The following trial balance of Blues Traveler Corporation does not balance.

Blues Traveler Corporation Trial Balance April 30, 2020

Debit Credit
Cash $5,912
Accounts Receivable 5,240
Supplies 2,967
Equipment 6,100
Accounts Payable $7,044
Common Stock 8,000
Retained Earnings 2,000
Service Revenue 5,200
Office Expense 4,320 00000
$24,539 $22,244

An examination of the ledger shows these errors.

1. Cash received from a customer on account was recorded (both debit and credit) as $1,380 instead of $1,830.
2. The purchase on account of a computer costing $3,200 was recorded as a debit to Office Expense and a credit to Accounts Payable.
3. Services were performed on account for a client, $2,250, for which Accounts Receivable was debited $2,250 and Service Revenue was credited $225.
4. A payment of $95 for telephone charges was entered as a debit to Office Expense and a debit to Cash.
5. The Service Revenue account was totaled at $5,200 instead of $5,280.

Required:
From this information prepare a corrected trial balance.

Answer:

1. Cash received from a customer on account was recorded (both debit and credit) as $1,380 instead of $1,830.

Dr Cash 450

    Cr Accounts receivable 450

2. The purchase on account of a computer costing $3,200 was recorded as a debit to Office Expense and a credit to Accounts Payable.

Dr Equipment 3,200

    Cr Office expense 3,200

3. Services were performed on account for a client, $2,250, for which Accounts Receivable was debited $2,250 and Service Revenue was credited $225.

    Cr Service revenue 2,025

4. A payment of $95 for telephone charges was entered as a debit to Office Expense and a debit to Cash.

    Cr Cash 190

5. The Service Revenue account was totaled at $5,200 instead of $5,280.

    Cr Service revenue 80

                                                   debit            credit

Cash                                          $6,172

Accounts Receivable               $4,790

Supplies                                   $2,967

Equipment                               $9,300

Accounts Payable                                           $7,044

Common Stock                                               $8,000

Retained Earnings                                          $2,000

Service Revenue                                            $7,305

Office Expense                         $1,120                            

                                              $24,349          $24,349

Sheridan Company pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Sheridan accrues salaries expense only at its December 31 year end. Data relating to salaries earned in December 2020 are as follows: Last payroll was paid on 12/26/20, for the 2-week period ended 12/26/20. Overtime pay earned in the 2-week period ended 12/26/20 was $24000. Remaining work days in 2020 were December 29, 30, 31, on which days there was no overtime. The recurring biweekly salaries total $444000.
Assuming a five-day workweek, Sheridan should record a liability at December 31, 2020 for accrued salaries of:_________.
a. $266400
b. $290400
c. $133200
d. $157200

On September 1, 2019, Fast Track, Inc., was started with $25,000 invested by the owners as contributed capital. On September 30, 2019, the accounting records contained the following amounts:
Unearned revenue $ 500
Accounts payable 2,200
Prepaid expenses $ 1,000
Dividends declared 2,300
Accounts receivable 2,200
Office equipment 20,000
Accumulated depreciation 500
Office supplies 1,750
Cash 9,500
Office supplies expense 600
Consulting fees revenue 19,200
Rent expense 2,400
Contributed capital 25,000
Salary expense 6,900
Depreciation expense 500
Telephone expense 250
Required:
Prepare a classified income statement, a statement of retained earnings and a classified balance sheet for the first month of Fast Track’s operation.

Which franchise model do automobile dealerships usually follow?

In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $194.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Suppose the deferred portion of the rent collected was $76 million at the end of 2022. Taxable income is $760 million. Prepare the appropriate journal entry to record income taxes Iin 2022.
Transaction General Journal Debit Credit
Income tax expense
Deferred tax asset
Income taxes payable 340.0

Hector was prosecuted following police seizure of 80 pounds of drugs from his airplane. The seizure was held to be unlawful, the evidence was sup- pressed, and the suit against Hector was dismissed. He sued the government officials involved in his arrest and prosecution to recover $3,500 in bail bond expenses, $23,000 in attorney's fees, and $2,000 in travel costs. The district court held he could not recover the costs incurred during the criminal prosecution. Hector appealed. Can he recover the costs? (Hector v. Watt, 235 F.3d 154, 3rd Cir. (2000)]

What are the limitations and risks of a marketing strategy that does not contemplate the responses of your competitors

Payton Inc. reports in its Year 7 annual report, sales of $6,544 million and cost of goods sold of $2,618 million. For next year, you project that sales will grow by 3% and that cost of goods sold percentage will be 1 percentage point higher. Projected cost of goods sold for Year 8 will be:

The following information is available for Mergenthaler Corporation for the year ended December 31, 2022:

Collection of principal on long-term loan to a supplier $16,000
Acquisition of equipment for cash 10,000
Proceeds from the sale of long-term investment at book value 22,000
Issuance of common stock for cash 20,000
Depreciation expense 25,000
Redemption of bonds payable at carrying (book) value 34,000
Payment of cash dividends 6,000
Net income 30,000
Purchase of land by issuing bonds payable 40,000

In addition, the following information is available from the comparative balance sheet for Mergenthaler at the end of 2022 and 2021:

2021 2022
Cash $148,000 $91,000
Accounts receivable (net) 25,000 15,000
Prepaid insurance 19,000 13,000
Total current assets $192,000 $119,000
Accounts payable $30,000 $19,000
Salaries and wages payable 6,000 7,000
Total current liabilities $36,000 $26,000

Required:
Prepare Mergenthaler's statement of cash flows for the year ended December 31, 2014, using the indirect method.

The________ of the message is based on the number of times an average person in the target market is exposed to a message.


Frequency


Quantitative value


Reach


Exposure rate

Firms may not include all income taxes for a period on the line for income tax expense in the income statement. Other places that income tax expenses may occur include all of the following except: Select one: a. Extraordinary Items b. Other Comprehensive Income c. Common Stock d. Discontinued Operations

Robert needs his daily fix of coffee in the mid-afternoon and visits different coffee shops that will give him as much utility as possible, given his $20/month food budget. On Monday, the Blue Coffee Shop was selling espresso shots for $3 each and Robert added 3 shots to his cappuccino. By Friday, the Purple Coffee Shop offered espresso shots for $2 each, while all other prices remained the same, so Robert was bold and added 4 espresso shots to his hot beverage.

Required:
Given this information, plot Robert's demand curve for espresso shots.

Mr Store who runs his photocopy business working 8 hours per day process 100 scripts. He estimates his labour cost to be € 9 per hour. Also he has estimated that the total material cost for each script is approximately € 2; while the daily expenses are €28. Calculate the multifactor productivity. In an effort to increase the rate of the photocopy process to 150 scripts, he decides to change the quality of ink thus raising the mate- rial cost to € 2.5 per day. Is the new productivity better than before? If Mr Store would like to increase the photocopy process to 150 scripts without sacrificing the initial multifactor productivity, by what amount has the material costs to be increased?

A machine was purchased for $35,500, having a useful life of 10 years, and a residual value of $6,000. Compute the annual depreciation expense using the straight-line method.

Learning design software, applying to college and creating a website to showcase work are examples of ______ that lead to a career as a graphic artist?

With respect to dividends and priority in liquidation, what has priority over common stock? Group of answer choices Treasury Stock Debt Capital Preferred Stock nonconvertible common equity

A company has total equity of $2,160, net working capital of $240, long-term debt of $1,070, and current liabilities of $4,500. What is the company's net fixed assets?

12
-
50what is the answer please​

Who was the first missionary to arrive in Africa?​

A General Co. bond has a coupon rate of 7 percent and pays interest annually. The face value is $1,000 and the current market price is $1,020.50. The bond matures in 20 years. What is the yield to maturity

Nutritional Foods reports merchandise inventory at the​ lower-of-cost-or-market. Prior to releasing its financial statements for the year ended August ​31, 2019​, Nutritional's preliminary income​ statement, before the​ year-end adjustments, appears as​ follows:

NUTRITIONAL FOODS
Income Statement (Partial)
Year Ended March 31, 2017
Sales Revenue ........ $117,000
Cost of Goods Sold ..... 45,000
Gross Profit ........ $72,000

Nutritional has determined that the current replacement cost of ending merchandise inventory is $17,000. Cost is $19,000.

Required:
a. Journalize the adjusting entry for merchandise​ inventory, if any is required.
b. Prepare a revised partial income statement to show how Nutritional Foods should report sales, cost of goods sold, and gross profit.

Prepare an adjusted trial balance. If an amount

Ledger Accounts, Adjusting Entries, Financial Statements, and Closing Entries; Optional Spreadsheet.

The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows:


Debit Balances Credit Balances
11 Cash 13,100
13 Supplies 8,000
14 Prepaid Insurance 7,500
16 Equipment 113,000
17 Accumulated Depreciation—Equipment 12,000
18 Trucks 90,000
19 Accumulated Depreciation—Trucks 27,100
21 Accounts Payable 4,500
31 Jeanne McQuay, Capital 126,400
32 Jeanne McQuay, Drawing 3,000
41 Service Revenue 155,000
51 Wages Expense 72,000
52 Rent Expense 7,600
53 Truck Expense 5,350
59 Miscellaneous Expense 5,450
325,000 325,000


The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57.

