Answer: thanks
Explanation:
Jerome has insignificant influence of Melina Corporation because it owns less than 20% of the voting stock. The cost of the Melina stock is $5,000 and has a fair value of $6,000 on December 31 at the end of the first year it held the securities. Complete the necessary adjusting entry selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Answer:
Dec 31
Dr Fair value adjustment - stock $1,000
Cr Unrealized gain - Income $1,000
Explanation:
Preparation of the necessary adjusting entry
Based on the information given if The cost of the Melina stock was the amount of $5,000 in which it has a fair value of the amount of $6,000 on December 31 which means that the necessary adjusting entry will be :
Dec 31
Dr Fair value adjustment - stock $1,000
Cr Unrealized gain - Income $1,000
($6,000 - $5,000)
If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following.
Select one:
a. A closing entry
b. An adjusting entry
c. A general Journal entry
d. All of above
Answer:
the letter B
Explanation:
sana po makatulong
Thomlin Company forecasts that total overhead for the current year will be $15,000,000 with 300,000 total machine hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. If Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is
Answer:
$50,000 overapplied
Explanation:
The computation of the overhead is shown below:
The predetermined overhead rate is
= $15,000,000 ÷ 3,000,0000 machine hours
= $50
Now the applied overhead is
= $50 × 330,000 hours
= $16,500,000
Now the overapplied overhead is
= $16,500,000 - $16,000,000
= $50,000 overapplied
Grady received $8,200 of Social Security benefits this year. Grady also reported salary and interest income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations?
a. Grady files single and reports salary of $12,100 and interest income of $250.
b. Grady files single and reports salary of $22,000 and interest income of $600.
c. Grady files married joint and reports salary of $75,000 and interest income of $500.
d. Grady files married joint and reports salary of $44,000 and interest income of $700.
e. Grady files married separate and reports salary of $22,000 and interest income of $600.
Answer:
Answer is explained in the explanation section below.
Explanation:
Part a. The amount of benefit that Grady include in his gross income = $0
Since, The sum of modified AGI plus 50% Social Security benefits he received (i.e. $12,100 + 250 + $8,200*50% = $16,450) is below the minimum amount ($25,000 or less for single taxpayers) for including Social Security benefits.
Part b. The amount of benefit that Grady include in his gross income = $850
Since, in this case Grady files single and his modified AGI plus 50% of his Social Security benefits (i.e. $22,000 + 600 + $4,100 = $26,700) falls between $25,000 and $34,000.
Thus, his taxable Social Security benefits = (a) $8,200*50%= $4,100 or 50%of [$26,700 - $25,000] Whichever is less
= (a) $4,100 or $850 whichever is less = $850
Part c. The amount of benefit that Grady include in his gross income = $6,970
Since, in this case he files married & jointly, he will include 85% of total Social Security benefits = $8,200*85% = $6,970 because his modified AGI is above the maximum amount of $44,000 for married filing jointly for including Social Security benefits.
Part d. The amount of benefit that Grady include in his gross income = $6,970
Since, here Grady files married jointly and his modified AGI + 50% of Social Security benefits (i.e. $44,000 + 700 + $4,100 = $48,800) are greater than $44,000.
Thus, taxable social security benefits = (a) 85% of 8,200 = $6,970 or (b) 85% of (48,800 - 44,000) = $4,080 + lesser of 6,000 or 4,100 whichever is less
= (a) $6,970 or (b) $4,080 + 4,100 = $8,180 whichever is less
= $6,970
Part e. The amount of benefit that Grady include in his gross income = $6,970
Since, here Grady files married & separately:
Thus, taxable social security benefits = (a) 85% of $8,200 = $6,970 or (b) 85% of ( $22,000 + 600 + $4,100 = $22,695 ,whichever is less
= $6,970
Affordable Lawn Care, Inc., provides lawn mowing services to both commercial and residential customers. The company performs adjusting entries on a monthly basis, whereas closing entries are prepared annually at December 31. An adjusted trial balance dated December, current year follows
Affordable Lawn Care, Inc.
