Answer:
Cash + Supplies = Accounts Payable + common stock - dividends + sales commission - Rent expense.
$20,000 + 2,520 = $2,520 - $1,590 + 25,700 - $5,040 - $8,000 - $2,420 - $1,160 - $3,030 - $850
Explanation:
The effect of transaction is listed above. The effect will be on the balance sheet. These transaction have impacts on various accounts assets side is impacted and liability side is impacted. Equity is affected when there is payment of dividends and stock capital issuance.
Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $66,500 Work-in-Process Inventory, Beginning 11,100 Work-in-Process Inventory, Ending 9,300Selling and Administrative Expense 15,750 Finished Goods Inventory, Ending 15,825Finished Goods Inventory, Beginning Direct Materials Used Skipped Factory Overhead Applied 12,300Operating Income 14,165 Direct Materials Inventory, Beginning 11,135 Direct Materials Inventory, Ending 6,105Cost of Goods Manufactured 61,410 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount in the finished goods inventory at the beginning of the year?
Answer:
$20,915
Explanation:
The computation of the beginning finished goods inventory is shown below:
As we know that
Cost of goods sold = Opening finished goods inventory + Cost of goods manufactured - closing finished goods inventory
$66,500 = Opening finished goods inventory + $61,410 - $15,825
So, the opening finished goods inventory is
= $66,500 - $61,410 + $15,825
= $20,915
Your firm expects sales of $672,500 next year. The profit margin is 4.6 percent and the firm has a dividend payout ratio of 15 percent. What is the projected increase in retained earnings
Answer:
$26,294.8
Explanation:
Total expects sales at Next years = $672,500
The profit margin =4.6 percent
For the profit margin of expects sales at Next years= (4.6/100 ×$672,500)
= $30,935
dividend payout ratio =15 percent
distributed dividends= (15/100× $30,935)
= $26,294.75
the projected increase in retained earnings= difference between the profit margin of expects sales at Next years and distributed dividends
= ($30,935 - $4,640.25)
= $26,294.8
g A physical inventory taken on December 31, 2020, resulted in an ending inventory of $1,150,000. Historically, Jensen's gross margin on sales has remained constant at 25%. Jensen suspects that an unusual amount of inventory may have been damaged and disposed of without appropriate tracking. At December 31, 2020, what is the estimated cost of missing inventory
Answer: $350,000
Explanation:
The Cost of Goods sold according to the Gross margin on sales is:
COGS = Revenue - (Gross margin * Revenue)
= 6,400,000 - (25% * 6,400,000)
= $4,800,000
The COGS according to the income statement formula:
= Opening inventory + Purchases - Closing inventory
= 1,300,000 + 5,000,000 - 1,150,000
= $5,150,000
The difference is the missing inventory
Difference = 5,150,000 - 4,800,000
= $350,000
What is a bank run?
Select the best answer from the choices provided.
O A when new banks open and give higher interest rates, encouraging customers to rush to the bank and open up savings
accounts
OB. when people, afraid their bank would close, would rush to take their money out of it, causing the bank to collapse
OC when several new banks open in the same region within a short period of time
OD. when multiple banks in the same region all close within a short period of time
Answer:
OB
Explanation:
A bank run occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future
Following are the January transactions:
a) Received a $795 deposit from a customer who wanted her piano rebuilt in February.
b) Rented a part of the building to a bicycle repair shop: $545 rent received for January.
c) Delivered five rebuilt pianos to customers who paid $14,425 in cash.
d) Delivered two rebuilt pianos to customers for $7,600 charged on account.
e) Received $6,400 from customers as payment on their accounts.
f) Received an electric and gas utility bill for $750 for January services to be paid in February.
g) Ordered $1,140 in supplies.
h) Paid $3,400 on account in January.
i) Paid $16,900 in wages to employees in January for work done this month.
j) Received and paid cash for the supplies in (g).
Prepare journal entries for the above January transactions.
Answer:
a) Received a $795 deposit from a customer who wanted her piano rebuilt in February.
Account Debit Credit
Cash $795
Unearned Revenue $795
b) Rented a part of the building to a bicycle repair shop: $545 rent received for January.
