Answer: To guarantee loans made by lenders
Explanation:
The primary mortgage market is simply the market where a mortgage loan can be gotten by the borrowers from a primary lender while the secondary mortgage market is simply a marketplace where the home loans are purchased and sold between the lenders and the investors.
The Veteran Administration’s primary role in the mortgage market is guarantee loans made by lenders.
Of all the pieces of the planning puzzle, the ________ is the most strategic and critical
Answer:
facility location
Explanation:
For operations manager in a business organization, selecting the facility layout is the most strategic and critical factor of all the pieces of planning puzzle. This is because if a wrong location is selected for the layout, it could create inefficiency for the business as well as increase costs for them.
Some of the determinants of facility layout are; how close is the facility location to the required labor, customers, suppliers etc. Also , environmental regulations are also considered when citing a facility.
One of the basic importance of facility location is to know how workers would work which would in turn bring about production efficiency.
Why is Business process reengineering and organizational change seen to have a pain-pleasure relationship
Answer:ungesoma bana
Explanation:
Everyone uses money, and it is important to understand what factors affect the cost of money.
Consider the following scenario:
Due to recent political and economic events, general prices of goods and services are expected to increase significantly over the next five years. You were about to purchase a five-year bond. You now require a higher return on the bond than you did before you found out about these expected price increases.
Determine which of these fundamental factors is affecting the cost of money in the scenario described:______.
a. Inflation
b. Time preferences for consumption
c. Risk
Answer:
A
Explanation:
Inflation is a persistent rise in general price level. Investors usually factor in inflation levels when making investment decisions. they demand rates of return based on the expected inflation. This rate of return is known as a nominal rate of return
Types of inflation
1. Demand-pull inflation :This is when the demand for good exceeds the supply of the goods. As a result the price of the good increases
2. Cost push inflation : this type of inflation is caused as a result of an increase in the cost of goods used in the production of goods and services
Supply has the potential to contribute to: ___________a. Cost management, profitability, return on assets, competitive position and corporate social policy. b. Cost management, profitability, return on assets and competitive position. c. Cost management, profitability and return on assets. d. Cost management and profitability. e. Cost management.
Answer: Cost management, profitability, return on assets, competitive position and corporate social policy
Explanation:
Supply has the potential to contribute to cost management, profitability, return on assets, competitive position and corporate social policy.
Supply is defined as the amount of goods or services that a supplier is willing to offer for sale at a particular price and at a certain period. The amount of goods offered can determine the revenue generated and hence the profit made.
Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $959,000 Shop direct labor 700,000 Shop and repair equipment depreciation 46,100 Shop supervisor salaries 128,300 Shop property taxes 23,300 Shop supplies 17,900 Advertising expense 19,200 Administrative office salaries 82,500 Administrative office depreciation expense 10,500 Total costs and expenses $1,986,800 The average shop direct labor rate is $25.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. $ per direct labor hour
Answer:
7.7 per direct labor hour
Explanation:
Number of direct labor hours = 700,000 / 25
Number of direct labor hours = 28,000 labor hours
Overhead cost = Shop and repair equipment depreciation + Shop supervisor salaries + Shop property taxes + Shop supplies
Overhead cost = 46,100 + 128,300 + 23,300 + 17,900
Overhead cost = 215,600
Predetermined overhead rate = Overhead cost/Direct labor hours
= 215,600 / 28,000 labor hours
= 7.7 per direct labor hour
When having to have a difficult conversation with upper managers, you can increase success by:___________.A) Framing the issue in familiar language.B) Not asking for further budget allocation.C) Making sure you have just met your last deadline.D) Framing the issue in familiar language and making sure you have just met your last deadline.
Answer: A. Framing the issue in familiar language.
Explanation: Familiar language increases the probability of your issue that you're having will be understood in upper management.
