a. Insurance expense 2,807
Prepaid insurance 2,807

b. Teaching supplies expense 2,433
Teaching supplies 2,433

c. Depreciation expense—Equipment 11,227
Accumulated depreciation—Equipment 11,277

d. Depreciation expense—Professional library 5,614
Accumulated depreciation—Professional library 5,614

e. Unearned training fees 2,700
Training fees earned 2,700

f. Accounts receivable 2,819
Tuition fees earned 2,819

g. Salaries expense 100
Salaries payable 100

h. Rent expense 2,097
Prepaid rent 2,097

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. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2017, follow.


Additional Information:
a. An analysis of WTI's insurance policies shows that $2,807 of coverage has expired.
b. An inventory count shows that teaching supplies costing $2,433 are available at year-end 2017.
c. Annual depreciation on the equipment is $11,227. Annual depreciation on the professional library is $5,614.
d. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,900, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $2,619 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) 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.

Answers

Answer 1

Answer:

The question is incomplete, it is a really long question actually. I believe that you want to check if the adjusting entries were properly done.

a. An analysis of WTI's insurance policies shows that $2,807 of coverage has expired.

Dr Insurance expense 2,807

    Cr Prepaid insurance 2,807

CORRECT

b. An inventory count shows that teaching supplies costing $2,433 are available at year-end 2017.

Dr Teaching supplies expense (amount on trial balance - $2,433)

    Cr Teaching supplies (amount on trial balance - $2,433)

You do not need to record $2,433, you need to record the difference between the balance of teaching supplies and the ending inventory.

c. Annual depreciation on the equipment is $11,227. Annual depreciation on the professional library is $5,614.

Dr Depreciation expense 16,841

    Cr Accumulated depreciation, equipment 11,227

    Cr Accumulated depreciation, professional library 5,614

CORRECT

d. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,900, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018.

Dr Unearned training Fees 5,800

    Cr Training fees earned 5,800 (2 months of accrued revenue)

On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $2,619 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) WTI's two employees are paid weekly.

Dr Accounts receivable 3,928.50

    Cr Tuition fees earned 3,928.50 (1.5 months)

As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.

Dr Wages expense 400

    Cr Wages payable 400 (2 days x $100 x 2 employees)

The balance in the Prepaid Rent account represents rent for December.

Dr Rent expense 2,097

    Cr Prepaid rent 2,097 (assuming that this was the account balance)

I ASSUME ITS CORRECT


Related Questions

You want your longtime employees to make sure their retirement plans are best suited for their career stages. You think that most employees make wise investment choices when they join the company. However, you find that few employees make adjustments to their retirement plans as they advance in their careers. You are particularly concerned about employees who have worked at the company for more than ten years and haven't updated their retirement packages. Which of the following statements is most likely to persuade longtime employees to attend the presentation about retirement planning?

a. Choose a retirement package that best matches your career stage. At this presentation,we'll tell you how we can help you manage your longevity risk on your retirement package.
b. Choose a retirement package that best matches your career stage. At this presentation,you'll learn how you can make sure you have enough money for as long as you live.
c. Don't miss this opportunity to maximize your retirement income. At this presentation, we'lltell you how we can help you manage your longevity risk on your retirement package.

Answers

Answer:

b. Choose a retirement package that best matches your career stage. At this presentation,you'll learn how you can make sure you have enough money for as long as you live.

Explanation:

In the given scenario we are trying to persuade employees to update their retirement plans to meet the changing situation of their careers.

We want to invite them to a meeting where they can learn the benefits of getting a better retirement plan.

The best approach is to send a message that focuses on them and their role in this process. Not the company's role.

Option B exemplifies this by stating they are learning to how to choose a retirement plan that will provide for them for the rest of their lives.

The other two options uses the statement - we'll tell you how to manage your longevity.

This creates an impression that the company wants to impose their point of view on the employees, and this may not get the expected response from employees.

On December 31, 2020, Reagan Inc. signed a lease with Silver Leasing Co. for some equipment having a seven-year useful life. The lease payments are made by Reagan annually, beginning at signing date. Title does not transfer to the lessee, so the equipment will be returned to the lessor on December 31, 2026. There is no purchase option, and Reagan guarantees a residual value to the lessor on termination of the lease. Reagan's lease amortization schedule appears below:
Decrease in Outstanding
Dec. 31 Payments Interest Balance Balance
2020 $410,442
2020 $74,700 $74,700 335,742
2021 $74,700 $20,145 54,555 281,187
2022 $74,700 16,871 57,829 223,358
2023 $74,700 13,401 61,299 162,059
2024 $74,700 9,724 64,976 97,083
2025 $74,700 5,825 68,875 28,208
2026 $29,900 1,692 28,208 0
What is the amount of residual value guaranteed by Reagan to the lessor?

Answers

Answer: $29,900

Explanation:

Residual value guaranteed is the amount that the lessee promises to pay in the last year including the repayment and the interest payment.

= $28,208 + 1,692

= $29,900

"What is the allowable MACRS depreciation on Evergreen’s property in the current year if Evergreen does not elect out of bonus depreciation?"

