Answer:
An online recommendation engine is a set of software algorithms that uses past user data and similar content data to make recommendations for a specific user profile. An online recommendation engine is a set of search engines that uses competitive filtering to determine what content multiple similar users might like.
Explanation:
Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes. On November 17, 2021, a fire resulted in the loss of all of the toppings stored in one section of the warehouse. The company must provide its insurance company with an estimate of the amount of inventory lost. The following information is available from the company's accounting records:
Fruit Toppings Marshmallow Toppings Chocolate Toppings
Inventory, January 1, 2013 $22,000 $7,200 $3,200
Net purchases through Nov. 17 160,000 38,000 12,200
Net sales through Nov. 17 210,000 57,000 20,200
Historical gross profit ratio 20% 30% 30%
Required:
Calculate the estimated cost of each of the toppings lost in the fire.
Answer:
Estimated cost of Fruit Toppings lost in the fire = $14,000
Estimated cost of Marshmallow Toppings lost in the fire = $5,300
Estimated cost of Chocolate Toppings lost in the fire = $1,260
Explanation:
Fruit Marshmallow Chocolate
Toppings Toppings Toppings
Inventory, January 1, 2013 [a] 22,000 7,200 3,200
Net purchases through Nov. 17 [b] 160,000 38,000 12,200
Net sales through Nov. 17 [c] 210,000 57,000 20,200
Historical gross profit ratio [d] 20 30 30
Gross Profit [c*d%] [e] 42000 17,100 6,060
Cost of Good Sold [c-e] [f] 168,000 39,900 14,140
Inventory, Nov 17, 2013 [a+b-f] [g] 14,000 5,300 1,260
Kristin Company sells 300 units of its products for $20 each to Logan Inc. for cash. Kristin allows Logan to return any unused product within 30 days and receive a full refund. The cost of each product is $12. To determine the transaction price, Kristin decides that the approach that is most predictive of the amount of consideration to which it will be entitled is the probability-weighted amount. Using the probability-weighted amount, Kristin estimates that (1) 10 products will be returned and (2) the returned products are expected to be resold at a profit. Indicate the amount of (a) net sales, (b) estimated liability for refunds, and (c) cost of goods sold that Kristen should report in its financial statements (assume that none of the products have been returned at the financial statement date).
Answer:
a. Net Sales = (300 units - 10 units return) * $20 each
Net Sales = 290 units * $20 each
Net Sales = $5,800
b. Liability for refunds = (10 units expected to be returned * $20 each)
Liability for refunds = $200
c. Cost of Goods Sold = (300 units - 10 return) * $12 per unit
Cost of Goods Sold = 290 units * $12 per unit
Cost of Goods Sold = $3,480
The following balance sheet for the Hubbard Corporation was prepared by the company:
HUBBARD CORPORATION
Balance Sheet
At December 31, 2021
Assets
Buildings $754,000
Land 262,000
Cash 64,000
Accounts receivable (net) 128,000
Inventory 248,000
Machinery 284,000
Patent (net) 104,000
Investment in equity securities 68,000
Total assets $1,912,000
Liabilities and Shareholders' Equity
Accounts payable $219,000
Accumulated depreciation 259,000
Notes payable 508,000
Appreciation of inventory 84,000
Common stock (authorized and issued
104,000 shares of no par stock) 416,000
Retained earnings 426,000
Total liabilities and shareholders' equity $1,912,000
Additional information:
The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $54,000 but, due to a significant increase in market value, is listed at $128,000. The increase in the land account was credited to retained earnings. The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $24,000 of which will be sold in the coming year. The remainder will be held indefinitely. Notes payable are all long term. However, a $140,000 note requires an installment payment of $35,000 due in the coming year. Inventory is recorded at current resale value. The original cost of the inventory is $164,000.
Required:
Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2018.
