Big Wave Marine Products had sales revenue of $850,000 for the year-ended December 31, 2017. The units sold were covered by a two-year warranty and Big Wave began 2017 with a warranty liability balance of $11,600. Big Wave's management team estimated that the units sold in 2017 would result in future warranty claims in the amount of 4% of sales revenue and during 2017. Big Wave spent $34,800 servicing customer warranty claims.


Write down the that Big Wave will record in 2017 for warranty expense.

Answers

Answer 1

Answer:

$34,000

Explanation:

the journal entry to record the warranty expense would be:

Dr Warranty expense 34,000

    Cr Warranty liability 34,000

The warranty liability account covers products sold during the current and previous year (until the 2 year warranty period is over). It is a permanent liability account that changes over time, while the warranty expense account is a temporary account and is recorded when the goods are sold.  


Related Questions

Chance company had two operating divisions, one manufacturing farm equipment and other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on Sept. 1, 2016, the company adopted a plan to sell the assets of the division.
The actual sale was completed on Dec. 15, 2016, at the price of $600,000. The book value of the division's assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. The division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through Dec. 15. The income tax rate is 40%. Chances after-tax income from its continuing operations is $350,000.
Required:
Prepare an income statement for 2016 beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding throughout the year.

Answers

Answer:

                             Chance Company

                               Income Statement

               For the Year Ended December 31, 2016

After tax income from continuing operations                      $350,000

Discontinued operations:

Operating income                                        ($130,000 )

Loss on disposal                                          ($400,000)

Income tax on discontinued operations      $212,000

Income from discontinued operations                                 ($318,000 )

Net income                                                                               $32,000

Earnings per share (100,000 outstanding shares)                     $0.32

A company had a tractor destroyed by fire. The tractor originally cost $141,000 with accumulated depreciation of $74,400. The proceeds from the insurance company were $36,000. The company should recognize:

Answers

Answer:

The correct answer is "$30,600". The further explanation is given below.

Explanation:

The given values are:

Tractor's cost

= $141,000

Accumulated depreciation

= $74,400

Now,

The book value on sale's date will be:

= [tex]Cost-Accumulated \ depreciation[/tex]

= [tex]141,000-74400[/tex]

= [tex]66,600[/tex] ($)

The Loss on sale is:

= [tex]66,600-36,000[/tex]

= [tex]30,600[/tex]

An example of economies of scope is: Group of answer choices Google utilizing its information processing capabilities to provide data analysis services to other firms. The 200,000 unit production threshold for GM to make a profit on a car model. Decreasing per unit costs given increased unit production. Increasing per unit costs given increased unit production. None of the available answers.

Answers

Answer:

Google utilizing its information processing capabilities to provide data analysis services to other firms.

Explanation:

Many people confuse economies of scope with economies of scale. Economies of scope result when producing 2 or more different goods or services together is cheaper than producing them separately. While economies of scale refers to decreasing unit costs as the total output increases.

In the example above, Google already processes information for itself, and it is using that information to sell services to other companies. By producing both services together, the production costs lower.

coomer co had net sales of 600000 net income of 35260 and average total assets of 680000 what is the return on total assets

Answers

Answer:Return on Total assets ==5.19%

Explanation:

Return on Total assets shows  one the idea of the  profitability of  a company's assets in generating revenue before  interest and taxes. it is expressed in percentage and its formula is given as

Return on Assets = Net Income (Earning before interest and taxes) / Average total assets

                        = 35,260/ 680,000 = 0.05185 x 100

                        =5.19%

Answer:

coomer heehee

Explanation:

Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
A. The equipment was purchased on account for $25,000. Credit terms were 2/10, n/30. Payment was made within the discount period and the company records the purchases of equipment net of discounts.
B. Connors gave the seller a noninterest-bearing note. The note required payment of $27,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 10% properly reflects the time value of money in this situation.
C. Connors traded in old equipment that had a book value of $6,000 (original cost of $14,000 and accumulated depreciation of $8,000) and paid cash of $22,000. The old equipment had a fair value of $2,500 on the date of the exchange. The exchange has commercial substance.
D. Connors issued 1,000 shares of its nopar common stock in exchange for the equipment. The market value of the common stock was not determinable. The equipment could have been purchased for $24,000 in cash.
Required:
For each of the above situations, prepare the journal entry required to record the acquisition of the equipment.

Answers

Answer:

Entries and their narrations are posted below

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

Journal Entries  

                                                      Debit             Credit

A. The equipment was purchased on account for $25,000.

Equipment                             $25,000

Accounts Payable                                          $25,000

B. Connors gave the seller a noninterest-bearing note. The note required payment of (27,000 x 1/(1+10%)

Equipment                             $24,545

Discount on Notes Payable        $2,455

Note Payable                                                   $27,000

C. Connors traded in old equipment that had a book value of $6,000

Equipment New                           $24,500

Accumulated Depreciation          $8,000

Loss on Equipment                $3,500

Cash                                                                $22,000

Equipment Old                                               $14,000

D.Connors issued 1,000 shares of its nopar common stock in exchange for the equipment

Equipment                                  $24,000

Common Stock                                             $24,000

The rule of 70 indicates that a 6% annual increase in the level of real GDP would lead to the output doubling in approximately _____ years.