Adjusted Trial Balance
December 31, current year
Debit Credits
Cash…………………………………………… $117,050
Accounts receivable……………………………. 9,600
Unexpired insurance…………………………. 16,000
Prepaid rent………………………………………. . 6,000
Supplies………………………………………….. 2,150
Trucks…………………………………………… 300,000
Accumulated depreciation: truck $240,000
Mowing equipment………………………. 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables……………………………. 3,000
Notes payables………………………….................................................... 100,000
Salaries payables……............................................................................. 1,800
Interest payables…………………............................................................ 300
Income taxes payables........................................................................ 2,100
Unearned mowing revenue……........................................................ 1,800
Capital Stock............................................................................................. 40,000
Retained earnings…… ........................................................................... 60,000
Dividends……………………… 10,000
Mowing revenue earned………………..................................................... 340,000
Insurance expense………………. 4,800
Office rent expense………………….. 72,000
Supplies expense…………………….. 10,400
Salary expense………………………….. 120,000
Depreciation expense: truck……….. 60,000
Depreciation expense: mowing equipment 8,000
Repair and maintenance expense………. 6,000
Fuel expense………………………………… 3,000
Miscellaneous expense………………… 10,000
Interest expense……………………………. 6,000
Income taxes expense……………….. 12,000
$813,000 $813,000
1. Prepare an income statement and statement of retained earnings for the year ended December 31, current year. Also prepare the company’s balance sheet dated December 31, current year
2. Prepare the necessary year end closing entries
3. Prepare an after closing trial balance
4. Using the financial statement prepared in part a, briefly evaluate the company’s profitability and liquidity
Answer:
Affordable Lawn Care, Inc.
1. Income Statement for the year ended December 31,
Mowing revenue earned $340,000
Insurance expense $4,800
Office rent expense 72,000
Supplies expense 10,400
Salary expense 120,000
Depreciation expense: truck 60,000
Depreciation expense: mowing equipment 8,000
Repair and maintenance expense 6,000
Fuel expense 3,000
Miscellaneous expense 10,000
Total operating expenses $294,200
Operating income $45,800
Interest expense 6,000
Income before taxes $39,800
Income taxes expense 12,000
Income after taxes $27,800
Statement of Retained Earnings for the year ended December 31,
Retained earnings $60,000
Income after taxes 27,800
Dividends 10,000
Retained earnings, December 31 $77,800
Balance Sheet as of December 31
Assets
Current Assets:
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Total current assets $150,800
Long-term assets:
Trucks 300,000
Accumulated depreciation: truck 240,000 60,000
Mowing equipment 40,000
Accumulated depreciation:mowing 24,000 16,000
Total long-term assets $76,000
Total assets $226,800
Liabilities + Equity
Liabilities:
Accounts payables $3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Total liabilities $109,000
Equity:
Capital Stock $40,000
Retained earnings 77,800
Total Equity 117,800 $117,800
Total liabilities and equity $226,800
2. Closing Journal Entries:
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 77,800
To close the permanent accounts to the current financial period.
3. After Closing Trial Balance as of January 1:
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 77,800
Totals $490,800 $490,800
4. Evaluation of company's profitability and liquidity:
Profitability:
Net Income Margin = 8.18%
Operating margin = 13.47%
These two ratios show that more than 5% of the company's revenue was spent on interest and taxes.
Liquidity:
Current Ratio = 1.38
Quick Ratio = 1.07
The company is liquid and can meet its current maturing liabilities with its current assets. The quick ratio is based on Cash only given the nature of the business.
Explanation:
a) Data and Calculations:
Affordable Lawn Care, Inc.
Adjusted Trial Balance
December 31, current year
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 60,000
Dividends 10,000
Mowing revenue earned 340,000
Insurance expense 4,800
Office rent expense 72,000
Supplies expense 10,400
Salary expense 120,000
Depreciation expense: truck 60,000
Depreciation expense: mowing equipment 8,000
Repair and maintenance expense 6,000
Fuel expense 3,000
Miscellaneous expense 10,000
Interest expense 6,000
Income taxes expense 12,000
Totals $813,000 $813,000
b) Profitability and Liquidity Ratios:
Profitability:
Net Profit Margin = Net Income/Revenue * 100 = 27,800/340,000 * 100 = 8.18%
Operating Profit Margin = Operating Income/Revenue * 100 = 45,800/340,000 * 100 = 13.47%
Liquidity Ratios:
Current ratio = Current Assets/Current Liabilities = 150,800/109,000 = 1.38
Quick Ratio = Cash/Current Liabilities = 117,050/109,000 = 1.07
Affordable Lawn Care, Inc.
Answer 1:
Income Statement for the year ended December 31,
Dr. Cr.
