The following trial balance of Crane Co. does not balance.
CRANE CO.
TRIAL BALANCE
JUNE 30, 2017
Debit Credit
Cash $3,099
Accounts Receivable $3,460
Supplies 1,029
Equipment 4,029
Accounts Payable 2,895
Unearned Service Revenue 1,429
Common Stock 6,229
Retained Earnings 3,229
Service Revenue 2,609
Salaries and Wages Expense 3,629
Office Expense 1,169
Totals $14,745 $18,061
Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.
1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.
2. The purchase of a computer printer on account for $729 was recorded as a debit to Supplies for $729 and a credit to Accounts Payable for $729.
3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.
4. A payment of $294 for telephone charges was recorded as a debit to Office Expense for $294 and a debit to Cash for $294.
5. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $554 was performed prior to June 30 (related to Unearned Service Revenue).
6. A debit posting to Salaries and Wages Expense of $899 was omitted.
7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.
8. A dividend of $804 was debited to Salaries and Wages Expense for $804 and credited to Cash for $804.
Prepare a correct trial balance.
CRANE CO.
TRIAL BALANCE
JUNE 30, 2017
Debit
Credit $ $
Totals $ $

Answer:

a. Maximin =  19.0

b. Minimax  = 17.6

c. Hurwicz ( 0.40)  = Taiwan

d. Equal likelihood = Taiwan

Explanation:

Remember, we are told to: Note that since the payoff is cost, the maximax criteria becomes minimax and maximin becomes minimax

a) Maximin: Since the payoff is cost, we begin by determining the maximum cost for each alternative and then selecting the one which gives the minimum of these maximums. (minimax)

b) Minimax: Since the payoff is cost, we begin by determining the minimum cost for each alternative and then selecting the one which gives the maximum of these minimums. (maximin).

c) Hurwicz (0.40): In this method, we add and multiply each payoff value by alpha (0.4).

South Korea = 15.2 (0.4) + 21.7 (0.6) = 19.1 ( remember, in $ millions)

China = 17.6 (0.4) + 19.0 (0.6) = 18.44

Taiwan = 14.9 (0.4) + 19.2 (0.6) = 17.48

Poland = 13.8 (0.4) + 22.5 (0.6) = 19.02

Mexico = 12.5 (0.4) + 25.0 (0.6) = 20

From the values above we select the minimum outcome since the company is looking at saving cost. Which is Taiwan; having the lowest cost of $17.48 million.

d) Using the formula [tex]\frac{P_{1} +P_{2}+P_{3}...P_{n} }{n}[/tex] where P = payoffs value, n = number of events.

South Korea =  15.2 + 21.7 + 19.1 /3 = 18.66

China = 17.6 + 19.0 + 18.5 /3 = 18.36

Taiwan = 14.9 + 19.2 +17.1 /3 = 17.06

Poland = 13.8 + 22.5 + 16.8 /3 = 17.7

Mexico = 12.5 + 25.0 + 21.2 /3 = 19.56

Taiwan should be selected since it has the lowest cost of $17.06 million.

Answer:

On January 1, 2015, Robert invested $50,000 in his business.

Date Account Debit Credit

January 1, 2015 Cash  

                                            50,000

January 1, 2015 Cash  

50,000

On January 4, 2015, Robert bought a laptop for $2,800 for business use.

Date Account Debit Credit

January 4, 2015 Office Computer  

2,800

January 4, 2015 Cash  

2,800

On January 20, 2015, Robert received $13,000 for services rendered.

Date Account Debit Credit

January 20, 2015 Cash  

13,000

January 20, 2015 Revenue  

13,000

On January 23, 2015, Robert paid salaries to his staff for $3,500.

Date Account Debit Credit

January 23, 2015 Salaries  

3,500

January 23, 2015 Cash  

3,500

Explanation:

Answer: minimize

Explanation:

Answer:

FV= $13,757.37

Explanation:

Giving the following information:

Monthly payment= $250

Interest rate= 0.0057

Number of periods= 4*12= 48

To calculate the future value, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= monthly payment

FV= {250*[(1.0057^48) - 1]} / 0.0057

FV= $13,757.37

Answer: $625,000

Explanation:

The number of shares to use will be the Weighted average of the number of common shares in the company as at December 2018.