Answers

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

If the risk-free rate of return is 6%, and if a risky asset is available with a return of 9% and a standard deviation of 3%, what is the maximum rate of return you can achieve if you are willing to accept a standard deviation of 2%

Answers

Answer:

8.01%

Explanation:

If risk-free rate of return is 6%

if a risky asset is available with a return of 9%

If standard deviation of the portfolio is 2%.

Portfolio Return if S.D. is 2% = 0.33*6% + 0.67*9%

Portfolio Return =  0.33*0.06 + 0.67*0.09

Portfolio Return = 0.0198 + 0.0603

Portfolio Return = 0.0801

Portfolio Return = 8.01%

Hence, the he maximum rate of return we can achieve if we are willing to accept a standard deviation of 2% is 8.01%

Joker stock has a sustainable growth rate of 10 percent, ROE of 12 percent, and dividends per share of $1.30. If the PE ratio is 17.0, what is the value of a share of stock? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Answers

Answer:value of a share of stock=$132.57

Explanation:

Sustainable growth rate =  Retention ratio x ROE

= ROE X (1-Payout ratio)

10% = 12% x 1-payout ratio

10%/12%= 1-payout ratio

0.8333= 1-payout ratio

payout ratio= 1- 0.833=0.1667= 16.67%

Dividend payout ratio= dividend per share/Earnings per share

16.67%=$1.30/ earning per share

Earnings per share =1.30/ 16.67%=  $7.7984

Value of a share of stock using the P/E ratio

P/E ratio= value of stock / Earning per share

17= value of stock/earning per share

value of stock= 17 x 7.7984= $132.57

How has the introduction of these markets, technologies and resources affected the lifestyle of the people of Cuba

Answers

Answer:

he economy of Cuba is a largely planned economy dominated by state-run enterprises. The government of Cuba owns and operates most industries and most of the labor force is employed by the state. Following the fall of the Soviet Union in 1991, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. However, greater private property and free market rights were granted by the 2019 Constitution.[10][11] It has also been acknowledged that foreign market investment in various Cuban economic sectors increased before 2019 as well.[12][13]

As of 2000, public-sector employment was 76% and private-sector employment (mainly composed of self-employment) was 23% - compared to the 1981 ratio of 91% to 8%.[14] Investment is restricted and requires approval by the government. The government sets most prices and rations goods to citizens. In 2016 Cuba ranked 68th out of 182 countries, with a Human Development Index of 0.775, much higher than its GDP per capita rank (95th).[15]As of 2012, the country's public debt comprised 35.3% of GDP, inflation (CDP) was 5.5%, and GDP growth was 3%.[16]

Housing and transportation costs are low. Cubans receive government-subsidized education, healthcare and food subsidies.[17]

The country achieved a more even distribution of income after the Cuban Revolution of 1953–1959,[citation needed] which was followed by an economic embargo by the United States (1960- ). During the Cold War period, the Cuban economy was heavily dependent on subsidies from the Soviet Union, valued at $65 billion in total from 1960 to 1990 (over three times as the entirety of U.S. economic aid to Latin America), an average of $2.17 billion a year.[18] This accounted for anywhere between 10% and 40% of Cuban GDP, depending on the year.[19] While the massive Soviet subsidies did enable Cuba's enormous state budget, they did not lead to a more advanced or sustainable Cuban economy; although described by economists as "a relatively highly developed Latin American export economy" in 1959 and the early 1960s, Cuba's basic economic structure changed very little between then and 1990. Tobacco products such as cigars and cigarettes were the only manufactured products among Cuba's leading exports, and even these were produced by a preindustrial process. The Cuban economy remained inefficient and over-specialized in a few highly subsidized commodities provided by the Soviet bloc countries.[20] Following the collapse of the Soviet Union, Cuba's GDP declined by 33% between 1990 and 1993, partially due to the loss of Soviet subsidies[21] and a crash in sugar prices in the early 1990s. It rebounded in the early 2000s due to a combination of marginal liberalization of the economy and heavy subsidies from the friendly government of Venezuela, which provided Cuba with low-cost oil and other subsidies worth up to 12% of Cuban GDP annually.[22] Cuba retains high levels of healthcare and education.[23]

Contents

1 History

1.1 Before the Revolution

1.2 Cuban Revolution

1.3 Special Period

1.4 Recovery

1.5 Post-Fidel reforms

1.5.1 International debt negotiations

2 Sectors

2.1 Energy production

2.1.1 Energy sector

2.2 Agriculture

2.3 Industry

2.4 Services

2.4.1 Tourism

2.4.2 Retail

2.5 Finance

2.6 Foreign investment and trade

2.7 Currencies

2.8 Private businesses

3 Wages, Development, and Pensions

4 Public facilities

5 Connection with Venezuela

6 Economic freedom

7 Taxes and revenues

8 See also

9 References

9.1 Citations

9.2 Sources

10 External links

History

Before the Revolution

Although Cuba belonged to the high-income countries of Latin America since the 1870s, income inequality was high, accompanied by capit

Explanation:

hope it helps i took a long time plz mark as brainly

A project has annual depreciation of $25,500, costs of $101,900, and sales of $150,500. The applicable tax rate is 34 percent. What is the operating cash flow

Answers

Answer:

$48,600

Explanation:

Operating Cash flow is the cash generated from operating/trading activities of a firm. It is very important to include only the cash transactions and ignore any non -cash items.

