Brief Exercise 9-10 Cullumber Company sells equipment on September 30, 2019, for $16,000 cash. The equipment originally cost $71,000 and as of January 1, 2019, had accumulated depreciation of $41,000. Depreciation for the first 9 months of 2019 is $4,750. Prepare the journal entries to (a) update depreciation to September 30, 2019, and (b) record the sale of the equipment.

Answer:

A. Dr Depreciation Expense $4,750

Cr Accumulated Depreciation $4,750

B. Dr Accumulated Depreciation $45,750

Dr Cash $16,000

Dr Loss on Disposal of Plant Assets 9,250

Cr Equipment $71,000

Explanation:

A. Preparation of the journal entries to update depreciation to September 30, 2019

Dr Depreciation Expense $4,750

Cr Accumulated Depreciation $4,750

(Being to update depreciation )

B.Preparation of the journal entries to record the sale of the equipment

Dr Accumulated Depreciation $45,750

($41,000+$4,750)

Dr Cash $16,000

Dr Loss on Disposal of Plant Assets 9,250

($71,000-45,750-16,000)

Cr Equipment $71,000

(Being to record the sale of the equipment)

Financial information is presented below: Operating expenses $ 63000 Sales returns and allowances 2000 Sales discounts 5000 Sales revenue 156000 Cost of goods sold 104000 The amount of net sales on the income statement would be

Flyer Company has provided the following information prior to any year-end bad debt adjustment: Cash sales, $158,000 Credit sales, $458,000 Selling and administrative expenses, $118,000 Sales returns and allowances, $38,000 Gross profit, $498,000 Accounts receivable, $185,000 Sales discounts, $22,000 Allowance for doubtful accounts credit balance, $2,000 Flyer estimates bad debt expense assuming that 1.5% of credit sales have historically been uncollectible. What is the balance in the allowance for doubtful accounts after bad debt expense is recorded

You are considering a project in Honduras that would generate 1.5 million dollars in cash flows per year going forever. The cost of the project is 8 million dollars. The discount rate for the project is 12%. You believe that there is some probability of expropriation prior to the 4th year (after the 3rd cash flow). Which of the following fully describes when this is a good project?
a. This is a good project if the probability of expropriation is larger than 0.33
b. This is a good project if the probability of expropriation is smaller than 0.33
c. This is a good project if the probability of expropriation is smaller than 0.5
d. This is a good project if the probability of expropriation is smaller than 0.66 7.

The present value of lease payments should be used by the lessee in determining the amount of a lease liability under a lease classified by the lessee as a(n) Finance Lease Operating Lease Finance Lease Yes Operating Lease Yes Finance Lease Yes Operating Lease No Finance Lease No Operating Lease No Finance Lease No Operating Lease Yes

Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.

2019 2020 2021
Sales revenue $292,090 _________ $413,950
Sales returns and allowances (10,530) (13,790) (17847)
Net sales 281560 345,615 396103
Beginning inventory 19,340 34,400 _________
Ending inventory 34400 43065 49896
Purchases 247720 260,690 297,524
Purchase returns and allowances (4,760) (7,410) (10,070)
Freight-in 8,790 _________ 11,900
Cost of goods sold (236,690) (252735) (292,523)
Gross profit on sales 44,870 92,880 _________

location analysis has been narrowed down to two locations, Akron and Boston. The main factors in the decision will be the supply of raw materials, which has a weight of 0.50, transportation cost, which has a weight of 0.40, and labor cost, which has a weight of 0.10. The scores for raw materials, transportation, and labor are for Akron 60, 80, and 70, respectively; for Boston 70, 50, and 90, respectively. Given this information and a minimum acceptable composite score of 75, we can say that the manager should:____.
a. build a plant in both cities.
b. be indifferent between these locations.
c. choose Boston.
d. choose Akron.
e. reject both locations.

Elizabeth (25 years old) studied music education in college and graduated a year ago. She currently works as a music teacher at a year-round private middle school. Her gross pay is $28800 a year, or $2400 a month. After taxes, health insurance, and other paycheck deductions, her net pay is $24600 a year. Based on recommended guidelines, how much money should Elizabeth be saving each month

Blu-Rays can be produced at a constant marginal cost of $5 per disk, and Superhero Studios is releasing the Blu-Rays for its last two major films. The Blu-Ray for Obscure-Man is priced at $20 per disk, and the Blu-Ray for Team-Up Flick 17: The Final Chapter, Part 1 is priced at $30 per disk. What are the price elasticities of demand for these two movies

Job Order Cost Accounting Entries for a Service Business Media Connect Inc. provides advertising services for clients across the nation. Media Connect is presently working on four projects, each for a different client. Media Connect accumulates costs for each account (client) on the basis of both direct costs and allocated indirect costs. The direct costs include the charged time of professional personnel and media purchases (air time and ad space). Overhead is allocated to each project as a percentage of media purchases. The predetermined overhead rate is 40% of media purchases. On April 1, the four advertising projects had the following accumulated costs:
April 1 Balances
First Bank $40,000
Reliable Airlines 18,000
Motel 26 33,000
Blue Mountain Beverages 27,000
During April, Media Connect incurred the following direct labor and media purchase costs related to preparing advertising for each of the four accounts:
Direct Labor Media Purchases
First Bank $115,000 $ 480,000
Reliable Airlines 84,000 320,000
Motel 26 110,000 200,000
Blue Mountain Beverages 125,000 300,000
At the end of April, both the First Bank and Reliable Airlines campaigns were completed. The costs of completed campaigns are added to the cost of services account. Determine each of the following for the month:
a. Direct labor costs.
b. Media purchases.
c. Overhead applied.
d. Cost of completed First Bank and Reliable Airlines campaigns.
Total Costs
First Bank $
Reliable Airlines $

Producer surplus is best defined as _________________. Select the correct answer below: the profit of producers when they make more goods than are demanded the profit of producers when there are too many producers for a certain demand in a market the profit that producers make above the cost of production the intangible profits producers make in addition to the goods they sell

Reuse of large amounts of copyrighted film in a documentary would not constitute a copyright infringement.
a) True
b)False

Pittman Framing's cost formula for its supplies cost is $1,110 per month plus $11 per frame. For the month of November, the company planned for activity of 621 frames, but the actual level of activity was 611 frames. The actual supplies cost for the month was $8,250. The spending variance for supplies cost in November would be closest to:

An airline is considering a project of replacement and upgrading of machinery that would improve efficiency. The new machinery costs $400 today and is expected to last for 5 years with no salvage value. Straight line depreciation will be used. Project inflows connected with the new machinery will begin in one year and are expected to be $200 each year for 5 consecutive years and project outflows will also begin in one year and are expected to be $90 each year for 5 consecutive years. The corporate tax rate is 32% and the required rate of return is 9%. Calculate the project's net present value.

Samra lives in and attends a university in Brazil. Next semester, she plans to study abroad in Mongolia.
Therefore, Samra will demand and will supply_________ .
WatchMe is a manufacturer of designer watches based in Brazil. Though the watches are produced exclusively in Brazil, they are sold throughout the world. WatchMe does an especially robust business in Mongolia. Therefore, WatchMe will demand and will supply_________.

Many influential economists, politicians, and business leaders think that a shift toward a more integrated and interdependent global economy is a good thing.

a. True
b. False

Sunland Company just began business and made the following four inventory purchases in June: June 1 153 units $1071 June 10 204 units 1632 June 15 204 units 1836 June 28 153 units 1530 $6069 A physical count of merchandise inventory on June 30 reveals that there are 204 units on hand. Using the average cost method, the amount allocated to the ending inventory on June 30 is

You are a manager at Baroque Space, a costume design company. Recently, your boss asked you to hire a new seamstress. You are now ready to begin recruiting. You know that if you useexternal recruiting, you will be likely to bring new skills into the company, so you decide to use that approach. Which of the following actions could you take to implement your decision?
a. Design a career path
b. Publish an advertisement on an Internet job site
c. Contact a local college recruiting office

how can a writer be grief when writing professional letters



A. By adding a writer be brief when writing professional letters


B. By adding background information


C. By avoiding words that end in " Ize or ton"


D. By writing a concise letters that addresses your purpose

Phelps, Inc. had assets of $71,028, liabilities of $16,084, and 11,130 shares of outstanding common stock at December 31, 2017. Net income for 2017 was $8,236. The company had assets of $83,529, liabilities of $19,293, 10,897 shares of outstanding common stock, and its stock was trading at a price of $10 per share at December 31, 2018. Net income for 2018 was $10,114.

Required:
a. Calculate EPS for 2018.
b. Calculate ROE for 2018.
c. Calculate the Price/Earnings Ratio for 2018.

rdan Corporation expects to incur indirect overhead costs of $172,550 per month and direct manufacturing costs of $18 per unit. The expected production activity for the first four months of the year are as follows. January February March April Estimated production in units 5,300 7,300 4,800 6,400 Required 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. Allocate overhead costs to each month using the overhead rate computed in Requirement a. Calculate the total cost per unit for each month using the overhead allocated in Requirement b.

11
Jeanne Crawford had $10,675.50 deposited in an account paying 6.5% interest compounded semiannually.
a) What is the amount in her account 2 years later?
b) What is the compound Interest?

All of the following are cash and cash equivalents, EXCEPT *
Savings deposit
Money maker placement
Cash to be paid by a debtor
Currency that is legal tender

The following information describes production activities of Mercer Manufacturing for the year.
Actual direct materials used 31,000 1bs. at $5.80 per lb
Actual direct labor used 10,600 hours for a total of $217,300
Actual units produced . 63,000
Budgeted standards for each unit produced are 0.50 pounds of direct material at $5.75 per pound and 10 minutes $21.50 per hour.
AQ = Actual Quantity
SQ=Standard Quantity
AP =Actual Price
SP =Standard Price
AH =Actual Hours
SH= Standard Hours
AR= Actual Rate
SR= Standard Rate
(1) Compute the direct materials price and quantity variances
(2) Compute the direct labor rate and efficiency varian rect labor rate and efficiency variances.

vProblem 10-4 Partnership Formation (LO 10.2) Elaine's original basis in the Hornbeam Partnership was $40,000. Her share of the taxable income from the partnership since she purchased the interest has been $70,000, and Elaine has received $80,000 in cash distributions from the partnership. Elaine did not recognize any gains as a result of the distributions. In the current year, Hornbeam also allocated $1,000 of tax-exempt interest to Elaine. Calculate Elaine's current basis in her partnership interest. $fill in the blank 1

A company issues $90,000 of 9%, 10-year bonds dated January 1 that pay interest semiannually on June 30 and December 31 each year. If bonds are sold at par value, the issuer records the payment of principal at maturity with a (debit/credit) ________ to bond payable in the amount of _______. Multiple choice question. debit; $171,000 credit; $171,000 debit; $90,000 credit; $90,000 Need help

how can the size of the industrial/service sector and the agriculture employment rate indicate the level of industrialization?​

ALL the questions in this assignment will be assessed using a rubric with marks awarded for
displaying logic and coherence: sound knowledge of content, including at least three academie
articles - sourced from credible sources, application of theory, and adherence to SBS referencing
guidelines
Question 1 [30]
Write an essay to demonstrate your understanding of the economies of scale in a supply chain with
reference to cycle inventory by arguing whether a toothpaste manufacturer wanting to offer quantity
discounts to maximise its profit should offer lot-size-based or volume-based quantity discounts if it
wants to maximise total supply chain profits at the same time. Discuss the concepts of lot-size-based
and volume-based quantity discounts and summarise under what circumstances lot-size-based and
volume-based quantity discounts are applicable before you argue the case of the toothpaste
nanufacturer
uestion 2 [35]​

Several years ago, Westmont Corporation developed a comprehensive budgeting system for planning and control purposes. While departmental supervisors have been happy with the system, the factory manager has expressed considerable dissatisfaction with the information being generated by the system.
A report for the company's Assembly Department for the month of March follows:
Assembly Department
Cost Report
For the Month Ended March 31
Actual Results Planning Budget Variances
Machine-hours 15,000 20,000
Variable costs:
Supplies $9,300 $ 9,900 $600F
Scrap 32,200 34,500 2,300F
Indirect materials 93,800 111,000 17,200F
Fixed costs:
Wages and salaries 77,500 73,000 4,500 U
Equipment depreciation 103,000 103,000 -
Total cost $315,800 $331,400 $15,600F
After receiving a copy of this cost report, the supervisor of the Assembly Department stated, "These reports are super. It makes me feel really good to see how well things are going in my department. I can't understand why those people upstairs complain so much about the reports."
For the last several years, the company's marketing department has chronically failed to meet the sales goals expressed in the company's monthly budgets.
Required:
1. The company's president is uneasy about the cost reports, identify at least two reasons.
2. What kind of reports should be used to give better insight into how well departmental supervisors are controlling costs?
3. Complete the new performance report for the quarter, based on the Flexible Budget Performance approach.
4. Were costs well controlled in March?

Warranty Costs Milford Company sells a motor that carries a three-month unconditional warranty against product failure. Based on a reliable statistical analysis, Milford knows that between the sale and the end of the product warranty period, four percent of the units sold will require repair at an average cost of $60 per unit. The following data reflect Milford's recent experience:
October November December Dec. 31 Total 23,000 22,000 25,000 70,000 Units sold Known product failures from sales in: October November December 120 460 180 130 160 220 350 210 210
Calculate, and prepare a journal entry to record, the estimated liability for product warranties at December 31. Assume that warranty costs of known failures have already been reflected in the records. Credit General Journal Date Description Dec.31 Product Warranty Expense Estimated Liability for Product Warranty To provide for estimated future warranty expense. $ Debit 64,800 $ 0 64,800

Which transaction involves a good?
A. Selling desk chairs
B. Washing windows
C. Providing technology support
D. Displaying an advertisement