5% stock had been issued so common stock increases to;

= 600,000 * ( 1 + 5%)

= 630,000 shares

The treasury stock is to be deducted from the amount above and was only reacquired on Sept. 30 so the weighted average is;

= 20,000 * 3/12 months

= 5,000 shares

Number of shares = 630,000 - 5,000 = $625,000

Answer:

Rejection Follow-up Letter

1. What is effective about the letter?

It refers to specifics in the applicant's interview.

2. When writing a letter turning down a job offer, what guideline should you follow?

Express gratitude and best wishes for the future.

Explanation:

Follow-up letters or notes are important in job interviews situations.  They are used to express gratitude to the interviewer for the opportunity to interview for the position.  Even when a job is not offered to a candidate, it is still good practice to write, expressing gratitude for being informed of the latest development.  This creates the chance for the candidate to position herself as a person who possesses employable personality.  A candidate, who rejects a job offer, should also express gratitude for the offer.  She should not delve into the reasons for not accepting the offer, as this is not considered appropriate.

Answer: d. Zero coupon, long maturity

Explanation:

It is generally held that when interest rates decrease in the market, the price of bonds will increase because people will seek bonds as they offer a steady rate of return.

A longer maturity bond will enable you to take advantage of this decrease in interest rates over a longer period because you get to discount the bond at a lower rate over a longer period so it is better.

A zero coupon long maturity bond is the best because when it is discounted at this lower rate, it will bring back a higher price than the rest of the bonds

Answer:

The annual equivalent life-cycle cost (AW) of gas turbine = -$35,569.8

The percentage  fuel cost = 63.25%

Explanation:

From the given information:

Let's start with the initial investment cost, which can be expressed by using the formula:

Initial investment cost = Investment cost of turbine + cost including shipping,  insurance, site preparation, fuel lines, and fuel storage tanks.)

Initial investment cost = $40,000 + $14000

Initial investment cost = $54000

However, The annual fuel expense = hourly fuel expense for running turbine × total number of operating hour per year

The annual fuel expense = $7.50 × 3000

The annual fuel expense = $22,500

Therefore, the total operating cost per year = operating & maintenance cost per year + fuel expenses per year

the total operating cost per year = $(450 + 22500)

the total operating cost per year = $22,950

If the minimum acceptable rate of return MARR is 15%, then the number of years is 8 years

Therefore, the annual equivalent life-cycle cost (AC) of the gas turbine can be computed as follows:

AC(15%) = -54000 (A/P, 15%, 8) - $22950-$8000(A/F,15%,8)

where;

(A/P,15%,8) = annual worth factor of a present worth

(A/F,15%,8) = annual worth factor of future worth for 8 years and 15% interest rate.

If we use the discrete compounding table when i = 15%;

Value of (A/P,15%,8) = 0.229

Value of (A/F,15%,8) = 0.0729

∴

AC(15%) = -$54,000(0.2229) - $22,950 -$8000(0.0729)

AC(15%) = -$12,036.6 -$22950 -$583.2

AC(15%) = -$35,569.8

Therefore, the annual equivalent life-cycle cost (AW) of gas turbine = -$35,569.8

b.

The percentage of the annual life-cycle cost related to the fuel can be calculated by using the formula :

[tex]\mathbf{\% \ fuel \ cost = \dfrac{fuel \ cost \ per \ year}{total \ annual \ life \ cycle \ cost }\times 100\%}[/tex]

Replacing our values from above, we have:

[tex]\mathbf{\% \ fuel \ cost = \dfrac{\$22500}{\$35,569.8}\times 100\%}[/tex]

[tex]\mathbf{\% \ fuel \ cost = 0.6325\times 100\%}[/tex]

∴

The percentage  fuel cost = 63.25%

Based on the given information, the annual equivalent life-cycle cost of the gas turbine is "$35,569.80," while the percent of the annual life-cycle cost is related to fuel is "65.87%."

This is based on the calculation below:

Given that: Initial investment cost => Investment cost of turbine + cost including shipping, insurance, site preparation, fuel lines, and fuel storage tanks.

