Answer: He would have sales based on his appraisal and would use tax collection based on he has commercial domicile there
Explanation:
Carlton would have sales based on the appraisal his work receives in Virginia and Maryland. Appraisals go a long way to promote sales in business especially comes from clients who tend to give feedback based on the product they have used. He would use tax collection in the district of Columbia due to he has a commercial domicile in that area.
After visiting several automobile dealerships, Richard selects the car he wants. He likes its $20,000 price, but financing through the dealer is no bargain. He has $4,000 cash for a down payment, so he needs a loan of $16,000. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $16,000 for a period of four years at an add-on interest rate of 11 percent.
a. What is the total interest on Richard's loan?
Total interest
b. What is the total cost of the car?
Total cost
c. What is the monthly payment?
Monthly payment
Answer and Explanation:
The computation is shown below:
a. The total interest is
= Principal × rate of interest × time period
= $16,000 × 4 years × 11%
= $7,040
b. The total cost of the car is
= Price of the car + interest
= $20,000 + $7,040
= $27,040
c. The monthly payment is
= (Principal amount + interest) ÷ number of months
= ($16,000 + $7,040) ÷ 48 months
= $480
To correct for positive externalities, the government should:_________
(A) do nothing, since no harm is done by positive externalities
(B) levy a tax on the output of the good or service
(C) pay a subsidy equal to the marginal external benefit
(D) impose a price ceiling on the good to discourage its production
(E) impose a price floor on the good at which the marginal private benefit equals the marginal social cost
Answer:
e
Explanation:
A good has positive externality if the benefits to third parties not involved in production is greater than the cost. an example of an activity that generates positive externality is research and development. Due to the high cost of R & D, they are usually under-produced. Government can encourage the production of activities that generate positive externality by granting subsidies.
Drussden Inc., a multinational corporation, has decided to hire military veterans. This, the company feels, would not only set a good example of a diverse workplace among its peers and customers, but also let it derive great benefits from this unique talent pool. In implementing this recruiting strategy, Drussden Inc. should expect:
a. an increase in expenses as the company will need to pay a much higher compensation to these employees.
b. to have a more rigid and harsh workplace environment than before.
c. to require sufficient time for training their HR personnel on how to appropriately interview these potential employees.
d. a significant decrease in its hiring-related costs
Answer:
c. to require sufficient time for training their HR personnel on how to appropriately interview these potential employees.
Explanation:
Most organizations lack a veteran recruiting program. There are several misconceptions about veterans working in private companies especially regarding their mental state. It is true that a percentage, about 10-20%, experience some type of PTSD, but it generally is not something permanent. Also, former military personnel are normal people that served their country. They have some skill sand some preparation that even though might be unrelated to a specific, might be very useful. For example, many companies hire veterans because they are adaptable, flexible, react well under pressure and tend to find solutions to problems. They didn't learn this in any school, instead they learned this on the battle field. Many veterans also have a lot of experience with solving problems and presenting clear information.
This doesn't mean that they will earn a higher salary, or that they will turn the office into a military headquarter. Many companies higher them for their flexibility and how well they adapt and react to change. The problem is that not enough companies actually have veteran recruiting programs that will help both the companies and the veterans.
Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.:
Violet Lozano, Capital $930,000
Violet Lozano, Drawing 12,000
Fees Earned 694,400
Wages Expense 471,000
Rent Expense 69,500
Supplies Expense 11,100
Miscellaneous Expense 14,900
Required: Journalize the two entries required to close the accounts.
Post-Closing Trial Balance
An accountant prepared the following post-closing trial balance:
La Casa Services Co.
Post-Closing Trial Balance
March 31, 20Y6
Debit Balances Credit Balances
Cash 12,700
Accounts Receivable 28,190
Supplies 1,780
Equipment 125,600
Accumulated Depreciation 41,910
Accounts Payable 15,240
Salaries Payable 1,400
Unearned Rent 5,720
Sonya Flynn, Capital 104,000
207,760 128,780
Prepare a corrected post-closing trial balance.
