J.K. Builders was incorporated on July 1. a. Received $87, 000 cash invested by owners and issued common stock. b. Bought an unused field from a local farmer by paying $77, 000 cash. As a construction site for smaller projects, it is estimated to be worth $82, 000 to J.K. Builders. c. A lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $27, 000. but the supplier gave J.K. Builders a 10 percent discount. J.K. Builders has not yet received the $24, 300 bill from the supplier d. Borrowed $42, 000 from the bank with a plan to use the funds to build a small workshop in August. The loan must be repaid in two years. e. One of the owners sold $27, 000 worth of his common stock to another shareholder for $28, 000. Prepare journal entries for the above transactions from the first month of business.

Answer:

a. Dr Cash $ 87,000

Cr Common stock $ 87,000

b. Dr Land $ 77,000

Cr Cash $ 77,000

c. Dr Supplies $ 24,300

Cr Accounts payable $ 24,300

d. Dr Cash $ 43,000

Cr Borrowings/Note payable $ 42,000

e. No Journal entry

Explanation:

Preparation of the journal entries for the above transactions from the first month of business.

a. Dr Cash $ 87,000

Cr Common stock $ 87,000

b. Dr Land $ 77,000

Cr Cash $ 77,000

c. Dr Supplies $ 24,300

Cr Accounts payable $ 24,300

d. Dr Cash $ 43,000

Cr Borrowings/Note payable $ 42,000

e. No Journal entry

Give account of the political argument against outsourcing practiced by US firms.

These are the agents of the
organization.
A. Board of Directors
B. Bondholders
C. Managers
D. Managers​

define the term feasibility study​

Quality Ceramic, Inc. (QCI) defined five submarkets within its broad product-market. To obtain some economies of scale, QCI decided not to offer each of the submarkets a different marketing mix. Instead, it selected two submarkets whose needs are fairly similar, and is counting on promotion and minor product differences to make its one basic marketing mix appeal to both submarkets. QCI is using the

Optimization in Daily Life: Think about your favorite activity, hobbies or any kind of activity from your daily life. Find a problem which can be modeled with optimization. Now, think about the formulation steps for this activity using optimization and answer the formulation step questions below. (Note that you do not need to write a mathematical model.)
1. What is the decision to make?
2. What is the objective criterion?
3. What are the constraints for the decision?

The Steamboat Company began the month with 2,000 units in work in process which were 25% complete with respect to conversion costs. During the month, 10,000 units were started into production and the ending work in process consisted of 1,000 units which were 40% complete with respect to conversion costs. What was the number of equivalent units of production for conversion costs

The most recent financial statements for Alexander Co. are shown here: Income Statement Balance Sheet Sales $ 43,700 Current assets $ 17,980 Long-term debt $ 37,320 Costs 35,800 Fixed assets 68,600 Equity 49,260 Taxable income $ 7,900 Total $ 86,580 Total $ 86,580 Taxes (21%) 1,659 Net income $ 6,241 Assets and costs are proportional to sales. The company maintains a constant 45 percent dividend payout ratio and a constant debt-equity ratio. What is the maximum dollar increase in sales that can be sustained assuming no new equity is issued

What does zero economic profit mean in a perfectly competitive market in the long run?

Functions of money and barterConsider an economy in which money does not exist, so that agents rely on barter to carry out transactions. When the economy was small, barter seemed sufficient. However, the economy has now begun to grow.If people in this economy trade three goods, the price tag of each good must list ______________?prices, and the economy requires____________?prices for people to carry out transactions.Suppose that the number of goods people trade increases to 15. Then the price tag of each good must list _________?prices, and the number of prices that the economy requires increases to____________?Now suppose that our economy has a money. The government now issues a national currency and there is no longer any barter.In this economy, money and currency are not the same because:1. The fact that the government issues currency means that the currency will be accepted as money by all agents.2. The fact that the currency is backed by the government means that it will never lose value and will remain a perfect unit of account.3. Just because the government issues currency does not mean that the currency will be accepted as money, since it must be used as a medium of exchange, store of value and standard of value.4. Just because the government issues currency does not mean that the currency will be accepted as money, and buyers and sellers still need barter to ensure that money does not lose its value.Suppose now that our economy is suffering from rapid, ongoing increases in the cost of living. Which characteristic of money is directly negatively impacted in that economy?1. Medium of exchange2. Double coincidence of wants3. Store of value4. Unit of account