Answers

Answer:

11.67

Explanation:

the time it would take real GDP to double = 70 / growth rate of real GDP = 70 / 6 = 11.67 years

Exercise 2-8 Preparing T-accounts (ledger) and a trial balance LO P2 Following are the transactions of a new company called Pose-for-Pics Aug. 1 Madison Harris, the owner, invested $6,see cash and $33,509 of photog company paid $2,100 cash for an insurance policy covering the next 24 month:s s The company purchased office supplies for $888 cash. 20 The company received $3,331 cash in photography fees earned. 31 The company paid $675 cash for August utilities.
Required:
1. Post the transactions to the T-accounts.
2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics. Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Post the transactions to the T-accounts Cash ies Balance

Answers

Answer:

Pose-for-Pics

1. T-accounts:

Cash Account

Date      Accounts Titles          Debit      Credit

Aug. 1    Common Stock         $6,500

Aug. 1    Prepaid Insurance                  $2,100

Aug. 1    Supplies                                       888

Aug. 20 Service Revenue        3,331

Aug. 31  Utilities Expense                        675

Aug. 30 Ending balance                     $6,168

Common Stock

Date      Accounts Titles       Debit      Credit

Aug. 1    Cash                                     $6,500

Aug. 1    Equipment                            33,509

Aug. 30 Ending Balance   $40,009

Photography Equipment

Date     Accounts Titles       Debit      Credit

Aug. 1   Common Stock  $33,509

Prepaid Insurance

Date     Accounts Titles       Debit      Credit

Aug. 1   Cash                       $2,100

Supplies

Date     Accounts Titles       Debit      Credit

Aug. 1   Cash                       $888

Service Revenue

Date     Accounts Titles       Debit      Credit

Aug. 20   Cash                                  $3,331

Utilities Expense

Date     Accounts Titles       Debit      Credit

Aug. 31   Cash                     $675

2. Pose-for-Pics

TRIAL BALANCE

As of August 31

Accounts Titles                   Debit        Credit

Cash                                  $6,168

Common Stock                              $40,009

Photography Equipment 33,509

Prepaid Insurance              2,100

Supplies                                888

Service Revenue                                 3,331

Utilities Expense                  675

Totals                             $43,340  $43,340

Explanation:

Correctly posting the transactions of Pose-for-Pics to the general ledger ensures that the two sides of the Trial Balance are equal as of August 31.  The balanced Trial Balance assures the arithmetical accuracy of the entries and postings in the general ledger.  This trial balance will then form the basis for preparing the financial statements after effecting the necessary adjusting entries.

Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2019, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 4%, and the forecasted payout ratio is 45%. Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Enter your answer in dollars. For example, an answer of $1.2 million should be entered as $1,200,000.
Do not round intermediate calculations. Round your answer to the nearest dollar.

Answers

Answer: $‭412,600‬

Explanation:

AFN = Increase in assets - Increase in Liabilities - Addition to Retained Earnings

Increase in Assets

= 5,000,000 *  15%

= $750,000

Increase in Liabilities

Only use Accruals and Accounts Payable

= (450,000 + 450,000) * 15%

= $135,000

Additional to Retained Earnings

= After tax Profit

= 9,200,000 * 4%

= $368,000

Addition to retained earnings = 368,000 * ( 1 - payout ratio)

= 368,000 * ( 1 - 45%)

= $202,400‬

Additional Funds Needed (AFN) = 750,000 - 135,000 - 202,400

= $‭412,600

Suppose the following data were taken from the 2017 and 2016 financial statements of American Eagle Outfitters. (All numbers, including share data, are in thousands.)
2017 2016
Current assets $ 890,400 $999,600
Total assets 1,950,000 1,878,000
Current liabilities 424,000 357,000
Total liabilities 573,300 552,132
Net income 166,830 337,600
Net cash provided by operating activities 300,000 452,600
Capital expenditures 271,000 246,500
Dividends paid on common stock 85,000 76,500
Weighted-average shares outstanding 201,000 211,000
a. Calculate the current ratio for each year. (Round answers to 2 decimal places, e.g. 15.25.)
2017 2016
Current ratio
b. Calculate earnings per share for each year. (Round answers to 2 decimal places, e.g. 15.25.)
2017 2016
Earnings per share $
c. Calculate the debt to assets ratio for each year. (Round answers to 1 decimal place, e.g. 29.5%)
2017 2016
Debt to assets ratio
d. Calculate the free cash flow for each year. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).)
2017 2016
Free cash flow