Account Debit Credit
Cash $545
Rent Revenue $545
c) Delivered five rebuilt pianos to customers who paid $14,425 in cash.
Account Debit Credit
Cash $14,425
Service Revenue $14,425
d) Delivered two rebuilt pianos to customers for $7,600 charged on account.
Account Debit Credit
Accounts Receivable $7,600
Service Revenue $7,600
e) Received $6,400 from customers as payment on their accounts.
Account Debit Credit
Cash $6,400
Accounts Receivable $6,400
f) Received an electric and gas utility bill for $750 for January services to be paid in February.
Account Debit Credit
Utilities Expense $750
Utilities Payable $750
g) Ordered $1,140 in supplies.
Account Debit Credit
Supplies Expense $1,140
Supplies Payable $1,140
h) Paid $3,400 on account in January.
Account Debit Credit
Cash $3,400
Accounts Payable $3,400
i) Paid $16,900 in wages to employees in January for work done this month.
Account Debit Credit
Cash $16,900
Wage Expense $16,900
j) Received and paid cash for the supplies in (g).
Account Debit Credit
Cash $1,140
Supplies Payable $1,140
A consumer faces a tradeoff between labor (L) and leisure (R). She consumes a composite good (C). When the consumer works, she earns an hourly wage of $14.00, and she spends a maximum of 24 hours on labor and leisure, but she chooses to work 10.00 hours. Whatever time she does not spend working, she spends on leisure. She starts with an initial endowment of 21.00 units of the composite good, which she can buy and sell freely at a market price of $12.00.
Required:
What is the consumer's real wage?
Answer:
$11.70
Explanation:
composite goods consumed ( C )
She earns an hourly wage of $14
spends maximum of 24 hours on labor and leisure
works = 10 hours
leisure = 14 hours
initial endownment = 21.00 units
price of composite = $12
Determine the consumer's real wage
Real wage per hour = wage per hour / price of composite
= 14 / 12 = $1.17
Hence Total real earnings = Total wage earned / price of composite
Total wage earned = 14 * 10 = $140
Total real earnings = 140 / 12 = $11.7
Riverbed Corp provides security services. Selected transactions for Riverbed Corp are presented below. Oct. 1 Issued common stock in exchange for $67,300 cash from investors. 2 Hired part-time security consultant. Salary will be $2,000 per month. First day of work will be October 15. 4 Paid 1 month of rent for building for $2,000. 7 Purchased equipment for $18,400, paying $4,100 cash and the balance on account. 8 Paid $500 for advertising. 10 Received bill for equipment repair cost of $400. 12 Provided security services for event for $3,300 on account. 16 Purchased supplies for $420 on account. 21 Paid balance due from October 7 purchase of equipment. 24 Received and paid utility bill for $151. 27 Received payment from customer for October 12 services performed. 31 Paid employee salaries and wages of $5,200.
Date Account Titles and Explanation Debit Credit 1 Cash 67,300 Common Stock 67,30 2 No Entry No Entry Rent Expense 2.000 Cash 2.06 Equipment 18,400 Cash 4.10 Accounts Payable 1436 Advertising Expense 1,700 Cash 1.70 10 Maintenance and Repairs Expense 420 Accounts Payable 42 12 Accounts Receivable 3.300 Service Revenue 3,30 16 Supplies 420 Accounts Payable 21 V Accounts Payable 14300 Cash 1434 24 Utilities Expense 151 Cash 15 27 Cash 3,300 Accounts Receivable 3.30 31 > Salaries and Wages Expense 5.200 Cash 5.26 Post the transactions to accounts. (Post entries in the order of journal entries presented in the previous port. For accounts with zero balance select "Balance from the list and enter or leave it blank) Cash < < < < Accounts Receivable Supplies Equipment < Accounts Payable < Common Stock Accounts Payable < Common Stock Service Revenue Advertising Expense Salaries and Wages Expense Maintenance & Repairs Expense V Rent Expense < Utilities Expense <
Answer:
Oct.1
Dr Cash $67,300
Cr Common stock $67,300
Oct.2 No Entry
Oct.4
Dr Rent expense $2,000