Mowing revenue earned $340,000
Insurance expense $4,800
Office rent expense 72,000
Supplies expense 10,400
Salary expense 120,000
Depreciation expense: truck 60,000
Depreciation expense: mowing equipment 8,000
Repair and maintenance expense 6,000
Fuel expense 3,000
Miscellaneous expense 10,000
Total operating expenses $294,200
Operating income $45,800
Interest expense 6,000
Income before taxes $39,800
Income taxes expense 12,000
Income after taxes $27,800
Statement of Retained Earnings for the year ended December 31,Retained earnings $60,000
Income after taxes 27,800
Dividends 10,000
Retained earnings, December 31 $77,800
Balance Sheet as of December 31
Assets
Current Assets:
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Total current assets $150,800
Long-term assets:
Trucks 300,000
Accumulated depreciation: truck 240,000 60,000
Moving equipment 40,000
Accumulated depreciation:mowing 24,000 16,000
Total long-term assets $76,000
Total assets $226,800
(Liabilities + Equity)
Liabilities:
Accounts payables $3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Total liabilities $109,000
Equity:
Capital Stock $40,000
Retained earnings 77,800
Total Equity 117,800 $117,800
Total liabilities and equity $226,800
Answer 2:
Closing Journal Entries:
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 77,800
To close the permanent accounts to the current financial period.
Answer 3:
After Closing Trial Balance as of January 1:
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 77,800
Totals $490,800 $490,800
Answer 4:
Evaluation of the company's profitability and liquidity:
Profitability:
Net Income Margin = 8.18%
Operating margin = 13.47%
These two ratios show that more than 5% of the company's revenue was spent on interest and taxes.
Liquidity:
Current Ratio = 1.38
Quick Ratio = 1.07
The company is liquid and can meet its current maturing liabilities with its current assets. The quick ratio is based on Cash only given the nature of the business.
Working Notes:
Profitability and Liquidity Ratios:
Profitability:
Net Profit Margin = Net Income/Revenue * 100 = 27,800/340,000 * 100 = 8.18%
Operating Profit Margin = Operating Income/Revenue * 100 = 45,800/340,000 * 100 = 13.47%
Liquidity Ratios:
Current ratio = Current Assets/Current Liabilities = 150,800/109,000 = 1.38
Quick Ratio = Cash/Current Liabilities = 117,050/109,000 = 1.07
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Described below are certain transactions of Sunland Company for 2021: 1. On May 10, the company purchased goods from Fox Company for $72,200, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. 2. On June 1, the company purchased equipment for $91,200 from Rao Company, paying $26,400 in cash and giving a one-year, 9% note for the balance. 3. On September 30, the company discounted at 11% its $200,000, one-year zero-interest-bearing note at Virginia State Bank, receiving $180,000. Prepare the journal entries necessary to record the transactions above using appropriate dates. Company uses the periodic inventory system. (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.) Date Account Titles and Explanation Debit Credit May 10 May 18 June 1 September 30 Prepare the adjusting entries necessary at December 31, 2021 in order to properly report interest expense related to the above transactions. Assume straight-line amortization of discounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record interest expense) Dec. 31 (To record amortization of discount) Indicate the manner in which the above transactions should be reflected in the Current Liabilities section of Sunland Company's December 31, 2021 balance sheet. Current Liabilities $ Interest Payable $ Interest Receivable Premium on Note $ Discount on Note Note Payable-Rao Company Indicate the manner in which the above transactions should be reflected in the Current Liabilities section of Sunland Company's December 31, 2021 balance sheet. Current Liabilities Less OF ACCOUNTS Add LINK TO TEXT
Answer:
May 10 : Purchases (Dr.) $70,756 (72,200 * 98%)
Accounts Payable (Cr.) $70,756
May 18: Accounts Payable (Dr.) $70,756
Cash (Cr.) $70,756
June 1: Equipment (Dr.) $91,200
Cash (Cr.) $26,400
Notes payable (Cr.) $64,800
Sep 30: Cash (Dr.) $180,000
Discount on notes payable (Dr.) $20,000
Notes Payable (Cr.) $200,000
Explanation:
Sunland company has incurred the transaction for its business activities. The purchase of supplies is made on account with a 2% discount if the payment is made within 10 days. This discount is availed by the company and payment is made on may 18th. Equipment is purchased with hybrid transaction which means partial cash payment is made and rest is paid through signing notes payable.
Consider an automated cash deposit machine in which users provide a card or an account number to deposit cash. Give examples of confidentiality, integrity, and availability requirements associated with the system, and, in each case, indicate the degree of importance of the requirement.
Answer:
Examples of confidentiality:
The channel of communication between the Bank and Automated Teller Machine must be encrypted. The personal identification number (PIN) of the ATM'S Card must also be encrypted as well, if stored
Examples of integrity:
The actions accomplished through the Automated Teller Machine must be linked to the bank account link with the ATM Card
Examples of availability requirements:
At any time, the Automated Teller Machine system must serve at least X concurrent bank users. The ATM system must be available at most 99.99% of the time.
When using an automated cash deposit machine in which users are required to provide a card or an account number to enable them to deposit cash, important considerations center around the issues of confidentiality, integrity, and availability.
In each of these essential requirements, we shall indicate the degree of importance attached while giving some examples.