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Listed below are several transactions that took place during the second and third years of operations for RPG Consulting. Year 2 Year 3Amounts billed to customers for services rendered $ 320,000 $ 420,000 Cash collected from credit customers 230,000 370,000 Cash disbursements: Payment of rent 77,000 0 Salaries paid to employees for services rendered during the year 137,000 157,000 Utilities 27,000 37,000 Advertising 13,500 32,000 In addition, you learn that the company incurred advertising costs of $22,000 in year 2, owed the advertising agency $4,700 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3.1. Calculate accrual net income for both years.2. Determine the amount due the advertising agency that would be shown as a liability on RPG’s balance sheet at the end of year 2.
Answer:
RPG Consulting
1. RPG Consulting Income Statements:
Year 2 Year 3
Service Revenue $ 320,000 $ 420,000
Expenses:
Rent 38,500 38,500
Salaries 137,000 157,000
Utilities 27,000 37,000
Advertising 22,000 18,800
Total Expenses $224,500 $251,300
Accrual Net Income $95,500 $168,700
2. Amount due to the advertising agency at the end of year 2 = $13,200.
Explanation:
a) Data and Calculations:
Year 2 Year 3
Amounts billed to customers
for services rendered $ 320,000 $ 420,000
Cash collected from credit customers 230,000 370,000
Cash disbursements:
Payment of rent 77,000 0
Salaries paid to employees for services 137,000 157,000
Utilities 27,000 37,000
Advertising 13,500 32,000
Advertising:
Year 1 Ending Balance (Credit) $4,700
Year 2 Expense 22,000
Year 2 Cash payment (13,500)
Year 2 Ending balance (Credit) 13,200
Year 3 Cash payment (32,000)
Year 3 Expense $18,800
Rent:
Year 1 = $38,500
Year 2 - $38,500
Over 1.5 million different species have been discovered on Earth, and scientists discover about 15,000 new species each year. These species are very different, ranging from bacteria and algae to whales and redwood trees. Select four characteristics that all of these species have in common.
A
All species have metabolic functions.
B
All species have cell walls.
C
All species are composed of cells.
D
All species reproduce.
E
All species use sunlight to make food.
F
All species require energy.
THE SUBJECT IS SCIENCE!!!!!!!
Characteristics that all of these species have in common:
All species have metabolic functions.All species are composed of cells.All species reproduce.All species require energy.How many species have been identified on Earth?2.13 million species were recognized on the earth in 2021. The distribution of 1.05 million insects, more than 11,000 birds, more than 11,000 reptiles, and more than 6,000 mammals is shown in the graph. These numbers may be a little high, especially for less well-known categories like plants or fungi.
86% of land-dwelling species and 91% of aquatic species, according to scientists, have not yet been thoroughly investigated. Researchers are always searching. Every year, some 18,000 new species are found. On our globe, there are an estimated 8.7 million plant and animal species. This indicates that a little more than 86 percent of terrestrial species and 91 percent of sea species have yet to be identified.
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In most businesses, what is the most costly factor of production?
Answer:
the answer to the question is hu,an capital
You have ten workers who are all equally skilled and who can do each other worker's job
with the same efficiency. The first worker does a task worth $100, the second, $90, and so on
until the last whose task is worth $10. Worker number one comes to you, demands a raise,
and threatens to quit if the raise is not forth coming. How much at most should you be
willing to pay worker number one?
It really depends. If all jobs are similar and demand the same requirements, I would find a middle amount like $25 for all ten workers.
If employee number one left, the other employees might be given new jobs, and your loss would only be $10. Therefore, the maximum wage for employee 1 should be $10.
What do you mean by Efficiency?The two words used in management the most are efficiency and effectiveness. Efficiency is the practice of carrying out tasks with the least amount of time wasted and the best use of available resources, resulting in work that is completed more quickly and without errors.
A worker who is paid an hourly rate receives a fixed sum of money for each hour they work. The employer determines how much a worker will be paid, but it must at least equal the provincial minimum wage. Although the overall minimum wage in Ontario was $11.40 per hour, it might vary for students and specific occupations.
Therefore, The maximum wage for employee 1 should be $10.
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What was the total manufacturing cost assigned to Job P? (Do not round intermediate calculations.) Total manufacturing cost_________.