Cr Cash $2,000
Oct.7
Dr Equipment $18,400
Cr Cash $4100
Cr Accounts payable $14,300
Oct.8
Do Advertising expense $500
Cr Cash $500
Oct.10
Dr Repair expense $400
Cr Accounts payable $400
Oct.12
Dr Accounts receivable $3,300
Cr Service revenue $3,300
Oct.16
Dr Supplies $420
Cr Accounts payable $420
[Being To record purchase of supplies on account]
Oct.21
Dr Accounts payable $14,300
Cr Cash $14,300
($18,400-$4,100)
Oct.24
Dr Utilities expense $151
Cr Cash $151
Oct.27
Dr Cash $3,300
Cr Accounts receivable $3,300
Oct.31
Dr Salaries and wages expense $5,200
Cr Cash $5,200
Explanation:
Preparation of journal entries
Oct.1
Dr Cash $67,300
Cr Common stock $67,300
[Being To record investment in business]
Oct.2 No Entry
Oct.4
Dr Rent expense $2,000
Cr Cash $2,000
[Being To record payment of rent]
Oct.7
Dr Equipment $18,400
Cr Cash $4100
Cr Accounts payable $14,300
($18,400-$4,100)
[BeingTo record purchase of equipment]
Oct.8
Do Advertising expense $500
Cr Cash $500
[Being To record payment of advertising expense]
Oct.10
Dr Repair expense $400
Cr Accounts payable $400
[Being To record repair expense]
Oct.12
Dr Accounts receivable $3,300
Cr Service revenue $3,300
[Being To record services performed on account]
Oct.16
Dr Supplies $420
Cr Accounts payable $420
[Being To record purchase of supplies on account]
Oct.21
Dr Accounts payable $14,300
Cr Cash $14,300
($18,400-$4,100)
[Being To record cash paid for accounts payable]
Oct.24
Dr Utilities expense $151
Cr Cash $151
[Being To record payment of utilities]
Oct.27
Dr Cash $3,300
Cr Accounts receivable $3,300
[Being To record collections from customers]
Oct.31
Dr Salaries and wages expense $5,200
Cr Cash $5,200
[Being To record payment of salaries and wages expense]
Lego Group in Bellund, Denmark, manufactures Lego toy construction blocks. The company is considering two methods for producing special-purpose Lego parts. Method 1 will have an initial cost of $360,000, an annual operating cost of $130,000, and a life of 3 years. Method 2 will have an initial cost of $760,000, an operating cost of $130,000 per year, and a 6-year life. Assume 13% salvage values for both methods. Lego uses an MARR of 13% per year.
Required:
a. Which method should it select on the basis of a present worth analysis?
b. If the evaluation is incorrectly performed using the respective life estimates of 3 and 6 years, will Lego make a correct or incorrect economic decision? Explain your answer.
Answer:
a) method 1 has a lower present worth, so it should be selected.
b) in order to properly compare both projects, we must assume that method 1 will be repeated at he end of year 3. That way both projects will have the same life span.
Explanation:
we must first determine the equivalent cash flows:
method 1 method 2
initial outlay -360,000 -760,000
cash flow year 1 -130,000 -130,000
cash flow year 2 -130,000 -130,000
cash flow year 3 -443,200 -130,000
cash flow year 4 -130,000 -130,000
cash flow year 5 -130,000 -130,000
cash flow year 5 -83,200 -31,200
the present worth of method 1 = -$1,074,266
the present worth of method 2 = -$1,232,226
The Credit Card Processing unit of a bank receives 60 applications per hour. All applications first go through application processing that takes 6 minutes per application. There are 4 workers in the unit who process the applications. After the application is processed, all applications go through the credit check stage which takes 10 minutes per application. There are 6 workers at this stage. 20% of the applications fail the credit check and are rejected. Remaining 80% of applications that pass the credit check are sent for determining credit limit. There are 6 workers at the Determine credit limit stage, and it takes 15 minutes for a worker to process one application. After the credit limit is determined, all applications are sent to the issuing desk, who issue the credit card, and it takes 3 minutes per application.