Answer:
Assets
Current assets
Cash $64,000
Accounts receivable (net) $128,000
Inventory $164,000
Available for sale securities $24,000
Total current assets $380,000
Non-current assets
Buildings $754,000
Land $188,000
Machinery $284,000
Patent (net) $104,000
Investment in equity securities $44,000
Accumulated depreciation 259,000
Total non-current assets $1,115,000
Total assets $1,495,000
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable $219,000
Current portion of long term debt $35,000
Total current liabilities $254,000
Long term liabilities
Notes payable $473,000
Total long term liabilities $473,000
Stockholders' equity
Common stock (authorized and issued
104,000 shares of no par stock) $416,000
Retained earnings $352,000
Total equity $768,000
Total liabilities and shareholders' equity $1,495,000
Marion Company issued a $350,000, zero-interest-bearing, 5-year note in exchange for land with a fair market value of $287,000 from Palma Real Estate. If the present value of the note at an appropriate rate of interest is $287,000, Palma Real Estate should record a :________.
A : premium on notes receivable.
B : gain on the sale of land.
C : premium on the sale of land.
D : discount on notes receivable.
Answer:
b
Explanation:
i have done this one before
A company is targeting its marketing by running an advertising campaign showing a Hmong family celebrating its traditions during the 4th of July holiday. The ad campaign features the company products being used by the children. What area of consumer decision influence is the marketing campaign using?
a. American culture, an ethnic subculture, and family
b. psychological aspects of belief and attitude
c. social class and word-of-mouth influence
Answer:
American culture, an ethnic subculture, and family
Explanation:
Explain two potential advantages to an airline of outsourcing inflight catering
Answer: See explanation
Explanation:
In-flight catering simply has to do with the delivery of food that have been already prepared and packaged for consumption while a particular airplane is in flight.
The two potential advantages to an airline of outsourcing inflight catering is that it helps in the reduction and of cost in the part of the airline. Outsourcing will help the airline cut costs.
Also, another reason is that the airline can focus on other aspects which are more important and work towards achieving organizational goals.
Smith Corporation has provided the following information: Cash sales totaled $135,000. Credit sales totaled $289,000. Cash collections from customers for services yet to be provided totaled $48,000. An $10,000 gain from the sale of property and equipment occurred. Interest income totaled $8,700. How much of these items were included in operating income
Answer:
$434,000
Explanation:
The total amount that should be included in the operating income as follows:
1. Cash sales $135,000
2. Credit sales $289,000
3. Gain from the sale of property and the equipment $10,000
Operating income $434,000
hence, the $434,000 should be included in the operating income
Suppose Manuel is the only seller in the market for bottled water and Hubert is the only buyer. The following lists show the value Hubert places on a bottle of water and the cost Manuel incurs to produce each bottle of water:
Hubert's Value Manuel's Costs
Value of first bottle: $10 Cost of first bottle: $1
Value of second bottle: $7 Cost of second bottle: $3
Value of third bottle: $3 Cost of third bottle: $7
Value of fourth bottle: $1 Cost of fourth bottle: $10
The following table shows their respective supply and demand schedules:
Price Quantity Demanded Quantity Supplied
$1 or less 4 0
$1 to $3 3 1
$3 to $7 2 2
$7 to $10 1 3
More than $10 0 4
Use Raphae's supply schedule and Larry's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $5, and $8.
A price of____brings supply and demand into equilibrium.
At the equilibrium price, consumer surplus is_____producer surplus is_____, and total surp is_____.
If Raphael produced and Larry consumed one less bottle of water, total surplus would_____.
if instead, Raphael produced and Larry consumed one additional bottle of water, total surplus would_____.
Answer:
Manuel and Hubert
A price of__$5__brings supply and demand into equilibrium.
At the equilibrium price, consumer surplus is__$2___producer surplus is__$2___, and total surplus is__$4___.
If Manuel produced and Hubert consumed one less bottle of water, total surplus would__$6___.
if instead, Manuel produced and Hubert consumed one additional bottle of water, total surplus would_$6____.