Answers

Answer:

Please see below

Explanation:

a. Current ratio

= Total current asset / Total current liabilities

2017

Current asset. 890,400

Current liabilities 424,000

Current ratio = 890,400/424,000

= 2.1

2016 Current ratio

Current asset. 999,600

Current liabilities 357,000

Current ratio = 999,600/357,000

= 2.8

b. Earnings per share

= (Net income - Preference dividend) / Weighted average number of shares outstanding

2017

Net income. 166,830

Weighted Average number of shares outstanding 201,000

Earnings per share = $166,830/201,000

= $0.83

2016 Earnings per share

Net income $337,600

Weighted Average number of shares outstanding 211,000

Earnings per share = $337,600/211,000

= $1.6

c. Debt to asset ratio

= Total liabilities / Total assets

2017

Total liabilities 573,300

Total assets 1,950,000

= 573,300/1,950,000

= 0.29

2016 Debt to asset ratio

Total liabilities 552,132

Total assets 1,878,000

Debt to asset ratio = 552,132/1,878,000

= 0.29

d. Free cash flow

2017

Cash flow from operating activities 300,000

Less: capital expenditure (271,000)

Free cash flow 29,000

2016 free Cash flow from operating activities

Free cash flow 452,600

Less: capital expenditure (246,500)

Free cash flow. 206,100

Which of the following is not a true statement about filing bankruptcy? a. Bankruptcy erases all of your debt. b. It is possible to rebuild your credit after filing bankruptcy. There are exemptions that alloW you to keep essentials. d. Bankruptcy stops aggressive action by creditors ​

Answers

The statement that is not true about bankruptcy is that Bankruptcy erases all of your debt. Option A is correct.

What is bankruptcy?

Bankruptcy is a legal process or procedure that involves a person or business that is unable to repay its outstanding debts.

The bankruptcy methodology starts with a requisition or petition that is pointed by the debtor, which is most expected, or on behalf of creditors, and which is less common.

After filing bankruptcy, it is possible to rebuild credit after filing bankruptcy of a debtor, and there are certain waivers that allow maintaining the requirements.

Bankruptcy prevents assertive action by creditors, ​and it does not mean that it erases all of your debt.

Therefore, option A is correct.

Learn more about bankruptcy, refer to:

https://brainly.com/question/1142634

Answer:

A

Explanation:

Which of the following is not a true statement about filing bankruptcy?

a.

Bankruptcy erases all of your debt.

b.

It is possible to rebuild your credit after filing bankruptcy.

c.

There are exemptions that allow you to keep essentials.

d.

Bankruptcy stops aggressive action by creditors.

 

A

I WILL GIVE BRAINLIEST

Lean and Six Sigma models contradict one another,
True
False

Answers

True................................

Read the following sentences, and identify the error.

a. Paolo recruited job applicants for the company that showed promise.

The error in this sentence is a:_________ .

b. We will be visiting our accounts in California, Oregon, and visiting our accounts in Washington.

The error in this sentence is a:________ .

Before you decide whether to use passive or active voice, you should consider the purpose of your message and the nature of the situation. Read the scenario, and then fill in the blanks.

You work for a printing company, and you realize that your colleague sent incorrect price quotes to a client. You begin to write an e-mail to the client to apologize for the mistake. You want to remedy the situation without criticizing your colleague. The sentence excerpted from the e-mail uses ______________ voice. Given the purpose of your message, this voice ___________ appropriate.

Answers

Answer:

a. Paolo recruited job applicants for the company that showed promise.

The error in this sentence is a: AMBIGUITY.    

Who showed promise? The company or the job applicants? This sentence is not specific and you really cannot tell whether the job applicants or the company showed promise.

b. We will be visiting our accounts in California, Oregon, and visiting our accounts in Washington.

The error in this sentence is a: LACK OF PARALLELISM.

In order to show parallelism you should include the dates of the visits, since you cannot visit all 3 states in the same day and do your work properly.

You work for a printing company, and you realize that your colleague sent incorrect price quotes to a client. You begin to write an e-mail to the client to apologize for the mistake. You want to remedy the situation without criticizing your colleague.

The sentence is missing, so I looked for a similar question:

"Bill made an error when he was processing your invoice."

The sentence excerpted from the e-mail uses ACTIVE voice. Given the purpose of your message, this voice IS NOT appropriate.

The whole purpose of this message is to solve a problem without criticizing Bill, but by using active voice, you are directly criticizing him.

The adjusted trial balance of Windsor, Inc. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $908,100; Freight-Out $13,400; Sales Returns and Allowances $19,800; and Sales Discounts $14,500.

Required:
Prepare the sales section of the income statement.

