Following is a complete list of accounts and account balances that appear in the general ledger as of August 1, 2020 for Flourish and Botts, Co. bookstore. Assume all accounts have their normal debit or credit balance.

Account: Amount: Account: Amount:
Cash $9,021 Common Stock $84
Accounts Receivable (A/R) $13,992 Additional Paid-In Capital $6,408
Inventory $4,033 Retained Earnings $7,220
Prepaid Rent $200 Sales Revenue $0
Equipment $7,200 Cost of Goods Sold $0
Accumulated Depreciation-Equipment $800 Wages Expense $0
Accounts Payable (A/P) $11,844 Interest Expense $0
Deferred Revenue $3,055 Depreciation Expense $0
Interest Payable $35 Rent Expense $0
Notes Payable $5,000

The following transactions were observed for August 2020:

Date: Transaction:
8/3 Purchased merchandise inventory on account for $11,941
8/6 Sold merchandise inventory, which originally cost $13,088, to customers for $20,972. Customers paid $2,400 in cash, the remaining $18,572 was purchased by customers on account.
8/16 Paid $2,750 in cash to workers for work done in August.
8/20 Received $17,046 in cash payments from customers on their accounts receivable.
8/27 Paid creditors $14,635 in cash for accounts payable.

Required:
Record all of the above transactions that occurred during the period using journal entries. Make sure to use proper formatting for all entries, and to include the date of each entry and a brief description of each entry. Do not make any end of the period adjusting or closing entries.

Answer:

Date        Particular                                Debit      Credit

8/3           Purchases                              11,941

                              Account payable                    11,941

8/6           Cost of good sold                  13,088

                              Inventory                                 13,088

8/6           Account Receivable               18,572

                Cash                                          2,400

                              Revenue                                  20,972

8/16         Wages expense                        2,750

                               Cash                                        2,750

8/20        Cash                                          17,046

                               Account Receivable               17,046

8/27         Account payable                      14,635

                               Cash                                         14,635

20 points I need help Which tasks are common to all Education and Training career pathways?

University Printers has two service departments Maintenance and Personnel and two operating departments Printing and Developing. Management has decided to allocate maintenance costs on the basis of machine-hours in each department and personnel costs on the basis of labor-hours worked by the employees in each.
The following data appear in the company records for the current period:
Maintenance Personnel Printing Developing
Machine-hours ? 455 455 2,590
Labor-hours 315 ? 294 1,491
Department direct cost 11,000 $23,000 $25,000 $23,000
Required: Allocate the service department costs using the reciprocal method. Negative amounts should be indicated by a minus sign. Do not round intermediate calculations.

If the amount of credit is 300,000 how much is the discount if the debtor is given a credit term of 2/10 N/30?show your

We run a delivery service, and we believe our firm has market risk equally between that of UPS and FedEx. We know the following about these 2 firms:______.
Stock Price per share # shares outstanding Market Value of Debt
UPS $65 0.7 billion $ 5 billion
FedEx $55 250 million $ 3 billion
We also have the following data on the securities of these firms:_______.
Beta E Beta D
UPS 0.8 0
FedEx 1.1 0.1
Assume that our firm has risk-free debt with market value $20 million and equity with market value $450 million. Assume that taxes are not relevant. Please estimate our firm’s equity beta

List 6 mistakes that can be made during an interview.

The transactions listed below are typical of those involving Amalgamated Textiles and American Fashions. Amalgamated is a wholesale merchandiser and American Fashions is a retail merchandiser. Assume all sales of merchandise from Amalgamated to American Fashions are made with terms n/60, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31.

Amalgamated sold merchandise to American Fashions at a selling price of $230,000. The merchandise had cost Amalgamated $175,000. Two days later, American Fashions returned goods that had been sold to the company at a price of $20,000 and complained to Amalgamated that some of the remaining merchandise differed from what American Fashions had ordered. Amalgamated agreed to give an allowance of $5,000 to American Fashions. The goods returned by American Fashions had cost Amalgamated $15,270. Just three days later, American Fashions paid Amalgamated, which settled all amounts owed.

Required:
a. Indicate the effect (direction and amount) of each transaction on the Inventory balance of Readers' Corner.
b. Prepare the journal entries that Readers’ Corner would record and show any computations.