Thus,

Operating Cash flow = $150,500 - $101,900

                                   = $48,600

What are the nominal and effective costs of trade credit under the credit terms of 3/10, net 30? Assume a 365-day year. Do not round intermediate calculations. Round your answers to two decimal places.

Answers

Answer:

Nominal cost of trade credit = [Discount percentage / (100- Discount Percentage) ] * [ 365 Days / (Credit's Outstanding - Discount Period) ]

Nominal cost of trade credit = 3/97 * 365/30 - 10

Nominal cost of trade credit =  3/97 * 365/20

Nominal cost of trade credit = 0.030928 * 18.25

Nominal cost of trade credit = 0.564436

Nominal cost of trade credit = 56.44%

Effective cost of trade =  (1 + Periodic rate)^n - 1

Periodic rate = 0.03 / 0.97 = 0.3093

Periods/year = 365 / (30-10) = 18.25

Effective cost of trade = (1 + 0.3093)^18.25 - 1

Effective cost of trade = (1 .3093)^18.25 - 1

Effective cost of trade = 1.74354232297 - 1

Effective cost of trade = 0.74354232297

Effective cost of trade = 74.35%

Answer:

nominal cost of credit = 56.44% ;EAR = 74.35%

Explanation:

1.nominal cost of credit =

"(discount rate /1 - discount rate  )"  or part 1

multiply by "365/(days the credit is outstanding -discount days )" or part 2 .Thus ,nominal cost of credit= (0.03/1-0.03  )*(365 /30 -10)= part  1* part 2 = 0.030928*18.25=56.44%

2.EAR =[ (1 - "part 1 ") ^("part 2") ] - 1= [ (1+0.030928)^18.25 ] -1  =1.74348 -1 = 0.74348  or  74.348% or  74.35%

Terms of a lease agreement and related facts were:
a. Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were $6,652.
b. The retail cash selling price of the leased asset was $550,000.
c. Its useful life was three years with no residual value.
d. The lease term is three years and the lessor paid $550,000 to acquire the asset.
e. Annual lease payments at the beginning of each year were $200,000.
f. Lessor’s implicit rate when calculating annual rental payments was 9%.
(FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required:
1. Prepare the appropriate entries for the lessor to record the lease and related payments at its beginning, January 1, 2018.
2. Calculate the effective rate of interest revenue after adjusting the net investment by initial direct costs.
3. Record any entry(s) necessary at December 31, 2018, the fiscal year-end.

Answers

Answer:

1) January 1, 2018, asset leased

Dr Lease receivable 550,000

    Cr Equipment 550,000

January 1, incremental costs associated with lease transaction

Dr Lease receivable 6,652

    Cr Cash 6,652

January 1, 2018, first lease payment collected

Dr Cash 200,000

    Cr Lease receivable 200,000

2) to calculate the effective rate we can use the present value of an annuity due formula

PV annuity due factor, 3 periods, ?% = present value of lease receivable / annual payment = $556,652 / $200,000 = 2.78326

Now we must use an annuity due table to determine a possible rate. In this case, the exact rate is 8%.

3) December 31, 2018, interest receivable on lease contract

Dr Interest receivable 28,532

    Cr Interest revenue 28,532

interest receivable = ($556,652 / $200,000) x 8% = $28,532

In general, research and development costs for projects other than software development should be: A. None of the answer choices are correct. B. Expensed if unsuccessful; capitalized if successful. C. Expensed in the period they are determined to be unsuccessful. D. Expensed in the period they are determined to be successful. E. Deferred pending determination of success.

Answers

Answer:

Research and development costs must be expended during the period that they occur, they are not capitalized. Whether the project is successful or not does not affect the expensing of the R&D costs.

Both options C and D are correct:

C. Expensed in the period they are determined to be unsuccessful. D. Expensed in the period they are determined to be successful.

Explanation:

On the other hand, software companies are allowed to capitalize some (not all) R&D costs.

In the long run, a decrease in the money supply will
decrease real Gross Domestic Product (GDP).
decrease the price level.
increase real Gross Domestic Product (GDP).
increase the price level.

Answers

Answer:

decrease real Gross Domestic Product (GDP).

Explanation:

GDP represents the total value of a country output. The calculation of GDP using the expensive method is identical to that of the aggregate demand. Aggregate demand is the total of government spending, consumer spending, investment, and net exports. Therefore, GDP and aggregate demand are the same.

A decrease in the money supply leads to firms and households having less money to spend. Reduction in disposable income results in reduced consumer spending, which has adverse effects on aggregate demand. Therefore, reduced money supply results in a decline in consumer spending and reduced aggregate demand, leading to a reduction in a country's output.

155 million people were working in the US in 2016. If 42% of all people working were baby boomers, how many were working in 2016? If 15% of the baby boomers retire within 10 years, how many jobs will this represent from 2016 employment?​

Answers

Answer:

65,100,100 baby boomers were working: 6.3 %

Explanation:

In 2016, 155,000,000 people were working.

