ABC Services reported the following transactions for September, 2013. A) The owner opened the business with a capital contribution of $23,500 cash. It was credited to Capital. B) The business purchased office equipment for $11,500. The business paid $2,500 cash down and put the balance on a note payable. C) The business paid insurance expense of $1,350 cash. D) The business paid a utility bill for $980 cash. E. The business paid $2,000 cash for September rent. F. The business had sales of $12,000 in September. Of these sales, 60% were cash sales, and the balance was credit sales. G. The business paid $9,700 cash for office furniture. What are the total liabilities at the end of September, 2013

Answer:

ABC Services

The total liabilities at the end of September, 2013

= $9,000

Explanation:

a) Data and Calculations:

Capital contribution = $23,500

Equipment = $11,500

Cash payment for equipment = $2,500

Note payable on equipment = $9,000

Insurance expense paid = $1,350

Utility expense paid = $980

Rent paid = $2,000

Sales = $12,000

Cash Sales = $7,200 (60% of $12,000)

Credit Sales = $4,800 (40% of $12,000)

Office furniture paid = $9,700

Therefore, total liabilities at the end of September, 2013 = $9,000.  This represents the note payable for the office equipment purchased in B.

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Cost per Unit Cost per Period
Direct materials $6.25
Direct labor $3.20
Variable manufacturing overhead $1.20
Fixed manufacturing overhead $13,200
Sales commissions $1.20
Variable administrative expense $0.50
Fixed selling and administrative expense $3,300

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What happens to your employer-sponsored retirement plan if you decide to change employers?

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Ob. variable and fixed selling and administrative expenses
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Conversion (50% completed)
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