When a famous painting becomes available for sale, it is often known which museum or collector will be the likely winner. Yet, the auctioneer actively woos representatives of other museums that have no chance of winning to attend anyway.

Suppose a piece of art has recently become available for sale and will be auctioned off to the highest bidder, with the winner paying an amount equal to the second highest bid. Assume that most collectors know that Janet places a value of $125,000 on the art piece and that she values this art piece more than any other collector. Suppose that if no one else shows up, Janet simply bids $125,000/2 = $5,000 and wins the piece of art.

The expected price paid by Kenji, with no other bidders present, is $:_________
Suppose the owner Of the artwork manages to recruit another bidder, Manuel, to the auction. Manuel is known to value the art piece at $8,000.
The expected price paid by Kenji, given the presence of the second bidder Manuel, is $:_________

Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding Department:

Units:

Beginning Inventory: 30,000 units, 100% complete as to materials and 55% complete as to conversion.
Units started and completed: 120,000.
Units completed and transferred out: 150,000.
Ending Inventory: 32,500 units, 100% complete as to materials and 30% complete as to conversion.

Costs:
Costs in beginning Work in Process - Direct Materials: $48,000.
Costs in beginning Work in Process - Conversion: $53,850.
Costs incurred in February - Direct Materials: $328,050.
Costs incurred in February - Conversion: $604,150.

Required:
Calculate the cost per equivalent unit of materials.

A _____ has nonprofit status and is owned by its members

A. Securities firm

B. Investment company

C. Savings bank

D. Credit union

King Costume uses a periodic inventory system. The company started the month with 6 masks in its beginning inventory that cost $8 each. During the month, King Costume purchased 41 additional masks for $10 each. At the end of the month, King counted its inventory and found that 3 masks remained unsold. Using the LIFO method, its cost of goods sold for the month is:

Bramble Corp. sells MP3 players for $60 each. Variable costs are $30 per unit, and fixed costs total $120000. How many MP3 players must Bramble sell to earn net income of $300000?

Pooling has been used for a long time by businesses as a way to reduce risk. Imagine that years ago a small paint factory employed 200 people, each with an annual salary of $600/year. The factory owner knew from experience that 4 percent of workers were being injured each year, becoming unable to work. The factory owner decided to set up a fund to pay injured workers three months of salary to help their families and build good will with employees. The owner did not contribute to the injury fund. The workers themselves contributed a fixed amount each year to fund the plan. Answer the following questions (1 point each):_____.
1. How much did the owner need to collect from employees in total to fully fund the plan each year?
2. How much did each employee have to contribute each year to fully fund the plan?
3. What percentage of salary did each employee contribute to have an injury fund like this?

True or false, Is server a collection of computers and devices connected together wirelessly​

Which example is not an advantage of b entrepreneurship’s

A company reports accounting data in its financial statements. This data is used for financial analyses that provide insights into a company’s strengths, weaknesses, performance in specific areas, and trends in performance. These analyses are often used to compare a company’s performance to that of its competitors, or to its past or expected future performance. Such insight helps managers and analysts improve their decision making. Most decision makers and analysts use five groups of ratios to examine the different aspects of a company’s performance. Indicate whether each of the following statements regarding financial ratios are true or false?
a. The ratios provide an accurate and thorough representation of the Chinese company’s performance.b. The analysis likely includes incorrect and misleading conclusions.

Major League Bat Company manufactures baseball bats. In addition to its goods in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and direct labor and factory overhead are applied uniformly throughout the production process.Required:You are to maintain records and produce measures of inventories to reflect the July events of this company. The June 30 balances are as follows: Raw Materials Inventory, $25,000; Goods in Process Inventory, $10,520 ($2,800 of direct materials, $3,800 of direct labor, and $3,920 of overhead); Finished Goods Inventory, $116,000; Sales, $0; Cost of Goods Sold, $0; Factory Payroll, $0; and Factory Overhead, $0.1. Prepare journal entries to record the following July transactions and events.a. Purchased raw materials for $132,000 cash (the company uses a perpetual inventory system).b. Used raw materials as follows: direct materials, $49,900; and indirect materials, $15,000.c. Incurred factory payroll cost of $173,650 paid in cash (ignore taxes).d. Assigned factory payroll costs as follows: direct labor, $142,650; and indirect labor, $31,000.e. Incurred additional factory overhead costs of $42,795 paid in cash.f. Allocated factory overhead to production at 50% of direct labor costs.2. Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary, assuming the weighted-average method is used. (Round "Cost per EUP" to 2 decimal places.)3. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following:g. Total costs transferred to finished goods for July.h. Sale of finished goods costing $132,010 for $650,000 in cash.4. Post entries from parts 1 and 3 to the following general ledger accounts5. Compute the amount of gross profit from the sales in July. (Add any underapplied overhead too, or deduct any overapplied overhead from, the cost of goods sold.)

