assigned to each job according to actual cost. Jobs are marked up 15% above total manufacturing cost to determine the selling price. If Job M-47 used $355 of direct materials and took 20 direct hours of labor to complete, what is the selling price of the job

Fort Smith Technologies incurred the following costs during the past year when planned production and actual production each totaled 20,000 units: Direct material used $ 280,000 Direct labor 120,000 Variable manufacturing overhead 160,000 Fixed manufacturing overhead 100,000 Variable selling and administrative cost 60,000 Fixed selling and administrative cost 90,000 If Fort Smith uses absorption costing, the total inventoriable costs for the year would be: Multiple Choice $660,000. $560,000. $460,000. $620,000. $400,000.

Smith and Johnson are partners. Smith's capital balance in the partnership is $56,000, and Johnson's capital balance $42,000. Smith and Johnson have agreed to share equally in income or loss. Smith and Johnson agree to accept Benson for a 25% interest. Benson will invest $40,000 in the partnership. The bonus that is granted to Smith and Johnson equals:

A borrower takes out a 30-year mortgage loan for $100,000 with an interest rate of 6% plus 2 points. What is the effective annual interest rate on the loan if the loan is carried for all 30 years

Residents of a small nation, Paulastan, idolize the TV show American Idol. All they produce and consume are karaoke machines and CDs. The chart below shows the price and quantity of each good sold in 2015 and 2016.

Karaoke Machines CDs
Quanriry Price Quantity Price
2015 10 $40 30 $10
2016 12 $60 50 $12

Required:
a. Using a method similar to GDP deflator, compute the percentage change in the overall price level. Use 2015 as the base year.
b. Using a method similar to the consumer price index, compute the percentage change in the overall price level. Also, use 2015 as the base year and fix the basket at 1 karaoke machine and 3 CDs.
c. Is the inflation rate in 2016 the same using the two methods? Explain why or why not.

An office manager has received a report from a consultant that includes a section on equipment replacement. The report indicates that scanners have a service life that is normally distributed with a mean of 41 months and a standard deviation of 4 months. On the basis of this information, determine the percentage of scanners that can be expected to fail in the following time periods:
a. Before 38 months of service
b. Between 40 and 45 months of service
c. Within ± 2 months of the mean life

Nevis Motors manufactures a product requiring 0.5 ounces of platinum per unit. The cost of platinum is approximately $430 per ounce; the company maintains an ending platinum inventory equal to 10% of the following month's production usage. The following data were taken from the most recent quarterly production budget: July August September Planned production in units 3,000 3,100 2,980 The cost of platinum to be purchased to support August production is: Multiple Choice $663,920. $666,500. $669,080.

is considered to be the shortest path to failure in business.
Select one:
O a. Inflexibility
O b. Intense competition
c. Inability to deal with stress
O d. Changing market demand
Ce. Undercapitalization

Why would police file an affidavit of probable cause before a person is
arrested?
O A. To obtain an information
B. To be allowed to read Miranda rights
C. To obtain a search warrant
O D. To schedule an arraignment
SUBMIT

Who is credited with pioneering the principles of the scientific approach to management ?

“Money can not buy one of the most important things vital for your business: relationships. You might think now customer relationships drive your business? That’s true! Good customer relationships are based on good customer experience. Developing strong relations with customers and creating great customer relationship management examples encourage faster business growth, gain new customers, and retain the existing ones.” Based on the statement, explain FIVE (5) reasons why customer relationship is important for business success.

How do taxes impact your weekly/monthly budget?

Consider an organization that has empowered its employees, asking them to improve the quality, productivity, and responsiveness of their processes that involve repetitive work. This work could arise in a manufacturing setting, such as assembling cars or producing chemicals, or in a service setting, such as processing invoices or responding to customer orders and requests. Clearly the workers would benefit from feedback on the quality (defects, yields) and process times of the work they were doing to suggest where they could make improvements. Identify the role, if any, for sharing financial information with these employees to help them in their efforts to improve quality, productivity, and process times. Be specific about the types of financial information that would be helpful and the specific decisions or actions that could be made better by supplementing physical and operational information with financial information.

E6-9 Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3] During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $4,100 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $1,100 to Diamond Inc. for full credit. 6 Purchased goods from Club Corp. for $1,000 with terms 2/10, n/30. 11 Paid the balance owed to Diamond Inc. 22 Paid Club Corp. in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30.

2. Market size: How many people would be interested in your
offering?

Elite Stationary employs 20 fulltime employees and 10 trainees. Direct and indirect costs are applied on a professional laborhour basis that includes both employee and trainee hours. Following is information for​ 2020: Budget Actual Indirect costs ​$200,000 ​$300,000 Annual salary of each employee ​$100,000 ​$110,000 Annual salary of each trainee ​$25,000 ​$30,000 Total professional laborhours ​50,000 dlh ​60,000 dlh How much should a client be billed in a normal costing system when​ 1,400 professional laborhours are​ used?

Stock A has a beta of .68 and an expected return of 8.1 percent. Stock B has a beta of 1.42 and an expected return of 13.9 percent. Stock C has beta of 1.23 and an expected return of 12.4 percent. Stock D has a beta of 1.31 and an expected return of 12.6 percent. Stock E has a beta of .94 and an expected return of 9.8 percent. Which one of these stocks is the most accurately priced if the risk-free rate of return is 2.5 percent and the market risk premium is 8 percent

During the current year, Robby’s Camera Shop had sales revenue of $168,000, of which $74,000 was on credit. At the start of the current year, Accounts Receivable showed a $18,000 debit balance, and the Allowance for Doubtful Accounts showed a $1,800 credit balance. Collections of accounts receivable during the current year amounted to $55,000. Data during the current year follows:
A. On December 31 an Account Receivable (J. Doe) of $1,000 from a prior year was determined to be uncollectible; therefore, it was written off immediately as a bad debt.
B. On December 31, on the basis of experience, a decision was made to continue the accounting policy of basing estimated bad debt losses on 3.0% of credit sales for the year.
Required:
1. Prepare the required journal entries for the two items on December 31, end of the accounting period.
2. Show how the amounts related to Accounts receivable and Bad debt expense would be reported on the income statement and balance sheet for the current year. Disregard income tax considerations.