Answers

Answer

                                     Windsor, Inc

                           Income Statement (Partial)

                           For the year October 31, 2022

Revenue

Sales                                                                      $908,100

Less: Sales return and allowance     $19,800

          Sales Discount                         $14,500

                                                                               $34,300

Net Sales                                                                $837,800

Alpha Inc. has receivables from unrelated parties with a face value of $5,000. It transfers these receivables to bank for $4,500, without recourse. It will continue to collect the receivables, depositing them in a non-interest-bearing bank account with the cash flows remitted to the bank at the end of each month. It is not allowed to sell or pledge the receivables to anyone else and is under no obligation to repurchase the receivables from bank. Which of the following is the appropriate treatment for these Accounts receivables?
A) It should show these receivables in its Balance Sheet.
B) It should amortize these receivables.
C) It should derecognize these receivables.
D) It should derecognize these receivables if it retains the interest earned on these.

Answers

Answer:

C). It should derecognize these receivables.

Explanation:

Derecognition is characterized as the process of removing or derecognizing a financial asset or liability from the company's balance sheet that was previously acknowledged. In the given situation, the appropriate treatment for the Account receivables would be to dercognize it as the organization does not possess any control over them. Thus, option C is the correct answer.

The Pritzker Music Pavilion in downtown Chicago is a technologically sophisticated and uniquely designed performing arts venue that hosts live concerts attended by over half a million patrons a year. A group of local organizers, led by a prominent local businesswoman, would like to use the pavilion for a concert to benefit a non-profit, national network of investors and environmental organizations working with companies and investors to address sustainability challenges such as global climate change. If the pavilion management agrees to host the concert, the organizers will donate all profits to Ceres (or absorb any losses).

Based on the following revenue and cost information, the organizers would like answers to several questions.

1. There are three sources of revenue for the concert:
2. Tickets will be sold for $15.50 each.
3. A large multinational corporation headquartered in Chicago will donate $2.00 per ticket sold.
4. Each concert attendee is expected to spend an average of $17.00 for parking, food, and merchandise.
5. On the expense side, there are also three components:

A popular national group has agreed to perform at the concert. Normally, the group demands a significant fixed fee to perform, but to reduce the risk for the organizers, the group has agreed to perform for $6.00 per ticket sold. The organizers will pay several companies to operate the parking, food, and merchandise concessions. They will pay $21,000 plus 15% of all parking, food, and merchandise revenue. The organizers will pay the pavilion $85,000 plus $7.00 per person attending to cover its operating expenses (production, maintenance, advertising, etc.)

Required:
a. What is the estimated contribution margin per ticket sold for the benefit concert?
b. What are the estimated total fixed costs for the benefit concert?
c. What is the estimated profit from the benefit concert if 10,500 tickets are sold?
d. How many tickets must be sold in order for concert profit to be $100,000?
e. Assuming a tax rate of 31% on profits from the concert, what must dollar ticket sales be in order for after-tax concert profits to be $100,000?
f. Assume that the organizers can negotiate the fixed payment for the pavilion's operating expenses. If the organizers expect to sell 10,500 tickets, how much can they afford to pay and still earn a profit of $100,000 (ignore taxes)?

Answers

Answer:

a. What is the estimated contribution margin per ticket sold for the benefit concert?

contribution margin per ticket = ($15.50 + $2 + $17) - ($6 + $2.55 + $7) = $34.50 - $15.55 = $18.95

b. What are the estimated total fixed costs for the benefit concert?

total fixed costs = $21,000 + $85,000 = $106,000

c. What is the estimated profit from the benefit concert if 10,500 tickets are sold?

estimated profit = (10,500 x $18.95) - $106,000 = $92,975

d. How many tickets must be sold in order for concert profit to be $100,000?

number of tickets sold = ($106,000 + $100,000) / $18.95 = 10,870.71 ≈ 10,871 tickets sold

e. Assuming a tax rate of 31% on profits from the concert, what must dollar ticket sales be in order for after-tax concert profits to be $100,000?

$100,000 / (1 - 31%) = $144,927.54

number of tickets sold = ($106,000 + $144,927.54) / $18.95 = 13,241.56 ≈ 13,241.56 tickets sold

f. Assume that the organizers can negotiate the fixed payment for the pavilion's operating expenses. If the organizers expect to sell 10,500 tickets, how much can they afford to pay and still earn a profit of $100,000 (ignore taxes)?

contribution margin increases to $18.95 + $7 = $25.95

10,500 = ($21,000 + $100,000 + ?) / $25.95

$272,475 = $121,000 + ?

? = $151,475

you can pay up to $151,475 in fixed expenses to the pavilion

Tom Scott is the owner, president, and primary salesperson for Scott Manufacturing. Because of this, the company's profits are driven by the amount of work Tom does. If he works 40 hours each week, the company's EBIT will be $615,000 per year; if he works a 50 hour week, the company's EBIT will be $755,000 per year. The company is currently worth $3.85 million. The company needs a cash infusion of $1.95 million, and it can issue equity or issue debt with an interest rate of 7 percent. Assume there are no corporate taxes.
What are the cash flows to Tom under each scenario?