What is the capacity of the "Credit Check" stage in number of applications per hour?
Answer:
36 applications/hour
Explanation:
Number of application/hour/worker = 60/processing time
Number of application/hour = (60/processing time) * Number of workers
Process No of Processing Number of application Number of
Workers Time (min) /hour/worker application/hour
Application 4 6 10 40
Processing
Credit Check 6 10 6 36
Determine 6 15 4 24
Credit Limit
Issue Card 2 2 30 60
Capacity of credit check in applications per hours = 36 applications/hour
Ralph and Elaine have brought a new marketing idea to their company, Sportswear, Inc. Elaine is a bit concerned about the ethical implications of the new strategy. Therefore, the marketing team has decided to use the IDDR approach to decide whether or not to pursue Ralph and Elaine's idea. During the inquiry step of this strategy, the team is struggling to identify the ethical problem. In doing so, they should:
Answer:
Sportswear, Inc.
IDDR Approach to Ethical Decision Making:
During the inquiry step of this strategy, the team is struggling to identify the ethical problem. In doing so, Ralph and Elaine should:
1. Identify the stakeholders of Sportswear, Inc.
2. Collect relevant data.
Explanation:
Ethical decision making relate to making decisions while considering what is right or wrong behavior. The IDDR approach to making ethical decisions involves a desire to do right. The steps include inquiry, discussion, decision, and review. The inquiry stage, in addition to collecting relevant facts about a decision, should identify the company's stakeholders. The stakeholders of any business entity include consumers of the products or services, employees, suppliers, community, owners, and the society as a whole.
When OSHA was enacted in 1970, it was heralded as the most important new source of protection for the U.S. worker in the second half of the twentieth century. From the information in this chapter, what is your opinion about the effectiveness or the ineffectiveness of the act? Should it be expanded, or it should businesses have more freedom to determine safety standards for their workers?
Explanation:
This act OSHA is effective in the establishment of safety and health standards in businesses. Without this act there would be unsafe working conditions for employees in some companies.
The act is ineffective because of the political administration of the day. A new administration may decide to increase the budget, while another may decide to cut it. There is no standard budget for OSHA.
I do not think the act should be expanded. But it does need an amendment which should follow technological advancements.
Although this act has set safety guidelines for companies to follow, so as to make sure that workers are safe where they work, I believe that companies, businesses, should be allowed to some extents to set safety standards for their workers above that of OSHA.
Hochberg Corporation uses an activity-based costing system with the following three activity cost pools: Activity Cost Pool Total Activity Fabrication 50,000 machine-hours Order processing 625 orders Other Not applicable The Other activity cost pool is used to accumulate costs of idle capacity and organization-sustaining costs. The company has provided the following data concerning its costs: Wages and salaries $ 461,000 Depreciation 123,000 Occupancy 207,000 Total $ 791,000 The distribution of resource consumption across activity cost pools is given below: Activity Cost Pools Fabricating Order Processing Other Total Wages and salaries 15% 65% 20% 100% Depreciation 15% 40% 45% 100% Occupancy 20% 75% 5% 100% The activity rate for the Fabrication activity cost pool is closest to:
Answer:
$2.58 per machine hour
Explanation:
The computation of the fabrication activity cost pool activity rate is
= ($461,000 × 15%) + ($123,000 × 15%) + ($207,000 × 20%) ÷ 50,000 machine hours
= ($69,150 + $18,450 + $41,400) ÷ 50,000 machine hours
= $2.58 per machine hour
If you receive a phone call that seeks to verify or update personal information you should: ________
a. ask to speak to a supervisor.
b. ask several questions of the solicitor to verify their authenticity.
c. obtain their name and address in case you need to contact them in the future.
d. obtain their name and phone number and call them back to verify their credentials.
Answer:
B
Explanation:
The following transactions occurred during May, the first month of operations for Hunter Products, Inc: * Issued 54,000 shares of capital stock to the owners of the corporation in exchange for $648,000 cash. * Purchased a piece of land for $440,000, making a $170,000 cash down payment and signing a note payable for the balance. * Made a $64,000 cash payment on the note payable from the purchase of land. * Purchased equipment on credit from BBW, Inc. for $67,000.