Hence, we have the following:

Initial investment cost = $40,000 + $14,000;

=> Initial investment cost = $54,000.

On the other hand, The annual fuel expense = hourly fuel expense for running turbine × total number of operating hour per year;

Thus, we have the following:

The annual fuel expense = $7.50 × 3,000;

The annual fuel expense = $22,500.

Also, since, the total operating cost per year = operating & maintenance cost per year + fuel expenses per year;

We have the following:

the total operating cost per year = $(450 + 22,500);

the total operating cost per year = $22,950.

Therefore, given that the minimum acceptable rate of return MARR is 15%, then the number of years is 8 years.

Then, the annual equivalent life-cycle cost (AC) of the gas turbine is measured as:

AC (15%) = -54,000 (A/P, 15%, 8) - $22,950 - $8,000 (A/F,15%,8);

Here, we have the following details;

(A/P,15%,8) = annual worth factor of a present worth;

(A/F,15%,8) = annual worth factor of future worth for 8 years and 15% interest rate.

This, given that we use the discrete compounding table when i = 15%;

We have the following:

Value of (A/P,15%,8) = 0.229;

Value of (A/F,15%,8) = 0.0729.

AC (15%) = -$54,000 (0.2229) - $22,950 -$8,000 (0.0729);

AC(15%) = -$12,036.60 -$22,950 -$583.20;

AC(15%) = -$35,569.80.

Hence, the annual equivalent life-cycle cost (AW) of gas turbine = $35,569.80.

Similarly, the percent of the annual life-cycle cost is related to fuel is measured as = ($35,569.8 ÷ $54,000) × 100

=> 65.87%.

Hence, in this case, it is concluded that the lifecycle cost is essential when measuring the productivity of a project.

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Answer:

The correct answer is:

Timing

Explanation:

The utility function measures the level of satisfaction or the welfare of a consumer, as a function of the consumption of real goods or services. The dimensions of consumer utility function include; Fit, Timing, Location, performance, and price.

Fit: This has to do with the design of a product, satisfying a context-specific problem. That is the product "fits" the need of the consumer

Timing: This covers the length of time between when the consumer places an order to when the order arrives. A short timing is satisfying to the consumer. In this example, the timing of 5 minutes or comparatively ideal for cabs being available to riders.

Location: The location entails the extent of coverage within a country or region that the product can be accessed. Particularly in rural settings.

Performance: performance has to do with the efficiency of the product/service in the process of it being used

Price: price is the amount at which the product is made available to the consumers.

Answer:

original cost $144,000: Remaining years 4 years

Explanation:

Depreciation is the process of expensing the value of an asset over its useful life. The straight-line method allocates an equal amount of expense as depreciation in every of the gainful life.

The calculation of depreciation involves first determining the depreciable amounts.

The depreciable amount = asset cost - salvage value. In this case, the salvage value is  $ 24,000, but the asset cost is not given.

Depreciation per year= depreciable amount divided by lifespan

For Terrill company

$12,000 =depreciable amount /10

Depreciable amount = $12,000 x  10

=$120,000

If depreciable amount = asset cost - salvage value, then

$120,000 = asset cost - $24,000

Asset cost = $120,000 + $24,000

Asset cost = $144,000

Accumulated depreciation of $72,000 implies the asset has been depreciated $72,000/$12,000 times

=72,000/12000

= 6 times or six year.

The asset has a lifespan of 10 years; then it has four years remaining(10-6)

Answer:

the answer is false

Explanation:

Answer:

47

Explanation:

The Answer is D, 47.

Answer:

47

Explanation:

Plato/Edmentum

Answer:

Cash collections from customers in Year 2 were:

B. $341,000

Explanation:

a) Data and Calculations:

Statements of Financial Position on December 31, Year 1 and Year 2:

                                                              Year 1     Year 2

Assets

Cash                                                     50,000   $ 60,000

Accounts receivable                            95,000      89,000

Allowance for uncollectible accounts (4.000)       (3.000)

Inventory                                            120,000      140,000

Property, plant, and equipment       295,000    340,000

Accumulated depreciation               (102,000)   (119.000)

Total Assets                                   $ 454.000  $507.000

Liabilities and equity:

Trade accounts payable                $ 62,000    $ 49,000

Interest payable                                   8,000         11.000

Bonds payable                                200,000     200,000

Unamortized bond discount            (15,000)      (10,000)

Equity                                               199,000     257,000

Total liabilities and equity            $454,000  $507,000

Calculation of cash collected from customers in Year 2:

                                                              Year 1     Year 2

Accounts receivable                           95,000    89,000

Sales revenue                                   338,000

Uncollectible written off                      (3,000)

Balance at the end of year 2            (89,000)

Cash collections =                          $341,000

b) The cash collected from customers is the difference between Beginning accounts receivable, credit sales (sales revenue), written off uncollectible, and the balance at the end of year 2.

Explanation:

The following are some precautions a food handler should take:

Answer: $92,275

Explanation:

The amount you will pay today is the present value of the purchase price given a 10% discount for a quarter of a year.

= 94,500/ (1 + 10%) ^ 1/4 year

= 92,274.91147

= $92,275

Answer:

- This type of fraud is check tampering

- It amounts to 20.1% of fraud cases in small businesses, and 8.4% of fraud in large businesses

- This type of fraud can be prevented by rotating employees that handle check issuance to vendors, review of budget versus actual expenditure, monitoring of audit trail to see if beneficiary was changed, daily statement download for reconciliation, and restriction of functions for example a employee that issues checks should not also reconcile bank statement.

Explanation:

Check tampering is a very common fraud that involves changing the beneficiary of a valid check so that funds can be diverted.

In the given scenario the accounts payable clerk was able to change checks to his name in order to divert $10,000. This was only discovered by chance when an employee noticed the change in name.

Various internal control measures can be taken to prevent this and they are listed above

Answer:

1. 1-Jan-21

Dr Cash $1,600,000

Dr Accumulated Depreciation $700,000

Cr Building $2,100,000

Cr Gain On Sale of Building (BF) $200,000

2. 1-Jan-21

Dr Right Of Use Assets ( 200000* PVAF 9% for 12 year) $1,432,000

Cr Lease Payable $1,432, 000

3. 31-Dec-21

Dr Interest Expense $128,880

Dr Lease Payment (BF) $71,120

Cr Cash $200,000

4. 31-Dec-21

Dr Amortization Expenses $71,120

Cr Right Of Use Assets $71,120

Explanation:

1. Preparation of the Journal entry to Record Sale of Building

1-Jan-21

Dr Cash $1,600,000

Dr Accumulated Depreciation $700,000

(2,000,000-1,300,000)

Cr Building $2,100,000

[(1,600,000+700,000)-200,000]

Cr Gain On Sale of Building (BF) $200,000

(To Record Lease)

2. Preparation of the journal entry to Record the beginning of the lease for National

1-Jan-21

Dr Right Of Use Assets ( 200000* PVAF 9% for 12year)

(200,000*7.16) $1,432,000

Cr Lease Payable $1,432, 000

(To Record The Leae Payable)

3. Preparation of the journal entry to Record the lease and interest expense for National

31-Dec-21

Dr Interest Exp

(1,432,000*9%) $128,880

Dr Lease Payment (BF) $71,120

(200,000-128,880)

Cr Cash $200,000

(To Record First Lease payment)

4. Preparation of the journal entry to Record the amortization expense for national

31-Dec-21

Dr Amortization Expenses $71,120

Cr Right Of Use Assets $71,120

(To Record Amortisation Expense)

Answer:

Forest Components

Journal Entries:

1. Debit Materials Inventory $16,950

Credit Accounts Payable $16,950

To record the purchase of materials on account.

2. Debit Work in Process Inventory $16,780

Credit Materials Inventory $16,780

To record the issue of materials to the production department.

3. Debit Manufacturing Overhead $1,340

Credit Materials Inventory $1,340

To record the issue of materials to the service department.

4. Debit Accounts Payable $16,950

Credit Cash Account $16,950

To record the payment for the materials purchased on account.

5. Debit Materials Inventory $2,020

Credit Work In Process $2,020

To record the record of materials.

6. Debit Work in Process $32,500

Credit Factory Wages $32,500

To record the direct labor cost.