Answer and Explanation:
The journal entries are shown below:
Fees Earned 694,400
To Wages Expense 471,000
To Rent Expense 69,500
To Supplies Expense 11,100
To Miscellaneous Expense 14,900
To Violet Lozano, Capital 127,900
Violet Lozano, Capital 12,000
To Violet Lozano, Drawing 12,000
Now the post trail balance is
Cash 12,700
Accounts Receivable 28,190
Supplies 1,780
Equipment 125,600
Accumulated Depreciation 41,910
Accounts Payable 15,240
Salaries Payable 1,400
Unearned Rent 5,720
Sonya Flynn, Capital 104,000
Totals 168,270 168,270
Based on the following data, determine the cost of merchandise sold for November:
Increase in estimated returns inventory $7,900
Merchandise inventory, November 1 13,200
Merchandise inventory, November 30 25,300
Purchases 263,400
Purchases returns and allowances 9,000
Purchases discounts 5,300
Freight in 3,700
Answer:
See below
Explanation:
The computation of the cost of merchandise sold for November is
= Opening inventory + net purchases - ending inventory
Where
Opening inventory = $13,200
Net purchases = $263,400 - $9,000 - $5,300 + $3,700 = $252,800
Ending inventory = $25,300
Merchandise sold = $13,200 + $252,800 - $25,300 = $240,700
Robert treats coffee and creamer as perfect complements and has very specific requirements for the ratio of creamer to coffee. He will drink coffee only if he has exactly 5.00 packets of creamer for every cup of coffee. Coffee is priced at $3.00 per cup and creamer at $0.25 per packet. In the questions below, give your answers to two decimal places.
a. Suppose that Robert has $39.00 to spend on coffee and creamer. His optimal consumption bundle contains _______cups of coffee and _________
b. Now, suppose that the price of creamer rises to $0.50 per packet. What is the substitution effect of this price change?
Answer:
a. Robert's optimal consumption bundle contains 9.18 cups of coffee and 45.88 packets of creamer.
b. Zero packets of creamer is the substitution effect.
Explanation:
a. Suppose that Robert has $39.00 to spend on coffee and creamer. His optimal consumption bundle contains _______cups of coffee and _________
The consumption ratio can be stated as follows:
5 Creamer = 1 cup of coffee
Budget line has an equation can also be given as follows:
B = (Pm * Qm) + (Pf * Qf) ...................... (1)
Where;
B = Budget = The amount Robert has to spend on coffee and creamer = $39.00
Pm = Price of creamer = $0.25
Qm = Quantity of creamer = ?
Pf = Price of coffee = $3.00
Qf = Quantity of coffee = ?
39 = (0.25 * Qm) + (3 * Qf)
39 = 0.25Qm + 3Qf
Since "5 Creamer = 1 cup of coffee". This also implies thal 1 creamer = 1 / 5 cup of coffee. Therefore, we have;
39 = 0.25Qm + (3 * 1/5 * Qm)
39 = 0.25Qm + (3/5)Qm
39 = 0.25Qm + 0.60Qm
39 = 0.85Qm
Qm = 39 / 0.85
Qm = 45.88
Qf = 45 / 5 = 9.18
Therefore, Robert's optimal consumption bundle contains 9.18 cups of coffee and 45.88 packets of creamer.
b. Now, suppose that the price of creamer rises to $0.50 per packet. What is the substitution effect of this price change?
Since Robert treats coffee and creamer as perfect complements, this implies that there there is nothing like substitution effect under this condition.
Therefore, zero packets of creamer is the substitution effect.
Suppose that, in the wake of Luon yoga pant recall, Lululemon instituted a policy requiring its manufacturing plants and materials suppliers to streamline work processes and thereby provide smooth, high-quality customer experiences. Which of the five types of external integration would such a policy represent
Answer:
The answer is "Material and service supplier integration".
Explanation:
The integration of materials and services between a business as well as its supply chain products and government agencies is coordinated. In the Ninja, Corporation realized the importance of such a move and picked the highest vendors. These companies should operate in collaboration with external providers and enhance customer quality, but Lululemon also adopted the very same approach to simplify their process including its suppliers.
A retail store is doing a $50 gift card giveaway by selecting 1 customer from a pool of registered customers. The pool of registered customers has males and females of all ages with 52% of the pool being female and 18% of the pool being over the age of 65. The probability of the winner being female or over age 65 (the union of female and over age 65) is 70%.
a. True
b. False
Answer:
False
Explanation:
Given
[tex]P(Female) = 52\%[/tex]
[tex]P(Age>65) = 18\%[/tex]
Required
Determine [tex]P(Female\ or\ Age>65)[/tex]
The events of being a female and over the age of 65 are non-mutually exclusive events.