Scenario:
B. Paul and his wife are investigating the possibility of starting a new restaurant in Beaufort, a small town in the South Carolina low country. It has been Paul's lifelong dream. Paul has won a lottery and is trying to decide if this is what he wants to do with the prize money. He decides to do an analysis of the competitive environment. After his analysis, he discovers several important issues. First, it will cost most of Paul's lottery winnings to finance a restaurant in Beaufort. Second, it will be difficult to attract new customers because they have so many eating choices available to them in Beaufort and the surrounding towns. Finally, the competition in the restaurant industry is considered fierce by industry analysts and this is frightening to someone like Paul, who has never worked in that industry. Which of the following factors would Paul have considered while analyzing the competitive environment?
a. technology
b. substitutes
c. legal factors
d. economic factors
e. demographics The information that Paul has collected in his competitive analysis can be referred to as:______.
a. corporate espionage.
b. competitive intelligence.
c. domain selection.
d. strategic vision
e. mission statement

discuss three types of elasticity of demand with various exa
mples​

if X and Y are complementary angles, SinX=15/17 and Cos X=8/17 find tan X
​

The weekly time tickets indicate the following distribution of labor hours for three direct labor employees:

Hours
Job 301 Job 302 Job 303 Process Improvement
Tom Couro 10 15 13 2
David Clancy 12 12 14 2
Jose Cano 11 13 15 1

The direct labor rate earned per hour by the three employees is as follows:

Tom Couro $32
David Clancy 36
Jose Cano 28

The process improvement category includes training, quality improvement, and other indirect tasks.

a. Journalize the entry to record the factory labor costs for the week.
b. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the week?

the liability created when supplies are bought on account is called an account payable ,true or false​

2. With sufficient detail, Discuss how materiality and risk are related and integrated into the audit
process.
Can anyone solve this fast.
​

Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of net credit sales will be uncollectible. On January 1, theAllowance for Doubtful Accounts had a credit balance of $2,400. During the year, Abbott wrote off accounts receivable totaling $1,800 and made credit sales of $100,000.There were no sales returns or sales discounts during the year. After the adjusting entry, the December 31, balance in the Bad Debt Expense will be:________.
a. $1,200
b. $3,000
c. $3,600
d. $7,200

Azus is an international food products company with subsidiaries in many countries. It employs host-country nationals extensively in each of its foreign locations. The corporate human resources (HR) function in Azus focuses primarily on coordinating relevant activities with their counterparts in each foreign location. Each subsidiary has its own fully functioning HR department that is responsible for managing all local HR issues for lower- and upper-level employees. In the given scenario, which of the following staffing models does Azus employ?
A) Regiocentric staffing model
B) Polycentric staffing model
C) Ethnocentric staffing model
D) Geocentric staffing model

A $25,000 bank loan is to be repaid in equal yearly payments of $2745 over 15 yr at an effective annual interest rate of 7%. The borrower uses the loan money to earn an annual effective return of 10% in the stock market. All money earned is kept in the stock fund. What is most nearly the present-day value of the earnings over 15 yr as a result of this loan and investment venture

This information relates to Novak Real Estate Agency.
Oct. 1 Stockholders invest $33,600 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $36,480.
3 Buys office furniture for $3,780, on account.
6 Sells a house and lot for E. C. Roads; commissions due from Roads, $12,290 (not paid by Roads at this time).
10 Receives cash of $145 as commission for acting as rental agent renting an apartment.
27 Pays $670 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $3,040 in salary for October.
Jounalize the transactions. ( no entry is required, select "No entry" for the account titles and enter 0 for the amounts amount is entered. Do not indent manually, Record journal entries in the order presented in the problem.