Answers

Answer:

Scenario 1: debt is issued

interest expense = $1,950,000 x 7% = $136,500

amount of hours                  EBIT               Net income (all for Tom)

Tom works    

40                                     $615,000           $478,500

50                                    $755,000            $618,500

Scenario 2: equity is issued

amount of hours            Net income         Tom's share    

Tom works                                                  ($3.85 / $5.8 = 66.38%)      

40                                     $615,000           $408,237

50                                    $755,000            $501,169

Leonard, a company that manufactures explosionproof motors, is considering two alternatives for expanding its international export capacity. Option 1 requires equipment purchases of $900,000 now and $560,000 two years from now, with annual M&O costs of $79,000 in years 1 through 10. Option 2 involves subcontracting some of the production at costs of $280,000 per year beginning now through the end of year 10. Neither option will have a significant salvage value.

Required:
Use a present worth analysis to determine which option is more attractive at the company’s MARR of 20% per year. (Note: Check out the spreadsheet exercises for new options that Leonard has been offered recently.)

Answers

Answer:

Since the total present value of Option 2 of – $1,453,892 is lower than the total present value of Option 1 of – $1,620,094, it implies that Option 2 costs less and more attractive at the company’s MARR of 20% per year than Option 1. Therefore, Option 2 should be selected.

Explanation:

Note: See the attached excel file for the calculation of the total present values (in bold red color) of the two alternatives for expanding international export capacity.

Present worth can be described as an equivalence method of analysis in which the cash flows of an investment or a project are discounted to a single present value.

From the attached excel file, we have:

Total present value of Option 1 = – $1,620,094

Total present value of Option 2 = – $1,453,892

Since the total present value of Option 2 of – $1,453,892 is lower than the total present value of Option 1 of – $1,620,094, it implies that Option 2 costs less and more attractive at the company’s MARR of 20% per year than Option 1. Therefore, Option 2 should be selected.

when the fed acts as a lender of last resort like it did in the financial crisis of 2007, it is performing its role of

Answers

Answer: C: being the bankers' bank.

Explanation:

The Fed is the Central Bank system of the United States. This means that they have certain duties conferred on them in order to ensure that the financial system of the country does not fail.

One of those duties is to be the Bankers' Bank. This means that the Fed can loan money to Commercial banks just like how Commercial banks do to entities. In acting as the lender of last resort and loaning money to banks so that they could survive the 2007 Financial crises, the Fed was acting as the Bank for the banks.

The following information pertains to Windsor Solar Panels, Inc.
July 1 Sold $128,000 of solar panels to Wildhorse Company with terms 3/15, n/30. Windsor uses the gross method to record cash discounts. Windsor estimates allowances of $1,500 will be honored on this sale.
12 Sold $82,000 of solar panels to Novak Corp. with terms of 4/10, n/60. Windsor expects no allowances related to this sale.
18 Novak Corp. paid Windsor for its July 12 purchase.
20 Wildhorse calls to indicate that the panels purchased on July 1 work well, but the color is not quite right. Windsor grants a credit of $2,100 as compensation.
29 Wildhorse Company paid Windsor for its July 1 purchase.
31 Windsor expects allowances of $5,340 to be grated in the future related to solar panel sales in July.
Prepare the necessary journal entries for Larkspur. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)
Date Account Titles and Explanation Credit Debit
July 18

Answers

Answer:

Entries and their narrations are posted below

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

July 1 Sold $128,000 of solar panels

Dr   Receivables      128,000

Cr    Sales                      128,000

12 Sold $82,000 of solar panels

Dr   Receivables      82,000

Cr    Sales                      82,000

18 Novak Corp. paid Windsor for its July 12 purchase.

Dr  Cash                       78,720

Dr  Discount allowed    3280

Cr  Receivables               82,000

Windsor grants a credit of $2,100 as compensation.

Dr compensation expense   2,100

Cr     cash                                    2,100

29 Wildhorse Company paid Windsor for its July 1 purchase.

Dr  Cash                       128,000

Cr  Receivables               128,000

31 Windsor expects allowances of $5,340 to be grated in the future

Dr  Bad debt expense   5,340

Cr Allowance for bad debt   5,340

One year ago, Tyler Stasney founded Swift Classified Ads. Stasney remembers that you took an accounting course while in college and comes to you for advice. He wishes to know how much net income his business earned during the past year in order to decide whether to keep the company going. His accounting records consist of the T-accounts from his ledger, which were prepared by an accountant who moved to another city. The ledger at December 31 follows. The accounts have not been adjusted. Stasney indicates that at year-end, customers owe him $1,600 for accrued service revenue. These revenues have not been recorded. During the year, Stasney collected $4,000 service revenue in advance from customers, but he earned only $900 of that amount. Rent expense for the year was $2,400, and he used up $1,700 of the supplies. Stasney determines that depreciation on his equipment was $5,000 for the year. At December 31, he owes his employee $1,200 accrued salary.