We know this because the question says the pool is from all ages.
So, the required probability is calculated using:
[tex]P(A\ or\ B) = P(A) + P(B) - P(A\ and\ B)[/tex]
In this case, it is:
[tex]P(Female\ or\ Age>65) = P(Female) + P(Age>65) - P(Female\ and\ Age>65)[/tex]
This gives:
[tex]P(Female\ or\ Age>65) = 52\% + 18\% - P(Female\ and\ Age>65)[/tex]
[tex]P(Female\ or\ Age>65) = 70\% - P(Female\ and\ Age>65)[/tex]
Because the pool is from all ages,
[tex]P(Female\ and\ Age>65) > 0\%[/tex]
So:
[tex]P(Female\ and\ Age>65) < 70\%[/tex]
The solution to this question is b. False
Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions:
a. Terry Mason invested $30,000 in Succulent Express in exchange for common stock.
b. Pald $5,400 on February i for an insurance premium on a one-year policy.
c. Purchased supplies on account, $1,800.
d. Received fees of $57,000 during February
e. Paid expenses as follows: wages, 521,600; rent, $6,400; utilities, $2,800; and miscellaneous, $3,200.
f. Paid dividends of $8,000.
Record the preceding transactions using the integrated financial statement framework. After each transaction, enter a balance for each item. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts using the minus sign.
Answer:
Net cash flow = $39,600
Net income = $18,050
Explanation:
Note: There is an error in the wages amount stated in the question. The correct amount of the wages is $21,600 not 521,600.
Explanation of the answer is now provided as follows:
Note: See the attached excel file for the integrated financial statement which comprises of Balance Sheet, Statement of Cash Flow and the Income Statement.
An integrated financial statement framework can be described as a type of framework which presents the balance sheet, cash flow statement, and income statement of a company.
In the attached excel file the following are used:
Insurance premium paid under Retained Earnings = Insurance premium paid * (11 Months / 12 Months) = $5,400 * (11 / 12) = $4,950
Prepaid insurance = Insurance premium paid - Insurance premium paid under Retained Earnings = $5,400 - $4,950 = $450
Expenses paid = wages + rent + utilities + miscellaneous = $21,600 + $6,400 + $2,800 + $3,200 = $34,000
Avatar Company uses the indirect method to prepare its statement of cash flows. Please refer to the following portion of the comparative balance sheet:
2014 2013 Increase/decrease
Accounts payable $ 4,000 $ 6,000 $(2,000)
Accrued liabilities 2,000 1,000 1,000
Long-term notes payable 84,000 90,000 (6,000)
Total liabilities $90,000 $97,000 $(7,000)
Additional information provided:
During 2014, the company repaid $40,000 of long-term notes payable.
During 2014, the company borrowed $34,000 on a new note payable.
Based on the above information only, what amount of net cash flow would be shown in the financing section of the statement of cash flows?
A) $6,000 negative
B) $6,000 positive
C) $5,000 positive
D) $7,000 negative
Answer:
D) $7,000 negative
Explanation:
What amount of net cash flow would be shown in the financing section of the statement of cash flows?
Amount of net cash flow to be shown in the financing section of the statement of cash flows = Decrease in Account payable - Increase in accrued liabilities + Borrow of new long term notes payable - Repayment of long term notes payable
= -$2,000 + $1,000 + $34,000 - $40,000
= -$7,000
Use each of these key terms to best complete the following sentences. Use each term no more than once. Agreeableness
1. Neuroticism
2. Extraversion
3. Conscientiousness
4. Openness
5. Machiavellianism
6. Authoritarianism
a. Ted is willing to listen to new ideas and to change his beliefs and attitudes in response to new information. Ted is likely high in this personality trait.
b. Eduardo tends to be insecure and often has mood swings at work that make his coworkers uncomfortable. Eduardo is likely to be high in this personality trait.
c. Aidan is often late with projects and seems disorganized. He is likely low in this personality trait
d. Betty is sociable, talkative, and one of the first employees to welcome a new hire and offer to show him or her around. Betty is likely high in this personality trait.
Answer:
4
1
3
2
Explanation:
The big 5 personality traits include
Openness - it includes people who are open to new things and enjoy learning new things.