Explanation:
a) Data and Calculations:
Hubert's Value Manuel's Costs
Value of first bottle: $10 Cost of first bottle: $1
Value of second bottle: $7 Cost of second bottle: $3
Value of third bottle: $3 Cost of third bottle: $7
Value of fourth bottle: $1 Cost of fourth bottle: $10
The following table shows their respective supply and demand schedules:
Price Quantity Quantity
Demanded Supplied
$1 or less 4 0
$1 to $3 3 1
$3 to $7 2 2
$7 to $10 1 3
More than $10 0 4
Using Manuel's supply schedule and Hubert's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $5, and $8.
Price Quantity Quantity
Demanded Supplied
$2 3 1
$5 2 2
$8 1 3
At the equilibrium price:
Consumer Surplus = $7 - $5 = $2
Producer Surplus = $5 - $3 = $2
Total surplus is $2 * 2 = $4
[The following information applies to the questions displayed below.
Consider the following narrative describing the process of registering a car with the DMV:
Heide lives in California and it is time to renew her automobile registration. The California DMV sends her a renewal form and indicates that she needs a smog check for her automobile. She takes her car to the smog check station. She completes the smog check. If the smog check is successful, she can then go to the DMV website and renew her registration, paying with a credit card. Two weeks later she receives a new registration form and tags for her license plates. She puts the registration in the glove box of her car and places the tags on her license plates.
Required: c. Consider the same narrative as described in the beginning, except include data objects. The renewal form is created when Heide receives mail from the DMV. She uses the renewal form information at the smog check station. The smog check station then provides her a smog check certificate. She uses the certificate information and her renewal form to update her registration on the DMV website.
For each step in the diagram from the beginning, list the data object used or created during that step. Steps 1 and 2 are filled in for example.
Select from the following data objects
a. Renewal forms
b. Smog certificate
c. New registration and tags
(If there is no appropriate label for a particular step, select 'None! If more than one data object is appropriate for a given step, select the choice that represents all possible choices.) Step Data Object Used Symbol(s) Start Message Event Task Data Object Crea None 1 None 2 3 Task Label(s) None Complete Smog Check Submit Renewal Receive New Documents None Place registration in glove box, Put tags on license None Task None New registration and t 6 Parallel Gateway Task, task End Event 7
Answer:
The vehicle are registered with the license plates to identify the owner of the vehicle. For the smog check her certificate will be labelled as smog certificate.
Explanation:
Heide went for renewing the vehicle certificate. She went for smog test and received a smog certificate for her car. She can now add this certificate with her renewal form for further processing. New registration and tag will be provided to her once she is done with all the pre requisites of the renewal process.
Urshela Company paid four months insurance on October 1, 2017 for $13,200. Urshela originally recorded the full insurance payment in the prepaid insurance account, Urshela operates on a calendar year basis. What adjusting journal entry would Urshela be required to make at 12/31 to properly recognize insurance expense for the year
999 trillion dollars in a year
Match the vocabulary word with the correct definition
system for gathering and organizing marketing
information used in decision-making
specific actions which advance the strategy and achieve
an end result
specific, measureable, short-term expectations
objectives
goals
broad, long-term expectations for future achievements
structured research which uses the scientific method and
standardized questions to make generalizations and
predictions, includes questionnaires, surveys and
experiments
statements describing the overall approach to how goals
and objectives will be achieved
:: marketing information system
:: quantitative research
:: strategies
:: tactics
Answer:
e 552gbrbrnrbthrjhhbbb vt to o
Help please! Business questions
Answer:
1. National FFA.
2. DECA.
3. BPA
4. FEA (Educators Rising).
Explanation:
A career and technical student organization (CTSO) is an extracurricular group for students in CTE pathways to further their knowledge and skills by participating in activities, events, and competitions. The nine national CTSOs in the United States of America are;
National Future Farmers of America (National FFA). Distributive Education Clubs of America (DECA). Business Professionals of America (BPA). Health Occupations Students of America (HOSA) Family, Career, and Community Leaders of America (FCCLA). Future Business Leaders of America-Phi Beta LAMBDA (FBLA-PBLA). Technology Student Association (TSA). SkillsUSA. Future Educators of America (FEA).1. Marilyn is a middle-school student who wants to prepare for a career in farming: Therefore, Marilyn should join the National Future Farmers of America (FFA) organization.