Answers

Answer:

net income = $33,900

Explanation:

The T-accounts are missing, so I looked for a similar question:

Stasney indicates that at year-end, customers owe him $1,600 for accrued service revenue. These revenues have not been recorded.

Dr Accounts receivable 1,600

    Cr Service revenue 1,600

During the year, Stasney collected $4,000 service revenue in advance from customers, but he earned only $900 of that amount.

Dr Unearned revenue 900

    Cr Service revenue 900

Rent expense for the year was $2,400, and he used up $1,700 of the supplies.

Dr Rent expense 2,400

    Cr Prepaid rent 2,400

Dr Supplies expense 1,700

    Cr Supplies 1,700

Stasney determines that depreciation on his equipment was $5,000 for the year.

Dr Depreciation expense 5,000

    Cr Accumulated depreciation 5,000

At December 31, he owes his employee $1,200 accrued salary.

Dr Wages expense 1,200

    Cr Wages payable 1,200

Total expense for the year = $17,000 (paid wages) + $1,200 (accrued wages) + $800 (utilities) + $2,400 (rent) + $1,700 (supplies) + $5,000 (depreciation) = $28,100

total revenues = $59,500 (previously recorded) + $1,600 (unrecorded service revenue) + $900 (accrued service revenue) = $62,000

net income = $62,000 - $28,100 = $33,900

Appendix 1: Gross and net methods for sales discounts
The following were selected from among the transactions completed by Strong Retail Group during August of the current year:
Aug. 5. Sold merchandise on account to M. Quinn, $7,500, terms 2/10, n/30. The
cost of the merchandise sold was $4,200.
9. Sold merchandise on account to R. Busch., $4,000, terms 1/10, n/30. The
cost of the merchandise sold was $2,100.
15. Received payment on account for the sale of August 5 less the discount.
20. Sold merchandise on account to S. Mooney, $6,000, terms n/eom. The
cost of the merchandise sold was $3,300.
25. Received payment on account for the sale of August 9. 31.Received
payment on account for the sale of August 20.
A. Journalize the August transactions using the gross method of recording sales discounts.
Aug. 5 Accounts Receivable-M. Quinn 7,500
Sales 7,500
Cost of Goods Sold 4,200
Inventory 4,200
Accounts Receivable-R. Busch 4,000
Sales 4,000
Cost of Goods Sold 2,100
B. Journalize the August transactions using the net method of recording sales discounts.

Answers

Answer: Check attachment

Explanation:

A . Journalize the August transactions using the gross method of recording sales discounts

Kindly check the attachment for the solution.

B. Journalize the August transactions using the net method of recording sales discounts.

Check attachment.

How is government in the United States today different from government in ancient Athens? O The United States is a direct democracy. The United States allows citizens to vote. The United States is a republic. O The United States has a unicameral legislature.​

Answers

Answer:

C -  The United States is a republic.

Explanation:

I got it right on edge

The government in the United States is different from the government in ancient Athens because the United States government is a republic. Therefore, the option C holds true.

What is the significance of a republic governance?

A governance that follows the ideologies and principles of a republic government is the society where republic governance is said to be existing. The President is the most supreme authority in a republic governance.

All the characteristics given above are common between the government of the United States and the government of ancient Athens, except for one difference, which is the republic governance being carried in the government of the United States of America at present.

Therefore, the option C holds true and states regarding the significance of a republic governance.

Learn more about a republic governance here:

https://brainly.com/question/19044837

#SPJ5

________ is used to make purchases while ________ is the total collection of pieces of property that serve to store value.

Answers

Answer:

Money; wealth.

Explanation:

Money can be defined as any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.

Basically, money is a currency used for the purchase of goods and services such as food, clothes, perfume, shoes, automobile etc.

Hence, money is used to make purchases while wealth is the total collection of pieces of property that serve to store value. This simply means, wealth refers to the total or overall assets that is being owned by an individual or organization at a specific period of time.

Eduardo has been reading about the use of drone technology in recent military conflicts and is not quite sure what to think. On the one hand, the use of drones means that military missions can be executed without putting American lives at risk. On the other hand, this very fact means that our political leaders might be quicker to resort to military solutions when other solutions might be available. Eduardo is also concerned about other effects of fully mechanized battle operations. For instance, unlike a human soldier, a drone can neither hear nor sympathize with a mother pleading for the life of her innocent child. Eduardo has decided to research the topic of military drones in more detail and write an essay in which he decides whether the use of drone technology is a positive or negative development in the history of American military action. Which type of argument will Eduardo be making?

a. Argument of fact
b. Argument of definition
c. Argument of evaluation
d. Policy argument

Answers

Answer:

c. Argument of evaluation

Explanation:

Eduardo will be making a decision on "whether the use of drone technology is a positive or negative development in the history of American military action."  This is a judgement call.  And he will be determining whether or not drone usage is good or bad.  So this is purely an argument of evaluation.  The argument is not of fact or definition or a policy argument, but one in which he will establish his opinion on the issue of the use of drone technology in the military.