42 percent were baby boomers,

The actual number of baby boomers were

= 42/100 x 155,000,000

=0.42 x 155,000,000

=65,100,100 baby boomers were working

If 15 percent of baby boomers were to retire in 10 years

The number ow retirees will

=15% of 65,100,100

=15/100 x 65,100,100

=0.15 x 65,100,100

=9, 765,015

As a percentage of the number of people working in 2016

= 9, 765,015/155,000,000 x 100

=0.0630000 x 100

=6.3 %

Analyzing the effects of transactions on the accounting equation.
On July 1, Alfred Herron established Herron Commercial Appraisal Services, a firm that provides expert commercial appraisals and represents clients in commercial appraisal hearings.
Instructions:
Analyze the following transactions. Record in equation form the changes that occur in assets, liabilities, and owner's equity.
Transactions:
The owner invested $200,000 in cash to begin the business.
Paid $40,500 in cash for the purchase of equipment.
Purchased additional equipment for $30,400 on credit.
Paid $25,000 in cash to creditors.
The owner made an additional investment of $50,000 in cash.
Performed services for $19,500 in cash.
Performed services for $15,600 on account.
Paid $12,000 for rent expense.
Received $11,000 in cash from credit clients.
Paid $15,100 in cash for office supplies.
The owner withdrew $24,000 in cash for personal expenses.
Analyze: What is the ending balance of cash after all transactions have been recorded?

Answers

Answer:

I used an excel spreadsheet to record the accounts using the accounting equation.

What is the ending balance of cash after all transactions have been recorded?

$163,900

The Cash ending balance after the recording of the transactions is $163,900.

Data Analysis:

a. Cash $200,000 Capital, Alfred Herron $200,000

b. Equipment $40,500 Cash $40,500

c. Equipment $30,400 Accounts Payable $30,400

d. Accounts Payable $25,000 Cash $25,000

e. Cash $50,000 Capital, Alfred Herron $50,000

f. Cash $19,500 Service Revenue $19,500

g. Accounts Receivable $15,600 Service Revenue $15,600

h. Rent Expense $12,000 Cash $12,000

i. Cash $11,000 Accounts Receivable $11,000

j. Supplies $15,100 Cash $15,100

k. Drawings, Alfred Herron $24,000 Cash $24,000

Thus, the total cash receipts are $280,500, while the total cash disbursements are $116,600, leaving an ending balance of $163,900 in cash.

Learn more: https://brainly.com/question/19745911

The Polishing Department of Major Company has the following production and manufacturing cost data for September.Materials are entered at the beginning of the process.Production:Beginning Inventory 1,880 units that are 100% complete as to materials and 30% complete as to conversion costs;Units started during the period are 44,300;Ending inventory of 7,200 units 10% complete as to conversion costs.Manufacturing Costs:Beginning Inventory costs, comprised of $21,900 of materials and $37,162 of conversion costs;Materials costs added in Polishing during the month, $214,080;labor and overhead applied in Polishing during the month, $127,600 and $258,440, respectively.Required:1. Compute the equivalent units of production for materials and conversion costs for the month of September.Materials Conversion CostsThe equivalent units of production 2. Compute the unit costs for materials and conversion costs for the month. (Round unit costs to 2 decimal places, e.g. 2.25)Materials Conversion CostsUnit Costs 3. Determine the costs to be assigned to the units transferred out and in process. (Round unit costs to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places.)Transferred Out $Ending work in process $

Answers

Answer:

1. Materials = 46,180 and Conversion Costs = 39,700

2.Materials = $5.11 and Conversion Costs = $10.66

3.Transferred Out = $614,715 and Ending work in process = $44,467

Explanation:

First, calculate the number of units completed and transferred to finished goods

Number of units completed and transferred to finished goods = Beginning Inventory Units + Units Started during the Period - Ending Inventory Units

Therefore,

Units completed and transferred =  1,880 + 44,300 - 7,200

                                                         =   38,980

Calculation of Equivalent Units of Production with respect to Materials and Conversion Costs

1. Materials

Ending Work In Process  (7,200 × 100%)                            =   7,200

Completed and Transferred (38,980 × 100%)                    = 38,980

Equivalent Units of Production with respect to Materials =  46,180

2. Conversion Costs

Ending Work In Process  (7,200 × 10%)                              =       720

Completed and Transferred (38,980 × 100%)                    = 38,980

Equivalent Units of Production with respect to Materials = 39,700

Calculation of  the unit costs for materials and conversion costs for the month.

Unit Cost = Total Cost ÷ Total Equivalent Units

1. Materials

Unit Cost = ($21,900 + $214,080) ÷ 46,180

                = $5.11 (2 decimal places)

2. Conversion Costs

Unit Cost = ($37,162 + $127,600 + $258,440 ) ÷ 39,700

                = $10.66 (2 decimal places)

3. Total Unit Cost

Total Unit Cost = Materials + Conversion Costs

                         = $5.11 + $10.66

                         = $15.77

Calculation of costs to be assigned to the units transferred out and in process.