Answer:
$52,285
Explanation:
The computation of the total manufacturing cost assigned to Job P is shown below:-
Total manufacturing cost = Direct material + Direct labor + Manufacturing overhead applied
= $13,000 + $21,000 + (2,300 × $7.95)
= $13,000 + $21,000 + $18,285
= $52,285
Therefore for computing the total manufacturing cost assigned to Job P we simply applied the above formula.
Compute and select the correct common-size percent for each account title.Total Assets is $700,000 Accounts Payable is $75,000 Bonds Payable is $225,000 Common Stock is $300,000 Retained Earnings is $100,000
Answer and Explanation:
The computation for each corrected common-size percent for each account is shown below:
Particulars Amount Percentage
Total assets $700,000 100%
Accounts payable $75,000 10.71%
($75,000 ÷ $700,000)
Bonds payable $225,000 32.14%
($225,000 ÷ $700,000)
Common stock $300,000 42.86%
($300,000 ÷ $700,000)
Retained earnings $100,000 14.29%
($100,000 ÷ $700,000)
Therefore each one of assetm liabilities and stockholder equity is presented as a percentage of total assets and the same is to be considered
Team morale depends on the following except for:
a. Support
b. Resources
c. Connections
d. Communication
Explanation:
Except for resources.........
How are manufacturing companies and service companies alike? a. They both produce products. b. They both have product-production costs. c. They both have labor, material, and overhead costs. d. They both have manufacturing costs.
Answer:
The answer is d.
Explanation:
A manufacturing company uses labor and other inputs to transforms raw materials into finished product and then sells the product, like a merchandising company. A service company, on the other hand, does not produce/sell products, instead it provides service.
On September 30 of Year 1, JayBob Company had raw materials inventory of 5,000 pounds. Starting in October, JayBob intends to have an inventory policy of maintaining ending raw materials inventory at the end of every month equal to the next TWO months’ production needs. For example, ending inventory at the end of October should be equal to forecasted raw materials needs for November production plus forecasted raw materials needs for December production.Five pounds of raw materials are needed in the production of one finished unit.Forecasted PRODUCTION for the months October, Year 1 through December, Year 1 is as follows.October 4,500 unitsNovember 6,000 units December 2,000 unitsWhat is the amount of budgeted RAW MATERIALS PURCHASES for October?A- 40,000 poundsB- 52,500 poundsC- 57,500 poundsD- 62,500 poundsE- 67,500 pounds
Answer:
Purchases= 57,500 pounds
Explanation:
Giving the following information:
Beginning inventory= 5,000 pounds
Production:
October= 4,500 units
November= 6,000 units
December= 2,000 units
Each unit requires 5 pounds of direct materials.
To calculate the purchase of direct material required, we need to use the following formula:
Purchases= production + desired ending inventory - beginning inventory
Desired ending inventory= 6,000*5 + 2,000*5= 40,000 pounds
Purchases= 4,500*5 + 40,000 - 5,000
Purchases= 57,500 pounds
The stock of North American Dandruff Company is currently selling at $80 per share. The firm pays a dividend of $2.50 per share.a. What is the dividend yield?b. If the firm has a payout rate of 50 percent, what is the firms P/E ratio?
Answer:
3.1% / 0.031
16
Explanation:
dividend yield = dividend per share / share price
$2.50 / $80 = 0.031 = 3.1%
Payout ratio = dividend per share / earning per share = 50% = 0.5
$2.5 / earning per share = 0.5
earning per share = $2.5 / 0.5 = $5
P / E = Stock price / earning per share = $80 / $5 = 16
Handyman Services has total assets for the year of and total liabilities of $9,400.Requirements
1. Use the accounting equation to solve for equity.
2. If next year assets increased by $3,700 and equity decreased by $1,740, what would be the amount of total liabilities for Hill CountryHill Country Handyman Services?
The question is incomplete. The complete question is stated below,
Handyman Services has total assets for the year of $14, 700 and total liabilities of $9,400.
Requirements ,
1. Use the accounting equation to solve for equity.
2. If next year assets increased by $3,700 and equity decreased by $1,740, what would be the amount of total liabilities for Hill CountryHill Country Handyman Services?