Money is to an economy what language is to communication. What does this statement mean?

Answers

Answer:

i think it means that you need money to have an economy and you also need a language to be able to talk to someone

Explanation:

Department Alpha had no beginning inventory. The department added direct materials costing $55,040 and conversion costs of $88,660 during the month of July. Materials are added at the beginning of the process and conversion costs are added evenly throughout the process in this department. During the month, 40,000 units were completed. At the end of July, 3,000 units remained which were 10% complete with respect to conversion costs. What is the correct cost per equivalent unit for materials for July?

Answers

Answer:

Cost per equivalent unit of materials = $1.28

Explanation:

Materials Cost = $55,040

Number of completed units = 40,000

Total units for material = 40,000 + 3,000 = 43,000 units  

Cost per equivalent unit of materials = $55,040 / 43,000

Cost per equivalent unit of materials = $1.28

Prepare an answer sheet with the column headings that follow. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-). Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included in that category.
Assest Liaabilities Net income

a. Recorded $200 Accumulated Depreciation

of depreciation Depreciation Expense

expense. -200 -200

a. Recorded $200 of depreciation expense.
b. Sold land that had originally cost $9,000 for $12,000 in cash.
c. Acquired a new machine under a financing lease.
d. The present value of future lease payments, discounted at 11%, was $11,000. Recorded the first annual payment of $2,500 for the leased machine (in part c).
e. Recorded a $6,600 payment for the cost of developing and registering a trademark. Recognized periodic amortization for the trademark (in part e) using a 40-year useful life. Sold used production equipment for $16,000 in cash.
f. The equipment originally cost $44,000, and the accumulated depreciation account has an unadjusted balance of $23,400.
g. It was determined that a $1,300 year-to-date depreciation entry must be recorded before the sale transaction can be recorded. Record the adjustment and the sale.

Answers

Answer:

             Accounts                Assets                           Liabilities     Net income

a. Depreciation Expense    -$200                                                  -$200

b. Land    / Cash                -$9,000 + $12,000                              + $3,000

c.   Equipment/Lease Liability +$11,000                 +$11,000

d.  Cash /Lease Liability         -$2,500                   -$2,500

e. Cash /Trademark             -$6,600 + $6,600

  Amortization Expense                                                                   -$165

f. & g. Cash /Equipment +$16,000 -$19,300                                -$3,300

                         

Explanation:

b. The land was sold with a gain of $3,000 ($12,000 - 9,000)

e. The trademark's amortization expense = $6,600/40 = $165 per year.

f and g. The Accounts involved are:

1. Cash +$16,000 for the sale.

2. Equipment has a debit balance of $44,000 and a credit balance of $23,400 plus Depreciation expense of $1,300.  These give a net balance of $19,300.  The equipment was sold for $16,000, recording a loss of $3,300.

3. Loss from sale of equipment = $3,300 as determined above.

Westerville Company accumulates the following data concerning a mixed cost, using units produced as the activity level.


Units Produced Total Cost

March 10,029 $16,724
April 8,765 15,312
May 10,480 17,492
June 8,600 14,860
July 9,293 15,781

Required:
a. Compute the variable cost per unit using the high-low method.
b. Compute the fixed cost elements using the high-low method.
c. Estimate the total cost if the company produces 8,170 units.

Answers

Answer & Explanation:

a. Using the high-low method, Variable cost per unit is;

[tex]= \frac{Highest Variable Cost - Lowest Variable Cost}{Highest number of units - Lowest number of Units} \\\\= \frac{17,492 - 14,860}{10,480 - 8,600} \\\\= $1.40[/tex]

= $1.40

b. Fixed Cost

= Total Cost at lowest unit - Variable costs at lowest unit

= 14,860 - (1.4 * 8,600)

= $‭2,820‬

c. Variable cost at 8,170 units + Fixed cost

= (8,170 * 1.4) + 2,820

= $‭14,258‬

Joni Splish Brothers Inc. has the following amounts reported in its general ledger at the end of the current year.

Organization costs $23,800
Trademarks 15,700
Discount on bonds payable 36,800
Deposits with advertising agency for ads to promote goodwill of company 11,800
Excess of cost over fair value of net identifiable assets of acquired subsidiary 76,800
Cost of equipment acquired for research and development projects; the equipment has an alternative future use 86,800
Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 82,600

Required:
On the basis of this information, compute the total amount to be reported by Hyde for intangible assets on its balance sheet at year-end.