Transferred Out = Units Completed and Transferred × Total Unit Cost

                           = 38,980 × $15.77

                           = $614,715

Ending work in process = Materials Cost + Conversion Costs

                                        = ($5.11 × 7,200) + ($10.66 × 720)

                                        = $44,467

Alpha Industries is considering a project with an initial cost of $8.2 million. The project will produce cash inflows of $1.93 million per year for 6 years. The project has the same risk as the firm. The firm has a pretax cost of debt of 5.67% and a cost of equity of 11.31%. The debt-equity ratio is 0.62 and the tax rate is 21%. What is the net present value of the project

Answers

Answer:

$347,941.73

Explanation:

First, find the Weighted Average Cost of Capital (WACC). WACC is the minimum return that a project must offer before it can be accepted. It is thus used to discount the future cash flows of a project to its Present Value.

WACC = Ke × E/V + Kd × D/V

where,

Ke = cost of equity

    = 11.31%

E/V = Market Weight of Equity

      = (1/1.62 × 100)

      = 61.73%

Kd = After tax cost of debt

     = 5.67% × ( 1  - 0.21)

     = 4.48 %

D/V = Market Weight of Debt

      = 0.65/1.65 × 100

      = 39.40%

Therefore,

WACC =  11.31% × 0.6773 + 4.48 % × 0.3940

           = 9.43 %

Next, find the net present value of the project using a financial calculator as follows :

CFj -$8,200,000

CFj $1,930,000

CFj $1,930,000

CFj $1,930,000

CFj $1,930,000

CFj $1,930,000

i/yr =  9.43 %

Shift NPV = $347,941.73

The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31.

MOTO HOTEL Trial Balance May 31, 2017

Debit Credit
Cash $2,403
Supplies 2,600
Prepaid Insurance 1,800
Land 14,903
Buildings 70,000
Equipment 16,800
Accounts Payable $4,603
Unearned Rent Revenue 3,300
Mortgage Payable 36,000
Common Stock 59,903
Rent Revenue 9,000
Salaries and Wages Expense 3,000
Utilities Expense 800
Advertising Expense 500
$112,806 $112,806

Other data:
1. Insurance expires at the rate of $450 per month.
2. A count of supplies shows $1,160 of unused supplies on May 31.
3. (a) Annual depreciation is $3,480 on the building. (b) Annual depreciation is $2,880 on equipment.
4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)
5. Unearned rent of $2,580 has been earned.
6. Salaries of $760 are accrued and unpaid at May 31.

Required:
Journalize the adjusting entries on May 31.

Answers

Answer:

General Journals

1.

Insurance Expense $450 (debit)

Prepaid Insurance $450 (credit)

Insurance for May expired

2.

Supplies Expenses $1,140 (debit)

Supplies $1,140 (credit)

Supplies used during May

3a.

Deprecation $290 (debit)

Accumulated Depreciation $290 (credit)

Depreciation for building for May

3b.

Deprecation $240 (debit)

Accumulated Depreciation $240 (credit)

Depreciation for equipment for May

4.

Interest Expense  $3,000 (debit)

Mortgage Payable  $3,000 (credit)

Interest expense on Mortgage for May

5.

Unearned Rent Revenue $2,580 (debit)

Rent Revenue $2,580 (credit)

Rent Revenue earned

6.

Salaries Expense $760 (debit)

Accounts Payable $760 (credit)

Salaries for May owing

Explanation:

Mortgage Interest = 1/12 × $36,000

                               = $3,000

See the correction/adjusting entries prepared above.

During 2017, its first year of operations as a delivery service, Sarasota Corp. entered into the following transactions.

1. Issued shares of common stock to investors in exchange for $103,000 in cash.
2. Borrowed $45,000 by issuing bonds.
3. Purchased delivery trucks for $61,000 cash.
4. Received $18,000 from customers for services performed.
5. Purchased supplies for $4,900 on account.
6. Paid rent of $5,400.
7. Performed services on account for $12,000.
8. Paid salaries of $26,100.
9. Paid a dividend of $11,200 to shareholders.

Required:
Show the effect of each transaction on the accounting equation.

Answers

Answer:

1.Equity = Increase ($103,000) and Assets = Increase ($103,000)

2.Assets = Increase ($45,000) and Liabilities = Increase ($45,000)

3. Assets = Increase ($61,000) and Liabilities = Increase ($61,000)

4. Equity = Increase ($18,000) and Assets = Increase ($18,000)

5. Assets = Increase ($4,900) and Liabilities = Increase ($4,900)

6. Equity = Decrease ($5,400) and Assets = Decrease ($5,400)

7. Equity = Increase ($12,000) and Assets = Increase ($12,000)

8. Equity = Decrease ($26,100) and Assets = Decrease ($26,100)

9. Equity = Decrease ( $11,200) and Assets = Decrease ( $11,200)

Explanation:

Accounting Equation is written as;

Equity = Assets - Liabilities

So, from each of the transactions given identify the elements Assets, Liability and Equity affected.

The following selected accounts from the Bramble Corp.’s general ledger are presented below for the year ended December 31, 2022:

Advertising expense $54,000 Interest revenue $32,000
Common stock 249,000 Inventory 66,000
Cost of goods sold 1,084,000 Rent revenue 24,000
Depreciation expense 124,000 Retained earnings 534,000
Dividends 149,000 Salaries and wages expense 674,000
Freight-out 24,000 Sales discounts 8,600
Income tax expense 69,000 Sales returns and allowances 43,000
Insurance expense 15,000 Sales revenue 2,399,000
Interest expense 69,000

Required:
Prepare a multiple-step income statement.