7. Debit Manufacturing Overhead $17,250

Credit Accounts Payable $17,250

To record the purchase of miscellaneous items for the plant.

8. Debit Manufacturing Overhead $36,700

Credit Depreciation Expense $36,700

To record depreciation expense on manufacturing plant.

9. Debit Work In Process $30,875

Credit Manufacturing Overhead $30,875

To apply overhead for the month.

b. T-accounts:

Materials Inventory

Accounts Titles         Debit    Credit

Balance                    $12,320

Accounts Payable   $14,930

Work in Process         2,020

Work in Process Inventory    $16,780

Balance                                  $12,490

Work-in-Process Inventory

Accounts Titles         Debit    Credit

Balance                    $11,755

Materials Inventory   16,780

Materials Inventory                $2,020

Factory Wages        32,500

Overhead                30,875

Finished Goods Inventory    79,330

Balance                                  10,560

Manufacturing Overhead

Accounts Titles                 Debit    Credit

Materials Inventory         $1,340

Accounts Payable           17,250

Depreciation Expense   36,700

Work In Process                         $30,875

Finished Goods Inventory

Accounts Titles         Debit    Credit

Balance                   $2,700

Work in Process     79,330

Cost of goods sold                75,100

Balance                                 $6,930

Cost of Goods Sold

Accounts Titles         Debit    Credit

Finished Goods      75,100

Explanation:

a) Data and Calculations:

Materials Inventory                 ?         $12,490

Work-in-Process Inventory     ?           10,560

Finished Goods Inventory $2,700       6,930

Cost of Goods Sold                ?         75,1000

Predetermined overhead rate = $412,870/$434,600 = $0.95

Overhead applied = $30,875 ($0.95 * $32,500)

Answer:

C). Write a letter to Walter stressing to him the value of a college education.

Explanation:

The most ethical and moral action that Coach Edward should take in the given situation would be to 'write a letter to Walter stressing to him the value/significance of college education.' It would not only educate Walter regarding the crucial role that college education plays in defining the success and personality of an individual but also emphasize the benefits of joining the college team which would be vital to his overall career and give a direction to his skills. Thus, this would serve Coach Edwards' purpose ethically by making Walter understand the idea logically and convince him. Therefore, option C is the correct answer.

Answer:

A. technological change in the form of new products

Explanation:

According to Joseph​ Schumpeter, the economy depends on technological change in the form of new products. Thus, the correct option is (A).

Schumpeterian growth is defined as economic growth that is driven by innovation and guided by the creative destruction process.

Formal economic models that operationalize Schumpeter's concept of creative destruction have been developed.

Joseph Schumpeter emphasizes the importance of the entrepreneur in bringing about change and adding innovative activities to an economy.

Furthermore, Schumpeter sees capitalism as a growing system, with his entrepreneur contributing to it.

Therefore, the correct option is "A".

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Answer:

Part 1

$1,730,000 (Gain)

Part 2

a. $1,890,000 (Gain)

b. $560,000

c. Consolidated Assets = $9,850,000 and Consolidated Liabilities = $3,800,000

d.  Journals

Journal 1

Property Plant and Equipment $300,000 (debit)

Revaluation Reserve $300,000 (credit)

Revaluation of Acappella`s Property Plant and Equipment item

Journal 2

Common Stock $1,300,000 (debit)

Retained Earnings $1,200,000 (debit)

Revaluation Reserve $100,000 (debit)

Investment in Subsidiary $350,000 (credit)

Non-Controlling Interest $560,000 (credit)

Gain on Bargain Purchase $1,890,000 (credit)

Main Elimination Journal

Explanation:

Goodwill is the excess of Purchase Consideration over the Net Assets Acquired.

Purchase Consideration  (70,000 shares × $5) = $350,000

Part 1

Calculation of Net Assets Acquired

Retained Earnings                                             $1,200,000

Common Stock                                                  $1,300,000

Revaluation                                                           $100,000

Total Net Assets Acquired                               $2,600,000

Therefore,

Net Assets Attributable to Fortuna Company = $2,600,000 × 80%

                                                                            = $ 2,080,000

Purchase Consideration $350,000 < Net Assets Acquired ($ 2,080,000), therefore we have a gain situation of $1,730,000

Part 2

2a.