2. Janice is a high-school student who wants to start her own business: she should join the Distributive Education Clubs of America (DECA) because they prepare students for business management and administration.
3. Abe is a high-school student who wants to become an information technology worker: Thus, Abe should join the Business Professionals of America (BPA) because they train students on citizenship and leadership in career clusters such as information technology.
4. Rene wants to teach middle-school classes: Therefore, Rene should join the Future Educators of America (FEA) because they prepare students who are interested in teaching.
Answer:
1) National FFA!
2) DECA!
3) BPA!
4) FEA!
Explanation:
In each of the following cases, determine how supply or demand shifts and how the equilibrium changes.
Select the correct answer in each blank space (_______)
a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the __________________( *Supply of and demand for, *Supply of, or *Demand for) smartphones increase(s), causing the equilibrium price to (*Rise, *Fall, or *Rise, fall or remain unchanged) and the equilibrium quantity to (*Rise, fall or remain unchanged, *Rise, *Fall)
b. ALS medical research funds: The ALS ice bucket challenge goes viral, leading to greater awareness of the benefits of and need for ALS research. As a result, the _____________ ( *Supply of and demand for, *Supply of, or *Demand for) ALS research increase(s), causing the equilibrium price (or opportunity cost) of such research to __________ (*Rise, fall or remain unchanged, *Rise, *Fall) and the equilibrium quantity to __________ (*Rise, fall or remain unchanged, *Rise, *Fall)
Answer:
Supply of
fall
rise
b. demand for
rise
rise
Explanation:
A microchip is a complement in the production of smartphones
Complement goods are goods used together.
If the price of microchips reduces, the cost of making smartphones falls and as a result, the supply of smart phones increases. This would lead to a rightward shift of the supply curve. This leads to a decrease in equilibrium price and an increase in equilibrium quantity
Due to the awareness, the demand for ALS research would increase, this would lead to a rise in price and quantity demanded.
Do I look like Dababy be honest
Answer:
No
Explanation:
he does not have a head that looks like a dam football and just NOOOO
On January 1, 2017, Ayayai Company purchased 8% bonds having a maturity value of $200,000, for $216,849.76. The bonds provide the bondholders with a 6% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Ayayai Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category.On January 1, 2017, Ayayai Company purchasedOn January 1, 2017, Ayayai Company purchased Prepare the journal entry at the date of the bond purchase. (Enter answers to 2 decimal places, e.g. 2,525.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Answer:
1. 1/01/2017
Dr Bonds receivable 200,000
Dr Premium on bonds receivable 16,849.76
(216,849.76-200,000)
Cr Cash 216,849.76
2. Carrying amount of bonds
1/01/2017 216,849.76
1/01/2018 213,859.76
1/01/2019 210,691.35
1/01/2020 207,332.83
1/01/2021 203,772.8
1/01/2022 200,000
3. 31/12/2017
Dr Interest receivable 16,000
Cr Interest revenue 13,010
Cr Premium on bonds receivable 2,990
Explanation:
1. Preparation of the journal entry at the date of the bond purchase.
1/01/2017
Dr Bonds receivable 200,000
Dr Premium on bonds receivable 16,849.76
(216,849.76-200,000)
