Answer: See explanation
Explanation:
Based on the information given in the question, the corrected amounts for 2020 cost of goods sold would be:
= $1307500 + $36930 - $118630
= $1225800
The corrected Retained earnings would be:
= $5,383,000 - $36,930
= $5,346,070
Oakland Tax Planning Service bought computer equipment for on January 1, 2018. It has an estimated useful life of four years and zero residual value. Oakland uses the straightline method to calculate depreciation and records depreciation expense in the books at the end of each month. Calculate the amount of Depreciation Expense for the period, January 1, 2018 through September 30, 2018, for this equipment. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
A. $6,000
B. $6,500
C. $4,500
D. $5,000
Answer:
C. $4,500
Explanation:
The computation of the depreciation expense using the straight-line method is shown below:
= (Cost - residual value) ÷ Useful life of the asset
= $24,000 ÷ 48 months
= $500
Now for 9 months, it is
= $500 × 9 months
= $4,500
Hence, the depreciation expense is $4,500
Therefore the correct option is c. $4,500
If assets total 45,000, expenses total 10,000, revenues total 35000, and stockholders' equity equals 30,000 what is the amount of net income?
Answer:
$25,000
Explanation:
Calculation for the what is the amount of net income
Using this formula
Net income= Total Revenues-Total expenses
Let plug in the formula
Net income= 35,000+10,000
Net income=$25,000
Therefore the amount of net income will be $25,000
The estimate an organization makes regarding the number and quality of its current employees and the availability of workers externally is called a(n):________
Answer:
Labor supply forecast
Explanation:
The estimate an organization makes regarding the number and quality of its current employees and the availability of workers externally is called a labor supply forecast. This information is very important when determining the number of workers required to meet the labor demands of an organization.
Some examples of the economic and qualitative factors that affects the external supply of labor includes transportation, availability of housing, quality of life, number of training institutes or facilities, wages, demographic trends, immigration etc.
On a website advertising its LSAT preparation classes, The Princeton Review includes this sentence: Since 1998, more than 99% of our surveyed students have said they would recommend Law Preview to entering law students. This persuasive technique relies on ________.
Answer:
relies on statistics
Explanation:
Since 1998, more than 99% of our surveyed students have said they would recommend Law Preview to enter law students. This persuasive technique relies on statistics.
What is law?The term law states that the states of rules are made by the government for the public welfare, there are different laws are being there which help people to make more protective and more effective work in it. By the law the people can work properly under the law and discrimination they have been provided.
As the survey is to be conducted and the basis of the survey the result have been made and by the statics, the result has been concluded to be the students have been recommended the law as compared to the other things. The more served there, the more about the students can be noted down.
Therefore, persuasive techniques play an important role in it. For the survey of the law student.
Learn more about the law here:
https://brainly.com/question/6590381?referrer=searchResults
#SPJ2
Supple SkinCare Inc. is spending significant money educating customers on the value of its mineral-based skincare line as it moves into several new international markets. The money to educate customers is a form of:_______.
a. licensing fees.
b. political costs.
c. opportunity costs.
d. pioneering costs.
e. first-mover advantages.
Answer:
D)pioneering costs
Explanation:
From the question, we are informed about Supple SkinCare Inc. who is spending significant money educating customers on the value of its mineral-based skincare line as it moves into several new international markets. In this case, the money to educate customers is a form of pioneering costs.
Pioneering costs can be regarded as those expenses that is spent by a firm inorder to familiarize with the rule of game in a situation whereby the foreign business system the firm found herself is quit difference from home market. This cost could come in term of of devoting time and spending significant money to educate customers about their products and so on.
How does this article give you a better understanding of the changing perception of Irish immigrants in America?What forces allowed the Irish to be assimilated into U.S. culture despite initial resistance?
Much of the anti-Catholic bias that confronted Irish-American immigrants focused on the figure of the Pope. To many nativist Americans, the idea that Catholic immigrants professed allegiance to a foreign-born religious leader raised serious doubts about whether they could ever be "truly" American. The advent of the War Between the States created an opportunity for the Irish immigrant community to "prove" its Americanism—to demonstrate loyalty to its adopted country, and by so doing, put the lie to the assertions of Know-Nothings and other nativists, who saw the Irish as unfit to be called American.
Answer:
The article first begins by explaining how and why the Irish-Americans were initially viewed by some Americans as being unfit to be called Americans because the Irish as Catholics, followed the Pope who was not American.
It then continues on to show how the Irish were given an opportunity to change this perception that some Americans had during the War between the States otherwise known as the American Civil War where they could show that they were loyal to the United States and therefore as American as the rest.
The American Civil War while deadly, gave the Irish a change to shine because they joined the war effort in their tens of thousands in both the Union and the Confederacy with the Union getting most of them. This forced Americans to see that the Irish-Americans were Americans and afterwards the process of assimilation began.
Flexible Budget for Selling and Administrative Expenses for a Service Company. Cloud Productivity Inc. uses flexible budgets that are based on the following data:
Sales commissions 14% of sales
Advertising expense 18% of sales
Miscellaneous administrative expense $7,000 per month plus 12% of sales
Office salaries expense $29,000 per month
Customer support expenses $13,000 per month plus 20% of sales
Research and development expense $30,000 per month
Prepare a flexible selling and administrative expenses budget for March for sales volumes of $400,000, $500,000, and $600,000.
Cloud Productivity Inc.
Flexible Selling and Administrative Expenses Budget
For the Month Ending March 31, 2016
Total sales $400,000 $500,000 $600,000
Variable cost:
Sales commissions
Advertising expense
Miscellaneous administrative expense
Customer support expense
Total variable cost
Fixed cost:
Miscellaneous administrative expense
Office salaries expense
Customer support expense
Research and development expense
Total fixed cost
Total selling and administrative expenses
Answer:
Total selling and administrative expenses budget for March are as follows:
For sales volumes of $400,000 = $327,000
For sales volumes of $500,000 = $389,000
For sales volumes of $600,000 = $451,000
Explanation:
Note: See the attached excel file for the flexible selling and administrative expenses budget for March
A flexible budget can be described as a budget that changes with the level or volume of activity of a company.
In this question, sales volume is used as the level of activity and a flexible selling and administrative expenses budget for March for sales volumes of $400,000, $500,000, and $600,000 is prepared in the attached excel file.
Write 5 reasons why finding money to pay for college is important for you and your future.
1. Just in case your parents don't have enough money getting a job can help you pay for your collage yourself
2. When finding money after you are done you don't have to pay any student loans
3. Finding money can help you for your future cause if u pay for you collage you will have no stress and have extra money to buy important values
4. Finding money can help you get in a really good collage if u have enough
5. it makes you more determined and make you feel better about yourself
Not the best but here is a try
Ten years ago, Lucas Inc. earned $0.50 per share. Its earnings this year were $5.00. What was the growth rate in earnings per share (EPS) over the 10-year period?
Answer:
25.89%
Explanation:
With regards to the above information, initial earning = $0.50
Final earnings = $5.0
Number of periods = 10 years
We can formulate the above into an equation, which will now be:
$5.00 = $0.5 ( 1 + rate )^ 10
We can simplify furthermore.
1 + rate ^ 10 = 5 / 0.5
1 + rate ^ 10 = 10
1 + rate ^ 10 = 10^1/10
1 + rate = 10 ^ 0.1
1 t rate = 1.2589
rate = 1.2589 - 1
rate = 0.2589
rate = 25.89%
Therefore, the growth rate in earnings per share (EPS) over the 10 year period is 25.89% .
On January 1, your company issues a 5-year bond with a face value of $10,000 and a stated interest rate of 6%. The market interest rate is 4%. The issue price of the bond was $11,016. Your company used the effective-interest method of amortization. At the end of the first year, your company should:_____.a. debit Interest Expense for $800, credit Premium on Bonds Payable for $145.00, and credit Interest Payable for $655.00.b. debit Interest Expense for $655.00 and credit Interest Payable for $655.00.c. debit Interest Expense for $655.00, debit Premium on Bonds Payable for $145.00, and credit Cash for $800.d. debit Interest Expense for $800, debit Premium on Bonds Payable for $145.00, and credit Interest Payable for $655.00.
Answer:
Debit Interest Expense $440.64, Debit Premium on Bonds Payable $159.36 and Credit Cash $600
Explanation:
Amount paid in cash = $10,000 * 6% = $600
Interest expense = $11,016 * 4% = $440.64
Amortization of premium on bonds payable = Amount paid in cash - Interest expense
Amortization of premium on bonds payable = $600 - $440.64
Amortization of premium on bonds payable = $159.36.
Debit Interest Expense $440.64
Debit Premium on Bonds Payable $159.36
Credit Cash $600
Cullumber Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,052,000 on March 1, $1,200,000 on June 1, and $3,072,650 on December 31. Compute Cullumber weighted-average accumulated expenditures for interest capitalization purposes.
Answer: $2,410,000
Explanation:
Date: March 1st
Expenditure: $2,052,000
Capitalization period: 10/12 months
Weighted Average Accumulated Expenditure: $1,710,000
Date: June 1st
Expenditure: $1,200,000
Capitalization period: 7/12 months
Weighted Average Accumulated Expenditure: $700,000
Date: December 31st
Expenditure: $3,072,650
Capitalization period: 0
Weighted Average Accumulated Expenditure: $0
The Weighted Average Accumulated Expenditure will now be:
= $1,710,000 + $700,000 + $0
= $2,410,000
Note that Weighted Average Accumulated Expenditure for each date was gotten as:
= Expenditure × Capitalization period
QUESTION 15
Which grouping represents all non profit organizations?
United Way, Red Cross NAACP
Caesars, Bally, Borgota and Boys & Girls Clubs
Nike, Nordstrom, Kohls and Kelloggs
Feed America, Dress for Success, American Civil Liberties Union and McDonalds
Answer:
United Way, Red Cross, NAACP
Explanation:
A nonprofit organization is an organization that aims to bring collective, public, or social benefits, unlike a business that aims to earn a profit for its owners. Examples of nonprofit organizations are United Way, Red Cross, and NAACP.
United Way is a nonprofit organization based in Virginia that works with almost 1,200 offices throughout the US in a coalition of charitable organizations to pool efforts in fundraising and support.
The Red Cross is a nonprofit organization that was founded to protect human life and health, ensure respect for all human beings, and prevent and alleviate human suffering.
NAACP (The National Association for the Advancement of Colored People) is a nonprofit civil rights organization in the United States, formed in 1909 to fight for justice for African Americans.
Assume you have a 1-year investment horizon and are trying to choose among three bonds. All have the same degree of default risk and mature in 10 years. The first is a zero-coupon bond that pays $1,000 at maturity. The second has an 6.2% coupon rate and pays the $62 coupon once per year. The third has a 7.2% coupon rate and pays the $72 coupon once per year.
a. If all three bonds are now priced to yield 7% to maturity, what are their prices?
b. If you expect their yields to maturity to be 7% at the beginning of next year, what will their prices be then? What is your before-tax holding-period return on each bond? If your tax bracket is 30% on ordinary income and 20% on capital gains income, what will your aftertax rate of return be on each?
c. If you expect their yields to maturity to be 6% at the beginning of next year, what will their prices be then? What is your before-tax holding-period return on each bond? If your tax bracket is 30% on ordinary income and 20% on capital gains income, what will your aftertax rate of return be on each?
Answer:
a. If all three bonds are now priced to yield 7% to maturity, what are their prices?
zero coupon bond = $1,000 / (1 + 7%)¹⁰ = $508.35
6.2% coupon bond:
PV of face value = $1,000 / (1 + 7%)¹⁰ = $508.35
PV of coupon payments = $62 x 7.0236 (PV annuity factor, 7%, 10 periods) = $435.46
market price = $943.81
7.2% coupon bond:
PV of face value = $1,000 / (1 + 7%)¹⁰ = $508.35
PV of coupon payments = $72 x 7.0236 (PV annuity factor, 7%, 10 periods) = $505.70
market price = $1,014.05
b. If you expect their yields to maturity to be 7% at the beginning of next year, what will their prices be then? What is your before-tax holding-period return on each bond? If your tax bracket is 30% on ordinary income and 20% on capital gains income, what will your aftertax rate of return be on each?
zero coupon bond = $1,000 / (1 + 7%)⁹ = $543.93
before tax holding period return = ($543.93 - $508.35) / $508.35 = 7%
after tax HPR = 7% x 0.8 = 5.6%
6.2% coupon bond:
PV of face value = $1,000 / (1 + 7%)⁹ = $543.93
PV of coupon payments = $62 x 6.5152 (PV annuity factor, 7%, 10 periods) = $403.94
market price = $947.87
before tax holding period return = ($947.87 - $943.81 + $62) / $943.81 = 7%
after tax HPR:
($4.06 x 0.8) / $943.81 = 0.34%
($62 x 0.7) / $943.81 = 4.60%
total = 4.94%
7.2% coupon bond:
PV of face value = $1,000 / (1 + 7%)⁹ = $543.93
PV of coupon payments = $72 x 6.5152 (PV annuity factor, 7%, 10 periods) = $469.09
market price = $1,013.02
before tax holding period return = ($1,013.02 - $1,014.05 + $72) / $1,014.05 = 7%
after tax HPR:
(-$1.03 x 0.8) / $1,014.05 = -0.08%
($72 x 0.7) / $1,014.05 = 4.97%
total = 4.89%
c. If you expect their yields to maturity to be 6% at the beginning of next year, what will their prices be then? What is your before-tax holding-period return on each bond? If your tax bracket is 30% on ordinary income and 20% on capital gains income, what will your aftertax rate of return be on each?
zero coupon bond = $1,000 / (1 + 6%)⁹ = $591.90
before tax holding period return = ($591.90 - $508.35) / $508.35 = 16.44%
after tax HPR = 16.44% x 0.8 = 13.15%
6.2% coupon bond:
PV of face value = $1,000 / (1 + 6%)⁹ = $591.90
PV of coupon payments = $62 x 6.8017 (PV annuity factor, 6%, 10 periods) = $421.71
market price = $1,013.61
before tax holding period return = ($1,013.61 - $943.81 + $62) / $943.81 = 13.96%
after tax HPR:
($69.80 x 0.8) / $943.81 = 5.92%
($62 x 0.7) / $943.81 = 4.60%
total = 10.52%
7.2% coupon bond:
PV of face value = $1,000 / (1 + 6%)⁹ = $591.90
PV of coupon payments = $72 x 6.8017 (PV annuity factor, 6%, 10 periods) = $489.72
market price = $1,081.62
before tax holding period return = ($1,081.62 - $1,014.05 + $72) / $1,014.05 = 13.76%
after tax HPR:
($67.57 x 0.8) / $1,014.05 = 5.33%
($72 x 0.7) / $1,014.05 = 4.97%
total = 10.30%
Chance, Inc. sold 3,300 units of its product at a price of $87 per unit. Total variable cost per unit is $63, consisting of $41 in variable production cost and $22 in variable selling and administrative cost. Compute the manufacturing margin for the company under variable costing.
a) $135,300
b) $207,900
c) $151,800
d) $287,100
e) $128,700
Answer:
Total manufacturing margin= $151,800
Explanation:
Giving the following information:
Units sold= 3,300
Unitary variable manufacturing cost= $41
Selling price per unit= $87
Because we need to calculate the manufacturing margin, we will not take into account the administrative costs:
Total manufacturing margin= 3,300*(87 - 41)
Total manufacturing margin= $151,800
Faster Company uses the periodic inventory method and had the following inventory information available:
Units Unit Cost Total Cost
1/1 Beginning Inventory 15 $8.00 $120
1/20 Purchase 60 $8.80 528
7/25 Purchase 30 $8.40 252
10/20 Purchase 45 $9.60 432
150 $1,332
a. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $:__________
b. Assume that the company uses the average-cost method. The value of the ending inventory on December 31 is $:_________
c. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $:_________
1. Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method.
2. Would income have been greater or less?
Question Completion:
A physical count of inventory on December 31 revealed that there were 55 units on hand.
Answer:
Faster Company
a. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $:____516______
b. Assume that the company uses the average-cost method. The value of the ending inventory on December 31 is $:____488.40_____
c. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $:__472_______
1. The difference in the amount of income if it had used the FIFO method instead of the LIFO:
Cost of goods sold under FIFO = $816
Cost of goods sold under LIFO = $860
Difference in income = $44
2. The income would have been greater by $44 because the FIFO charges less cost than the LIFO, especially when costs are rising.
Explanation:
a) Data and Calculations:
Faster uses the periodic inventory method.
Date Units Unit Cost Total Cost
1/1 Beginning Inventory 15 $8.00 $120
1/20 Purchase 60 $8.80 528
7/25 Purchase 30 $8.40 252
10/20 Purchase 45 $9.60 432
Total 150 $1,332
Ending inventory 55
Units of goods sold 95
Average cost = $1,332/150 = $8.88
Under FIFO:
Ending Inventory = 45*$9.60 + 10*$8.40 = $516
Cost of goods sold = Cost of goods available for sale minus the Ending Inventory = $1,332 - 516 = $816.
Under Average-Cost Method:
Ending Inventory = 55 * $8.88 = $488.40
Cost of goods sold = 95 * $8.88 = $843.60
Under LIFO method:
Ending Inventory = 15*$8.00 + 40*$8.80 = $472
Cost of goods sold = $860 ($1,332 - $472)
Would you rather be in charge of a product or work as a part of a team?
Answer:
work as part of a team
Answer:
I prefer work as a team
Explanation:
because it's best for me then to work alone
Leary Corporation had net credit sales during the year of $900,000 and cost of goods sold of $540,000. The balance in receivables at the beginning of the year was $120,000 and at the end of the year was $180,000. What was the accounts receivable turnover?
A. 6.0
B. 7.5
C. 5.0
D. 3.6
Answer:
A. 6.0
Explanation:
A stock has a correlation with the market of 0.49. The standard deviation of the market is 25%, and the standard deviation of the stock is 33%. What is the stock's beta?
A.) 1.55
B.) 0.65
C.) 0.35
D.) 0.37
Answer:
Stock's beta = 0.65 (Approx)
Explanation:
Given:
Correlation = 0.49
Standard deviation of stock (SDs) = 33% = 0.33
Standard deviation of market (SDm) = 25% = 0.25
Find:
Stock's beta
Computation:
Stock's beta = Correlation(SDs) / SDm
Stock's beta = 0.49 (0.33) / 0.25
Stock's beta = 0.65 (Approx)
An unfavorable production-volume variance ________. A. is not a good measure of a lost production opportunity B. indicates that the company had reduced its per unit fixed overhead cost to improve sales C. takes into account the effect of additional revenues due to maintaining higher prices D. measures the amount of extra fixed costs planned for but not used
Answer:
d) measures the amount of extra fixed costs planned for but not used
Explanation:
An unfavorable production-volume variance measures the amount of extra fixed costs planned for but not used. As per production-volume variance extra fixed costs planned for but not used has unfavorable production-volume variance.
When production-volume variance is unfavorable, that means the fixed cost are allocated on lesser number of manufactured units, hence it indicates that the fixed costs are not controlled well.
A formal document detailing the process to be followed when a firm recruits for an open position is a ________.a) recruiting guide.
b) staffing plan.
c) external recruiting analysis.
d) realistic job preview.
Answer:
a) recruiting guide.
Explanation:
Recruitment can be defined as an organizational process used by human resources managers to fill vacant positions existing within an organization through the acceptance of job applications from qualified candidates or applicants.
Generally, the main purpose and goal of a recruitment process is to give each and every candidate a fair opportunity, hearing and positive feelings about the recruiting organization.
A formal document detailing the process to be followed when a firm recruits for an open position is a recruiting guide. The recruitment guide is used as a laid down plan or guideline that typically identifies or highlights the goals, requirements and descriptions for each job position that is available within the organization.
A fixed budget performance report not only compares results, but also indicates if the variances are:_______.
Answer:
favorable or unfavorable
Explanation:
The fixed budget performance report is a report that analyzes and compared the actual number with the expected number in terms of performance. It not only compared the results generated from the actual and standard one but also represent whether the variance is favorable or unfavorable
hence, the answer is favorable or unfavorable
Moody Farms just paid a dividend of $4.00 on its stock. The growth rate in dividends is expected to be a constant 6 percent per year indefinitely. Investors require a return of 15 percent for the first three years, a return of 13 percent for the next three years, and a return of 11 percent thereafter. What is the current share price?
Answer:
the current share price is $73.31
Explanation:
The computation of the current share price is shown below:
P0 = [{D0 × (1 + g)} ÷ (1 + r1)] + [{D0 × (1 + g)^2} ÷ (1 + r1)^2] + [{D0 × (1 + g)^3} ÷ (1 + r1)^3] + [{D0 × (1 + g)^4} ÷ {(1 + r1)^3(1 + r2)}] + [{D0 × (1 + g)^5} ÷ {(1 + r1)^3(1 + r2)^2] + [{D0 × (1 + g)^6} ÷ {(1 + r1)^3(1 + r2)^3] + [{D0 × (1 + g)^7} ÷ {(rC - g)(1 + r1)^3(1 + r2)^3]
= [($4 × 1.06) ÷ 1.15] + [($4 × 1.062) ÷ 1.152] + [($4 × 1.063) ÷ 1.153] + [($4 × 1.064) ÷ (1.153 × 1.13)] + [($4 × 1.065) ÷ (1.153 × 1.132)] + [($4 × 1.066) ÷ (1.153 × 1.133)] + [($4 × 1.067) ÷ {(0.11 - 0.06)(1.153 × 1.133)}]
= $3.69 + $3.40 + $3.13 + $2.94 + $2.76 + $2.59 + $54.82
= $73.31
hence, the current share price is $73.31
Cynthia Ogago is planning to make investment in a scheme
earning 10% interest rate and expects to receive ksh. 50,000
after 3 years. Advise her on how much she needs to invest now
in order to achieve these
O a. Ksh. 50,000
O b. Ksh. 66,550
O c. Ksh. 35,656
O d. Ksh. 37,566
Answer:
d. Ksh. 37,566
Explanation:
The $50,000 represent the future amount expected after 3 years.
the interest rate is 10%.
Implementing the formula A = P x ( 1+ r) ^n
A= $50,000
P= amount to invest
R=10% or 0.10
n=3 years
Ksh.50,000 = P x (1 + 0.10) ^ 3
Kshs.50,000 = P x (1.1) ^3
Kshs.50,000 = P x 1.331
P= Kshs50,000 / 1.331
P=Kshs.37,565.74
= Kshs. 37,566
Record transactions using a perpetual system (LO6-5) Gamegirl Inc., has the following transactions during August 6 Sold 70 handheld game devices for $200 each to DS Unlimited on account, terms 1/10, net 60. The cost of August the 70 game devices sold was $180 each. August 10 DS Unlimited returned six game devices purchased on 6th August since they were defective. August 14 Received full amount due from DS Unlimited Required: Prepare the transactions for GameGirl, In., assuming the company uses a perpetual inventory system. (If no entry is required for transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 2 3 4 Record the sale of inventory on account Note: Enter debits before credits. General journal Credit Date Debit August 06 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 Record the cost of inventory sold Note: Enter debits before credits. Date General journal Debit Credit August 06 Record entry Clear entry View general journal Journal entry worksheet 3 1 2 4 Record DS Unlimited returning six game devices purchased on 6th August since they were defective. Note: Enter debits before credits. General journal Debit Date Credit August 10 Record entry Clear entry View general journal Journal entry worksheet 2 4 Record receipt of full amount due from DS Unlimited. Note: Enter debits before credits. Date General journal Debit Credit August 14 Clear entry View general journal Record entry
Answer:
GameGirl, Inc.
Journal Entries:
August 6:
Debit Accounts Receivable (DS Unlimited) $14,000
Credit Sales Revenue $14,000
To record the sale of handheld game devices, terms 1/10, net 60.
Debit Cost of Goods Sold $12,600
Credit Inventory $12,600
To record the cost of goods sold.
August 10:
Debit Sales Returns $1,200
Credit Accounts Receivable (DS Unlimited) $1,200
To record the return of six game devices.
Debit Inventory $1,080
Credit Cost of goods sold $1,080
To record the cost of goods returned.
August 14:
Debit Cash Account $12,672
Debit Cash Discount Allowed $128
Credit Accounts Receivable (DS Unlimited) $12,800
To record the receipt on account.
Explanation:
Gamegirl records the transactions in its accounting books as they occur. Journal entries identify the accounts to be debited or credited for each transaction.
In the Monroe Company, the following Job cards were totaled at the end of the month: Job 243 $5,750 Job 244 $4,980 Job 245 $3,675 Job 246 $4,250 Job 247 $5,100 Job 248 $3,800 Jobs 243 and 244 were in Finished Goods Inventory at the beginning of the month. Jobs 245 and 246 were in Work-in-process at the beginning of the month. Jobs 247 and 248 were started during the month. At the end of the month, Jobs 243 and 247 were sent to customers; jobs 245, 247, and 248 were completed and sent to finished goods. What is the cost of goods manufactured for the month
Answer:
$10,850
Explanation:
Calculation for the cost of goods manufactured for the month
Based on the information given we were told that At the end of the month both Jobs 243 and 247 were sent to customers which means that the cost of goods manufactured for the month will be calculated as :
Cost of Job 243 $5,750
Cost of Job 247 $5,100
Cost of goods sold for the month $10,850
($5,750+5,100)
Therefore the the cost of goods manufactured for the month will be $10,850
Watts Corporation made a very large arithmetical error in the preparation of its year-end point in the calculation of financial statements by improper placement of a decimal depreciation. The error caused the net income to be reported at almost double the proper amount. Correction of the error when discovered in the next year should be treated as:____________. a. an increase in depreciation expense for the year in which the error is discovered b. a component of income for the year in which the error is discovered, but separately listed on the income statement and fully explained in a note to the financial statements. c. a change in accounting principle for the year in which the error was made. d. a prior period adjustment.
Answer:
d. a prior period adjustment.
Explanation:
Correction of the error when discovered in the next year should be treated as a prior period adjustment. This is basically because the error was already recorded in the past financial report. Since these reports are final and cannot be changed, then the correction to this error needs to be implemented in the next year's financial report and would reflect on that year's income taxes. The process of doing this is known in accounting as a prior period adjustment
QUESTION 13
6 points
When writing marketing objectives they should be:
A. Realistic, Measurable, Time Specific, Compared to benchmark (smart-specific measurable attainable time
bound)
B. Aspirational, Measurable, Competitive, Unlimited
C. All of the above
D.None of the above
On January 1, 20X8, Blake Company acquired all of Frost Corporation's voting shares for $280,000 cash. On December 31, 20X9, Frost owed Blake $5,000 for services provided during the year. When consolidated financial statements are prepared for 20X9, which entry is needed to eliminate intercompany receivables and payables in the consolidation worksheet?
A) Accounts Payable 5,000
Accounts Receivable 5,000
B) Accounts Receivable 5,000
Accounts Payable 5,000
C) Retained Earnings 5,000
Answer:
A) Accounts Payable 5,000 ; Accounts Receivable 5,000
Explanation:
The amount owed as accounts payable (i.e liabilities) would be reduced with the amount of account receivables(assets) i.e. the assets would decrease giving a credit and liabilities would decrease giving a debit.
Maxwellâs annual financial statements show operating profit before interest and tax of $508,848 thousand, net income of $311,662 thousand, provision for income taxes of $91,720 thousand and net nonoperating expense before tax of $107,301 thousand. Assume Maxwellâs statutory tax rate for the year is 37%. Maxwellâs effective tax rate is:______________
Answer: 22.84%
Explanation:
Operating profit before interest and tax = $508,848
Less: net nonoperating expense before tax = $107,301
Earning before tax = $508,848 - $107,301 = $401,547
Provision for income taxes = $91,720
Effective tax rate = Provision for income taxes / Earning before tax × 100
= 91720/401547 × 100
= 0.2284 × 100
= 22.84%
Liang Company began operations on January 1, 2017. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows.2017a. Sold $1,347,100 of merchandise (that had cost $983,600) on credit, terms n/30.b. Wrote off $21,100 of uncollectible accounts receivable.c. Received $667,400 cash in payment of accounts receivable.d. In adjusting the accounts on December 31, the company estimated that 2.50% of accounts receivable will be uncollectible.2018e. Sold $1,501,200 of merchandise on credit (that had cost $1,291,000), terms n/30.f. Wrote off $28,100 of uncollectible accounts receivable.g. Received $1,282,100 cash in payment of accounts receivable.h. In adjusting the accounts on December 31, the company estimated that 2.50% of accounts receivable will be uncollectible.Required:1. Prepare Journal entries to record Liang's 2017 and 2018 summarized transactions and its year-end adjustments to record bad debts expense.2. Prepare Journal entries to record Liang's 2017 summarized transaction and its year-end adjustment to record bad debts expenses.3. Prepare Journal entries to record Liang's 2018 summarized transactions and its year-end adjustments to record bad debts expense.
Answer:
journal entries for 2017:
Dr Accounts receivable 1,347,100
Cr Sales revenue 1,347,100
Dr Cost of goods sold 983,600
Cr Merchandise inventory 983,600
Dr Bad debt expense 21,100
Cr Accounts receivable 21,100
Dr Cash 667,400
Cr Accounts receivable 667,400
Dr Bad debt expense 16,465
Cr Allowance for doubtful accounts 16,465
Ending balance of accounts receivable = $658,600
Ending balance of allowance for doubtful accounts = $16,465
Bad debt expense for the year = $37,565
journal entries for 2018:
Dr Accounts receivable 1,501,200
Cr Sales revenue 1,501,200
Dr Cost of goods sold 1,291,000
Cr Merchandise inventory 1,291,000
Dr Allowance for doubtful accounts 28,100
Cr Accounts receivable 28,100
Dr Cash 1,282,100
Cr Accounts receivable 1,282,100
Dr Bad debt expense (= 21,240 + 11,635) 32,875
Cr Allowance for doubtful accounts 32,875
Ending balance of accounts receivable = $849,600
Ending balance of allowance for doubtful accounts = $21,240
Bad debt expense for the year = $32,875