Ted is high on this trait
Extraversion - it includes people who enjoy meeting new people and are very sociable.
Betty is high on this trait
Conscientiousness - includes people that are organised and pay attention to details. Aiden is low on this trait
Agreeableness - includes people that trust people easily and are kind
Neuroticism - includes people that are usually moody or sad
The production possibilities frontier will shift outward
A.
if resources are used to produce consumption goods.
B.
if production occurs outside the production possibilities frontier.
C.
if resources are not used in production.
D.
.if resources are not used to produce capital goods
E.
.if technological advances occur
D. if resources are used to produce capital goods.
Production possibilities frontierThe PPF (production possibilities frontier) is a collection of points along which a country's economy allocates its resources most efficiently to produce as many things as feasible.The Production Possibilities Curve, also known as the Production Possibilities Frontier, is a graph that indicates how many units a firm can produce if it only makes two items and uses all of its resources efficiently.The production possibilities frontier will shift outward D. if resources are used to produce capital goods.For more information:
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A taxi driver who opens the door for his customer is an example of ________. Fill in the blank.
Answer:
courtesy
Explanation:
It basically is having manners and being respectful of the customer. When a taxi driver opens the door for someone, he or she is being respectful
Suppose that Texas Trucking (TT) has earnings per share of $3.45 and EBITDA of $45 million. TT also has 5 million shares outstanding and debt o $150 million (net of cash). You believe that Oklahoma Logistics and Transport (OLT) is comparable to TT in terms of its underlying business, but OLT has no debt. OLT has a P/E of 12.5 and an enterprise value to EBITDA multiple of 7. Based upon the enterprise value to EBITDA ratio, the value of a share of Texas Trucking is closest to:
Answer:
$33.00 per share
Explanation:
Calculation to the value of a share of Texas Trucking
Using this formula
Enterprise value = EBITDA × multiple
Let plug in the formula
Enterprise value = $45 × 7 = $315
Enterprise value=$315- $150
Enterprise value=$165
Enterprise value=$165/5 million share
Enterprise value = $33.00 per share
Therefore the value of a share of Texas Trucking is closest to:$33.00 per share
Green Day Corporation has outstanding 500,000 shares of $10 par value common stock. The corporation declares a 70% stock dividend when the fair value of the stock is $45 per share. Prepare the journal entries for Green Day Corporation for both the date of declaration and the date of distribution.
Date of Declaration:
Dr: Retained Earnings 22,850,000
Cr: Common Stock Dividend Distributable 350,000
Cr: Paid-in Capital in Excess of Par-Common 22,500,000
500,000*45 = 22,500,000
22,500,000+350,000=22,850,000
Date of Distribution:
(70%*500,000) = 350,000
Dr: Common Stock Dividend Distributable 350,000
Cr: Common Stock 350,000
A company that sells running shoes online wants to compare two new marketing strategies. They will test the strategies on 10 weekdays. In the morning of each day, a web page describing the comfort of the running shoes will be displayed. In the afternoon of each day, a web page describing the discounted price for the shoes will be displayed. Sales of the featured running shoes in the morning will be compared with sales in the afternoon at the end of the experiment. What are the experimental units, the treatments, and the outcomes for this experiment
Answer:
The explanation of the three factors and they conclusion are below.
Explanation:
To begin with, when we talk about experimental units we refer to the entities that the researcher looks forward to make inferences about, so that means that in this case the experimental units of the situation will be all the people who got to visit the website in both schedules, the morning shift and the afternoon shift.
Secondly, the treatments is understood to be the process or the way, it could be said, that the researchers administrate to the experimental units. So that implicates that in this case the treatments will be the morning with its comfort described and the afternoon on the other side with its discounted prices shown.
Finally, the most probable outcomes for this experiments will be that the statics will show how the people interact with the variables and which of them generated more interest, that being either price or comfort. It will also show the behavior of the people when it comes to understand if the tend more to visit the web site at morning or afternoon.
Consider the following process that makes customized suits. When an order is placed, measurement is taken, which takes 30 minutes to complete. After taking the measurement, materials are prepared and cut, and this takes one hour. Once the materials are prepared and cut, the materials are sewed. Sewing takes 2.5 hours on average per order. The process operates for 10 hours a day. The following picture summarizes the process.