Confidentiality: Users require that their ATM's cards bear encrypted personal identification numbers (PIN) with security codes that add some layer of confidentiality. No card user would like personal information to be leaked through the machine. Thus, the ATM operator must ensure that communication with the machine is restricted to the users and its system without unauthorized access to bank staff and other users. Card or account users expect the highest degree of confidentiality with the operation of the machine.
Integrity: Users require that the machines are not prone to errors. It does not bode well when a user deposits some cash while the machine debits (instead of crediting) the user's account. The accounting of transactions must not compromise integrity and confidentiality. There is a high degree attached to the importance of system integrity.
Availability: Users of ATM deposit machines would prefer that the machines are operational, 24/7, with minimal or non-existent technical interruptions. Availability requirements include ensuring that the machines are also provided at many convenient places with physical security. The degree of importance attached to availability is not as high as that required for system integrity and operational confidentiality.
Thus, confidentiality, integrity, and availability are important requirements for any automated cash deposit machine because the users attach high levels of importance to these requirements.
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Measuring Sustainable Earnings Harnishfeger Corporation was a mining machinery and equipment company based in Wisconsin. The company voluntarily changed its depreciation accounting policy from the accelerated method to the straight-line method It disclosed the cumulative effect of this accounting policy change, equal to $11.005 million (net of applicable income taxes), in its financial statements In addition, the company also voluntarily changed the estimated useful lives of certain of its U.S. plant and equipment. This estimate change increased its pretax reported profit by $3.2 million. The following are selected excerpts from the company's financial statements
(in thousands)
Income before income taxes, equity items,
and cumulative effect of accounting method change 5838
Provision for income taxes (2452)
Income after taxes 3386
Equity items 858
Cumulative effect of change in depreciation method 11005
Net income 15249
(a) Calculate Harnishfeger's sustainable earnings. Round tax rate to the nearest whole percentage for your calculation. (Example: 0.34567 = 35%) Round your answer to the nearest thousand dollar. thousand
(b) How would the capital market react to the company's decision to change its depreciation accounting policy and to change the estimated useful lives of its depreciable assets?
Answer:
Harnischfeger Corporation
Measuring Sustainable Earnings
a. Sustainable earnings = $1,530,000
b. Most analysts at the capital market would like to recalculate the net income to the actual income without the change in Harnischfeger depreciation accounting policy in order to understand the effect of the change.
Explanation:
a) Data and Calculations:
Excerpts from Harnischfeger financial statements
(in thousands)
Income before income taxes, equity items,
and cumulative effect of accounting method change 5,838
Provision for income taxes (2,452)
Income after taxes 3,386
Equity items 858
Cumulative effect of change in depreciation method 11,005
Net income 15,249
Sustainable Earning:
(in thousands)
Income before income taxes, equity items,
and cumulative effect of accounting method change 5,838
Change in estimate (3,200)
Adjusted income 2,638
Income taxes (42%) (1,108)
Income after taxes 1,530
Income taxes rate = 2,452/5838 * 100 = 42%
b) Sustainable earnings differ from actual net earnings or income by removing the amount of irregular revenues, expenses, gains, and losses included in the financial year's net income. Sustainable earnings enable the users of financial statements to estimate a company's future earnings without the “noise” generated by irregular accounting items around the net income figure.
Which of the following takes less time to perform tasks and processes?
A. Intranet
B. Virtual private network (VPN)
C. Enterprise portal
D. Application service provider (ASP)
Answer:
D. Application service provider (ASP)
Explanation:
Cloud computing can be defined as a type of computing that requires shared computing resources such as cloud storage (data storage), servers, computer power, and software over the internet rather than local servers and hard drives.
Generally, cloud computing offers individuals and businesses a fast, effective and efficient way of providing services.
Cloud computing comprises of three (3) service models and these are;
1. Platform as a Service (PaaS).
2. Infrastructure as a Service (IaaS).
3. Software as a Service (SaaS).
Application service provider (ASP) takes less time to perform tasks and processes. It is also known as software as a service (SaaS).
Software as a Service (SaaS) can be defined as a cloud computing delivery model which involves the process of making licensed softwares available over the internet for end users on a subscription basis through a third-party or by centrally hosting it.
Hence, Application service provider (ASP) enhances or facilitates the automation of business services and effectively reduces the time required to perform various tasks.
Which of the following statements about the W-2 form is TRUE?
1.AW-2 lists all the money you earned in cash over the last year
2. You need a separate W-2 form from EACH of your employers in order to file your taxes
3.The W-2 includes information about the interest you earned from your investments
4.The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form
Answer:
I believe it it the second option.
Explanation:
Convertible bonds are:________.