What is the balance in the Cash account at the end of May?
Answer:
$414,000
Explanation:
Calculation of balance of cash account:
Issuance of capital stock to the $648,000
owners of the corporation
Cash down payment for purchase ($170,000)
a piece of lane
Cash payment on the note payable ($64,000)
from the purchase of land
Balance in the Cash account $414,000
at the end of May
Cohen Company produces and sells socks. Variable cost is $6 per pair, and fixed costs for the year total $75,000. The selling price is $10 per pair. Required: 1. Calculate the breakeven point in units. 2. Calculate the breakeven point in sales dollars. 3. Calculate the units required to make a before-tax profit of $40,000. 4. Calculate the sales dollars required to make a before-tax profit of $35,000. (Do not round intermediate calculations.) 5. Calculate the sales, in units and in dollars, required to make an after-tax profit of $25,000 given a tax rate of 30%.
Answer:
Results are below.
Explanation:
a) To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 75,000 / 4
Break-even point in units= 18,750
b)To calculate the break-even point in dollars, we need to use the following formula:
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 75,000 / (4/10)
Break-even point (dollars)= $187,500
c) Desired profit= $40,000
Break-even point in units= (fixed costs + desired profit) / contribution margin per unit
Break-even point in units= (75,000 + 40,000) / 4
Break-even point in units= 28,750
d) Desired profit= $35,000
Break-even point (dollars)= (fixed costs + desired profit) / contribution margin ratio
Break-even point (dollars)= (75,000 + 35,000) / 0.4
Break-even point (dollars)= $275,000
e) Desired profit (before taxes)= 25,000/0.7= $35,714
Break-even point in units= (fixed costs + desired profit) / contribution margin per unit
Break-even point in units= 110,714/4
Break-even point in units= 27,679
Break-even point (dollars)= (fixed costs + desired profit) / contribution margin ratio
Break-even point (dollars)= 110,714/0.4
Break-even point (dollars)=$276,785
Ethnocentric managers believe that their native country, culture, language, and behavior need to be changed. are equal to all other cultures. make them citizens of the world. are hurtful to others. are superior to all others.
Answer:
are superior to other cultures.
Explanation:
Ethnocentrism is the belief that indigenous culture, customs, and way of life are more important than other cultures. Ethnographers believe that their own culture, country, language and all other characteristics are superior to other cultures.so correct answer are superior to other cultures.Rory has been an underwriting assistant at a large insurance company for the past few years. He is an extremely hard worker and goes above and beyond. He puts in long hours to ensure the accounts are current and ready for the underwriters. Noting his efforts, the company offers him a 15% pay raise along with a small bonus. Three months later, Rory submits his resignation letter and soon joins a startup organization as a senior underwriter. Which of the following best explains this situation?
A. Rory felt the pay raise was undeserved.
B. Rory found his work to be repetitive and boring.
C. Rory was motivated by the prospect of extrinsic rewards.
D. Rory was after a position with the competitor all along.
E. Rory, though highly skilled, lacked motivation
Answer:
B. Rory found his work to be repetitive and boring.
Explanation:
In this scenario, Rory is described as an individual who strives to be the best at what he does which is why he works so hard. The pay raise that they offered him at his current job was a good pay raise and it included a small bonus. Therefore, Rory did not care about the money. Instead, he most likely found the work to be repetitive and boring and probably wanted something new and interesting. Joining a startup and working on a new and innovative project where he can add real value to the team is most likely what Rory really wanted.
You need to accumulate $10,000. To do so, you plan to make deposits of $1,000 per year - with the first payment being made a year from today - into a bank account that pays 14% annual interest. Your last deposit will be less than $1,000 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal
Answer:
It will take 6.68 years to reach the $10,000 goal.
Explanation:
As the deposit of $1,000 per year is a form of the annuity payment.
We will use the following formula in order to calculate the numbers of year required to reach the goal
Future value of Annuity = Annuity payment x ( ( ( 1 + interest rate )^numbers of years ) - 1 ) / Interest rate
Where
Future value of Annuity = Target amount = $10,000
Annuity payment = Yearly deposti = $1,000
Interest rate = 14%
Numbers of years = n = ?