Answer:
1.
Total Equity = $5300
2.
Total Liabilities = $14840
Explanation:
1.
The basic accounting equation states that the value of total assets is always equal to the sum of the values of total liabilities and the total equity. Thus, the equation can be written as,
Total Assets = Total Liabilities + Total Equity
14700 = 9400 + Total Equity
14700 - 9400 = Total Equity
Total Equity = $5300
2.
The new value of assets and equity after increase is,
Total Assets = 14700 + 3700 = $18400
Total Equity = 5300 - 1740 = $3560
So, the new value of total liabilities will be,
Total Assets = Total Liabilities + Total Equity
18400 = Total Liabilities + 3560
18400 - 3560 = Total Liabilities
Total Liabilities = $14840
In the following examples, state how you would use the principle of marginal analysis to make a decision.
a. Deciding how many days to wait before doing your laundry
b. Deciding how much library research to do before writing your term paper
c. Deciding how many bags of chips to eat
d. Deciding how many lectures of a class to skip
Answer:
Human beings make decisions at the margin which means that they make decisions depending on if the marginal benefits outweigh the marginal cost.
a. Deciding how many days to wait before doing your laundry.
Here the marginal benefit of waiting before you do your laundry is that you will have extra time to do other things you want to do. The marginal cost however would be that you will keep having less and less clothes to be able to choose from. Therefore the amount of time that you will take before doing your laundry depends on whether you value your free time over the amount of clothes you have to choose from.
b. Deciding how much library research to do before writing your term paper.
The marginal benefit here would be that if you use a lot of research your work will be more in-depth as you will find more information ( past or present) that will help you do the research. The marginal cost however is that you will have less time to do other things such as going to classes. Your decision would depend on if you think the research is more important than time for those other things or vice versa.
c. Deciding how many bags of chips to eat
Marginal benefit would be satiating your hunger. Marginal cost would be the calories you might gain as well as the cost of the chips. You will make a decision depending on if you believe the hunger being satiated is more beneficial than the calories gained and the money spent.
d. Deciding how many lectures of a class to skip
Like the first decision, the marginal benefit here would be the extra time you would gain to do other things. The marginal cost however, would be the risk of falling behind on material. Your decision will depend on if you value your extra time more than falling behind. If you do, you will miss more lectures. If you don't you will miss less lectures.
Ron Landscaping's income statement reports net income of $73,300, which includes deductions for interest expense of $10,500 and income taxes of $32,900. Its times interest earned is:
Answer: 11.1 times
Explanation:
Times Interest Ratio = Earnings before Interest and Tax/ Interest
Earnings before Interest and tax = Net Income + Interest + Tax
= 73,300 + 10,500 + 32,900
= $116,700
Times Interest ratio = 116,700/10,500
= 11.1 times
Consider the following transactions for Thomas Company and their effect ont he accounting equation. Determine the new balance for each component of the accounting equation from the transactioon. If an amount box does not require an entry, leave it blank.1. Investment in the business= $17,010
2. Borrow cash= $7620
3. Purchase equipment= the list price was $8700 but the final price was $8300
4. Revenues earned = $298,600, the cash has been collected from the customers for all revenue earned
5. Expenses incurred= total $210,900 during the same year, all expenses paid in cash
6. Dividens= end of each quarter, the company distributed cash to stockholders, the sum of those quarterly distributions was $15,000
Transaction Assets =Liabilities Stockholders' Equity
Beginning $0 $0 $0
1. Investment in the business $17,010
2. Borrow cash $7620
3. Purchase equipment
4. Revenues earned
5. Expenses incurred
6. Dividends
Answer:
Since there is not enough room here I used an excel spreadsheet. I assumed that all sales and expenses were collected and paid in cash.