The data needed to determine year-end adjustments are as follows:

Supplies on hand at January 31 are $2,850.
Insurance premiums expired during the year are $3,150.
Depreciation of equipment during the year is $5,250.
Depreciation of trucks during the year is $4,000.
Wages accrued but not paid at January 31 are $900.

Required:
Journalize the adjusting entries.

In a large open economy , an investment tax credit raises the real interest rate, __________ the trade balance, and __________ net capital inflow.

Minion, Inc., has no debt outstanding and a total market value of $211,875. Earnings before interest and taxes, EBIT, are projected to be $14,300 if economic conditions are normal. If there is strong expansion in the economy, then EBIT will be 20 percent higher. If there is a recession, then EBIT will be 35 percent lower. The company is considering a $33,900 debt issue with an interest rate of 6 percent. The proceeds will be used to repurchase shares of stock. There are currently 7,500 shares outstanding. Assume the company has a tax rate of 21 percent
a-1. Calculate earnings per share, EPS, under each of the three economic scenarios before any debt is issued. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
a- Calculate the percentage changes in EPS when the economy expands or enters a 2. recession. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answers as a percent rounded to the nearest whole number, e.g., 32.)
b-1.Calculate earnings per share, EPS, under each of the three economic scenarios after the recapitalization. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
b- Calculate the percentage changes in EPS when the economy expands or enters a 2. recession assuming recapitalization has occurred.

Mindy Novak is writing a paper and he must determine which of Porter's three generic strategies Beulah’s Boutiques has implemented. Mindy finds out that Beulah’s Boutiques offers specialty products found only in boutiques around the world to affluent customers. What would Mindy determine Beulah’s Boutiques is using as its generic strategy?

At January 1, 2021, Cafe Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. The lease agreement specifies annual payments of $29,000 beginning January 1, 2021, the beginning of the lease, and at each December 31 thereafter through 2028. The equipment was acquired recently by Crescent at a cost of $207,000 (its fair value) and was expected to have a useful life of 13 years with no salvage value at the end of its life. (Because the lease term is only 9 years, the asset does have an expected residual value at the end of the lease term of $94,113.) Crescent seeks a 12% return on its lease investments. By this arrangement, the lease is deemed to be an operating lease.

Required:
a. What will be the effect of the lease on Cafe Med's earnings for the first year (ignore taxes)?
b. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Café Med (ignore taxes)?

Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator.

The GDP deflator for this year is calculated by dividing the____________________ using by_____________________________ the using___________ and multiplying by 100. However, the CPI reflects only the prices of all goods and services .

Indicate whether each scenario will affect the GDP deflator or the CPI for the United States.

a. A decrease in the price of a Chinese-made car that is popular among U.S. consumers.
b. An increase in the price of a Waterman Industries deep-water reel, which is a commercial fishing product used for deep-sea fishing, made in the U.S., but not bought by U.S. consumers.

What was the intrinsic value of SmileWhite Co. stock when the analyst was evaluating the stock (that is in year 2008)

Which best explains why there are many job opportunities in the Lodging pathway?
O The pathway requires a college education.
O The pathway offers seasonal positions.
O The pathway includes low-paying jobs.
The pathway has a high turnover rate.

Consider a second-price, sealed-bid auction with a seller who has one unit of the object which he values at s and two buyers 1, 2 who have values of v1 and v2 for the object. The values s, v1, v2 are all independent, private values. Suppose that both buyers know that the seller will submit his own sealed bid of s (and will keep the item if bid s wins), but they do not know the value of s. The buyers know that the seller must submit his bid before seeing the buyer’s bids and they know that the seller will actually run a second price auction with the three bids he has: his own bid and the two buyer’s bids. Each buyer knows his own value but not the other buyer’s value.

Now suppose that the seller opens the bids from the buyers and then submits his own bid after seeing the bids from the two buyers. The seller runs a second price auction with these bids in the sense that the object is awarded to the highests bidder (one of the two buyers or the seller) and that bidder pays the second highest bid. Now is it optimal for the buyers to bid truthfully; that is, should they each bid their true value? Give a brief explanation for your answer.

Tom Cruise Lines Inc. issued bonds five years ago at $1,000 per bond. These bonds had a 20-year life when issued and the annual interest payment was then 13 percent. This return was in line with the required returns by bondholders at that point as described below:
Real rate of return 4 %
Inflation premium 5
Risk premium 4
Total return 13 %
Assume that five years later the inflation premium is only 3 percent and is appropriately reflected in the required return (or yield to maturity) of the bonds. The bonds have 15 years remaining until maturity. Use Appendix B and Appendix D.