Which of the following influences what you choose to wear
Your activities

All of the Above

Basic needs

Your personal preferences

You have just been hired as a financial analyst for Barrington Industries. Unfortunately, company headquarters (where all of the firm's records are kept) has been destroyed by fire. So, your first job will be to recreate the firm's cash flow statement for the year just ended. The firm had $100,000 in the bank at the end of the prior year, and its working capital accounts except cash remained constant during the year. It earned $5 million in net income during the year but paid $750,000 in dividends to common shareholders. Throughout the year, the firm purchased $5.4 million of machinery that was needed for a new project. You have just spoken to the firm's accountants and learned that annual depreciation expense for the year is $450,000; however, the purchase price for the machinery represents additions to property, plant, and equipment before depreciation. Finally, you have determined that the only financing done by the firm was to issue long-term debt of $1 million at a 5% interest rate. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.
What was the firm's end-of-year cash balance? Recreate the firm's cash flow statement to arrive at your answer. Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answer to the nearest dollar, if necessary.

You are considering starting a company that manufactures racing bicycles. You are planning on financing your firm 40% equity and 60% debt. You estimate that your upfront costs will be $5M, and that you will earn an EBIT of $1M per year for the next 12 years. Lightning Bolt Bikes makes racing bicycles similar to the ones that you wish to manufacture. They have a CAPM equity beta of 1.9 and a debt to equity ratio of 0.7. The tax rate for both firms is 35%, the riskless rate is 3%, and the expected return on the S&P500 is 15%. Cost of Debt is 6%

Part A (5 points). What is the asset beta of Lightning Bolt Bikes?

Part B (5 points). What is your unlevered cost of equity?

Part C (5 points). What is your firm’s equity beta?

Part D (10 points). What is your firm’s weighted average cost of capital?

Part E (5 points). What is the NPV of your proposed bicycle company using the WACC method?

Hussein got a call yesterday from First Bank, the company that issued his credit card inquiring about an $105.00 charge made in Buenos Aires, Argentina. Upon learning that Hussein was in Detroit and had not made this purchase, the bank quickly took steps to cancel the card and issue a new one. Given the circumstances that Hussein's credit card number had an illegal transaction, he may also want to:____________.
A) check his computer's firewall to make sure it's working.
B) cancel his account and eliminate credit cards from his life.
C) change his passwords and store them in a password manager.
D) diversify his spending habits by using one of several credit cards when making purchases.

Financial Assertions and Audit Objectives. You are engaged to examine the financial statements of Spillane Company for the year ended December 31. Assume that on November 1, Spillane borrowed $500,000 from Second National Bank to finance plant expansion. The long-term note agreement provided for the annual payment of principal and interest over five years. The existing plant was pledged as security for the loan. Due to the unexpected difficulties in acquiring the building site, the plant expansion did not begin on time. To use the borrowed funds, management decided to invest in stocks and bonds and on November 16, invested the $500,000 in publicly traded securities
Required:
Develop specific assertions (audit objectives) related to securities (assets) based on management’s five (PCAOB) general assertions.

Deal Leasing leased equipment to Hand Company on January 1, 2021. The leased equipment's book value is $420,000 with no estimated residual value at the end of its useful life. The remaining useful life of the leased equipment is 15 years. The lease payments were calculated to provide the lessor a 10% return. Ten annual lease payments of $60,000 are due at the beginning of each year beginning January 1, 2021. Both companies use the straight-line method in depreciation/amortization their assets.