1. What is the capacity of the process in [suits/day]?
2. Assume that the demand for the customized suit is 0.2[suits/hour]. What should the flow rate of the process be in [suits/day]?
3. Assume that the demand for the customized suit is 0.5[suits/hour]. What is the implied utilization (in %) of the Sewing stage?
4. Assume that the demand for the customized suit is 0.5[suits/hour]. What is the utilization (in %) of the Measuring stage?
Answer:
1. The capacity of the process
= 2.5 suits /day
2. The flow rate of the process = 2.5 suits/10 hours
= 0.25 suits per hour
3. The implied utilization of the Sewing stage = (0.5 * 150 minutes * 4) 300 minutes = 5/10
= 50%
4. The utilization of the Measuring stage = (0.5 * 30 minutes * 4) 60 minutes = 1/10
= 10%
Explanation:
a) Data and Calculations:
Time taken for the measurement of a suit = 30 minutes
Time for preparation and cutting of materials = 60 minutes (1 hour)
Time for sewing = 150 minutes (2.5 hours or 2 hours, 30 minutes)
Total time taken to make a suit = 4 hours
Available production time per day = 600 minutes (6 hours)
Therefore, 6/4 suits can be produced per day, this equals 2.5 suits.
What level of government is most closely associated with zoning?
a.local
b.interstate
c.federal
d.state
Selected transactions for Bramble, an interior decorator corporation, in its first month of business, are as follows.
a. Issued stock to investors for $16,000 in cash.
b. Purchased used car for $10,700 cash for use in business.
c. Purchased supplies on account for $400.
d. Billed customers $4,010 for services performed.
e. Paid $160 cash for advertising at the start of the business.
f. Received $1,530 cash from customers billed in transaction (4).
g. Paid creditor $400 cash on account.
h. Paid dividends of $530 cash to stockholders.
Required:
For each transaction indicate the basic type of account debited and credited.
Answer:
transaction account debit credit
a. cash 16,000
common stock 16,000
b. vehicles 10,700
cash 10,700
c. supplies 400
accounts payable 400
d. accounts rec. 4,010
service revenue 4,010
e. adv. expense 160
cash 160
f. cash 1,530
accounts rec. 1,530
g. accounts payable 400
cash 400
h. dividends 530
cash 530
On January 1, 2021, American Corporation purchased 30% of the outstanding voting shares of Short Supplies common stock for $222,000 cash. On that date, Short's book value and fair value were both $740,000. The equity method is deemed appropriate for this investment. Short's net income reported on December 31, 2021, was $70,000. During 2021, Short also paid cash dividends in the amount of $19,000.
Required:
Compute the amount that would be reported for the investment on American Corporation's financial statements at December 31, 2021. what is investment amount?
Answer:
the amount that should be reported for the investment is $237,300
Explanation:
The computation of the amount that should be reported for the investment is as follows:
= Original investment + net income share - cash dividend
= $222,000 + ($70,000 × 30%) - ($19,000 × 0.30)
= $222,000 + $21,000 - $5,700
= $237,300
hence, the amount that should be reported for the investment is $237,300
Actual demand for a product for the past three months was
Three months ago 390 units
Two months ago 340 units
Last month 295 units
a. Using a simple three-month moving average, make a forecast for this month. (Round your answer to the nearest whole number.)
b. If 290 units were actually demanded this month, what would your forecast be for next month, again using a 3-month moving average? (Round your answer to the nearest whole number.)
c. Using simple exponential smoothing, what would your forecast be for this month if the exponentially smoothed forecast for three months ago was 440 units and the smoothing constant was 0.20? (Round your answer to the nearest whole number.)
Answer:
a) This month = 342
b) Next month = 308
c) This month using simple exponential smoothing = 352.
Explanation:
a) Data and Calculations:
Month Demand 3-month Moving
Average
3 months ago 390
2 months ago 340
1 month ago 295
This month 342
b)
Month Demand 3-month Moving
Average
3 months ago 390
2 months ago 340
1 month ago 295
This month 290
Next month 308
c) Simple exponential smoothing
Forecast for three months ago = 440
Smoothing constant = 0.20
Forecast for this month = 440 * (1- 0.20) = 352
d) For the simple exponential smoothing, the most recent period's forecast is multiplied by (one minus the smoothing factor).