I. options attached to bonds that give the bondholder the right to purchase stock at a preset price without giving up the bond.
II. bonds in which the issue matures (converts) a little each year.
III. bonds collateralized with certain types of automobiles.
IV. bonds that may be converted to a certain number of shares of stock determined by the conversion ratio.
Answer: bonds that may be converted to a certain number of shares of stock determined by the conversion ratio.
Explanation:
Convertible bonds are simply refered to as the bonds that which despite the fact that they yield interest payments, such bonds can be converted into either equity shares or common stock. This is done based on the bondholder's discretion.
Convertible bonds are bonds that may be converted to a certain number of shares of stock determined by the conversion ratio.
A firm expects to install smog control equipment on the exhaust of a gasoline engine. The local smog control district has agreed to pay to the firm a lump sum of money to provide for the first cost of the equipment and maintenance during its 10-year useful life. At the end of 10 years the equipment, which initially cost $10,000, is valueless. The firm and the smog control district have agreed that the following are reasonable estimates of the end-of-year maintenance costs:
Year 1 $75 Year 6 $200
2 225 7 250
3 275 8 300
4 100 9 125
5 150 10 175
Assuming interest at 6% per year, how much should the smog control district pay to the firm now to provide for the first cost of the equipment and its maintenance for 10 years?
Answer:
$11,292 must be paid by the smog control district to the firm now to provide for the first cost of the equipment and its maintenance for 10 years.
Explanation:
Data Given:
Let's Sort out the data given.
Year 1 $75 Year 6 $200
2 100 7 225
3 125 8 250
4 150 9 275
5 175 10 300
This is correct sequence of the data given with the increment of 25 each year. In our question, data is randomly arranged, which is not correct.
The first cost of the equipment is $10000 and the maintenance costs are paid annually where we see that the maintenance cost is $75 for the first year and rises by $25 each subsequent year.
The rate of interest is 6% and time period is 10 years.
We need to find the amount of money that is sufficient to pay now for reimbursing this entire cost structure.
PW = 10000 + 75(P/A, 6%, 10) + 25(P/G, 6%, 10)
= 10000 + 75*7.3601 + 25*29.6023
PW = $11,292 (approximately)
This is the required amount to be paid now.
Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Account Titles Debit Credit Cash $ 42,000 Accounts receivable 11,600 Supplies 900 Prepaid insurance 800 Service trucks 19,000 Accumulated depreciation $ 9,200 Other assets 8,300 Accounts payable 3,000 Wages payable Income taxes payable Note payable (3 years; 10% interest due each December 31) 17,000 Common stock (5,000 shares outstanding) 400 Additional paid-in capital 19,000 Retained earnings 6,000 Service revenue 61,360 Remaining expenses (not detailed; excludes income tax) 33,360 Income tax expense Totals $ 115,960 $ 115,960 Data not yet recorded at December 31 included: The supplies count on December 31 reflected $300 in remaining supplies on hand to be used in the next year. Insurance expired during the current year, $800. Depreciation expense for the current year, $3,700. Wages earned by employees not yet paid on December 3, $640. Income tax expense, $5,540.
Data not yet recorded at December 31 included:_____.
The supplies count on December 31 reflected $300 in remaining supplies on hand to be used in the next year.
Insurance expired during the current year, $800.
Depreciation expense for the current year, $3,700.
Wages earned by employees not yet paid on December 3, $640.
Income tax expense, $5,540.
Problem: Prepare an income statement and a classified balance sheet that include the effects of the preceding five transactions.
Answer:
try your best and try hard don't matter what
The following events apply to Kate Enterprises:______.
Collected $16,200 cash for services to be performed in the future. Acquired $50,000 cash from the issue of common stock. Paid salaries to employees: $3,500 cash. Paid cash to rent office space for the next 12 months: $12,000. Paid cash of $17,500 for other operating expenses. Paid on accounts payable: $1,752. Paid cash for utilities expense: $804. Recognized $45,000 of service revenue on account. Paid a $2,500 cash dividend to the stockholders. Purchased $3,200 of supplies on account. Received $12,500 cash for services rendered. Recognized $5,200 of accrued salaries expense. Recognized $3,000 of rent expense. Cash had been paid in a prior transaction (see Event 4). Recognized $5,000 of revenue for services performed. Cash had been previously collected (see Event 1).
Required:
Identify each event as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also identify the account that is to be debited and the account that is to be credited when the transaction is recorded.
Event No. Type of Event Account Debited Account Credited
1 AS Cash Common Stock
The first event is recorded as an example.