Cr Cash 216,849.76
2. Preparation of a bond amortization schedule.
Date Cash received Interest revenue Premium amortized Carrying amount of bonds
1/01/2017 216,849.76
1/01/2018 16,000 13,010 2,990 213,859.76
1/01/2019 16,000 12,831.59 3,168.41 210,691.35
1/01/2020 16,000 12,641.48 3,358.52 207,332.83
1/01/2021 16,000 12,439.97 3,560.03 203,772.8
1/01/2022 16,000 12,227.20 3,772.80 200,000
Workings;
1/01/2018
($200,000*8%)=16,000
($216,849.76*6%)=13,010
(16,000-13,010)=2,990
(216,849.76-2,990)=213,859.76
1/01/2019
($200,000*8%)=16,000
(213,859.76*6%)=12,831.59
(16,000-12,831.59)=3,168.41
(213,859.76-3,168.41)=210,691.35
1/01/2020
($200,000*8%)=16,000
(210,691.35*6%)=12,641.48
(16,000-12,641.48)=3,358.52
(210,691.35-3,358.52)=207,332.83
3.Preparation of the journal entry to record the interest revenue and the amortization on December 31, 2017.
31/12/2017
Dr Interest receivable 16,000
($200,000*8%)
Cr Interest revenue 13,010
($216,849.76*6%)
Cr Premium on bonds receivable 2,990
(16,000-13,010)
Focus groups an example of what type of research
Answer:
i think focus groups would be case studies? i'm not sure though
Explanation:
Methodology :
Types of research.
Correlational research.
Descriptive research.
Ethnographic research.
Cross-sectional studies.
Longitudinal studies.
Case studies.
Given the equity portion of a firm's balance sheets below, determine the average price per share at which new shares were sold by the firm in 2019.
2018 2019
Common Stock ($0.40 par) $620,600 $830,200
Capital Surplus $9,025,000 $13,726,000
Retained Earnings $17,400,000 $19,100,600
No answer text provided.
$12.22 per share
$9.37 per share
$12.62 per share
$8.97 per share
Answer:
$9.37 per share
Explanation:
The computation of the average price per share is shown below:
Common stock in the year 2019 $830,200
Less Common stock in the year 2018 $620,600
Rise in common stock $209,600
Divided by Par value per share $0.40
Number of new common shares sold 524,000
Now
Increase in capital surplus [$13,726,000 - $9,025,000 ] $4,701,000
Add: Increase in common stock $209,600
Total proceeds from sale of new shares $4,910,600
Divided by Number of new common shares sold 524,000
Average price per share 9.37
Logan, a 50% shareholder in Military Gear Incorporated (MG), is comparing the tax consequences of losses from C corporations with losses from S corporations. Assume MG has a $100,000 tax loss for the year, Logan's tax basis in his MG stock was $150,000 at the beginning of the year, and he received $75,000 ordinary income from other sources during the year. Assuming Logan's marginal tax rate is 24 percent, how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation?
Answer:
$12,000
Explanation:
Calculation for how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation
First step is to calculate the amount he will pay for the taxes if Military Gear Inc. is a C corporation
Tax amount=($75,000 × 24%)
Tax amount=$18,000
Second step is to calculate the amount he will pay for the taxes if Military Gear Inc. is a S corporation
Tax amount=($75,000 -$50,000)*24%
Tax amount=$25,000*24%
Tax amount=$6,000
Now let calculate how much more tax will Logan pay currently
Tax amount=$18,000-$6,000
Tax amount=$12,000
Therefore how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation will be $12,000
Which would an economist say best describes a "trust"?
a. a federal order
b. a public good
c. an illegal combination
d. a feeling in a market
An economist would say that "an illegal combination" best describes a "trust." In economics, a trust refers to an illegal combination or arrangement where multiple companies or entities collude to control and monopolize a particular market or industry, limiting competition and manipulating prices to their advantage. Thus, option c is correct.
In the context of trusts, an illegal combination refers to the collusion or agreement among multiple companies or entities to control and manipulate a market in an anti-competitive manner. It involves practices such as price-fixing, market allocation, and monopolistic behavior that are prohibited by antitrust laws.
The term highlights the unlawfulness and negative implications of such arrangements, as they distort market forces, hinder fair competition, and potentially harm consumers by limiting choices, driving up prices, and suppressing innovation.