Answers

Answer:

                                                                           $                              $

Sales Revenue                                                                             2,399,000    

Less:  

Sales return and allowances                        43,000  

Sales discount                                               8,600

                                                                                                     2,347,400

Net sales                                                                                    

Cost of goods sold                                                                        1,084,000

Gross profit                                                                                     1,263,400

Operating expenses;

Advertising expense                                     54,000

Depreciation expense                                  124,000

Freight out                                                     24,000

Insurance expense                                       15,000

Salaries and wages expense                       674,000

Total operating expense                                                               891,000‬

Income from operation                                                                  372,400‬        

Other revenue and gains  

Interest revenue                                           32,000

Rent revenue                                                24,000                

                                                                                                         56,000

Other expenses and loss  

Interest expense                                                                                69,000

Income before income taxes                                                          359,400

Income tax expense                                                                          69,000

Net income                                                                                       290,400‬

Blaine Air Transport Service, Inc., providing air delivery service for businesses, has been in operation for three years. The following transactions occurred in February:

February 1 Paid $275 for rent of hangar space in February.
February 2 Purchased fuel costing $490 on account for the next flight to Dallas.
February 4 Received customer payment of $820 to ship several items to Philadelphia next month.
February 7 Flew cargo from Denver to Dallas; the customer paid $910 for the air transport.
February 10 Paid $175 for an advertisement in the local paper to run on February 19.
February 14 Paid pilot $2,300 in wages for flying in January (recorded as expense in January).
February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed.
February 25 Purchased on account $2,550 in spare parts for the planes.
February 27 Declared a $200 cash dividend to be paid in March.

Required:
Prepare journal entries for each transaction. Be sure to categorize each account as an asset (A), liability (L). stockholders' equity (SE). revenue (R). or expense (E).

Answers

Answer:

Entries and their narrations are posted below

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

February 1 (Paid $275 for rent of hangar space in February)

Rent (Expense)     Dr $275

Cash (Asset)                        Cr $275

February 2 (Purchased fuel costing $490 on account for the next flight to Dallas.)

Fuel (Expense)                             Dr $490

Accountt Payable (Liability)                            Cr $490

February 4 (Received customer payment of $820 to ship several items to Philadelphia next month.)

Cash (Asset)    Dr $820

Shipment (R)              Cr $820

February 7 (Flew cargo from Denver to Dallas; the customer paid $910 for the air transport)

Cash (A)   Dr $910

Ticket (R)              Cr $910

February 10 (Paid $175 for an advertisement in the local paper to run on February 19.)

Advertisement (E)    Dr $175

Cash (A)                              Cr $175

February 14 (Paid pilot $2,300 in wages for flying in January (recorded as an expense in January))

Wages payable (L) Dr 2300

Cash (A)                                Cr 2300

February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed.

Cash (A)                            Dr 1600

Account Receivable (A)   Dr 2200

Ticket (R)                                             Cr 3800

February 25 Purchased on account of $2,550 in spare parts for the planes.

Spares  (E)                    Dr 2550

Account Payable (L)                   Cr 2550

February 27 (Declared a $200 cash dividend to be paid in March.)

Retained Earnings (SE) Dr 200

Dividend Payable (L)                 Cr 200

What potential consequences could result from the
worst
kitchen safety violation that you see in this picture?

Answers

Where is the picture??? There is none

The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense—Store Equipment, Sales Salaries Expense, Rent Expense—Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative.

NELSON COMPANY Unadjusted Trial Balance January 31


Debit Credit
Cash $22,150
Merchandise inventory 13,000
Store supplies 5,100
Prepaid insurance 2,800
Store equipment 42,800
Accumulated depreciation—Store equipment $19,250
Accounts payable 17,000
Common stock 4,000
Retained earnings 25,000
Dividends 2,100
Sales 115,900
Sales discounts 2,100
Sales returns and allowances 2,000
Cost of goods sold 38,000
Depreciation expense—Store equipment 0
Sales salaries expense 12,900
Office salaries expense 12,900
Insurance expense 0
Rent expense—Selling space 8,000
Rent expense—Office space 8,000
Store supplies expense 0
Advertising expense 9,300
Totals $181,150 $181,150


Additional Information:
a. Store supplies still available at fiscal year-end amount to $2,550.
b. Expired insurance, an administrative expense, for the fiscal year is $1,720.
c. Depreciation expense on store equipment, a selling expense, is $6,500 for the fiscal year.
d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end.

Required:
a. Compute the current ratios as of January 31, 2017.
b. Prepare a multiple-step income statement for the year ended January 31.
c. Prepare a single-step income statement for the year ended January 31.

Answers

Answer:

a. Store supplies still available at fiscal year-end amount to $2,550.

Dr Supplies expense 2,550

    Cr Supplies 2,550

b. Expired insurance, an administrative expense, for the fiscal year is $1,720.

Dr Insurance expense 1,720

    Cr Prepaid insurance 1,720

c. Depreciation expense on store equipment, a selling expense, is $6,500 for the fiscal year.

Dr Depreciation expense 6,500

    Cr Accumulated depreciation, equipment 6,500

d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end.