11) Which of the following sections of the statement of cash flows includes activities that increase and decrease long-term liabilities and stockholders' equity? A) the investing activities section B) the financing activities section C) the operating activities section D) the non-cash investing and financing section
Answer:
A) the investing activities section
Explanation:
A financial statement is a written report that quantitatively describes a firm's financial health. Under the financial statements is a cash-flow statement, which is used to record the cash inflow and cash equivalents leaving a business firm.
Cash flow statement, also known as the statement of cash flows, contains financial information about operating, financial and investing activities.
1. Operating cash flow: all cash generated from the business activities of an organization.
2. Financing cash flow: all payments made by an organization and profits from issuance of debts and equity.
3. Investing cash flow: costs associated with purchasing of capital assets and investments of cash resources in other businesses.
Generally, investing activities comprises of purchasing physical assets, investing in securities and the sale of assets or securities associated with the company.
Hence, the investing activities section of the statement of cash flows includes activities that increase and decrease long-term liabilities and stockholders' equity in the business they have invested their money in.
The Fisher equation tells us that the real interest rate approximately equals the nominal rate minus the inflation rate. Suppose the inflation rate increases from 3% to 5%. Does the Fisher equation imply that this increase will result in a fall in the real rate of interest
The Fisher equation does not imply that the increase in inflation will result in a fall in the real rate of interest.
The Fisher equation states the nominal interest rate in the sum of inflation rate and the real interest rate
(1 + nominal interest rate) = (1 + real interest rate) x (1 + inflation rate)
Based on the above equation, an increase in inflation rate would lead to a rise in the nominal interest rate. The real interest rate is taken as given in the equation and it is not affected by changes in inflation rate. If inflation rate increases from 3% to 5%, the nominal rate of interest would increase by about 2%.
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Adjusting Entries and Adjusted Trial Balances
Emerson Company is a small editorial services company owned and operated by Suzanne Emerson. On October 31, 20Y6, Emerson Company's accounting clerk prepared the following unadjusted trial balance:
Emerson Company
Unadjusted Trial Balance
October 31, 20Y6
Debit Credit
Balances Balances
Cash 3,930
Accounts Receivable 35,640
Prepaid Insurance 6,640
Supplies 1,810
Land 104,800
Building 269,090
Accumulated Depreciation—Building 128,060
Equipment 125,950
Accumulated Depreciation—Equipment 91,210
Accounts Payable 11,180
Unearned Rent 6,340
Suzanne Emerson, Capital 285,400
Suzanne Emerson, Drawing 13,890
Fees Earned 302,030
Salaries and Wages Expense 180,010
Utilities Expense 39,570
Advertising Expense 21,140
Repairs Expense 16,010
Miscellaneous Expense 5,740
824,220 824,220
The data needed to determine year-end adjustments are as follows:
Unexpired insurance at October 31, $4,450.
Supplies on hand at October 31, $540.
Depreciation of building for the year, $2,950.
Depreciation of equipment for the year, $2,550.
Unearned rent at October 31, $1,650.
Accrued salaries and wages at October 31, $2,880.
Fees earned but unbilled on October 31, $16,910.
Required:
1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense. If an amount box does not require an entry, leave it blank.
2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.
Answer:
Emerson Company
1. Adjusting Journal Entries
Debit Insurance expense $2,190
Credit Prepaid Insurance $2,190
To record expired insurance expense for the year.
Debit Supplies expense $1,270
Credit Supplies $1,270
To record supplies expense for the year.
Debit Depreciation expense of building $2,950
Credit Accumulated depreciation - building $2,950
To record depreciation expense for the year.
Debit Depreciation expense of equipment $2,550
Credit Accumulated depreciation - equipment $2,550
To record depreciation expense for the year.
Debit Unearned rent $4,690
Credit Rent Revenue $4,690
To record rent earned for the year.
Debit Salaries and wages Expense $2,880
Credit Salaries and wages payable $2,880
To record accrued salaries and wages.
Debit Accounts receivable $16,910
Credit Fees earned $16,910
To record fees earned but unbilled.
