Arthur Industries entered into the following transactions during the month of June. Purchased supplies for $5,300 cash. Paid $4,480 for salaries and wages for the month of June. Paid $560 in advance for July rent. Provided $13,400 in services on account. Paid $800 on accounts payable. Received $310 from customers as deposits for future services. Received a bill for $410 from the plumber who repaired a broken pipe in the restrooms, but will not pay the bill until July. Purchased equipment for cash of $740.

Answers

Answer 1

Answer:

S/N   Account Titles and Explanation      Debit     Credit

A       Supplies                                             $5,300

              Cash                                                             $5,300

          (To record the purchase of supplies for cash)

B       Salaries and wages expense            $ 4,480

              Cash                                                             $4,480

         (To record the payment of wages and salaries)

C        Prepaid rent                                       $ 560

               Cash                                                             $560

          (To record the payment of prepaid rent for July)

D        Accounts receivable                           $13,400

                Service revenue                                         $13,400

         (To record the services provided on account)

E         Accounts payable                               $800

                   Cash                                                          $800

           (To record the payment made on Accounts payable)

F          Cash                                                     $310

                    Unearned revenue/Deferred revenue    $310

           (To record the unearned services revenue)

G          Repairs and maintenance expense  $410

                     Accounts payable                                     $410

             (To record the accounts payable for repairs expenses incurred)

H           Equipment                                          $740

                      Cash                                                           $740

             (To record the purchase of equipment for cash)


Related Questions

Marketing and common sense

Answers

1. Elevator pitch. You should be marketing all the time — wherever you are. Therefore, you need a compelling elevator pitch. Research shows the average attention span of an adult is about 6 to 8 seconds. That’s all the time you have to grab someone’s attention. If you successfully engage them, then you only have a little over a minute to really sell them on your product or service. So you need to invest the time to craft a killer elevator pitch. The return on your investment will pay huge dividends in terms of creating business opportunities.

2. Leverage Community. You don’t have to think big when it comes to your marketing efforts. Think locally. What’s going on in your community? Sponsor a Little League team or a 5k charity walk/run. Print bookmarks and leave them at the local library. If you understand who your ideal customer is, think about how and where they spend their time. Then search for opportunities to be there with your marketing message.

3. Collaborative Marketing. Put together a group of synergistic, non-competitive businesses in your area and agree to cross-promote. You can use coupons, fliers, reciprocal website links or even offer bundled promotions. By collaborating with each other you can expand your customer base because you’ll be reaching new people.

4. Networking. I’m a huge fan of networking. I don’t think there is any better way to build a business than to get out there, shake some hands, and get known. Networking requires a time commitment and it doesn’t provide instant gratification, but a strong network is one of the greatest assets any business person can have.

5. Give a Speech. A lot of people hate public speaking. However, there are lots of groups you are looking for qualified, subject-matter experts who can present to their groups. So take a deep breath and volunteer. You don’t have to be a pro as long as the information you share is helpful to the audience. And the upside — the more you do it the easier it gets. Plus it positions you as a credible authority in your field

is adversity the same thing as marketing ?

Answers

Answer:

(I think you meant advertising) no, advertising would be like a commercial, billboard, rdio ad. marketing is coming up with the ad (like people who write jingles)

Explanation:

g Mystery Inc has a beta of 1.1. The firm just paid a dividend of 60 cents and the dividends are expected to grow at 5.5% per year. The expected return on the market is 10% and treasury bills have a yield of 5%. The company's current stock price is $45. Calculate the cost of equity using the dividend growth model.

Answers

Answer:

6.91%

Explanation:

The formula for share price using the dividend growth model stated below can be used to determine the cost of equity as well whereby the formula is rearranged in order to make the cost of equity the subject as shown thus:

share price=expected dividend/(cost of equity-growth rate)

share price=$45

expected dividend=last dividend*(1+dividend growth rate)

expected dividend=$0.60*(1+5.5%)=0.633

cost of equity=the unknown

dividend growth rate=5.5%

45=0.633/(cost of equity-5.5%)

45*(cost of equity-5.5%)=0.633

cost of equity-5.5%=0.633/45

cost of equity=(0.633/45)+5.5%

cost of equity=6.91%

Common-size and trend percents for Rustynail Company's sales, cost of goods sold, and expenses follow. Common-Size Percents Trend Percents Current Yr 1 Yr Ago 2 Yrs Ago Current Yr 1 Yr Ago 2 Yrs Ago Sales 100.0 % 100.0 % 100.0 % 104.5 % 103.3 % 100.0 % Cost of goods sold 63.7 61.5 57.4 116.0 110.7 100.0 Total expenses 14.3 13.8 14.1 106.1 101.1 100.0 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period?