Dr Cost of goods sold 2,280

    Cr Merchandise inventory 2,280

Cash $22,150

Merchandise inventory 10,720

Store supplies 2,550

Prepaid insurance 1,080

Store equipment 42,800

Accumulated depreciation—Store equipment $25,750

Accounts payable 17,000

Common stock 4,000

Retained earnings 25,000

Dividends 2,100

Sales 115,900

Sales discounts 2,100

Sales returns and allowances 2,000

Cost of goods sold 40,280

Depreciation expense—Store equipment 6,500

Sales salaries expense 12,900

Office salaries expense 12,900

Insurance expense 1,720

Rent expense—Selling space 8,000

Rent expense—Office space 8,000

Store supplies expense 2,550

Advertising expense 9,300

Totals $187,425 $187,425

a) current ratio = current assets / current liabilities = $36,050 / $17,000 = 2.12

c)  Nelson company

Income Statement

For the month ended January 31, 202x

Revenues:

Net sales                                                               $111,800

Expenses:

Cost of goods sold $40,280 Depreciation expense - equipment $6,500Sales salaries expense $12,900 Office salaries expense $12,900 Insurance expense $1,720 Rent expense - Selling space $8,000 Rent expense - Office space $8,000 Store supplies expense $2,550 Advertising expense $9,300                             ($102,150)

Operating income                                                           $9,650

b)  Nelson company

Income Statement

For the month ended January 31, 202x

Sales:

Total sales $115,900 Sales discounts ($2,100 )Sales returns and allowances ($2,000 )                   $111,800

Cost of goods sold                                                           ($40,280)

Gross profit                                                                         $71,520

Selling expenses:

Depreciation expense - equipment $6,500Sales salaries expense $12,900 Rent expense - Selling space $8,000 Store supplies expense $2,550 Advertising expense $9,300                                    ($39,250)

S&A expenses:

Office salaries expense $12,900 Insurance expense $1,720 Rent expense - Office space $8,000                       ($22,620)

Operating income                                                                 $9,650

Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $19 1,000. The trial balances for the two companies on December 31, 20X7, included the following amounts:
Prince Corporation Sword Company
Debit Credit Debit Credit

Cash $94,000 $39,000
Accounts Receivable 53,000 58,000
Inventory 188,000 108,000
Land 92,000 34,000
Buildings and Equipment 494,000 161,000
Investment in Sword
Company 217,000
Cost of Goods Sold 494,000 257,000
Depreciation Expense 24,000 14,000
Other Expenses 74,000 74,000
Dividends Declared 56,000 26,000
Accumulated Depreciation $151,000 $70,000
Accounts Payable 64,000 28,000
Mortgages Payable 189,000 141,000
Common Stock 294,000 45,000
Retained Earnings 348,000 84,000
Sales 685,000 403,000
Income from Sword
Company Prince
Corporation 55,000
$1,786,000 $1,786,000 $771,000 $771,000
Additional Information
1. On January 1, 20X7, Lime reported net assets with a book value of $150,000. A total of $20,000 of the acquisition price is applied to goodwill, which was not impaired in 20X7.
2. Lime's depreciable assets had an estimated economic life of 11 years on the date of combination. The difference between fair value and book value of tangible assets is related entirely to buildings and equipment.
3. Jersey used the equity method in accounting for its investment in Lime.
4. Detailed analysis of receivables and payables showed that Sword owed Prince $23,000 on December 31, 20x7.
Required:
Prepare all consolidating entries needed to prepare a full set of consolidated financial statements for 20x7

Answers

Answer:

Explanation:

two companies on December 31, 20X7

When an organization tries to influence the adaptation of individuals, the process of _____ is occurring. Group of answer choices encounter socialization individualization metamorphosis

Answers

Answer:

B. socialization

Explanation:

Socialization can be defined as the process in which individuals learn to behave in a morally acceptable way or manner, acquire values, attitudes and habits that are in tandem with the environment where they found themselves such as an organization.

Hence, when an organization tries to influence the adaptation of individuals, the process of socialization is occurring.

Which drawback of being an entrepreneur can disrupt your personal life?

Answers

Stress and responsibilities
Hope this helps!
I hav to give my life to my business if I’m tryna hangout but promised a restock that day I have to restock and u have to respond to demand

You are an administrator working for the Maine Department of Environmental Protection, a state administrative agency. You are tasked with implementing a new and controversial pollution control rule. The media will be watching closely to ensure all required procedures are followed. Local citizens are requesting that the rule be implemented immediately and without a hearing because, they argue, the need for controls are so acute. A California environmental group is requesting that you consider the impacts of the rule on their state. A manufacturing lobbyist has asked you to decrease relevant pollution standards in the rule by 90%, even though you have significant evidence that current pollution levels are dangerously high. Assuming that Maine administrative law, including the Administrative Procedure Act, is substantially the same as federal law discussed in this chapter, evaluate your responses to these requests in light of rules you need to follow. You want to avoid having your rule held unlawful and set aside by a court.

Answers

Answer:

the answer to this question has been well explained. Thank you!