2. Adjusted Trial Balance as of October 31, 20Y6
Emerson Company
Adjusted Trial Balance as of October 31, 20Y6
Debit Credit
Cash $3,930
Accounts Receivable 52,550
Prepaid Insurance 4,450
Supplies 540
Land 104,800
Building 269,090
Accumulated Depreciation—Building $131,010
Equipment 125,950
Accumulated Depreciation—Equipment 93,760
Accounts Payable 11,180
Salaries and Wages Payable 2,880
Unearned Rent 1,650
Suzanne Emerson, Capital 285,400
Suzanne Emerson, Drawing 13,890
Fees Earned 318,940
Rent Revenue 4,690
Salaries & Wages Expense 182,890
Utilities Expense 39,570
Advertising Expense 21,140
Repairs Expense 16,010
Miscellaneous Expense 5,740
Insurance Expense 2,190
Supplies Expense 1,270
Depreciation Exp. Building 2,950
Depreciation Exp. Equip. 2,550
Totals $849,510 $849,510
Explanation:
a) Data and Calculations:
Emerson Company
Unadjusted Trial Balance as of October 31, 20Y6
Debit Credit
Cash $3,930
Accounts Receivable 35,640
Prepaid Insurance 6,640
Supplies 1,810
Land 104,800
Building 269,090
Accumulated Depreciation—Building $128,060
Equipment 125,950
Accumulated Depreciation—Equipment 91,210
Accounts Payable 11,180
Unearned Rent 6,340
Suzanne Emerson, Capital 285,400
Suzanne Emerson, Drawing 13,890
Fees Earned 302,030
Salaries & Wages Expense 180,010
Utilities Expense 39,570
Advertising Expense 21,140
Repairs Expense 16,010
Miscellaneous Expense 5,740
Totals $824,220 $824,220
Adjustments:
Prepaid Insurance balance = $4,450
Insurance expense = $2,190 (6,640 -4,450)
Supplies balance = $540
Supplies expense = $1,270 (1,810 - 540)
Depreciation expense of building = $2,950
Accumulated depreciation - building = $131,010 (128,060 + 2,950)
Depreciation expense of equipment = $2,550
Accumulated depreciation - equipment = $93,760 (91,210 + 2,550)
Unearned rent = $1,650
Rent Revenue = $4,690 (6,340 - 1,650)
Salaries and wages payable = $2,880
Salaries and wages = $182,890 (180,010 + 2,880)
Accounts receivable = $52,550 (35,640 + 16,910)
Fees earned = $318,940 (302,030 + 16,910)
IN the light of Nike Case, identify the following:
Nike company marketing management.
Nike is following marketing orientation rather than a product orien
Nike's competitive advantage as a market leader.. identify Nike e
opportunities through the scanning tools.
Answer:
Nike company follows brand recognition marketing strategy.
Nike focuses on market trends rather than product features.
Explanation:
Nike has great brand image among its customers. It focusses on its brand and launches new products with heavy R&D experiences. The management of Nike focus on market orientation rather than product orientation. It identifies the market trends and then customizes its product according to customers needs.
Who prepares, creates, and is solely accountable for the official Financial Statements of a publicly traded company
Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.2 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 7% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end.
Required:
a. Prepare the journal entries on October 1, 2021, to record (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank.
2. Record the adjustments on December 31, 2021, for (a) Precision Castparts and (b) Midwest Bank.
3. Prepare the journal entries on September 30, 2021, to record payment of (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank.
Answer:
a. Prepare the journal entries on October 1, 2021, to record (a) the notes payable for Precision Castparts
Dr Cash 40,200,000
Cr Notes payable 40,200,000
and (b) the notes receivable for Midwest Bank.
Dr Notes receivable 40,200,000
Cr Cash 40,200,000
2. Record the adjustments on December 31, 2021, for (a) Precision Castparts and
Dr Interest expense 703,500
Cr Interest payable 703,500
(b) Midwest Bank.
Dr Interest receivable 703,500
Cr Interest revenue 703,500
3. Prepare the journal entries on September 30, 2021, to record payment of (a) the notes payable for Precision Castparts and
Dr Interest expense 2,110,500
Dr Notes payable 40,200,000
Dr Interest payable 703,500
Cr Cash 43,014,000
(b) the notes receivable for Midwest Bank.