Answer:Answer:so here is it explained fully.|Assests=||Liabilities +||StockH.Eq.|Investment n Bus.: |$17160=||$0.00+||$17,160||Borrow Cash: |$24,900=||$7,740+||$17,160||Purchase Equipment:|$24,900=||$7,740+||$17,160||Revenues Earned: |$323,300=||$7,740+||$315,560||Expenses Incurred:|$111,600=||$7,740+||$103,860||Dividends:|$96,200=||$7,740+||$88,460||
Explanation:image explains how I got those numbers and shows that I have the correct on my worksheet.You are basically subtracting and adding the transaction from either the assets or stockholders’ equity. !THESE ANSWERS ARE CORRECT FOR ONLY CERTAIN NUMBERS GIVEN TO YOUR SPECIFIC TRANSACTIONS!check image below if you have different number on your work sheet to figure out how to get the correct answer with the numbers you received on your work sheet.
McDonald’s pressed on with the strategic plan of offering all-day breakfast in spite of initial struggles because strategic decisions require long-term commitment.a. Trueb. False
Answer: True
Explanation:
Strategic decisions do indeed take long-term commitment because they are meant to help the company in the long term not the short.
Strategic decisions usually set goals and achieve results in the long term. They are not expected to yield results in the short terms which is why MacDonald's pressed on with the all-day breakfast despite initial challenges.
With the passage of Title VII of the Civil Rights Act of 1964, the Re-construction Civil Rights Acts were no longer available as a means to pursue a claim of discrimination based on race.
A. True
B. False
________ decisions involve higher level issues concerned with the overall direction of the organization; these decisions define the organization’s overall goals and aspirations for the future.
Answer:
strategic decision
Explanation:
a decision that involves higher-level issues and that is concerned with the overall direction of the organization, defining the overarching goals and aspirations for the organization's future.
Decisions that define the organization’s overall goals and aspirations for the future and also involve higher-level issues concerned with the overall direction of the organization are known as strategic decisions.
What is an organization?A group of people who works in a company, an institution or an association with the aim of achieving the same goal or aim or working in the same direction forms an organization. An organization is an entity, that gets affected by various factors, and the people who are working in the organization are also get affected by various things.
Factors that mostly affect the organization, as well as the people working in it, are the environment and the aim for which they all are working. At the same time, it is necessary that they work for the same goal and with the same intention.
As a result, sometimes the organization has to make decisions that define the organization’s overall goals are known as strategic decisions.
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Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments--Molding and Fabrication. It started, completed, and sold only two jobs during March-Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March): Molding Fabrication Total Estimated total machine-hours used 2,500 1,500 $ 4000Estimated total fixed 15,000 $10,000 25000manufacturing overhead Estimated variable manufacturing 1.40 2.20overhead per machine-hour Job P Job Q Direct materials $13,000 $8,000 Direct labor cost $21,000 $7,500 Actual machine-hours used: 1,700 800Molding Fabrication 600 900 Total 2,300 1,700 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required:If Job Q included 30 units, what was its unit product cost? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.)
Answer:
Job Q's unit cost = $1,026.67
Explanation:
Job Q
actual machine hours used
molding 800:
allocated fixed overhead = (800/2,500) x $10,000 = $3,200
variable overhead = 800 x $1.40 = $1,120
sub-total = $4,320
fabrication 900:
allocated fixed overhead = (900/1,500) x $15,000 = $9,000
variable overhead = 900 x $2.20 = $1,980
sub-total = $$10,980
total overhead = $15,300
direct labor = $7,500
direct materials = $8,000
total costs for Job Q = $30,800
Job Q's unit cost = $30,800 / 30 units = $1,026.67
An asset source transaction increases a business's assets and the claims to assets.a) trueb) false
Answer: True
Explanation:
An Asset source transaction is one where a company gains an asset by using funds from equity, liabilities or earnings from business operations (which is still equity).
As a result of such a transaction, the company gains an asset but as the asset was financed by liabilities or equity, the claims on assets increases as the holders of these liabilities and equity now have more interest in the company.
If the price of lemons increases, what happens to the supply for lemonade as a result?
Answer:
My answer to the question is "the supply will also decreases".