Explanation:

the environmental protection department has to apply the pollution control rule through a good examination of the effect it would have on all stakeholders if it is passed.

local citizens: for this group the best way to respond to their request is by making sure that the rule is applied in a timely manner. they have to be given the assurance that environmental implications would be reduced to the highest possible extent by this rule and that this rule would prove to be effective.

california environmental group: the request of this group is valid and they have to get the assurance that the effect of rule on the state have been studied well enough and that policies to lower environmental effects would be put in place as much as possible.

manufacturing lobbyist: theirs is a critical request. passing the rule would obviously increase necessary pollution standards. to ensure the lobbyist is made awarebof this, administrative agency has to have a meeting with the lobbyist and the person has to be made aware of the new position and current standards that are obtainable to organizations that are in manufacturing, as well the opportunities that are open to them. it is good to do this clearly in other to avoid any future confrontations of any kind.

The contract drawings prepared by the architect are generally not specific enough to facilitate accurate fabrication of the materials involved. Therefore, to produce the necessary materials for a project, subcontractors and suppliers must provide ________________________ to amplify/clarify the contract drawings.

Answers

Answer:

construction specifications

Explanation:

Construction contracts must always include construction specifications. These specifications refer to what materials, installations and specialized labor is required to perform correctly the building process.

Architects are paid for their blueprints, i.e. their designs. Sometimes an architect can recommend certain materials that fit his/her design, but the contractor is responsible for carrying on the actual construction.

The contractor has to specify which materials will be used and how the construction process will be carried out. E.g. it is not the same to build a house with luxurious materials like expensive floors and ceilings than a normal house.

Each quarter, Craig Anderson, who owns a chain of auto repair shops, does a detailed analysis of his firm's competitors. This analysis is called ___________ analysis. Group of answer choices competitor challenger strategic participant industry

Answers

Answer:

Competitor analysis

Explanation:

In any business, an analysis of competition is very essential as it gives an understanding of your competitive posting relative to competitors, provide or generate insights into competitive strategies. Competitor analysis encompasses insights benefited to influence and develop business strategy,identify current and potential competitors. the bargaining of power of supplier, the bargaining power of customers the threat of new entrants and also the threat of substitute products and services.

If annualized interest in the U.S. and France are 9% and 13%, respectively, and the spot value of the French franc is $0.1109, then at what 180-day forward rate will interest rate parity hold

Answers

Answer:

0.1130 FF/$

Explanation:

Spot value = 0.1109 FF/$

Interest rate in US for 180 days = 9%*180/365 = 0.044384

Interest rate in France for 180 days = 13%*180/365 = 0.06411

Forward rate = Spot value*(1+Interest rate in US)/(1+Interest rate in France)

Forward rate = 0.1109*(1+0.06411)/(1+0.044384)

Forward rate = 0.1109*(1.06411/1.044384)

Forward rate = 0.1109* 1.018888      

Forward rate = 0.1130 FF/$

The fact that generally accepted accounting principles allow companies flexibility in choosing between certain allocation methods can make it difficult for a financial analyst to compare periodic performance from firm to firm. Suppose you were a financial analyst trying to compare the performance of two companies. Company A uses the double-declining-balance depreciation method. Company B uses the straight-line method. You have the following information taken from the 12/31/2021 year-end financial statements for Company B:


Income Statement
Depreciation expense $12,500
Balance Sheet

Assets:
Plant and equipment, at cost $125,000
Less: Accumulated depreciation (50,000)
Net $75,000

You also determine that all of the assets constituting the plant and equipment of Company B were acquired at the same time, and that all of the $125,000 represents depreciable assets. Also, all of the depreciable assets have the same useful life and residual values are zero.

Required:
a. In order to compare performance with Company A, estimate what B's depreciation expense would have been for 2021?
b. If Company B decided to switch depreciation methods in 2021 from the straight line to the double-declining-balance method, prepare the 2021 journal entry to record depreciation for the year

Answers

Answer:

a. Company B's depreciation expense for 2021 is $12,800  

b. Accumulated Depreciation (Dr.) $23,800

Plant and equipment (Cr.) $23,800

Explanation:

The depreciation expense of 2021 will be $12,800. The cost of plant and equipment is $125,000.

Depreciation 2018 : $125,000 * 10% = 12,500 * 2 = $25,000

2019 : $125,000 - $25000 = $100,000 * 10% * 2 = $20,000

2020: $100,000 - $20,000 = $80,000 * 10% * 2 = $16,000

2021 : $80,000 - $16,000 = 64,000 * 10% * 2 = $12,800

Due to use, wear and tear, or obsolescence, the monetary worth of an object decreases with time. Depreciation is the term used to describe this reduction.

A.Company B's depreciation expense for 2021 is $12,800  

B. Accumulated Depreciation (Dr.) $23,800

Plant and equipment (Cr.) $23,800

Solution:-

The depreciation expense of 2021 will be $12,800. The cost of plant and equipment is $125,000.

Depreciation 2018 : $125,000 * 10% = 12,500 * 2 = $25,000

2019 : $125,000 - $25000 = $100,000 * 10% * 2 = $20,000

2020: $100,000 - $20,000 = $80,000 * 10% * 2 = $16,000

2021 : $80,000 - $16,000 = 64,000 * 10% * 2 = $12,800

To know more about depreciation, refer to the link:-

https://brainly.com/question/14971715

For each of the following, is the business a price-taking producer?

Answers

The answer above is correct my dude
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