Dr Cash 43,014,000
Cr Interest revenue 2,110,500
Cr Notes receivable 40,200,000
Cr Interest receivable 703,500
The August 31 balance shown on the bank statement is $9,813.
a. There is a deposit in transit of $1,263 at August 31.
b. Outstanding checks at August 31 totaled $1,877.
c. Interest credited to the account during August but not recorded on the company's books amounted to $116.
d. A bank charge of $35 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived.
e. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $626 had been recorded as a disbursement of $373. The August 31 balance in the general ledger Cash account, before reconciliation, is $9,371.
Required:
Prepare a bank reconciliation as of August 31 from the above information.
Answer:
Adjusted Balance per bank $9,199
Adjusted Balance per books $9,199
Explanation:
Preparation of a bank reconciliation as of August 31
Balance per bank on August 31 $9,813
Add Deposit in transit $1,263
Less Outstanding checks ($1,877)
Adjusted Balance per bank $9,199
Balance per books on August 31 $9,371
Add Interest earned $116
Less Bank charge ($35)
Less Error in Books ($253)
($626-$373)
Adjusted Balance per books $9,199
Therefore the bank reconciliation as of August 31 will be:
Adjusted Balance per bank $9,199
Adjusted Balance per books $9,199
QS 4-15 Computing and analyzing gross margin ratio LO A2 Carrier Lennox Trane York Sales $ 150,000 $ 550,000 $ 38,700 $ 255,700 Sales discounts 5,000 17,500 600 4,800 Sales returns and allowances 20,000 6,000 5,100 900 Cost of goods sold 79,750 329,589 24,453 126,500 Compute net sales, gross profit, and the gross margin ratio for each of the four separate companies. (Round your gross margin ratio to 1 decimal place; i.e.; 0.2367 should be entered as 23.7%.)
Answer:
Maybe is you payed attention you would have knew the answer
Explanation:
Good luck :))
Carrier -
Net Sales - $125,000Gross Profit - $45,250Gross Margin Ratio - 36.2%Lennox -
Net Sales - $526,500Gross Profit - $196,911Gross Margin Ratio - 37.4%Trane -
Net Sales - $33,000Gross Profit - $8,547Gross Margin Ratio - 25.9%York -
Net Sales - $250,000Gross Profit - $123,500Gross Margin Ratio - 49.4%How to compute the aboveHere are the calculations for each company -
Carrier -
Net Sales = Sales - Sales Discounts - Sales Returns and Allowances
Net Sales = $150,000 - $5,000 - $20,000 = $125,000
Gross Profit = Net Sales - Cost of Goods Sold
Gross Profit = $125,000 - $79,750 = $45,250
Gross Margin Ratio = (Gross Profit / Net Sales) * 100
Gross Margin Ratio = ($45,250 / $125,000) * 100 = 36.2%
Lennox -
Net Sales = $550,000 - $17,500 - $6,000 = $526,500
Gross Profit = $526,500 - $329,589 = $196,911
Gross Margin Ratio = ($196,911 / $526,500) * 100 = 37.4%
Trane -
Net Sales = $38,700 - $600 - $5,100 = $33,000
Gross Profit = $33,000 - $24,453 = $8,547
Gross Margin Ratio = ($8,547 / $33,000) * 100 = 25.9%
York -
Net Sales = $255,700 - $4,800 - $900 = $250,000
Gross Profit = $250,000 - $126,500 = $123,500
Gross Margin Ratio = ($123,500 / $250,000) * 100 = 49.4%
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Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the total outstanding stock of 9,000 shares and is the managing executive in charge. On December 31, the following financial items for the entire year were determined: sales revenue, $166,000; salaries and wages expense, $97,000; interest expense, $6,300; advertising expenses, $9,025; and income tax expense, $18,500. Also during the year, the company declared and paid the owners dividends amounting to $12,000.
Required:
Prepare the company’s income statement.
Answer:
Net Income for the year is $23,175
Explanation:
The Company's income Statement is prepared below. In relation to the following please note that:
Total Revenue is considered Section A while Total Expense is Section B and the Net Income is the difference of the same (A - B).Income Statement on December 31st:
HOME REALTY, CORPORATION
Income statement
For period ended December 31st
Revenue $
Sales Revenue 166,000
Other Revenue -
Total Revenue (A) 166,000
Expenses: $
Salaries and Wages Expense 97,000
Interest Expense 6,300
Advertising Expenses 9,025
Income Tax Expense 18,500
Dividends 12,000
Total Expenses (B) 142,825
Net Income (A-B) $23,175