Legal measures are in place to prevent and address these illegal combinations to safeguard market integrity and promote fair and open competition.
Learn more about monopolistic here:
https://brainly.com/question/28940085
#SPJ6
Altex Inc. manufactures two products: car wheels and truck wheels. To determine the amount of overhead to assigning to each product line, the controller, Robert Hermann, has developed the following information.
Car Truck
Estimated wheels produced 42,000 11,000
Direct labor hours per wheel 1 3
Total estimated overhead costs for the two product lines are $863,000.
a. Calculate the overhead rate.
b. Compute the overhead cost assigned to the car wheels and truck wheels, assuming that direct labor hours are used to allocate overhead costs.
Answer:
Explanation:
Answer:
Total
Units Produced
42000
15000
Hours per unit
1
3
Total Hours
42000
45000
87000
So total hours required = 87000 hours
Now we will find overhead rate per hour
Total Overhead= $846.000
Overhead Rate per Hour
=$ 846000/87000
= $9.72 per Hrs.
overhead rate per hour =$ 9.72 per hour
_______________________________________
Car
Wheel
Total Hrs.
42000
45000
Hourly Rate
$9.72
$9.72
Allocated Overhead
$408414.00
$437586
_________________________________________________
Activity
No. of
Activity
Overhead Cost
Cost Per Activity
Setting up machines
1000
$215,000
$215.00
Assembling
87000
$347,000
$3.99
Inspection
1200
$284,000
$236.67
Activity
Car=A
Truck =B
Rate=C
Total $ Car=A*C
Total $ Truck=B*C
Setting up machines
200
800
$215.00
$43,000.00
$172,000.00
Assembling
42000
45000
$3.99
$167,517.24
$179,482.76
Inspection
100
1100
$236.67
$23,666.67
$260,333.33
$234,183.91
$611,816.09
AdCreate negotiated a rate of 12.5% for a commission system payment with Worry Free Financial for a campaign in 2016. AdCreate arranged for the airing of three ads, during Newshour on CNN, in the first week of the launch campaign. AdCreate's income for these three ads in the first week was $49,375. Based on this information, which of the following is true?
I. The client (Worry Free Financial) paid AdCreate $425,625 for the three ads.
II. AdCreate paid CNN $425,625 for the three ads.
III. AdCreate paid CNN $345,625 for the three ads.
a. Ill only
b. I and ll
c. II only
d. I only
Answer:
a.) 111 only
Explanation:
Let amount paid = x
12.5% of x = $49375
0.125x = 49375
x = 49375 / 0.125
x = 395,000
The amount worry free financial paid Adcreate is $395,000 ;
Adcreate would subtract their 12.5% ($49,375) and pay CNN;
Amount adcreate paid CNN is :
$395,000 - $49,375 = $345,625
Hence, statements; I. The client (Worry Free Financial) paid AdCreate $425,625 for the three ads.
II. AdCreate paid CNN $425,625 for the three ads.
are untrue
According to the circular-flow diagram GDP
why is it important for Holmes not to be the only person interviewing job candidates?
Answer:
Sherlok asked him wasssupppp and got job.
Explanation:
The following information applies to the questions displayed below.]
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31.
Additional Information Items
An analysis of WTI's insurance policies shows that $3,600 of coverage has expired.
An inventory count shows that teaching supplies costing $3,120 are available at year-end.
Annual depreciation on the equipment is $14,400.
Annual depreciation on the professional library is $7,200.
On September 1, WTI agreed to do five courses for a client for $2,500 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $12,500 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees.
On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $11,450 of the tuition has been earned by WTI.
WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
The balance in the Prepaid Rent account represents rent for December
WELLS TECHNICAL INSTITUTE
Unadjusted Trial Balance
December 31
Debit Credit Cash 28,000 Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees T. Wells, Capital T. Wells, Withdrawals Tuition fees earned 10,768 16,155 2,155 32,307 9,693 75,368 17,232 38,113 12,500 68,493 43,078 109,846 40,923 Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense 51,694 Rent expense Teaching supplies expense Advertising expense Utilities expense 23,705 7,539 6,031 296,800 $296,800 Totals Journal entry worksheet 2 1 4 5 6 7 8 An analysis of WTI's insurance policies shows that $3,600 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View general journal
General journal entry
b: An inventory count shows that teaching supplies costing $3,120 are available at year-end.
c: Annual depreciation on the equipment is $14,400.
d: Annual depreciation on the professional library is $7,200.
e: On September 1, WTI agreed to do five courses for a client for $2,500 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $12,500 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees.
f: On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $11,450 of the tuition has been earned by WTI.
g: WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
h: WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
Answer:
Insurance Expense (Dr.) $3,600
Prepaid Insurance (Cr.) $3,600
Teaching Supplies Expense (Dr.) $3,120
Cash (Cr.) $3,120
Depreciation Expense (Dr.) $14,400
Accumulated Depreciation (Cr.) $14,400
Cash (Dr.) $12,500
Unearned Training Fees (Cr.) $12,500
Accounts Receivable (Dr.) $11,450
Training Fees (Cr.) $11,450
Salaries Expense (Dr.) $400
Salaries Payable (Cr.) $400
Rent Expense (Dr.) $2,155
Prepaid Rent (Cr.) $2,155
Explanation:
Adjusting entries are prepared at year end or month end for the closing of the transactions that occurred during the month in the business operations. These transactions can be routine transactions or one off which occur only once. The cash received in advance for the training fees is recorded as unearned revenue until it is fully earned. This is accrual concept in accounting.
From the list below, choose the items that are classified as a materials activity(You may select more than one answer.
1. Raw materials used
2. Raw materials beginning inventory
3. Raw materials purchases
4. Work in process beginning inventory
5. Goods manufactured
6. Direct labor used
7. Factor overhead used
Answer:
youuurrr mooomm
Explanation:
:D
On July 1, 2021, Ross-Livermore Industries issued nine-month notes in the amount of $1,200 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
Answer and Explanation:
The computation of the interest expense that should be recorded to the following independent assumptions are as follows:
For December 31, 2021
= $1,200 × 11% × 6 months ÷ 12 months
= $66 million
For September 30, 2021
= $1,200 × 8% × 3 months ÷ 12 months
= $33 million
For October 31, 2021
= $1,200 × 7% × 4 months ÷ 12 months
= $44 million
For January 31, 2022
= $1,200 × 4% × 7 months ÷ 12 months
= $77 million
Statement of stockholders' equity Financial information related to All Seasons Company for the month ended June 30, 20Y7, is as follows:_______.
Common stock, June 1, 20Y7 $30,000
Stock issued in June 20,000
Net income for June 87,500
Dividends during June 15,000
Retained earnings, June 1, 20Y7 145,000
Prepare a statement of stockholders' equity for the month ended June 30, 20Y7. If an amount is zero, enter "0"
Answer:
Stockholders' equity is $267,500.
Explanation:
Note: See the attached excel file for the statement of stockholders' equity.
The following are used to confirm the figures in the ayyached excel file:
Seasons Company
Statement of Stockholders' Equity
for the month ended June 30, 20Y7
Particular Amount ($)
Common stock (w.1) 50,000
Retained earnings (w.2) 217,500
Stockholders' equity 267,500
Workings:
w.1: Common stock June 30, 20Y7 = Common stock, June 1, 20Y7 + Stock issued in June = $30,000 + $20,000 = $50,000
w2: Retained earnings June 30, 20Y7 = Retained earnings, June 1, 20Y7 + Net income for June - Dividends during June = $145,000 + $87,500 - $15,000 = $217,500
Here is the ledger for Blossom Company.