Placing values in the formula
Future value of Annuity = Annuity payment x ( ( ( 1 + interest rate )^numbers of years ) - 1 ) / Interest rate
$10,000 = $1,000 x ( ( ( 1 + 14% )^n ) - 1 ) /14%
$10,000 x 14% = $1,000 x ( ( ( 1.14 )^n ) - 1)
$1,400 = $1,000 x ( ( ( 1.14 )^n ) - 1)
$1,400 / $1,000 = ( ( 1.14 )^n ) - 1
1.4 = ( ( 1.14 )^n ) - 1
1.4 + 1 = 1.14^n
2.4 = 1.14^n
Log 2.4 = n x Log 1.14
n = Log 2.4 / Log 1.14
n = 6.681525965
n = 6.68 years
It will take 6.68 years to reach the $10,000 goal.
Ranger Glass Company manufactures glass for French doors. At the start of May, 2,000 units were in-process. During May, 11,000 units were completed and 3,000 units were in process at the end of May. These in-process units were 90% complete with respect to material and 50% complete with respect to conversion costs. Other information is as follows:Work in process, May 1:Direct material $36,000Conversion costs $45,000Costs incurred during May:Direct materia $186,000Conversion costs $255,000How much is the cost per equivalent unit for direct materials? (Points : 4)$24.00$16.20$15.86$13.58
Answer:
$16.20
Explanation:
Calculation for How much is the cost per equivalent unit for direct materials
Cost per equivalent unit for direct materials=($36,000+$186,000)/[11,000+(3,000*90%)]
Cost per equivalent unit for direct materials=$222,000/(11,000+2,700)
Cost per equivalent unit for direct materials=$222,000/13,700
Cost per equivalent unit for direct materials=$16.20
Therefore the the cost per equivalent unit for direct materials will be $16.20
Entries and Balance Sheet for Partnership On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $15,100 cash and merchandise inventory valued at $40,800. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $101,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: Capri's Ledger Balance Agreed-Upon Balance Accounts Receivable $23,100 $18,700 Allowance for Doubtful Accounts 1,000 1,300 Merchandise Inventory 26,900 36,000 Equipment 45,300 43,900 Accumulated Depreciation-Equipment 15,100 Accounts Payable 8,200 8,200 Notes Payable (current) 5,000 5,000
The partnership agreement includes the following provisions regarding the division of net income: interest of 10% on original investments, salary allowances of $36,000 (Lang) and $22,000 (Capri), and the remainder equally.
Required:
1. Journalize the entries to record the investments of Lang and Capri in the partnership accounts. For a compound transaction, if an amount box does not require an entry, leave it blank.
ACCOUNT DEBIT CREDIT
Apr. 1
Apr. 1
2. Prepare a balance sheet as of April 1, 20Y1, the date of formation of the partnership of Lang and Capri.
Lang and Capri
Balance Sheet
April 1, 20Y1
Assets
Current assets:
Total current assets $
Property, plant, and equipment:
Total assets $
Liabilities
Current liabilities:
$
Total liabilities $
Partners' Equity
$
Total partners' equity
Total liabilities and partners' equity $
3. After adjustments at March 31, 20Y2, the end of the first full year of operations, the revenues were $598,000 and expenses were $480,000, for a net income of $118,000. The drawing accounts have debit balances of $40,000 (Lang) and $30,000 (Capri). Journalize the entries to close the revenues and expenses and the drawing accounts at March 31, 20Y2. For a compound transaction, if an amount box does not require an entry, leave it blank.