Answer:
Kate Enterprises
Event No. Type of Event Account Debited Account Credited
1 AS Cash Common Stock
2. AS Cash Service Revenue
3. AU Salaries Expense Cash
4. AE Prepaid Rent Cash
5. AU Other operating exp. Cash
6. AU Accounts payable Cash
7. AU Utilities Expense Cash
8. AS Accounts Receivable Service Revenue
9. AU Dividends Cash
10. AS Supplies Accounts Payable
11. AS Cash Service Revenue
12. AE Salaries Expense Salaries Payable
13. AE Rent Expense Rent Payable
14. AE Unearned revenue Earned Revenue
Explanation:
Asset source (AS) = increases an asset and a claim on the asset
Asset use (AU) = decreases an asset and a claim on the asset
Asset exchange (AE) = does not change the value of assets or claims
Claims exchange (CE) = decreases one claim account and decreases another.
A team made up of employees from about the same hierarchical level, but different
functional areas of an organization is called a:
O A. cross-functional team
There are different kinds of team. A team made up of employees from about the same hierarchical level, but different functional areas of an organization is called a cross-functional team.
Cross-functional teams are known to be a kind of team that is made up of members who has different areas of expertise but they share a common goal.
This teams is composed of employees that arise from about the same hierarchical level but they have different work areas but they do come together to accomplish a task.
Example are; marketing, product, sales, customer success etc.
Learn more about Teams from
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What is sample size?
Answer:
What is sample size?
Explanation:
= The number of participants included in the population study
OR,
=The total number of persons included in the study .
Answer:
A sample size is a part of the population that is used to answer questions or is used for experiments.
Explanation:
Hope this helps!
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory.Feb. 2 Wrote a $350 check to establish a petty cash fund.5 Purchased paper for the copier for $16.55 that is immediately used.9 Paid $38.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.12 Paid $7.25 postage to deliver a contract to a client.14 Reimbursed Adina Sharon, the manager, $74 for mileage on her car.20 Purchased office paper for $68.77 that is immediately used.23 Paid a courier $19 to deliver merchandise sold to a customer, terms FOB destination.25 Paid $10.40 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.27 Paid $55 for postage expenses.28 The fund had $25.95 remaining in the petty cashbox. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures.28 The petty cash fund amount is increased by $90 to a total of $440.
Answer:
Feb 2:
Petty Cash (Dr.) $350
Cash (Cr.) $350
Feb 28:
Petty Cash (Dr.) $90
Cash (Cr.) $90
Explanation:
Petty Cash Payments Report (February):
Feb 5 Purchased paper $16.55
Feb 9 Shipping Charges $38.50
Feb 12 Postage expense $7.25
Feb14 Reimbursement of mileage to Adina Sharon $74
Feb 23, Delivery of Customer Merchandise $19
Feb 25 Shipping charges $10.40
Feb 27 Postage expense $55
Total : $220.70
the liability created when supplies are bought on account is called an account payable ,true or false
Answer:
True.
Explanation:
In Financial accounting, liability can be defined as the amount of money being owed by an individual or organization to another.
Simply stated, liability is a debt being owed and as such it usually has "payable" in its account title on the balance sheet.
Generally, liabilities are recorded on the right side of the balance sheet and it comprises of financial informations such as warranties, bonds, loans, deferred revenues, mortgages, account payable etc.
Current liability in financial accounting can be defined as the short-term financial obligation such as debt (account payable) that is due to be paid in cash within one (fiscal) year or one operating cycle of a company, whichever is longer.
A company's current liability comprises of the following; dividends payable, short-term debts, account payable, notes payable, interest payable, wages payable, deferred revenues, income tax payable, etc.
Basically, companies usually settles their current liabilities with current assets such as account receivables or cash, that are used up within a fiscal year.
Hence, the liability created when supplies are bought on account is called an account payable.
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name any two money associated instruments??
Answer:
discount window and swaps
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.)
Answer:
$1,416,000
Explanation:
The computation of the operating cash flow is shown below:
But before that following calculations need to be done
Cash flow to creditors is
= Interest paid - Net new borrowing
= $215,000 - (LTD at end - LTD at beg)
= $215,000 - ($6,450,000 - 6,200,000)
= $215,000 - 250,000
–$35,000
Cash flow to stockholders = Dividends paid - Net new equity
Cash flow to stockholders = $610,000 – [(Common end + APIS end) - (Common beg + APIS beg)]
= $610,000 - [($650,000 + 3,000,000) - ($610,000 + 2,500,000)]
= $610,000 - ($3,650,000 - 3,110,000)
= $70,000
Here APIS denotes the additional paid-in surplus.