Calculation of Net Assets Acquired

Retained Earnings                                             $1,200,000

Common Stock                                                  $1,300,000

Revaluation                                                           $300,000

Total Net Assets Acquired                               $2,800,000

Therefore,

Net Assets Attributable to Fortuna Company = $2,800,000 × 80%

                                                                            = $ 2,240,000

Purchase Consideration $350,000 < Net Assets Acquired ($ 2,240,000), therefore we have a gain situation of $1,890,000

2b.

Calculation of Non - Controlling Interest

Note : I have elected to measure Non-Controlling Interest as proportionate to the fair value of Net Identified Assets Acquired !

Non - Controlling Interest = Non Controlled Interest % × Total Net Assets Acquired  

                                           = 20 % × $2,800,000

                                           = $560,000

2c.

Consolidation is 100 % of Parent/ Acquirer and 100% of subsidiary (Acquired) combined.

Assets :

Fortuna Company = $6,700,000 + $350,000     = $7,050,000

Acappella Company = $2,500,000 + $300,000 = $2,800,000

Total Assets                                                            = $9,850,000

Liabilities :

Fortuna Company                                                  = $3,000,000

Acappella Company                                                = $ 800,000

Total Liabilities                                                        = $3,800,000

2d.

Journal 1

Property Plant and Equipment $300,000 (debit)

Revaluation Reserve $300,000 (credit)

Revaluation of Acappella`s Property Plant and Equipment item

Journal 2

Common Stock $1,300,000 (debit)

Retained Earnings $1,200,000 (debit)

Revaluation Reserve $100,000 (debit)

Investment in Subsidiary $350,000 (credit)

Non-Controlling Interest $560,000 (credit)

Gain on Bargain Purchase $1,890,000 (credit)

Answer:

7 days

Explanation:

Calculation for the early finish time of Task C

First step is to find the Early Start of task C

Using this formula

Early Start of task C = MAX (Early Finish of task A, Early Finish of task B)

Let plug in the formula

Early Start of task C= MAX(3,5)

Early Start of task C = 5

Now let calculate the Early Finish time of Task C

Using this formula

Earliest Finish = Earliest Start + Activity Duration

Let plug in the formula

Earliest Finish of task C = 5 + 2

Earliest Finish of task C = 7 days

Therefore the early finish time of Task C will be 7 days

The early finish time of task C is the sum of the early start time and the activity duration of the task. Hence, the early finish time of task C is 7 days.

Given the Parameters :

The early finish time of task C :

Early start time possible + Activity time of task C

Maximum value of the finish time of the preceeding task :

Early start time of task C = maximum(3, 5)

Early start time of task C = 5 days

Early finish time of C = 5 days + Activity time

Early finish time of task C = 5 days + 2 days = 7 days

Therefore, the early finish time of task C is 7 days

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Answer:

A)Standard allowed direct labor hours for the actual units of finished output times the standard fixed factory O/H rate per direct labor hour.

Explanation:

Production cost are all cost that producer used to produce his/her goods, it could be labor cost , and other expenses.bit can be calculated by dividing the total unit produced by the cost . Or the summation of all cost such direct labor, overhead cost.

Hence, The amount of fixed factory O/H that Dori will apply to finished production is the: ""Standard allowed direct labor hours for the actual units of finished output times the standard fixed factory O/H rate per direct labor hour."" Which is option A

The adjective in your statement is "adventurous."  It depicts the sort of individual you are, showing that you are not leaned to face challenges or search out new encounters in your work.

A Adjectives is a word that depicts or changes a thing or pronoun. It gives extra data about the thing or pronoun by giving insights regarding its quality, size, shape, variety, and so forth. Modifiers can be utilized to improve depictions and give more clear and explicit implications.

Adjectives are utilized to give more data about things or pronouns in a sentence. Generally, descriptive words assume a vital part in adding profundity, explicitness, and subtlety to our language, permitting us to communicate an extensive variety of data about our general surroundings.

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Your question is incomplete, probably the complete question is-

I am not a very adventurous person on the job. What is the adjective here?