Brandywine Clinic, a not-for-profit business, had revenues of $10.7 million last year. Expenses other than depreciation totaled 75 percent of revenues, and depreciation expense was $2.1 million. All revenues were collected in cash during the year, and all expenses other than depreciation were paid in cash. Now, suppose the company changed its depreciation calculation procedures (still within GAAP) such that its depreciation expense was halved. How would this change affect Brandywine's net income

ACCOUNTING:
Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data.



BUSINESS SOLUTIONS

Income Statement

For Three Months Ended March 31, 2020

Computer services revenue $ 25,207

Net sales 18,693

Total revenue 43,900

Cost of goods sold $ 14,152

Depreciation expense—Office equipment 330

Depreciation expense—Computer equipment 1,220

Wages expense 3,050

Insurance expense 485

Rent expense 1,475

Computer supplies expense 1,285

Advertising expense 550

Mileage expense 270

Repairs expense—Computer 900

Total expenses 23,717

Net income $ 20,183



BUSINESS SOLUTIONS

Comparative Balance Sheets

December 31, 2019, and March 31, 2020

Mar. 31, 2020 Dec. 31, 2019

Assets

Cash $80,327 $61,482

Accounts receivable 23,767 4,868

Inventory 634 0

Computer supplies 2,035 510

Prepaid insurance 1,080 1,575

Prepaid rent 805 805

Total current assets 108,648 69,240

Office equipment 7,500 7,500

Accumulated depreciation—Office equipment (660) (330)

Computer equipment 19,400 19,400

Accumulated depreciation—Computer equipment (2,440) (1,220)

Total assets $132,448 $94,590

Liabilities and Equity

Accounts payable $0 $1,190

Wages payable 905 540

Unearned computer service revenue 0 2,500

Total current liabilities 905 4,230

Equity

Common stock 107,000 82,000

Retained earnings 24,543 8,360

Total liabilities and equity $132,448 $94,590


Required:

Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2020. Owner Santana Rey contributed $25,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,000 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)

Options for the 1st blank space: Net Income, Net Loss

Options for the rest of the blank spaces: Cash paid for dividends, cash received from stock issuance, decrease in accounts payable, increase/decrease in accounts receivable, increase/decrease in computer supplies, increase/decrease in inventory, increase/decrease in prepaid insurance, increase/decrease in unearned computer service revenue, increase/decrease in wages payable, depreciation expense--computer equipment, depreciation expense--office equipment.

PLEASE DO NOT ANSWER IF YOU DO NOT KNOW! Due by 11:59 PM EST.

Which of the following is not covered by the Consumer Products Safety Act (CPSA)?


developing separate or "case by case" standards for each product

promoting research and investment into preventing product-related deaths and injuries

minimizing conflicting state and local regulations

evaluating the safety of consumer products

EK Chemical Company sells a specialty chemical in packages marked 83 g. In reality, EK has set the process mean at 84.0 g, and the process currently has a standard deviation of 1.85 g. Suppose the customer will accept anywhere from 78 to 88 g, as long as the average package has at least 83 g a. The process capability index for the current manufacturing process is___________(Enter your response rounded to three decimal places.)

Moates Corporation has provided the following data concerning an investment project that it is considering: Initial investment $ 310,000 Annual cash flow $ 137,000 per year Expected life of the project 4 years Discount rate 11 % Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using the tables provided. The net present value of the project is closest to: (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

whats a good song

ill mark brain star

A company produces a single product. Variable production costs are $13.00 per unit and variable selling and administrative expenses are $4.00 per unit. Fixed manufacturing overhead totals $46,000 and fixed selling and administration expenses total $50,000. Assuming a beginning inventory of zero, production of 5,000 units and sales of 4,100 units, the dollar value of the ending inventory under variable costing would be:

Denton and Carlo were employed at an appliance plant. Their job required them to do occasional maintenance work while standing on a wire mesh twenty feet above the plant floor. Other employees had fallen through the mesh, and one was killed by the fall. When Denton and Carlo were asked by their supervisor to do work that would likely require them to walk on the mesh, they refused due to their fear of bodily harm or death. Because of their refusal to do the requested work, the two employees were fired. Was their dis-charge wrongful

Anchor Company purchased a manufacturing machine with a list price of $87,000 and received a 2% cash discount on the purchase. The machine was delivered under terms Free On Board shipping point, and freight costs amounted to $2,600. Anchor paid $3,600 to have the machine installed and tested. Insurance costs to protect the asset from fire and theft amounted to $4,600 for the first year of operations. Based on this information, the amount of cost recorded in the asset account would be:

Maria Am Corporation uses the weighted-average method in its 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 $4,860, the cost of ending work in process inventory was $1,150, and the cost added to production was $25,800. Required: Prepare a cost reconciliation report for the Baking Department for June.

Assume that the demand for coal is more elastic than the supply. A tax on coal will a. increase the price of coal that sellers really get, and buyers bear a smaller burden of the tax b. decrease the price of coal that sellers really get, and sellers have to bear a bigger burden of the tax c. decrease the price of coal paid by buyers, and buyers have to bear a bigger burden of the tax d. increase the price of coal paid by buyers, and sellers bear a smaller burden of the tax