Cash flow from assets = Cash flow to creditors + Cash flow to stockholders
= -$35,000 + 70,000
= $35,000
Cash flow from assets = OCF - Change in NWC - Net capital spending
$35,000 = OCF - (-$89,000) - 1,470,000
= $35,000 - 89,000 + 1,470,000
= $1,416,000
Dysfunctional turnover: Group of answer choices occurs when a low performing employee remains employed with the organization. occurs when a high performing member of the organization quits. occurs when any employee who is a member of the organization quits. occurs when a high performing member of the organization remains employed. g
Answer:
occurs when a high performing member of the organization quits.
Explanation:
Dysfunctional turnover can be regarded as a separation which is voluntary action between different levels of performers. It should be noted that Dysfunctional turnover occurs when a high performing member of the organization quits.
In January, Tongo, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis.
a. (Sample) Received $10,600 cash for consulting services rendered in January.
b. Issued common stock to investors for $15,500 cash.
c. Purchased $17,600 of equipment, paying 25 percent in cash and owing the rest on a note due in two years.
d. Received $7,750 cash for consulting services to be performed in February.
e. Bought and received $1,100 of supplies on account.
f. Received utility bill for January for $2,070, due February 15.
g. Consulted for customers in January for fees totaling $16,500, due in February.
h. Received $13,500 cash for consulting services rendered in December.
i. Paid $550 toward supplies purchased in (e).
Answer:
Cash + Supplies = Accounts Payable + common stock - dividends + sales commission - Rent expense.
$10,600 + 1,100 = $13,125 - $15,500 +$7,750 - $2,070 - $550 +13,500 + $16,500
Explanation:
Tongo Inc. has incurred transaction in business for the routine business activities. These transaction have impact on asset, liabilities and equity side of the balance sheet. The effect of each transaction is given through the equation based on accrual concept.
PC Company uses the weighted-average method in its process costing system, in which all materials are added at the beginning of the process, and conversion costs are incurred uniformly. The Painting Department started the month with 800 units in a process that was 40% complete, transferred 2,500 units to Finished Goods Inventory, and had 500 units in process at the end of the period, 70% complete. The amount of direct materials cost in beginning inventory was $16,320, and the amount of direct materials cost added this period totaled $121,440.
What is the direct material cost per equivalent unit?
a. $45.92 per equivalent unit
b. $48 per equivalent unit
c. $48.34 per equivalent unit
d. $55.20 per equivalent unit
Answer:
a. $45.92 per equivalent unit
Explanation:
Calculation for direct material cost per equivalent unit
First step is to calculate the Total units
Total units = 2,500 + 500 - 800
Total units = 2,200
Now let calculate direct material cost per equivalent unit
Direct material cost per equivalent unit=($16,320+$121,440)/(2,200+$800)
Direct material cost per equivalent unit=$137,760/3,000
Direct material cost per equivalent unit=$45.92 per equivalent unit
Therefore the Direct material cost per equivalent unit will be $45.92 per equivalent unit
Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $28,000; factory rent, $40,000; factory utilities, $25,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $700,000 cash in April. Costs of the three jobs worked on in April follow.
Job 306 Job 307 Job 308
Balances on March 31
Direct materials $31,000 $42,000
Direct labor 21,000 17,000
Applied overhead 10,500 8,500
Costs during April
Direct materials 132,000 210,000 $100,000
Direct labor 103,000 153,000 102,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process
Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).
a. Materials purchases (on credit).
b. Direct materials used in production.
c. Direct labor paid and assigned to Work in Process Inventory.
d. Indirect labor paid and assigned to Factory Overhead.
e. Overhead costs applied to Work in Process Inventory.
f. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.)
g. Transfer of Jobs 306 and 307 to Finished Goods Inventory.
h. Cost of goods sold for Job 306.
i. Revenue from the sale of Job 306.
j. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.)
Answer:
Marcelino Co.