ACCOUNT DEBIT CREDIT
Mar. 31
Mar. 31
Answer:
1. April 1, 20Y1
Dr Bank $15,100
Dr Inventory $40,800
Cr Whitney Lang Capital $55,900
April 1, 20Y1
Dr Bank $52,900
Dr Equipment 43,900
Dr Account Receivable $18,700
Cr Account Payable $8,200
Cr Notes Payable 5,000
Cr Allowance for Doubtful $1,300
Cr Eli Capri Capital $101,000
2.CURRENT LIABILITIES $171,400
ASSETS $171,400
3. March 31, 20Y2
Dr Revenue $598,000
Cr Expenses $480,000
Cr Profit & Loss $118,000
March 31, 20Y2
Dr Whitney Lang Capital $40,000
Dr Eli Capri Capital $30,000
Cr Cash $70,000
Explanation:
1. Preparation of the journal entries to record the investments of Lang and Capri in the partnership accounts.
April 1, 20Y1
Dr Bank $15,100
Dr Inventory $40,800
Cr Whitney Lang Capital $55,900
($15,100+$40,800)
( Being Cash and Inventory received from Eric Keene as capital contribution)
April 1, 20Y1
Dr Bank $52,900
($101,000+$1,300+5,000+$8,200-43,900-$18,700)
Dr Equipment 43,900
Dr Account Receivable $18,700
Cr Account Payable $8,200
Cr Notes Payable 5,000
Cr Allowance for Doubtful $1,300
Cr Eli Capri Capital $101,000
( Being Capital Contribution by Renee Wallace in form of Assets, cash and Liabilities)
2. Preparation of a balance sheet as of April 1, 20Y1, the date of formation of the partnership of Lang and Capri.
Balance sheet as on April 1, 20Y1,
Particulars Amount($)
Partners Capital A/c
Whitney Lang $55,900
Eli Capri $101,000
$156,900
CURRENT LIABILITIES
Account Payable $8,200
Notes Payable $5,000
Allowance for doubtful Debts $1,300
TOTAL $171,400
($156,900+$8,200+$5,000+$1,300)
ASSETS
Equipment $43,900
Account receivable $18,700
Inventory $40,800
Cash $68,000
($15,100+$52,900)
TOTAL $171,400
($43,900+$18,700+$40,800+$68,000)
3. Preparation of journal entries to close the revenues and expenses and the drawing accounts at March 31, 20Y2
March 31, 20Y2
Dr Revenue $598,000
Cr Expenses $480,000
Cr Profit & Loss $118,000
( Being Revenue and Expenses posted to Profit & loss A/c)
March 31, 20Y2
Dr Whitney Lang Capital $40,000
Dr Eli Capri Capital $30,000
Cr Cash $70,000
($40,000+$30,000)
( Being Drawing from Capital A/c recorded)
Denton and Carlo worked at an appliance plant. Their job required them to do occasional maintenance work while standing on a wire mesh twenty feet above the plant floor. Other employees had fallen through the mesh, and one was killed by the fall. When Denton and Carlo were asked by their supervisor to do work that would likely require them to walk on the mesh, they refused due to their fear of bodily harm or death. Because of their refusal to do the requested work, the two employees were fired from their jobs. Was their discharge wrongful? If so, under what federal employment Law? What federal agency or department could assist them?
Answer:
Yes
Explanation:
Yes, the disharge was wrongful and the employer can be sued for doing so. Employees are protected under the OSHA law, which basically makes sure that employers provide the employees with safe and hazard free work conditions for all employees. Failure to do so can be met with a lawsuit as well as firing an employee for not putting themselves in a dangerous situation. The OSHA administration which is the same representatives of the law itself can provide assistance to the employees in this situation.
Tammy, a resident of Virginia, is considering whether to purchase a $100, 000 North Carolina bond that yields 4.6% before tax. She is in the 35% Federal marginal tax bracket and the 5% state marginal tax bracket. Tammy is aware that State of Virginia bonds of comparable risk are yielding 4.5%. Virginia bonds are exempt from Virginia tax, but the North Carolina bond interest is taxable in Virginia. Tammy can deduct all state taxes paid on her Federal income tax return. If required, round your computations and answers to the nearest dollar.
Determine the after tax income from each bond.
Virginia Bond: __________
North Carolina Bond: ____________
Which of the two options will provide the greater after-tax return to Tammy?