Answers

Answer:

Rustynail Company

1. The net income for the following years:

Common-Size Percents and Trend Percents

                              Current    1 Yr       2 Yrs       Current    1 Yr       2 Yrs

                                   Yr        Ago       Ago             Yr        Ago       Ago

Sales                       100.0 %  100.0 % 100.0 %   104.5 %  103.3 %   100.0 %

Cost of goods sold  63.7        61.5       57.4       116.0       110.7       100.0

Total expenses         14.3        13.8        14.1       106.1        101.1       100.0

Net Income              22.0       24.7       28.5        77.2        86.7      100.0

2. The net income decrease in this three-year period.

Explanation:

a) Data and Calculations:

Common-Size Percents and Trend Percents

                              Current    1 Yr       2 Yrs       Current    1 Yr       2 Yrs

                                   Yr        Ago       Ago             Yr        Ago       Ago

Sales                       100.0 %  100.0 % 100.0 %   104.5 %  103.3 %   100.0 %

Cost of goods sold  63.7        61.5       57.4       116.0       110.7       100.0

Total expenses         14.3        13.8        14.1       106.1        101.1       100.0

Net Income              22.0       24.7       28.5        77.2        86.7      100.0

b) The net incomes for the common-size percents are obtained by deducting the cost of goods sold and the total expenses from sales.  The net incomes for the trend percents are obtained by stating the base year as 100% and then calculating the other years.  This takes the form of taking the net income for the analysis year/base year's and then multiplying by 100.

Betty Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.

April 2 Invested $27,750 cash and equipment valued at $12,920 in the business.
2 Hired an administrative assistant at a salary of $305 per week payable monthly.
3 Purchased supplies on account $673. (Debit an asset account.)
7 Paid office rent of $574 for the month.
11 Completed a tax assignment and billed client $1,188 for services rendered. (Use Service Revenue account.)
12 Received $3,207 advance on a management consulting engagement.
17 Received cash of $2,354 for services completed for Ferengi Co.
21 Paid insurance expense $105. 30 Paid administrative assistant $1,220 for the month.
30 A count of supplies indicated that $113 of supplies had been used.
30 Purchased a new computer for $7,092 with personal funds. (The computer will be used exclusively for business purposes.)

Required:
Journalize the transactions in the general journal.

Answers

Answer:

Date               Account Details                                 Debit                     Credit

April 2            Cash                                                 $ 27,750

                      Equipment                                       $12,290

                      Owner's Capital                                                            $40,670

Date               Account Details                                 Debit                     Credit

April 2            Entry not required till payment

Date               Account Details                                 Debit                     Credit

April 3           Supplies                                               $673

                      Accounts Payable                                                            $673

Date               Account Details                                 Debit                     Credit

April 7            Rent expense                                     $574

                      Cash                                                                                   $574

Date               Account Details                                 Debit                     Credit

April 11            Accounts Receivables                     $1,188

                      Service Revenue                                                              $1,188

Date               Account Details                                 Debit                     Credit

April 12           Cash                                                  $3,207

                       Unearned revenue                                                        $3,207

Date               Account Details                                 Debit                     Credit

April 17           Cash                                                   $2,354

                       Service Revenue                                                           $2,354

Date               Account Details                                 Debit                     Credit

April 21           Insurance expense                           $105

                       Cash                                                                                 $105

Date               Account Details                                 Debit                     Credit

April 30         Salaries expense                               $1,220

                      Cash                                                                                 $1,220

Date               Account Details                                 Debit                     Credit

April 30          Supplies expense                             $113

                      Supplies                                                                             $113

Date               Account Details                                 Debit                     Credit

April 30          Equipment                                        $7,092

                       Owner's Capital                                                             $7,092

A country has constant opportunity cost of production. If they devote all of their resources to the production of blankets they can produce a total of 284 per week. If they devote all of their resources to the production of t-shirts they can produce a total of 612 shirts per week. What is the opportunity cost of producing 1 blanket

Answers

Answer:

2.15 shirts

Explanation:

Opportunity cost or implicit is the cost of the next best option forgone when one alternative is chosen over other alternatives

By producing one more blanket, the country would be forgoing the opportunity to produce one more shirt.

opportunity cost of producing 1 blanket = 612 shirts / 284 = 2.15 shirts

Rasmussen Corporation expects to incur indirect overhead costs of $80,000 per month and direct manufacturing costs of $12 per unit. The expected production activity for the first four months of 2017 is as follows:
Required
a. Calculate a predetermined overhead rate based on the number of units of product expected to be made during the first four months of the year.
b. Allocate overhead costs to each month using the overhead rate computed in Requirement a.
c. Calculate the total cost per unit for each month using the overhead allocated in Requirement b.
Month Jan Feb March April
Number of Units 6,000 7,000 3,000 4,000
Expected Cost
Overhead ? ? ? ?
Direct Cost ? ? ? ?
Total Cost
Cost per unit ? ? ? ?

Answers

Answer:

Results are below.

Explanation:

First, we need to calculate the predetermined overhead rate for the period:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (80,000*4) / 20,000

Predetermined manufacturing overhead rate= $16 per unit

Now, we can allocate overhead to each month:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

January= 6,000*16= $96,000

February= 7,000*16= $112,000

March= 3,000*16= $48,000

April= 4,000*16= $64,000

The total unitary manufacturing costs are constant:

Total unitary manufacturing cost= 12 + 16

Total unitary manufacturing cost= $28

Businesses, individuals, and governments often need to raise capital, while others have surplus funds. In a well-functioning economy, capital flows efficiently from those with surplus capital to those who need it. Transfers can take place in 3 ways: direct transfers without going through any type of financial institution, indirect transfers through investment banks that underwrite the securities, and indirect transfers through financial.

a. True
b. False

Answers

Answer:

The correct answer is the option A: True.

Explanation:

To begin with, according to the microeconomics theory regarding the basic model of the economy of a country in where the three major characters are the government, the companies and the families, the way that the surplus capital will go from one to the other is determine by the state of the economy itself, meaning that with everything being in perfect state, the the ones who need the capital will obtain it from the other through the use of intermediaries like the bank or also through a direct transsaction accorded with the owner of the capital as well as and indirect transfer using the financial sector.

Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended January 30, 2016, are available in the Connect. This material also is available under the Investor
1. What amounts did Target report for the following items for the year ended January 30, 2016?
b) Income from current operations
c) Net income or net loss
d) Total assets
e) Total equity
2) What was Target’s basic earnings per share for the year ended January 30, 2016?
Why do you think Target has chosen to have its fiscal year end on January 30, as opposed to December 31?
3) Regarding Target’s audit report:
Who is Target’s auditor?
Did Target receive a "clean" (unmodified) audit opinion?

Answers

Answer:

1. What amounts did Target report for the following items for the year ended January 30, 2016?

b) Income from current operations

$2,669 million

c) Net income or net loss

$2,737 million

d) Total assets

$37,431 million

e) Total equity

$10,953

2) What was Target’s basic earnings per share for the year ended January 30, 2016?

$4.74 per share

Why do you think Target has chosen to have its fiscal year end on January 30, as opposed to December 31?

I guess that Christmas Holiday season is very important for them and a large percentage of their revenue is generated during November and December. It reports at the end of January to have time to consolidate its financial statements.

3) Regarding Target’s audit report:

Who is Target’s auditor?

Ernst & Young  

Did Target receive a "clean" (unmodified) audit opinion?

yes, it did

Percent of Sales Method
At the end of the current year, Accounts Receivable has a balance of $2,150,000; Allowance for Doubtful Accounts has a debit balance of $10,500; and sales for the year total $51,850,000. Bad Debt Expense is estimated at 1/4 of 1% of sales.
A. Determine the amount of the adjusting entry for uncollectible accounts.
B. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
C. Determine the net realizable value of accounts receivable.

Answers

Answer:

a. Amount of bad  debts = Sales * (Bad debts %) = $51,850,000 * 0.25% = $129,625. Thus, the amount of the adjusting entry  for uncollectible accounts is $129,625.

b. The adjusted balances are as follow

Accounts Receivable                        $2,150,000

Allowance for Doubtful Accounts    $119,125  (129,625 - 10,500)

Bad Debt Expense                            $129,625

c. Net realizable value of accounts receivable = Balance of accounts receivables  - Allowance for Doubtful Accounts

Net realizable value of accounts receivable = $2,150,000 - $119,125

Net realizable value of accounts receivable = $2,030,875

Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 6.5% service charge for sales on its credit card and credits the bank account of Mayfair immediately when credit card receipts are deposited. Mayfair deposits the Zisa credit card receipts each business day. When customers use Access credit cards, Mayfair accumulates the receipts for several days before submitting them to Access for payment. Access deducts a 5.5% service charge and usually pays within one week of being billed. Mayfair completes the following transactions in June. (The terms of all credit sales are 2/15, n/30, and all sales are recorded at the gross price.)

4 Sold $600 of merchandise (that had cost $300) on credit to Natara Morris.
5 Sold $9,400 of merchandise (that had cost $4,700) to customers who used their Zisa cards.
6 Sold $5,674 of merchandise (that had cost $2,837) to customers who used their Access cards.
8 Sold $4,250 of merchandise (that had cost $2,125) to customers who used their Access cards.
10 Submitted Access card receipts accumulated since June 6 to the credit card company for payment.
13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $473 balance in McKee’s account stemmed from a credit sale in October of last year.
17 Received the amount due from Access.
18 Received Morris’s check in full payment for the purchase of June 4.

Required:
Prepare journal entries to record the preceding transactions and events.

Answers

Answer:

4-Jun

Dr Accounts receivable—N. Morris 600

Cr Sales 600

4-Jun

Dr Cost of goods sold 300

Cr Merchandise inventory 300

5-Jun

Dr Cash 8,883

Dr Credit card expense 517

Cr Sales 9,400

5-Jun

Dr Cost of goods sold 4,700

Cr Merchandise inventory 4,700

6-Jun

Dr Accounts receivable—Access 5,560

Dr Credit card expense 113.5

Cr Sales $5,674

6-Jun

Dr Cost of goods sold 2,837

Cr Merchandise inventory 2,837

8-Jun

Dr Accounts receivable—Access 4,165

Dr Credit card expense 85

Cr Sales $4,250

8-Jun

Dr Cost of goods sold $2,125

Cr Merchandise inventory $2,125

10-Jun No journal entry required

13-Jun

Dr Allowance for doubtful accounts 473

Cr Accounts receivable—A. McKee 473

17-Jun

Dr Cash 9,725

Cr Accounts receivable—Access 9,725

18-Jun

Dr Cash 588

Dr Sales discounts 12

Cr Accounts receivable—N. Morris 600

Explanation:

Preparation of the journal entries to record the preceding transactions and events.

4-Jun

DrAccounts receivable—N. Morris 600

Cr Sales 600

4-Jun

Dr Cost of goods sold 300

Cr Merchandise inventory 300

(Being to record Sales on credit)

5-Jun

Dr Cash 8,883

(9,400-517)

Dr Credit card expense 517

(5.5%*9,400)

Cr Sales 9,400

5-Jun

Dr Cost of goods sold 4,700

Cr Merchandise inventory 4,700

6-Jun

Dr Accounts receivable—Access 5,560.5

($5,674-113.5)

Dr Credit card expense 113.5

($5,674*2%)

Cr Sales $5,674

6-Jun

Dr Cost of goods sold 2,837

Cr Merchandise inventory 2,837

8-Jun

Dr Accounts receivable—Access 4,165

($4,250-$85)

Dr Credit card expense 85

(2%*$4,250)

Cr Sales $4,250

8-Jun

Dr Cost of goods sold $2,125

Cr Merchandise inventory $2,125

10-Jun No journal entry required

13-Jun

Dr Allowance for doubtful accounts 473

Cr Accounts receivable—A. McKee 473

17-Jun

Dr Cash 9,725

Cr Accounts receivable—Access 9,725

(5,560+4,165)

18-Jun

Dr Cash 588

(600-12)

Dr Sales discounts 12

(2%*600)

Cr Accounts receivable—N. Morris 600

Terry Dactal has compiled the financial information displayed below. Which of the following is Terry’s net worth? Salaries $72,400 Credit Card Balance $8,600 Cash on Hand $1,500 Utilities paid to date $8,450 Coin Collection $2,350 Jewelry value $8,500 Home value $335,000 Auto loan balance $14,300 Stock Portfolio value $18,500 1967 Ford Mustang value $40,900 Grocery Expenses $7,550 Checking account $3,200 Mortgage Balance $278,600 Property Taxes owed $1,750 Mortgage loan payments made $19,500 Student loan balance $26,200 New York vacation expenses paid $4,200 Auto loan payments paid $6,600 Income taxes paid-to-date $9,100 Clothing/entertainment expense $5,000 Interest earned $400 Insurance premiums paid $5,500

Answers

Answer: $80,500

Explanation:

A person's net worth is their Net assets less their liabilities.

Terry's assets include:

Cash on hand, Coin collection, Home value, Jewellery, stock portfolio, 1967 Ford Mustang, Checking account

Terry's liabilities include:

Credit card balance, Auto loan balance, Mortgage balance, Property taxes owed, Student loan balance.

Net worth is therefore:

= (1,500 + 2,350 + 335,000 + 8,500 + 18,500 + 40,900 + 3,200) - (8,600 + 14,300 + 278,600 + 1,750 + 26,200)

= $80,500

If you deposit $5,000 4 years from today, how much can you withdraw 10 years from today if interest is 6 percent per year compounded annually?

Answers

Answer:

the future value is $7,093

Explanation:

The computation of the future value is shown below:

As we know that

Future value = Present value × (1 + rate of interest)^number of years

= $5,000 × (1 + 0.06)^6

= $5,000 × 1.06^6

= $7,093

Hence, the future value is $7,093

A review of Parson Corporation's accounting records found that at a volume of 90,000 units, the variable and fixed cost per unit amounted to $8 and $4, respectively. On the basis of this information, what amount of total cost would Parson anticipate at a volume of 85,000 units

Answers

Answer:

Total cost= $1,040,000

Explanation:

For 90,000 units:

Unitary variable cost= $8

Unitary fixed cost= $4

First, we need to calculate the total fixed cost:

Total fixed cost= 4*90,000= $360,000

Now, we can determine the total cost for 85,000 units:

Total cost= 85,000*8 + 360,000

Total cost= $1,040,000

Cost of Goods Sold Section, Multiple-Step Income Statement
Based on the information that follows, prepare the cost of goods sold section of a multiple-step income statement.
Merchandise Inventory, January 1, 20-- $37,000
Estimated Returns Inventory, January 1, 20-- 1,000
Purchases 102,000
Purchases Returns and Allowances 4,200
Purchases Discounts 2,040
Freight-In 800
Merchandise Inventory, December 31, 20-- 30,500
Estimated Returns Inventory, December 31, 20-- 1,500
Income Statement
For Year Ended December 31, 20--
Cost of goods sold:
$
$
$
$

$


$
$
Cost of goods sold $

Answers

Answer and Explanation:

The preparation of the cost of goods sold section of a multiple-step income statement is presented below:

Cost of goods section

Multiple-income statement

Opening inventory         $37,000

Estimated return inventory $1,000

Purchase $102,000

Less purchase returns -$4,200

Less: Purchase discount -$2,040

Add: Freight in $800

Less: closing inventory -$30,500

Less: estimated return inventory -$1,500

Cost of goods sold $102,560

If you receive 10 units of utility from consuming one cup of coffee and 16 units of utility from consuming two cups of coffee, which of the following is the likely amount of utility you will receive from consuming three cups of coffee?

Answers

Answer:

26

Explanation:

Answer:

18

Explanation:

1 unit= 10     2 units =16        2/16= 8

3 cups is 18

Katherine Stein told her boss, "Dan, a number of our senior staff will be retiring within five years. We can't afford to have the combined expertise, skills, wisdom, and relationships of these retirees walk out the door without first discovering and sharing these intellectual resources. I recommend that we implement a(n) ______________ system to harness this intellect."

Answers

Answer: knowledge management

Explanation:

Based on the information given, knowledge management would be used to harness this intellect.

Knowledge management simply has to do with the creation, and management of information and knowledge for an organization so that the organization's objectives can be achieved.

A professor who teaches at a university is part of which type of career?
A. Education
B. Office administration
C. Management
D. Transportation

Answers

Answer:

A

Explanation:

Education

Answer:

a

Explanation:

Marge owns land and a building (held for investment) with an adjusted basis of $75,000 and a fair market value of $250,000. The property is subject to a mortgage of $400,000. Because Marge is in arrears on the mortgage payments, the creditor is willing to accept the property in return for canceling the amount of the mortgage.
a. How can the adjusted basis of the property be less than the amount of the mortgage?
b. If the creditor's offer is accepted, what are the effects on the amount realized, the adjusted basis, and the realized gain or loss for Marge?
c. Does it matter in (b) if the mortgage is recourse or nonrecourse?

Answers

Answer:

A. The amount deducted for Depreciation may be higher than the amortized amount of the mortgage principal.

Decrease in the value of the property after they granted the mortgage

Bi $400,000

ii. $75,000

iii. $325,000

C.No

Explanation:

a. The adjusted basis of the property can be tend to be lesser than the amount of the mortgage due to the fact that in the beginning of an asset life the amount that was deducted for Depreciation may be more higher than the amortized amount of the mortgage principal .

Secondly the adjusted basis of the property can be tend to be lesser than the amount of the mortgage when their is Decrease in the value of the property after they granted the mortgage .

Lastly the adjusted basis of the property can be tend to be lesser than the amount of the mortgage when the fair market value of Property are been given instead of the Adjusted basis of the property.

b. Calculation for the effects on the amount realized, the adjusted basis, and the realized gain or loss for

i. Based on the information given the amount that was realized will be the amount of $400,000

ii. Based on the information given the Adjusted basis will be the amount of $75,000

iii. Realized gain=$400,000 − $75,000

Realized gain= $325,000

c.No it don't not matter if the mortgage is recourse or nonrecourse since the amount that was realized was the amount of $400,000 and

to justify the nonrecourse mortgage is that the taxpayer has already enjoy some benefit when the mortgage was acquired due to the increase in Adjusted basis of the property.

Many small firms seek to establish a particular niche in the market, realizing that they cannot afford to operate on a larger scale without exposing themselves to considerable risk of retaliation from larger companies. When a number of small businesses are operating in this manner, they are forcing the larger businesses to recognize and account for their influence on the market. In this way, small businesses are primarily Question 49 options:

Answers

Answer:

fostering competition

Explanation:

By deciding to focus on a particular niche these smaller firms in effect foster competitions among other larger firms.

For example, if in a market for shoes, a small firm A, that is newly established decides to focus only on selling shoes for children after recognizing they cannot match up with an existing larger company B that sells a variety of shoes (both children and adult shoes). At a point in time when a number of small businesses are operating in this manner, the larger companies would recognize and account for their influence on the market.

The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store.Issued 100,000 shares of common stock in exchange for $500,000 cash.Purchased office equipment at a cost of $100,000. $40,000 was paid in cash and a note payable was signed for the balance owed.Purchased inventory on account at a cost of $200,000. The company uses the perpetual inventory system.Credit sales for the month totaled $280,000. The cost of the goods sold was $140,000.Paid $6,000 in rent on the store building for the month of June.Paid $3,000 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2021.Paid $120,000 on account for the merchandise purchased in 3.Collected $55,000 from customers on account.Paid shareholders a cash dividend of $5,000.Recorded depreciation expense of $2,000 for the month on the office equipment.Recorded the amount of prepaid insurance that expired for the month.

Answers

Answer:

Sew below

Explanation:

Sidwell

Debit Cash account $500,000

Credit Common stock $625,00

To record the issue of 100,000 shares for cash

Debit office equipment $100,000

Credit cash account $40,000

Credit notes payable $60,000

To record the purchase of office equipment

Debit inventory $200,000

Credit Accounts payable $200,000

To record the purchase of inventory

Debit Accounts receivables $280,000

Credit Sales revenue $280,000

To record the sales of goods on account

Debit Cost of goods sold $140,000

Credit Inventory $140,000

To record the cost of goods sold

Debit rent expenses $6,000

Credit cash account $6,000

To record the payment of rent for the month

In each of the following areas, give one example in which the government is involved as a producer, a regulator, or a purchaser of final goods and services distributed directly to individuals or used within government:______.
a. Education
b. Utilities
c. Transportation
d. Credit Markets
e. Insurance markets
f. Food
g. Housing

Answers

Answer:

a. Education

Producer = Provides public schools

Regulator = Government sets graduation requirements

Purchaser of goods = In awarding scholarships, the government is paying for school fees and buying education.

b. Utilities

Producer = Government provides water to residents

Regulator = Government regulates nuclear energy industry

Consumer = Government departments buy electricity for use.

c. Transportation

Producer = Government builds roads for transport

Regulator = The Federal Aviation Administration (FAA) regulates aviation transport.

Consumer = Private contractors transport military and are paid for it.

d. Credit Markets

Producer = Government provides low interest loans to farmers

Regulator = Fed mandates reserve requirements to Banks

Consumer = Fed buys bonds in open market operations.

e. Insurance markets

Producer = Government provides an unemployment scheme

Regulator = Laws governing the rejection of claims by insurer

Consumer = Government pays for Medicaid

f. Food

Producer = Department of Agriculture farms for experimentation purposes

Regulator = FDA requires that food in restaurants are cooked in certain sanitary conditions.

Consumer = Government pays for food stamps which allows people to get food.

g. Housing

Producer = Johnston Square Apartments built by State of Maryland for affordable housing.

Regulator = Housing codes by Counties

Consumer = Government subsidises rent for some people

g A department store chain has 15,100 shares of common stock outstanding at a price per share of $75 and a rate of return of 14%. The company also has 400 bonds outstanding, with a par value of $1,500 per bond. The pretax cost of debt is 6.5% and the bonds sell for 98.2% of par. What is the firm's WACC if the tax rate is 29%

Answers

Answer:

10.79%

Explanation:

WACC = Pretax cost of debt*(1 - tax rate)*[(Number of bonds*Par value *selling price) / (Number of bonds*Par value*Selling price*Number of shares *Price per share)] + Rate of return*[(Number of shares*Price per share) / (Number of bonds*Par value*Selling price + Number of shares*Price per share)]

WACC = 0.065 *(1 - 0.29) * [(400*$1,500*98.2%) / (400*$1,500*98.2% + 15,100*$75)] + 0.14 x [(15,100*$75) / (400*$1,500*98.2% + 15,100*$ 75)]

WACC = 4.615%*[$ 589,200 / ($589,200 + $1,132,500)] + 0.14*[$1,132,500 / ($589,200 + $1,132,500)]

WACC= 4.615%*$589,200 / $1,721,700 + 0.14*$ 1,132,500/$ 1,721,700

WACC = 4.615%*0.342219899 + 14%*0.657780101

WACC =  1.579344834% + 9.208921415%

WACC = 10.79%

What is the difference between a programmed and a non-programmed decision?

Answers

Here’s your answer

Programmed decisions are those that are based on criteria that are well understood, while nonprogrammed decisions are novel and lack clear guidelines for reaching a solution. Managers can establish rules and guidelines for programmed decisions based on known fact, which enables them to reach decisions quickly.

Manufacturing cost data for Copa Company are presented below. Indicate the missing amount for each letter (a) through (i).

Case A Case B Case C
Direct materials used $(a) $73,230 $133,500
Direct labor 59,750 90,370 (g)
Manufacturing overhead 50,000 84,670 104,900
Total manufacturing costs 198,600 (d) 257,500
Work in process 1/1/20 (b) 19,770 (h)
Total cost of work in process 224,960 (e) 339,300
Work in process 12/31/20 (c) 16,940 72,760
Cost of goods manufactured 189,300 (f) (i)

Answers

Answer:

(a) $88,850

(b) $26,360

(c) $35,660

(d) $248,270

(e) $268,040

(f) $251,100

(g) $19,100

(h) $81,800

(i) $412,060

Explanation:

$59,750 + $50,000 - $198,600 = $88,850

$198,600 - $224,960 = $26,360

$224,960 - $189,300 = $35,660

$73,230 + $90,370 + $84,670 = $248,270

$248,270 + $19,770 = $268,040

$268,040 - $16,940 = $251,100

$133,500 + $104,900 - $257,500 = $19,100

$257,500 - $339,300 = $81,800

$339,300 + $72,760 = $412,060

The cost of goods manufactured calculates the total production cost of manufactured goods in a particular period.

Manufacturing cost data for Copa Company

(A)Direct materials used= $59,750 + $50,000 - $198,600 = $88,850

(B)Work in process 1/1/20 =$198,600 - $224,960 = $26,360

(C)Work in process 12/31/20=$224,960 - $189,300 = $35,660

(D)Total manufacturing costs=$73,230 + $90,370 + $84,670 = $248,270

(E)Total cost of work in process =$248,270 + $19,770 = $268,040

(F)Cost of goods manufactured=$268,040 - $16,940 = $251,100

(G)Direct labor=$133,500 + $104,900 - $257,500 = $19,100

(H)Work in process 1/1/20 =$257,500 - $339,300 = $81,800

(I)Cost of goods manufactured=$339,300 + $72,760 = $412,060

Learn more about direct labor, refer to the link:

https://brainly.com/question/15860064

National Orthopedics Co. issued 9% bonds, dated January 1, with a face amount of $500,000 on January 1, 2021. The bonds mature on December 31, 2024 (4 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. Required: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the journal entry to record their issuance by National on January

Answers

Answer:

The price of the bonds $483,841.97    

Journal entry:

Dr cash $483,841.97    

Dr discount on bonds payable $16,158.03    

Cr bonds payable $500,000.00

Explanation:

Using a financial calculator, we determine the bond price by using the following inputs:

N=8(number of semiannual coupons in 4 years=4*2=8)

PMT=22500 (semiannual coupon=face value*coupon rate*6/12= $500,000*9%*6/12=$22,500)

I/Y=5(semiannual yield=10%%*6/12=5%)

FV=500000( the face value is $600,000)

CPT PV=$483,841.97    

Bond discount=face value-bond price

Bond discount=$500,000-$483,841.97    

Bond discount=$16,158.03    

The double entries are to debit cash and discount on bonds payable with $483,841.97 and $16,158.03  respectively while bonds payable is credited with the face value of $500,000

Ben wants to do business in the Middle East where it is an accepted practice to give gifts to government officials. However, Ben may not be able to carry out his plans because he doesn't want to violate The Foreign Corrupt Practices Act (FCPA), which was enacted because Congress was concerned about _______.

Answers

Answer:

U.S. corporations' use of illegal payments and bribes in international business dealings

Explanation:

From the question, we are informed about Ben who wants to do business in the Middle East where it is an accepted practice to give gifts to government officials. However, In this case, Ben may not be able to carry out his plans because he doesn't want to violate The Foreign Corrupt Practices Act (FCPA), which was enacted because Congress was concerned about U.S. corporations' use of illegal payments and bribes in international business dealings.

The Foreign Corrupt Practices can be regarded as one the U.S law of 1977 act. This law is about prohibition of citizens of U.S as well as entities from giving bribes to officials of government of foreign countries in order to be a beneficiary of their business interests

Suppose you have two friends who have the same underlying ability, took the same courses in college, and have the same GPA. One of them decides to go to a business school for an MBA, while the other one chooses to pursue a PhD in English literature. Given that the expected earnings of an MBA are much higher than the expected earnings of an English PhD, is one of your friends being irrational?

Answers

Answer:

Rational is based on the logical preference. Being irrational does not means that the choice is made based on monetary preference. It is more logical than monetary.

Explanation:

The two friends took same courses in college but after the completion of college degree one decides to go for MBA and other pursues PhD in English. The expected earnings of MBA are higher than PhD but one of friend who chooses the PhD has not considered the logical decision making based on money. He might have chose the PhD because he is more interested in becoming a professor rather than a business professional.

Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $55,000, $65,000, and $80,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000.
The journal entry to record the flow of costs into Department 2 during the period for direct materials is:________.
A. Work in Process--Department 2 55,000
Materials 55,000
B. Work in Process--Department 2 150,000
Materials 150,000
C. Materials 55,000
Work in Process--Department 2 55,000

D. Work in Process--Department 2 100,000
Materials 100,000

Answers

Answer:

A. Work in Process--Department 2 55,000

Explanation:

The journal entry is shown below:

Work in Process - Department 2 Dr $55,000

         To Materials $55,000

(Being the recording of the flow of cost for the direct material is done)

Here the work in process would be debited as it increased the asset and credited the material as it decreased the asset

Therefore the first option is correct

Wings Co. budgeted $555,600 manufacturing direct wages, 2,315 direct labor hours, and had the following manufacturing overhead:
Overhead Cost Pool - Budgeted O/H $ - Budgeted Level for Cost Driver - O/H Cost Driver
Materials Handling $160,000 3,200 lbs. Material Weight
Machine Setup 13,200 390 S/U�s # of S/Us
Machine Repair 1,380 30,000 Mach. Hrs Machine Hrs.
Inspections 10,560 160 Inspections # of Inspections
Requirements for Job #971 which included 4 Units of Production:
D/L Hours = 20 Hours
D/Mat�ls = 130 lbs.
Machine S/U = 30 Set-ups
Machine Hrs. = 15,000 Machine Hours
Inspections = 15 Inspections.
Using ABC, the materials handling overhead cost assigned to Job #971 is:______.
a. $2,300.
b. $990.
c. $6,500.
d. $690.
e. $1,020.

Answers

Answer:

c. $6,500.

Explanation:

The computation of the material cost assigned to Job 971 is as follows:

= Budgeted Overhead × Material Weight for Job 971 ÷ Total Weight

= $160,000 × 130 ÷ 3200

=$6,500

Hence, the  material cost assigned to Job 971 is $6,500

Therefore the correct option is c.

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