Answers

Answer:

$92,500

Explanation:

The computation of the total intangible asset is shown below:

= Trademarks + Excess of cost over fair value of net identifiable assets of acquired subsidiary

= $15,700 + $76,800

= $92,500

Hence, the total intangible asset is $92,500 and the same is to be considered

We simply applied the above formula

An individual has $2000 in physical assets, and $600 in cash initially. This person faces the following loss distribution to the wealth. Full insurance is available at $600

Probability Loss
0.5 0
0.1 200
0.2 400
0.1 1000
0.1 2000

The Individual can also buy partial insurance with i. a $200 deductible, or ii. 75% coinsurance, or iii. Upper limit on coverage, with the limit being $1000. The premium on each partial coverage policy is $450.

Required:
Provide a ranking of the four types of policies for the individual, in terms of preference if the preference function is given by U(FW) = LN(1+FW), where FW is final wealth of the individual.

Answers

Answer with Explanation:

Probability   Expected Loss           Loss Forecast

0.5                          0                                0

0.1                        200                              20

0.2                       400                              80

0.1                       1000                             100

0.1                       2000                            200

1.00                     Total                             400

Now,

A. Final Wealth with no Insurance = Physical Assets of the person + Cash Assets - Total Loss Forecast

By putting values, we have:

Final Wealth with no Insurance = $2,000 + $600 - $400 = $2,200

B. For Full insurance, we will not consider expected loss because we will receive Insurance Premium instead:

Final Wealth with Full Insurance = Physical Assets + Cash Assets - Insurance Premium

By putting values, we have:

Final Wealth with Full Insurance = $2,000 + $600 - $600 = $2,000

C. Final Wealth with Partial Insurance and $200 deductibles = Physical Assets + Cash Assets - Insurance Premium For Partial Coverage - Deductible

By putting values, we have:

Final Wealth with Partial Insurance and $200 deductibles = $2,000 + $600 - $450  - $200 = $1,950

D. Final Wealth with 75% Co-insurance = Physical Assets + Cash Assets - Insurance Premium - Co-payment

By putting values, we have:

Final Wealth with 75% Co-Insurance = $2,000 + $600 - $450 - (75% * $400)

= $1,850

E. Final Wealth with Partial Insurance and $1,000 Upper Limit = Physical Assets + Cash Assets - Insurance Premium - Maximum Loss Expected

By putting values, we have:

= $2,000 + $600 - $450 - (Probability 0.1 * $2,000) = $1950

From the above, we can say that the best option here in descending order is as under:

1.  A. Final Wealth with no Insurance

2.  B. With Full insurance

3.  C. Final Wealth with Partial Insurance and $200 deductibles & E. Final Wealth with Partial Insurance and $1,000 Upper Limit

4.  E. Final Wealth with Partial Insurance and $1,000 Upper Limit

Other Questions
What is the next fraction in this sequence? Simplify your answer.23 , 35 , 815 , 715 , ... What system is responsible for bringing in starch and protein? What is the impact of genetically modified corn on society and environment? True or False: The characters in the writing the Chinese people use today are a lot different from the characters that the ancient people of the Hung He river valley used What was the cause of the Norman invasion of Britain?O Pope Alexander II ordered the Normans to invade.O There was no clear heir to the English throne.O The Norman church wanted to gain more followers.O The king of England was attempting to end corruption. help i need to pass:/ Name human factors influencing borders? Tom and Betsy, who are married filing jointly, reported a standard deduction of $24,000 on their 2018 tax return. They paid $500 to the state for income taxes in 2018. In 2019, they received a $125 refund of state taxes paid in 2018. What is the amount that Tom and Betsy need to report on their 2019 tax return? 30 students in a class took a math test 24 students pass the test what percent past What is X? 3(4x3)= -4+7 The eruption of Mt. St. Helens was due to?O a. EarthquakeO b. VolcanoO c. Hot SpotO d. Transform Boundary How would you describe the following scene in French? A girl is playing chess. She is concentrating. O A. Elle est patiente. O B. Elle est gnreuse. O C. Elle est drle . O D. Il est patient what Else would need to be congruent to show Does this table represent a linear function? Why or why not? x y 2 5 4 8 6 12 8 17 10 23 If angle p measures 60 degrees, what is the measure of angle C?A)120B)60C)180D)30 What is -9 over 22 divided by -3 over 4 in fractions? List five questions that you will ask about product and answer also the question given below Arianna runs up 4 flights of stairs and then runs down 4 flights of stairs does this situation represent additive inverses explain What was the outcome of Henry V's successful invasion of France in 1415?He became the first king of France.O He signed a peace treaty with France.O He won the battle and became king of France.He arranged for his son to become king of France. Which one? A. B. C. Or D.