Answer:
A. Virginia Bond: $4,500
North Carolina Bond: $4,451
B. Virginia Bond
Explanation:
A. Calculation to Determine the after tax income for Virginia Bond
Using this formula
After tax income for Virginia Bond=Face value*Virginia bonds of comparable risk
Let plug in the formula
After tax income for Virginia Bond=$100,000*4.5%
After tax income for Virginia Bond=$4,500
Calculation to Determine the after tax income for North Carolina Bond
Interest income before tax $4,600
(100,000*4.60)
Less State marginal tax ($230)
(5%*$4,600)
Interest income net of state tax $4,370
($4,600-$230)
Add Federal marginal tax $81
(35%*230)
After tax income for Noth Caroline Bond $4,451
Therefore the the after tax income from each bond will be:
Virginia Bond: $4,500
North Carolina Bond: $4,451
B. Based on the above calculation the options that will provide the greater after-tax return to Tammy will be VIRGINIA BOND reason be that it has high After tax income of the amount of $4,500 compare to Noth Caroline Bond which has After tax income of the amount of $4,451.
All of the following are positive outcomes of employee development except: Group of answer choices development enhances the organization's capacity to control environmental forces. development increases the chances that the most capable employees will be attracted to work in the organization. development enhances retention. development ensures that employees have the knowledge and skill to effectively perform in the future.
Answer:
development enhances the organization's capacity to control environmental forces
Explanation:
Employee development can be described as when an employer takes certain certain steps to increase the skills, competences and knowledge of the employees.
Employee development can take the form of :
trainingsMentorshipsOn the job trainingconferencesjob rotationsAdvantages of employee development includes :
It reduces employee turnoverIt increases the skills of employeeIt increases the efficiency of employeesPrepare an amortization schedule for a three-year loan of $114,000. The interest rate is 11 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan?
Answer:
$1254.000 loan
Explanation:
hope help keep learning
A person who is an entrepreneur is also a businessperson. true or false?
Answer:
False
Explanation:
A person who brings his unique idea to run a startup company is known as an entrepreneur. A businessman is a person who starts a business on an old concept or idea. The businessman is a market player while Entrepreneur is a market leader because he is the first to start such a kind of enterprise.
Where can a user adjust the setting for the number of copies to print?
Report Wizard
Print Preview
Page Setup dialog box
Windows Print dialog box
Answer:windows print dialog box (D) on Edg.
Explanation:
Answer:
The answer is D: Windows Print dialog box
Explanation:
Catherine Jones has determined the following information about her own financial situation. Her checking account is worth $800 and her savings account is worth $1,500. She owns her own home that has a market value of $103,000. She has furniture and appliances worth $10,500 and a home computer and laptop worth $3,100. She has a car worth $14,000. She has recently purchased an annuity worth $5,400 and she has a retirement account worth $44,000. What is the value of her liquid assets
Answer:
$2,300
Explanation:
Calculation for the value of her liquid assets
Using this formula
Value of her liquid assets=Checking account worth+Savings account worth
Let plug in the formula
Value of her liquid assets=$800 + $1,500
Value of her liquid assets=$2,300
Therefore Value of her liquid assets will be $2,300
Assume that the price of a pizza at your local pizza parlor is $12. Illustrate what happens to producer surplus if the price falls from $12 to $6. First indicate the producer surplus lost by those sellers that leave the market because of this lower price. Label this A. Then indicate the decrease in producer surplus lost to those sellers that continue to sell pizza at the lower price. Label this B.
Answer:
attached below
Explanation:
Initial price of pizza at local parlor = $12
new price of pizza = $6
a) Product surplus = area above supply curve and below price ( A )
b) Decrease in producer surplus lost to sellers that continue selling pizza at lower price is represented with B
Your restaurant plans to spend $1,000 on social media ads. Your average meal sells for $10 and food cost is 30%. How
many additional meals do you need to sell to breakeven on your advertising?
Ignore all
other restaurant costs except food cost
a) 100 meals
b) 132 meals
c) 143 meals
d) 1000 meals
Answer:
c) 143 meals
Explanation:
30% of 10 is 3
10-3=7
1000/7=142.857143
round up.
How does information management differ from a management information system (MIS) ?
Answer:
the main difference between management information system and decision support system is that the management information system (MIS) supports structured decision making while the decision support system (DSS) provides support for unstructured or semi-structured decisions.