As the video showed, there are many people who are so concerned about the viability of banks, and indeed the entire financial system, that they are buying gold and silver coins instead of trusting their money to banks. However, the government provides protection from having bank accounts wiped out as they were during the Great Depression. The _____________ is an independent agency of the U.S. government that insures bank deposits (up to $250,000).

Brief summary of New York Yankees Revenue Plan

For Sports Management class.

1. XYZ Co. incurred the following costs related to the office building used in operating its sports supply company: a. Replaced a broken window. b. Replaced the roof that had been on the building 23 years. c. Serviced all the air conditioners before summer started. d. Replaced the air conditioners with refrigerated air conditioners in the customer service areas. e. Added a warehouse to the back of the building. f. Repaint the interior walls. g. Installed window shutters on all windows. Classify each of the costs as a capital expenditure or a revenue expenditure. For those costs identified as capital expenditures, classify each as an additional or replacement component.

The 2014 balance sheet of Jordan’s Golf Shop, Inc., showed long-term debt of $6.2 million, and the 2015 balance sheet showed long-term debt of $6.45 million. The 2015 income statement showed an interest expense of $215,000. The 2014 balance sheet showed $610,000 in the common stock account and $2.5 million in the additional paid-in surplus account. The 2015 balance sheet showed $650,000 and $3 million in the same two accounts, respectively. The company paid out $610,000 in cash dividends during 2015. Suppose you also know that the firm’s net capital spending for 2015 was $1,470,000, and that the firm reduced its net working capital investment by $89,000. What was the firm’s 2015 operating cash flow, or OCF? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)

On January 1, 2017, Ahmed Inc. loaned $316,837 to Cyrus Co. A zero-interest-bearing note (face amount, $400,000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2020. The prevailing rate of interest for a loan of this type is 6%. What amount of interest expense will Cyrus recognize over the four years?

An organization expresses its reason for being, what it aspires to be, and the values it wants to emphasize in its mission, vision, and values statements, respectively. This activity is important because these three statements are the necessary foundation for a successful organizational planning process. Read the descriptions and select whether the description pertains to a mission, vision, or value statement.

a. Describes the image the organization wants to project
b. Inspires enthusiasm and encourages commitment
c. Illuminates the organization’s attitude toward its employees
d. Is intended to guide all of the actions in the organization

Why do you think that most consumers focus on the monthly payment instead of the overall cost of the car?

On January 1, 2019, Castle Services issued $167,000 of six-year, 12% bonds when the market interest rate was 1 1 %. The bonds were issued for $180,000. Caste uses the effective-interest method to amortize the bond premium. Semiannual interest payments are made on June 30 and December 31 of each year. Which of the following is the correct journal entry to record the first interest payment? (Round your answers to the nearest dollar number.)
A. Interest Expense 9,185 Cash 9.185
B. Interest Expense 9,900 120 Premium on Bonds Payable Cash 10,020
C. Interest Expense 9,185 835 Discount on Bonds Payable Cash 10,020
D. Cash 10,020 835 9.185 Premium on Bonds Payable Interest Expense

A comparative balance sheet for Culver Corporation is presented as follows.
December 31
2020 2019
Assets
Cash 72740 22000
Accounts receivable 83220 67480
Inventory 181220 190480
Land 72220 111480
72,740 83,220 181,220 72,220 $ 22,000 67,480 190,480 111,480
Equipment 261,220 201,480
Accumulated Depreciation- (70,220) (43,480)
Equipment
Total $600,400 $549,440
Liabilities and Stockholders' Equity
Accounts payable 35,220 $48,480
Bonds payable 150,000 200,000
Common stock ($1 par) 214,000 164000
Retained earnings 201,180 136,960
Total Additional information:
1. Net income for 2020 was $127,440. No gains or losses were recorded in 2020.
2. Cash dividends of $63,220 were declared and paid.
3. Bonds payable amounting to $50,000 were retired through issuance of common stock.
Prepare a statement of cash flows for 2020 for Culver Corporation. (Show amounts that decrease cash flow wit sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Firms use economic analyses to better understand the overall outlook for the economy and how economic changes will impact the firm.

a. True
b. False

 A motorcycle worth Rs.29500 was sold at a loss of 40% after an accident.Find the loss and selling price.  

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