a. Total materials purchases = $530,000
b. Direct materials used in production:
Beginning balance of direct materials = $73,000
Current direct materials used = 442,000
Total materials used in production = $515,000
c. Direct labor paid and assigned to Work in Process Inventory:
Job 307 Job 308 Total
Beginning Direct labor $17,000 $17,000
Current Direct labor 153,000 $102,000 255,000
Total Direct labor $170,000 $102,000 $272,000
d. Indirect labor paid and assigned to Factory Overhead:
Indirect labor $28,000
Applied = $27,720 (99% ($193,000/$195,000))
e. Overhead costs applied to Work in Process Inventory
=
Job 307 Job 308 Total
76,500 51,000 $127,500
f. Actual overhead costs incurred and paid in cash:
Indirect materials $51,000
Indirect labor, $28,000
Factory rent, $40,000
Factory utilities, $25,000
Total overhead costs = $144,000
g. Transfer of Jobs 306 and 307 to Finished Goods Inventory:
Job 307 Job 308 Total
Balances on March 31
Direct materials $42,000 $42,000
Direct labor 17,000 17,000
Applied overhead 8,500 8,500
Costs during April
Direct materials 210,000 $100,000 $310,000
Direct labor 153,000 102,000 255,000
Applied overhead 76,500 51,000 127,500
Total cost $507,000 $253,000 $760,000
h. Cost of goods sold for Job 306 = $349,000
i. Revenue from the sale of Job 306 = $700,000
j. Assignment of underapplied overhead to the Cost of Goods Sold account:
Total overhead applied = $179,000
Total overhead incurred = 195,000
Underapplied overhead = $16,000
Explanation:
a) Data and Calculations:
Raw materials Inventory (March 31) $88,000
Purchases of raw materials during April = $530,000
Factory Payroll cost = $386,000
Overhead costs =
Indirect materials $51,000
Indirect labor, $28,000
Factory rent, $40,000
Factory utilities, $25,000
Factory equipment depreciation, $51,000
Total overhead costs = $195,000
Job 306 Job 307 Job 308 Total
Balances on March 31
Direct materials $31,000 $42,000 $73,000
Direct labor 21,000 17,000 38,000
Applied overhead 10,500 8,500 19,000
Balances $62,500 $67,500 $130,000
Costs during April
Direct materials 132,000 210,000 $100,000 $442,000
Direct labor 103,000 153,000 102,000 358,000
Applied overhead 51,500 76,500 51,000 179,000
Total cost $349,000 $507,000 $253,000 $1,109,000
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
Melinda is excited about working on her financial plan. She has taken the time to look at all of her current resources, accounts, and investments. She also has identified some short- and long-term financial goals. What should Melinda do NEXT to continue her steps in the financial planning process?
Answer:
Melinda should save and invest for the short term as well as long term goal as she planned.
Explanation:
Financial planning is very important for a stable future in terms of finance and monetary matters. Financial planning may be defined as the process that will reduce the stress about the finances, helps to support the current needs. It also helps to build or save money for a long term goal. Financial planning is very important as it allows one to make the most use of one's assets, and also ensures one to meet their future goals.
In the context, Melinda is making a financial plan. She had looked over all her her current resources and investments and also made some long term and short term goal which will help her better plan for the future.
Once Melinda had identified her goal, she needs to act on it as soon as possible and contribute or save some money according to the plans. She should invest in the plans in order to support her long term goals.
Answer:
its A decide what her biggest financial risks are\
Explanation:
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
Consider a labor market in equilibrium. If the demand curve shifts to the right while the supply curve stays constant, then the wage rate in the market will ________. Group of answer choices increase decrease remain unchanged either increase or decrease or remain unchanged
Answer:
prices will increase or remain
What is the importance of a city having a diverse local economy with respect to the performance of its housing market? (Select all that
apply.)
O A city with a diverse local economy is likely to suffer a significant economic downturn if its housing market suffers.
O A city with a diverse local economy is well equipped to resist an economic downturn if its housing market suffers.
O A city with a local economy that depends strongly on its housing market is likely to do what it can to sustain that market.
O A city with a local economy that depends strongly on its housing market is likely to suffer economically if that market contracts
Answer:
I would say second and fourth
Answer
The Last Three In your question but A, C, and D in edg
Explanation:
Required information SB Exercise 6-14 through Exercise 6-15 (Static) Skip to question [The following information applies to the questions displayed below.] Chuck Wagon Grills, Inc., makes a single product—a handmade specialty barbecue grill that it sells for $210. Data for last year’s operations follow: Units in beginning inventory 0 Units produced 20,000 Units sold 19,000 Units in ending inventory 1,000 Variable costs per unit: Direct materials $ 50 Direct labor 80 Variable manufacturing overhead 20 Variable selling and administrative 10 Total variable cost per unit $ 160 Fixed costs: Fixed manufacturing overhead $ 700,000 Fixed selling and administrative 285,000 Total fixed costs $ 985,000 Exercise 6-15 (Static) Absorption Costing Unit Product Cost and Income Statement [LO6–1, LO6–2]
Required:
1. Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill.
2. Assume that the company uses absorption costing. Prepare an income statement for last year.
Answer:
Results are below.
Explanation:
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
First, we need to calculate the unitary cost under absorption costing:
Unitary varaible production cost= 50 + 80 + 20= $150
Unitary fixed cost= 700,000/20,000= $35
Total unitary cost= $185
Now, we the income statement:
Sales= 19,000*210= 3,990,000
COGS= (19,000*185)= (3,515,000)
Gross profit= 475,000
Total selling and administrative= (285,000 + 10*19,000)= (475,000)
Net operating income= 0