Cash
Oct. 1 8,660 Oct. 4 2,060
Oct. 10 2,640 Oct. 12 3,160
Oct. 10 9,660 Oct. 15 360
Oct. 20 810 Oct. 30 410
Oct. 25 3,660 Oct. 31 610
Accounts Receivable
Oct. 6 910 Oct. 20 810
Oct. 20 1,030
Supplies
Oct. 4 2,060 Oct. 31 1,840
Equipment
Oct. 3 4,660
Notes Payable
Oct. 10 9,660
Accounts Payable
Oct. 12 3,160 Oct. 3 4,660
Common Stock
Oct. 1 8,660
Oct. 25 3,660
Dividends
Oct. 30 410
Service Revenue
Oct. 6 910
Oct. 10 2,640
Oct. 20 1,030
Salaries and Wages Expense
Oct. 31 610
Supplies Expense
Oct. 31 1,840
Rent Expense
Oct. 15 360
Required:
Reproduce the journal entries for only the transactions that occurred on October 1, 10, and 20.
b.Prepare a trial balance at October 31.
Answer:
1/Oct : Cash (Dr.) $8,660
Accounts Receivable (Cr.) $8,660
10/Oct : Equipment & Supplies (Dr.) $9,660
Notes Payable (Cr.) $9,660
20/Oct : Accounts Receivable (Dr.) $2,640
Service Revenue (Cr.) $2,640
Explanation:
Debits $16,960
Cash 6,600
Accounts Receivable 1,840
Supplies 1,840
Equipment 4,660
Dividend 2,020
Credits : $16960
Accounts Payable 4,660
Notes Payable 9,660
Service Revenue 2,640
You have been engaged to review the financial statements of Whispering Corporation. In the course of your examination, you conclude that the bookkeeper hired during the current year is not doing a good job. You notice a number of irregularities as follows:
1. Year-end wages payable of $3,520 were not recorded because the bookkeeper thought that "they were immaterial."
2. Accrued vacation pay for the year of $34,000 was not recorded because the bookkeeper "never heard that you had to do it."
3. Insurance for a 12-month period purchased on November 1 of this year was charged to insurance expense in the amount of $2,568 because "the amount of the check is about the same every year."
4. Reported sales revenue for the year is $2,213,280. This includes all sales taxes collected for the year. The sales tax rate is 6%. Because the sales tax is forwarded to the state’s Department of Revenue, the Sales Tax Expense account is debited. The bookkeeper thought that "the sales tax is a selling expense." At the end of the current year, the balance in the Sales Tax Expense account is $108,580.
Required:
Prepare the necessary correcting entries, assuming that Headland uses a calendar-year basis.
Answer:
1. Dr Salaries and wages expense $3,520
Cr Salaries and wages payable $3,520
2. Dr Salaries and wages expense $34,000
Cr Salaries and wages payable $34,000
3. Dr Prepaid Insurance$2,140
Cr Insurance Expense $2,140
4. Dr Sales Revenue $132,797
Cr Sales tax payable $132,797
5. Dr Sales tax payable $108,580
Cr Sales tax expense $108,580
Explanation:
Preparation of the necessary correcting entries, assuming that Headland uses a calendar-year basis
1. Dr Salaries and wages expense $3,520
Cr Salaries and wages payable $3,520
(Being to record wages payable)
2. Dr Salaries and wages expense $34,000
Cr Salaries and wages payable $34,000
(Being to record accrued vacation payment)
3. Dr Prepaid Insurance$2,140
Cr Insurance Expense $2,140
[$2,568-($2,568*2/12)]
(Being to record 2 months prepaid insurance premium)
4. Dr Sales Revenue $132,797
Cr Sales tax payable $132,797
(6%*$2,213,280)
(Being to record sales tax due)
5. Dr Sales tax payable $108,580
Cr Sales tax expense $108,580
(Being to record prior entry)
Career choice, getting/keeping a job, career changes, career advancement skills are examples of
A. employability skills
B. diversity
C. professional image
D. transferable skills
Answer:
b
Explanation: