On May 1, 2020, Sheffield Company enters into a contract to transfer a product to Eric Company on September 30, 2020. It is agreed that Eric will pay the full price of $24,040 in advance on June 15, 2020. Eric pays on June 15, 2020, and Sheffield delivers the product on September 30, 2020. Prepare the journal entries required for Sheffield in 2020.

Answers

Answer 1

Answer: Please see answer in explanation column

Explanation:

Date              Account titles and explanation           Debit                Credit

May 1st, 2020                 NO ENTRY                                   NO ENTRY

2. Journal to record payment for product on June 15

Date              Account titles and explanation           Debit                Credit

June 15, 2020                  Cash                                  $24,040

Unearned Sales Revenue                                                                  $24,040

3. Journal to record delivery of  product on  September 30

Date              Account titles and explanation           Debit                Credit

September 30, 2020    Unearned Sales Revenue        $24,040

                                           Sales Revenue                                            $24,040      


Related Questions

For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply.

a. Hubert buys a sweater made in Guatemala.
b. Kate's father in Sweden orders a bottle Of Vermont maple syrup from the producer's website.
c. The State of Pennsylvania repaves highway PA 320, Which goes through the center Of Swarthmore.
d. Kate gets a new refrigerator made in the United States.
e. Hubert's employer upgrades all of its computer systems using U.S.-made parts.

Answers

Answer:

GDP is the total market value of all the goods and services produced in a country at a given period of time. The five components of GDP are:

Explanation:

1. Consumption (C) : This involves all the private consumption spending or consumer spendings on goods and services such as on groceries, jewelry and clothing.

Kyoko gets a new refrigerator made in the United States - This is a form of consumption because the commodity is produced, bought and also consumed within domestic boundaries. Consumption includes durable goods, non-durable goods as well as services.

2. Investment (I) : This involves the private domestic investment and/or capital expenditure. This is incurred when businesses spend money to invest in their business activities.

Jacque’s employer upgrades all of his computer systems using U.S made parts - The money spent on upgrading computer systems will help increase the productivity and efficiency of business processes in the long run, hence is a form of investment.

3. Government spending (G) : This relates to government consumption expenditures and gross investment. Involves government spending on equipment, infrastructure and payroll.

The State of Pennsylvania replaces highway PA320, which goes through the center of Swathmore - The government has utilized its fund to construct a highway, which is an example of improving its infrastructure and benefiting the public, hence a form of government spending.

4. Exports (X) : Goods and services produced domestically, that are bought by those in other countries.

Kyoko’s father in Sweden orders a bottle of Vermont maple syrup from the producer’s website - This is a form of an export because the syrup that is produced domestically is being sold to someone in another country.

5. Imports (M) : The goods and services produced by another country which are brought into the domestic country.

Jacques buys a sweater made in Guatemala - This is a form of imports since it is produced outside domestic borders and is being purchased to be consumed within the country.

Forte Co., had 3,000 units of work in process on April 1 that were 60% complete. During April, 11,000 units were started and as of April 30, 4,000 units that were 40% complete remained in production. How many units were completed during April

Answers

Answer: 10,000 units

Explanation:

Thw number of units that were completed during April would be calculated as:

= Unit started + Opening work process - Closing work process

= 11000 + 3000 - 4000

= 10,000

The Longmeadow Painting Company begins operations on July 1, 2015. During July, the company records the following activities:
The company earns $12,000 from painting houses, all paid in cash.
The company uses $2,000 in paint and $400 in supplies.
The company pays employees $8,000 cash for labor provided during the month.
The company purchases paint at a total cost of $2,500, paying cash.
The company has other expenses, including insurance and business fees, of $200.
Fill in the following income statement for Longmeadow Painting incorporating the above activities. Do NOT enter S signs, just numbers.
Hint: Are supplies used part of Cost of Goods Sold?
Review course note 1B if you are not surel
Longmeadow Painting Co.
Income Statement
For the month ended July 31, 2015
Revenue
Expenses
Cost of goods sold
Gross Profit
Wage expense
Supplies expense
Other expense
Net Income

Answers

Answer:

Longmeadow Painting Co.

Income Statement

For the month ended July 31, 2015

Revenue                       12,000

Expenses

Cost of goods sold       2,000

Gross Profit                  10,000

Wage expense             8,000

Supplies expense           400

Other expense               200

Net Income                   1,400

Explanation:

a) Supplies used are not part of Cost of Goods Sold.  They are regarded as expenses and not directly related to the painting done for customers, but are materials used in the running and administration of the business.

b) There is an Ending Inventory of paint worth $500 ($2,500 - $2,000), which is the difference between the purchases of paint and the paint used during the month.  This will form part of the Balance Sheet assets because the Cost of Goods Sold only considered the paint used and not the purchases.

Your insurance firm processes claims through its two facilities: facility A and facility B. Each month, facility A handles 9,000 claims and incurs in $162,000 fixed costs and $180,000 in variable costs. Each month, facility B handles 11,000 and incurs $95,000 in fixed costs and $143,000 in variable costs.

Required:
If you anticipate a decrease in the number of claims, where will you lay off workers?

Answers

Answer:

We will lay off workers from Facility A

Explanation:

To determine the workers lay off we need to calculate the variable cost per claim using the following formula

Variable cost per claim = Total Variable cost / Numbers of claims

Facility A

Variable cost per claim = $180,000 / 9,000 claims = $20 per claim

Facility B

Variable cost per claim = $143,000 / 11,000 claims = $13 per claim

As we see that the facility B has the lower variable cost per claim so, we should lay off the workers from facility A because it has a higher variable cost in order to reduce the overall cost.

Isaac Inc. began operations in January 2018. For certain of its property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments. In 2018, Isaac had $688 million in sales of this type. Scheduled collections for these sales are as follows:

2018 $ 60 million
2019 120 million
2020 120 million
2021 150 million
2022 150 million
$ 600 million

Assume that Isaac has a 30% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses and additional sales in 2019, what deferred tax liability would Isaac report in its year-end 2019 balance sheet?

a. $126 million.
b. $54 million.
c. $144 million.
d. $180 million.

Answers

Answer:

a. $126 million.

Explanation:

The computation of the deferred tax liability is as follows

Particulars                      2018                    2019

                                               (in $ millions)

Income for

Finan reporting              600                     0

Income for income

tax purpose                   60                       120

Difference                     540                     120

Opening balance                                     162

of dtl

Dtl creation

(30% of 540)             162                          0

Reversal of dtl

(30% of 120)               0                           -36

Ending balance        162                         126

Assume that a national restaurant chain called BBQ builds 10 new restaurants at a cost of $1 million per restaurant. It outfits each restaurant with an additional $300,000 of equipment and furnishings. To help partially defray the cost of this expansion, BBQ issues and sells 200,000 shares of stock at $35 per share.
a. What is the amount of economic investment that has resulted from BBQ’s actions? $ million.
b. How much purely financial investment took place? $ million.

Answers

Answer and Explanation:

The computation is shown below:

a. The economic investment amount is

= Number of resturants × cost per resturant + number of resturant × additional cost

= 10 × $1,000,000 + 10 × $300,000

=  $10,000,000 + $3,000,000

= $13,000,000

b. The amount in financial investment took place is

= Number of shares × per value share

= 200,000 shares × $35 per share

= $7,000,000

Context content and culture are

Answers

Complete Question:

Context, content and culture are:

O Important ethical concepts

O Important marketing concepts

O Corporate ethics policy

O Three dimensions of evaluating corporate gifts.

Answer:

Context, content and culture are:

O Three dimensions of evaluating corporate gifts.

Explanation:

Corporate gifts may turn out to be regarded as bribery if they are meant to induce the other party to alter their behaviors.  This is why in evaluating corporate gifts, the criteria have always included the context (the circumstances in which the gifts are given), the content (how much is given), and the culture (the accepted general practice in a particular industry, locality, or region).  Generally, corporate gifts are given either as means of showing appreciation, creating positive first impression, or returning some favors.

Context, content and culture are the three dimensions of evaluating corporate gifts. That is, criteria that define the ethical nature of corporate gifts.

The context is determined by the circumstance in which a corporate gift is given. The content refers to what is given as a corporate gift.

Culture refers to the acceptability and compliance of the practice of providing corporate gifts in a particular company and location.

This practice of providing corporate gifts can be seen as unethical if such gifts are given for the purpose of bribery, gaining privileged information or anything that leads a party to engage in unethical behavior.

Therefore, the three dimensions of corporate gift valuation will help to maintain ethics as a regulatory and guiding concept in the practice of providing gifts.

Learn more here:

https://brainly.com/question/21830013

If Ralph rides the bus to work which is considered an inferior good/service. After Ralph applies for and accepts a new management job at twice his old salary he starts to make changes. Based on what you have learned about changes in income and consumer choices, what will most likely happen to Ralph’s use of public transportation? Group of answer choices Ralph would discontinue riding the bus and switch to riding his bike. Ralph would discontinue riding the bus and purchase a car. It will decrease since Ralph will ask his boss if he can telework to avoid the long commute. Ralph would continue riding the bus.

Answers

Answer:

Ralph would discontinue riding the bus and purchase a car.

Explanation:

As in the question it is mentioned that Ralph rides the bus when he go to work this represent an inferior good or a service but when he accept a new management job where his salary is doubled so he begins to make the changes

The change is that as the income rises, so the consumption would fall so he would prefer the more expensive option i.e to purchase a car

A- Ralph would discontinue riding the bus and switch to riding his bike after he gets a new management job and his salary is doubled as compared to the old payroll of Ralph.

Ralph is a rational consumer who will like to upgrade his lifestyle only when his salary reaches a level that he can spend extra part of his disposable income.

Ralph would continue riding his bike for numerous reasons one of them being that he would want to save the time of commute between his accommodation and his workplace,

Ralph will also be able to save time for himself when he reaches home as he can depart at his own comfortable times and this will lead to him eventually spending on own's happiness for Ralph.

Ralph will also end up saving money even after commuting through bike as he knows that his salary is doubled from the previous salary. This will hence not cost as much to him than he would proportionately save.

Hence, the correct option is A that Ralph will stop riding bus and use bike to commute.

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Unearned revenues refer to a(n): Group of answer choices Asset that will be used over time. Expense incurred because a customer has paid in advance. Liability that is settled in the future when a company delivers its products or services. Increase in revenues as a result of delivering products or services to a customer. Decrease in an asset.

Answers

Answer:

Liability that is settled in the future when a company delivers its products or services.

Explanation:

Unearned revenue is money received for a service that is yet to be provided or a product that is yet to be delivered.

Unearned revenue is recorded as a liability on the balance sheet. The reason for this is because unearned revenue represents debts owed.

Once the service is rendered, the unearned revenue is recorded on the income statement as a revenue.

Example of unearned revenue : a company offers a one year subscription to consumers. The company is earning revenue for services that is yet to be rendered

A change in the supply of one factor of production a. can alter the earnings of all of the other factors. b. alters the earnings of that factor only. c. will not change the marginal productivities of other factors but may change their prices. d. alters the earnings of capital and labor but not land.

Answers

Answer:

a. can alter the earnings of all of the other factors.

Explanation:

In the case when there is any change in the one factor of the supply so it would alter or made changes the earnings of all other factors not change the one factor or any other reason

It would fully impact the all the other factors earnings

Therefore as per the given options the first one is correct

You are considering an investment in Cruise, Inc. and want to evaluate the firm's free cash flow. From the income statement, you see that Cruise earned an EBIT of $203 million, paid taxes of $50 million, and its depreciation expense was $74 million. Cruise's gross fixed assets increased by $71 million from 2017 to 2018. The firm's current assets decreased by $11 million and spontaneous current liabilities increased by $6.1 million. What is Cruise's operating cash flow, investment in operating capital and free cash flow for 2018, respectively in millions

Answers

Answer: See explanation

Explanation:

Cruise's operating cash flow would be calculated as:

= EBIT + Depreciation + Taxes

= 203 + 74 - 50

= $227 million

Cruise's investment in operating capital will b calculated as:

= 71 - 11 - 6.1

= $53.9 million

Cruise's free cash flow for 2018 will be calculated as:

= operating cash flow - investment in Operating capital

= 227 - 53.9

= $173.1 million

Answer and Explanation:

The computation is shown below:

Operating cash flow = EBIT - taxes + depreciation expense

= $203 million -$50 million + $74 million

= $227 million

The investment in operating capital is

= Gross fixed asset - decrease in current asset + increase in current liability

= $71 million - $11 million + $6.1 million

= $66.1 million

And, the free cash flow is

= Operating cash flow - investment in operating capital

= $227 million - $66.1 million

= $160.90 million

The cost allocation method most widely used because of its accuracy and ability to provide a detailed level of analysis is: Joint product costing. Accounting approach. Activity-based approach. Direct approach. Departmental approach.

Answers

Answer:

Activity-based approach.

Explanation:

Cost allocation in financial accounting can be defined as the process of identifying, gathering and assigning of cost across multiple cost objects such as products, inventory or departments.

There are various types of cost allocation methods and these are;

1. Sequential method.

2. Activity-based management method.

3. Reciprocal services method.

4. Direct method.

The cost allocation method most widely used because of its accuracy and ability to provide a detailed level of analysis is activity-based approach.

This ultimately implies that, activity-based approach gives entrepreneurs or employers all the necessary information on the actual cost of manufacturing, service delivery and other tasks associated with the business. Under the activity-based approach, the relationship between time and cost measurement is used to determine the cost price of goods and services.

At December 31, 2026, the following balances existed for MICPA Corporation: Bonds Payable (6%) $600,000 Discount on Bonds Payable 50,000 The bonds mature on 12/31/28. Straight-line amortization is used. If 60% of the bonds are retired at 103 on January 1, 2028, what is the gain or loss on early extinguishment

Answers

Answer:

$25,800

Explanation:

The bonds would mature at the end of the year 2028, which means in 2 years, as result, annual discount amortization is  computed thus:

annual discount amortization=$50,000/2=$25,000

On January 1,2028, the balance in discount amortization is $25,000

Proceeds for 60% redemption=$600,000*60%*103%=$370,800

60% of bonds payable=$600,000*60%=$360,000

60% of unamortized discount=60%*$25,000=$15,000

In effecting the  journal entries, bonds payable is debited with $360,000 while cash and discount on bonds payable are credited with $370,800 and $15,000 respectively.

Total credits=$370,800+$15,000=$385,800  

total debit=$360,000

loss on early extinguishment is $25,800($385,800-$360,000)

The study of the role consumers play in a economic system is called what

Answers

Answer: Can i get OWA OWA

Explanation:

magine that the interest rate on your savings account is 1 percent a year and inflation is 2 percent a year. After one year, would the money in the account buy more than it does today, exactly the same, or less than today?

Answers

Answer:

less than today

Explanation:

Inflation is the general increase in consumer prices in the economy. When prices are increasing, the purchasing power of a currency decreases. A 3 percent inflation rate indicates that prices of goods and services have increased by an average of 3 percent.

Interest rate expresses the rate at which money saved is growing per year. A 5 percent interest rate means that the amount in the account will increase by 5 percent.

For there to be a real increase in the money saved, the interest rate must be higher than the inflation rate. A high-interest rate compensates for the increase in prices.

someone please help i have to turn this in tonight.
Outline the process the raw ingredients for a single flavor of ice cream might undergo to get to a local grocery’s freezer case.

Answers

Answer:blending of the mix ingredients.

pasteurization.

homogenization.

aging the mix.

freezing.

packaging.

hardening.

Oscar owns a bulldog. Another dog owner filed a lawsuit against Oscar alleging that his bulldog injured her pet poodle in a dog park fight. Despite evidence that his bulldog was not present at the dog park when a dogfight broke out, the jury found Oscar liable for injuries caused to the poodle. Based on these facts, Oscar has the legal option to do which of the following?
1) Make a peremptory challenge ((has to do with a juror))
2) File a motion for a judgment notwithstanding the verdict
3) Motion that the court nullify the verdict based on res judicata(no this has to do with not refiling the case)
4) File a motion for a directed verdict at the end of trial testimony before the case goes to the jury that argues that no reasonable jury could find for opposing party and therefore the judge should make a ruling on the case accordingly

Answers

Answer:

File a motion or a judgement notwithstanding the verdict

Explanation:

Answer:

File a motion or a judgement notwithstanding the verdict

Explanation:

An investor is in the 33 percent tax bracket and pays long-term capital gains taxes of 15 percent. What are the taxes owed (or saved in the case of losses) in the current tax year for each of the following situations?
a) Net short-term capital gains of $3,000; net long-term capital gains of $4,000
b) Net short-term capital gains of $3,000; net long-term capital losses of $4,000
c) Net short-term capital losses of $3,000; net long-term capital gains of $4,000
d) Net short-term capital gains of $3,000; net long-term capital losses of $2,000
e) Net short-term capital losses of $4,000; net long-term capital gains of $3,000
f) Net short-term capital losses of $1,000; net long-term capital losses of $1,500
g) Net short-term capital losses of $3,000; net long-term capital losses of $2,000

Answers

Answer:

The taxes owed (or saved in the case of losses) in the current tax year for each of the following situations) are:

     Taxes owed     Taxes saved

a.       $1,590              $0

b.       $0                     $1,000

c.       $150                 $0

d.      $0                     $1,000

e.      $0                     $1,000

f.       $0                   $2,500

g.      $0                  $5,000

Explanation:

a) Data:

Investor's tax bracket = 33% (same as the short-term capital gains taxes)

Long-term capital gains taxes = 15%

b) Events and Calculations:

a) Net short-term capital gains of $3,000; net long-term capital gains of $4,000

Short-term tax = $990 ($3,000*33%)

Long-term tax = $600 ($4,000*15%)

Total taxes =    $1,590

b) Net short-term capital gains of $3,000; net long-term capital losses of $4,000

Long-term capital losses = $4,000

Short-term capital gains =   (3,000)

Savings =                             $1,000

c) Net short-term capital losses of $3,000; net long-term capital gains of $4,000

Long-term capital gains = $4,000

Short-term capital losses  (3,000)

Long-term capital gains taxes = $150 ($1,000 * 15%)

d) Net short-term capital gains of $3,000; net long-term capital losses of $2,000

Short-term capital gains = $3,000

Long-term capital losses   (2,000)

Savings =                            $1,000

e) Net short-term capital losses of $4,000; net long-term capital gains of $3,000

Short-term capital losses = $4,000

Long-term capital gains       (3,000)

Savings                                $1,000

f) Net short-term capital losses of $1,000; net long-term capital losses of $1,500

Short-term capital losses = $1,000

Long-term capital losses      1,500

Savings =                            $2,500

g) Net short-term capital losses of $3,000; net long-term capital losses of $2,000

Short-term capital losses = $3,000

Long-term capital losses      2,000

Savings =                            $5,000

Poggers Poggers Poggers Poggers Poggers Poggers Poggers Poggers Poggers PoggersPoggers Poggers Poggers PoggPoggers ers Poggers Poggers Poggers

Answers

Answer:

ngl...

Explanation:

that's poggers

Answer:

yes very poggers

Explanation:

Determining asset cost, preparing depreciation schedules (3 methods), and identifying depreciation results that meet management objectives
On January 3, 2018, Rapid Delivery Service purchased a truck at a cost of $100,000. Before placing the truck in service, Rapid spent $3,000 painting it, $600 replacing tires, and $10,400 overhauling the engine. The truck should remain in service for five years and have a residual value of $12,000. The truck’s annual mileage is expected to be 32,000 miles in each of the first four years and 8,000 miles in the fifth year—136,000 miles in total. In deciding which depreciation method to use, Andy Sargeant, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance).
Requirements
Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value.
Rapid prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use, Consider the first year that Rapid uses the truck. Identify the depreciation method that meets the company’s objectives.

Answers

Answer:

total cost = $100,000 + $3,000 + $600 + $10,400 = $114,000

straight line depreciation expense = ($114,000 - $12,000) x 1/5 = $20,400

year       depreciation expense        book value

1                   $20,400                         $93,600

2                  $20,400                         $73,200

3                  $20,400                         $52,800

4                  $20,400                         $32,400

5                  $20,400                         $12,000

RESULTS IN HIGHER INCOME DURING THE FIRST YEAR.

units of production deprecation = ($114,000 - $12,000) / 136,000 = $0.75 per mile

year       depreciation expense        book value

1                   $24,000                         $90,000

2                  $24,000                         $66,000

3                  $24,000                         $42,000

4                  $24,000                         $18,000

5                  $6,000                           $12,000

double-declining-balance depreciation:

depreciation year 1 = $114,000 x 2/5 = $45,600

depreciation year 2 = $68,400 x 2/5 = $27,360

depreciation year 3 = $41,040 x 2/5 = $16,416

depreciation year 4 = $24,624 x 2/5 = $9,850

depreciation year 5 = $14,774 - $12,000 = $2,774

year       depreciation expense        book value

1                   $45,600                         $68,400

2                  $27,360                         $41,040

3                  $16,416                           $24,624

4                  $9,850                           $14,774

5                  $2,774                            $12,000

g The Melville Company sold land for $60,000 in cash. The land was originally purchased for $40,000, and at the time of the sale, $15,000 was stillowed to First National Bank on that purchase. After the sale, The Melville Company paid off the loan to First National Bank. What is the effect of thesale and the payoff of the loan on the accounting equation

Answers

Answer and Explanation:

The impact on the sale and the payoff the loan in an accounting equation is as follows:

But before that

The following journal entries should be recorded

Cash $60,000    

        To Land $40,000

        To Profit on sale of land $20,000

(Being the sale of the land is recorded)

Loan Dr $15,000

       To Cash $15,000

(Being the loan is paid)

Here the cash would increased by $5,000, the liabilities would decreased by $15,000 and equity would be increased by $20,000

A company has the following cash transactions for the period.
Accounts Amounts Cash
received from sale of products to customers 31,500
Çash received from the bank for long-term loan 36,500
Cash paid to purchase factory equipment (41,500)
Cash paid to merchandise suppliers (10,300)
Cash received from the sale of an unused warehouse 11,300
Cash paid to workers (22,300)
Cash paid for advertisement (2,300)
Cash received for sale of services to customers 21,500
Cash paid for dividends to stockholders (4,300)
Assume the balance of cash at the beginning of the period is $3,300.
Required: 1.
Calculate the ending balance of cash. Ending balance

Answers

Answer:

oha lan buney yaa hepsi english

The following events occurred for Favata Company: Received $15,000 cash from owners and issued stock to them. Borrowed $12,000 cash from a bank and signed a note due later this year. Bought and received $1,300 of equipment on account. Purchased land for $22,000; paid $2,000 in cash and signed a long-term note for $20,000. Purchased $8,000 of equipment; paid $2,000 in cash and charged the rest on account.

Answers

Answer:

a. Dr Cash$15,000

Cr Contributed Capital $15,000

b. Dr Cash $12,000

Cr Notes Payable (short-term) $12,000

c. Dr Equipment $1,300

Cr Accounts Payable $1,300

d. Dr Land $22,000

Cr Cash $2,000

Cr Notes Payable (long-term) $20,000

e. Dr Equipment$8,000

Cr Cash $2,000

Cr Accounts Payable $6,000

Explanation:

Preparation of Journal entries

a. Dr Cash$15,000

Cr Contributed Capital $15,000

b. Dr Cash $12,000

Cr Notes Payable (short-term) $12,000

c. Dr Equipment $1,300

Cr Accounts Payable $1,300

d. Dr Land $22,000

Cr Cash $2,000

Cr Notes Payable (long-term) $20,000

e. Dr Equipment$8,000

Cr Cash $2,000

Cr Accounts Payable $6,000

(8,000-2,000)

The total assets of Berber Company are $190,000 and its owner's equity is $89,000. What is the amount of its total liabilities?



Answers

Answer:

$101,000

Explanation:

As per the accounting equation, assets are equal to liabilities plus equity.

I.e.,

Assets = Liabilities + Equity

For Berber Company, Assets are $190,000: liabilities = $89,000

Therefore,

$190,000 = $89,000 + Equity

Equity = $190,000 -$89,000

Equity = $101,000

Suppose that, in a competitive market without government regulations the equilibrium price of gasoline is $3.00 per gallon.
Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.
Choices for Price Control is:________.
A. Price ceiling
B. Price floor
Choices for Binding or Not is:_______.
A. Binding
B. Non-Binding
Statement Price Control Binding or Not
There are many teenagers who would like to work at gas stations, but they are not hired due to minimum wage law
___________ ___________
The government prohibits gas stations from selling gasoline for more than $2.70 per gallon
___________ ___________
The government has instituted a legal minimum price of $2.70 per gallon for gasolone.
___________ ___________

Answers

Answer:

price floor , binding

price ceiling binding

price floor , non binding

Explanation:

A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.

Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price

Because firms are unable to hire workers due to the minimum wage laws., it means it is binding price floor

Equilibrium price is $3 and the maximum price is $2.70 . Thus, it is a binding price ceiling

Equilibrium price is $3 and the minimum price is $2.70 . Thus, it is a binding floor

From the following ledger balances, prepare a trial balance for the Whispering Winds Corp. at June 30, 2022. All account balances are normal.
Accounts Payable $8,300 Service Revenue $7,300
Cash $7,700 Accounts Receivable $4,300
Common Stock $22,500 Salaries and Wages Expense $3,500
Dividends $2,100 Rent Expense $2,300
Equipment $18,200.

Answers

Answer:

Realidades 2 WKBK page 109

Explanation:

Realidades 2 WKBK page 109

The following cost information shows that as production increases, Quantity produced/day Total Cost 0 $2,000 1 $2,500 2 $2,800 3 $3,300 4 $4,100 5 $5,300 6 $7,000 Group of answer choices average total cost decreases and then increases. average fixed cost increases. Total cost is increasing slower and slower. marginal cost falls.

Answers

Answer:

The following cost information shows that as production increases, the

average total cost decreases and then increases.

Explanation:

a) Data and Calculations:

    Quantity      Total Cost   Marginal  Average

produced/day                        Cost      Total Cost

0                         $2,000     $2,000      $0

1                          $2,500        $500      $2,500

2                         $2,800        $300       $1,400

3                         $3,300        $500        $1,100

4                         $4,100         $800       $1,025

5                        $5,300      $1,200       $1,060

6                        $7,000      $1,700        $1,167

b) The average total cost is the total cost divided by the quantity produced per day.  When no unit was produced, the company still incurred some cost, known as fixed cost for production infrastructure, etc.  As the quantity produced increases, the average total cost tends to decrease until the quantity increased to 5 units.  Perhaps, the factory capacity was exceeded at this point.  No wonder the entity recorded an increase in the average total cost.

Coronado Industries purchased equipment in 2019 at a cost of $912000. Two years later it became apparent to Coronado Industries that this equipment had suffered an impairment of value. In early 2021, the book value of the asset is $583000 and it is estimated that the fair value is now only $360000. The entry to record the impairment is

Answers

Answer and Explanation:

The journal entry to record the impairment is as follows:

Loss on impairment of equipment $223,000 ($583,000 - $360,000)  

            To Accumulated depreciation- Equipment $223,000

(Being the impairment is recorded)

Here the loss would be debited as it increased the losses and accumulated depreciation is credited as it decreased the assets

The following data are for Guava Company's retiree health care plan for the current calendar year. Number of employees covered 5 Years employed as of January 1 4 (each) Attribution period 20 years EPBO, January 1 $ 64,000 EPBO, December 31 $ 68,480 Interest rate 7 % Funding and plan assets None What is the service cost to be included in the current year's postretirement benefit expense?

Answers

Answer:

$3,424

Explanation:

Calculation for What is the service cost to be included in the current year's postretirement benefit expense

Service cost=December 31 $ 68,480*1/20 years

Service cost=$3,424

Therefore the service cost to be included in the current year's postretirement benefit expense will be $3,424

Stuart Manufacturing Company was started on January 1, year 1, when it acquired $89,000 cash by issuing common stock. Stuart immediately purchased office furniture and manufacturing equipment costing $32,000 and $40,000, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $4,000 salvage value and an expected useful life of six years. The company paid $12,000 for salaries of administrative personnel and $21,000 for wages to production personnel. Finally, the company paid $26,000 for raw materials that were used to make inventory. All inventory was started and completed during the year. Stuart completed production on 10,000 units of product and sold 8,000 units at a price of $9 each in year 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.)

Required

a. Determine the total product cost and the average cost per unit of the inventory produced in year 1.
b. Determine the amount of cost of goods sold that would appear on the year 1 income statement.
c. Determine the amount of the ending inventory balance that would appear on the December 31, year 1, balance sheet.
d. Determine the amount of net income that would appear on the year 1 income statement.
e. Determine the amount of retained earnings that would appear on the December 31, year 1, balance sheet.
f. Determine the amount of total assets that would appear on the December 31, year 1, balance sheet.

Answers

LAnswer:

A. $ 5.3

B. $ 42,400

C. $ 10,600

D.$4,000

E. $13,600

F. $102,600

Explanation:

A. Calculation to Determine the total product cost and the average cost per unit of the inventory produced in year 1

First step

Total product cost= $ 6,000 + $21,000 + $26,000 = $ 53,000

Second step

Manufacturing equipment depreciation for 1 year = ($40,000 - $4,000)/6

(Manufacturing equipment depreciation for 1 year = $6,000

The average cost per unit = Total product cost / total products = $ 53,000 / 10,000 = $ 5.3

b. Calculation to Determine the amount of cost of goods sold that would appear on the 2018 income statement.

COGS= $ 5.3 * 8,000

COGS = $ 42,400

c. Calculation to Determine the amount of the ending inventory balance that would appear on the December 31, 2018,balance sheet.

The ending inventory balance = $ 5.3 * (10,000 - 8,000)

The ending inventory balance = $ 10,600

d. Calculation to Determine the amount of net income that would appear on the 2018 income statement.

STUART MANUFACTURING COMPANY

Income Statement

Sales (8000 * $9)$72,000

Cost of Goods sold ($42,400)

Gross Margin$29,600

Office furniture depreciation($4,000)

salaries of administrative personnel($12,000)

Net Income$ 13,600

Office furniture depreciation for 1 year =($32,000 - $0)/8

Office furniture depreciation for 1 year= $4,000

e. Calculation to Determine the amount of retained earnings that would appear on the December 31, 2018, balancesheet.

Retain Earnings = $0 + $ 13,600 = $13,600

f. Determine the amount of total assets that would appear on the December 31, 2018, balance sheet.Total Assets = 30,000 + 10,600 + 28,000 + 34,000 = $102,600

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