James Dodgsen is a student in a graduate course in business. The professor in the course has given Dodgsen and his classmates a surprise quiz in class. Dodgsen did not do the reading for class that day because he had been grading papers as part of his TA position. He has been prepared for every other class that semester. As he glances as the quiz questions, he realizes that he does not know any of the answers. However, he sees that Jane Frampton, the student who sits next to him, is well prepared and answering the questions with great ease. He can see her answers because of her large, block-style printing. Dodgsen copies her answers.

a. Dodgsen is justified in using the answers because the pop quiz was unfair.
b. Dodgsen is justified in using the answers because he was fulfilling his TA responsibilities instead of preparing for class.
c. Dodgsen is justified in using the answers if he intends to read the material eventually.
d. Dodgsen has been dishonest.

The partnership of Angel Investor Associates began operations on January 1, 20Y5, with contributions from two partners as follows:

Dennis Overton $180,000
Ben Testerman 120,000

The following additional partner transactions took place during the year:

1. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest.
2. Net income of $150,000 was earned in 20Y5. In addition, Dennis Overton received a salary allowance of $40,000 for the year. The three partners agree to an income-sharing ratio equal to their capital balances after admitting Campbell.
3. The partners' withdrawals are equal to half of the increase in their capital balances from salary allowance and income.

Required:
Prepare a statement of partnership equity for the year ended December 31, 20Y5.

Read the overview below and complete the activities that follow. In addition to trade accounts payable, many companies have other types of current liabilities. These include amounts withheld from employees' pay, sales and other taxes payable, deposits, and other accrued liabilities.
CONCEPT REVIEW:
Companies have many different types of current liabilities. These can include various taxes payable (income tax, sales tax, payroll tax), accrued amounts for salary, vacation or other benefits, and estimates such as accrued utilities and warranty. To adhere to the concept of the matching principle, companies must estimate the amount of their other liabilities.
1. Federal anid state governments do not specily the exact______to be maint, but do specify the amounts to be withheld.
2. Income taxes withheld from employees but not yet submitted to the govenment are considered to be a(n)______.
3. When testing customer deposits, auditors typically review a(n)______of the individual deposits.
4. When testing other accrued liabilities. auditors may independently calculate the amount and______ it to management's estimate.
5. Property tax payments are typically______in number.

Amy and Mitchell share equally in the profits, losses, and capital of the accrual basis AM Products LLC. The LLC does not need to report financial information to any third parties, so capital accounts are determined using tax rules (rather than GAAP). Amy is a managing member of the LLC (treated as a general partner) and is a U.S. person. At the beginning of the current tax year, Amy's capital account has a balance of $960,000, and the LLC has debts of $624,000 payable to unrelated parties. The debts are recourse to the LLC, but neither of the LLC members has personally guaranteed them. Assume that all LLC debt is shared equally between the partners. The following information about AM's operations for the current year is obtained from the LLC's records.


Ordinary income $900,000
W-2 wages to employees 200,000
Depreciation expense 300,000
Interest income from bond 4,000
Long-term capital loss 6,000
Short-term capital gain 12,000
Charitable contribution 4,000
Cash distribution to Amy 20,000
Unadjusted basis of partnership depreciable property 1,600,000

Year-end LLC debt payable to unrelated parties is $140,000.

Required:
What income, gains, losses, and deductions does Amy report on her income tax return?

Rachel pushed very hard to go with Project A rather than Project B. There have been several cost overruns, the project is two weeks beyond its projected finish date, and the technology just isn't working out as planned. Rachel increases the funding for the third time and hires three new designers to help revamp the look of the product. Rachel is engaging in _____.

What was the first chess champion

1. Calculate the sales commission per unit sold. If required, round your answers to the nearest dollar. Use rounded answers in subsequent computations.

The premium on a three-year insurance policy expiring on December 31, 20x11, was paid in total on January 1, 20x9. The original payment was initially debited to a prepaid asset account. The appropriate journal entry has been recorded on December 31, 20x9. The balance in the prepaid asset account on December 31, 20x9 should be Select one: a. The same as the original payment b. The same as it would have been if the original payment had been debited initially to an expense account c. Higher than if the original payment had been debited initially to an expense account d. Zero Check