Answer:

                                     Bal. June 30   Receipts    Disbursements    Bal. July 31

Balance per Bank            355,001          835,846       684,747             506,100

Deposit in Transit

June 30                              86,899         -86,899

July 31                                                       51,240                                     51,240

Outstanding Checks

June 30                               42,690                               -42,690              

July 31                                                                               73,340             73,340

Unrecorded Receipts                              -150,000                                 -150,000  

Unrecorded Disbursement                                            -150,000          -150,000

Balance per Books          399,210         650,187          565,397           484,000

Answer:

1. $3,780 Unfavorable

2. $453,600 Overhead controllable variance

Explanation:

Req. 1

Fixed Overhead Applied

Fixed OH per DL hr. ($68,040 ÷ $32,400) = 2.1

Standard DL hours = 0.60 * $51,000 = $30,600

Fixed OH applied = 2.1 * $30,600 = $64,260

Volume variance.

Total fixed OH applied $64,260

Total budgeted fixed OH $68,040

Fixed OH volume variance $3,780 Unfavorable

Req. 2

Overhead controllable variance.

Total actual overhead $ 472,000

Flexible budget overhead

Variable = $408,240 ÷ $32,400 = 12.6

=> $30,600 * 12.6 = $385,560

Fixed. $68,040

Total $453,600 Overhead controllable variance

Answer:

1. Supplies - ASSETS

Supplies are assets and are debited when they increase.

2. Notes Payable - LIABILITIES.

Current Liabilities owed to creditors.

3. Service Revenue. REVENUE

Revenue that will go to the income statement.  

4. Dividends. EQUITY.

These are payments to Shareholders and so are Equity.

5. Accounts Payable. LIABILITY.

These are current liabilities and increase by credit.

6. Salaries and Wages Expense. EXPENSE.

These are expenses that will go to the Income Statement

7. Common Stock. EQUITY.

Common Stock is equity as it represents ownership in the company.

8. Accounts Receivable. ASSET.  

Accounts Receivables are current assets and are debited when they increase.

9. Equipment. ASSET.

Equipment are fixed assets and are debited when they increase.

10. Notes Receivable. ASSETS.

Like Receivables these are current assets and are debited when they increase.

Answer:

the list of assets is missing, so I looked for a similar question and found the following:

MACRS depreciation for machinery is 10 years, and the depreciation % for the first year using the half year convention is 10% ⇒ depreciation expense = $70,000 x 10% = $7,000

MACRS depreciation for computer equipment is 5 years, and the depreciation % for the first year using the half year convention is 20% ⇒ depreciation expense = $10,000 x 20% = $2,000

MACRS depreciation for the delivery truck is 5 years, and the depreciation % for the first year using the half year convention is 20% ⇒ depreciation expense = $23,000 x 20% = $4,600

MACRS depreciation for furniture is 7 years, and you can use the mid-quarter convention since furniture represents more than 40% of total assets placed in to service. The depreciation % for the first year, second quarter  using the mid-quarter convention is 17.85% (the half year convention depreciation rate is 14.29%) ⇒ depreciation expense = $150,000 x 17.85% = $26,775

total depreciation expense = $40,375

Answer:

Walnut Company

1. Adjusting Journal Entry:

December 31, Year 1:

Debit Wages Expense $4,900

Credit Wages Payable $4,900

To accrue unpaid wages at the end of the year.

General Journal Entry:

January 6, Year 2:

Debit Wages Payable $4,900

Credit Cash Account $4,900

To record the payment of accrued wages.

2. General Journal Entry:

December 12, Year 1:

Debit Cash Account $4,800

Credit Deferred Rent Revenue $4,800

To record the receipt of rent in advance.

Adjusting Journal Entry:

December 31, Year 1:

Debit Deferred Rent Revenue $3,200

Credit Rent Revenue $3,200

To adjust for rent revenue earned for 20 days.

Explanation:

The rent revenue of $4,800 according to the question is for 30 days.  December 12 to December 31 has 20 days while January 1 to January 10 has 10 days.  So the rent revenue for Year 1 is computed as $4,800 * 20/30 = $3,200 while the remaining balance will be for rent revenue in Year 1 ($4,800 * 10/30).