Pearse Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During December, the kennel budgeted for 3,000 tenant-days, but its actual level of activity was 2,980 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for December:
Data used in budgeting:
Fixed Variable
per month per tenant-day
Revenue $32.10
Wages & Salaries $2,400 $ 7.00
Food & Supplies $ 900 $11.30
Facitlity Expenses $8,600 $ 3.50
Admin Expenses $6,700 $ 0.30
Total Expenses $18,600 $22.10
Actual results for December:
Revenue $97,978
Wages & Salaries $23,530
Food & Supplies $35,224
Facility Expenses $19,780
Admin. Expenses $ 7,404
1. The activity variance (show any unfavorable variance as a negative number) for net operating income in December would be:
2. The net operating income in the planning budget for December would be:
3. The net operating income in the flexible budget for December would be:
Answer:
Pearse Kennel
1. Activity variance for net operating income in December would be:
= $200
2. The net operating income in the planning budget for December would be:
= $11,400
3. The net operating income in the flexible budget for December would be:
= $11,200
Explanation:
Data and Calculations:
Fixed Variable Planning Flexible Variance
per month per tenant-day Budget Budget
Revenue $32.10 $96,300 $95,658 $642
Wages & Salaries $2,400 $ 7.00 23,400 23,260 140
Food & Supplies $ 900 $11.30 34,800 34,574 226
Facility Expenses $8,600 $ 3.50 19,100 19,030 70
Admin Expenses $6,700 $ 0.30 7,600 7,594 6
Total Expenses $18,600 $22.10 $84,900 $84,458 $442
Net operating income $11,400 $11,200 $200
Use the drop-down menus to identify the personal characteristic that fits each description. Christine is a fast reader: value Leonard is very busy and involved in his community: Rose has worked in a few different restaurants: Olga was raised in the United States by Russian parents who taught her about Russian culture: Randall wants to learn more about other cultures:
Answer:
skill
lifestyle
experience
background
interest
Explanation:
it's just da facts.
The following are correctly matched identify the personal characteristic that fits each description:
Skills: Christine is a fast reader. the capacity to quickly and effectively apply one's knowledge in action or performance.Lifestyle: value Leonard is very busy and involved in his community. Your way of living is a reflection of who you are. You might try to live like a rock star, partying all night and sleeping all day, to look cool, but you'd probably get pretty exhausted.Experience: Rose has worked in a few different restaurants. Experience is significant because it enables personal growth and development. You will develop the ability to adjust to a new setting so that you can succeed.Background: Olga was raised in the United States by Russian parents who taught her about Russian culture.Interest: Randall wants to learn more about other cultures. Racial and ethnic divides can be overcome and prevented through understanding different cultures. Disparities based on race and ethnicity lead to miscommunication, missed opportunities, and occasionally violence.How do you express good experience?Brilliant definition: exhibiting or possessing outstanding intelligence, talent, or quality. Excellent: Having the highest caliber or higher merit; being extraordinarily good. Magnificent: Making a grand entrance or display; having extraordinary beauty or size. Marvelous adjectives include startling, remarkable, and those that evoke amazement, adoration, or awe.
Thus, mentioned above are correctly matched with its descroption.
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Finance managers tend to be more customer centric than marketers
True or false?
Answer:
imma say its tru
Explanation:
Answer:
True
Explanation:
I took the test on edge
Pirates Incorporated had the following balances at the beginning of September.
Trial Balance
September 1
Accounts Debits Credits
Cash $ 6,500
Accounts Receivable 2,500
Supplies 7,600
Land 11,200
Accounts Payable $ 7,500
Notes Payable 3,000
Common Stock 9,000
Retained Earnings 8,300
Totals $ 27,800 $ 27,800
The following transactions occur in September.
September 1 Provide services to customers for cash, $4,700.
September 2 Purchase land with a long-term note for $6,400 from Crimson Company.
September 4 Receive an invoice for $500 from the local newspaper for an advertisement that appeared on September 2. September 8 Provide services to customers on account for $6,000.
September 10 Purchase supplies on account for $1,100.
September 13 Pay $4,000 to Crimson Company for a long-term note.
September 18 Receive $5,000 from customers on account.
September 20 Pay $900 for September's rent.
September 30 Pay September's utility bill of $2,000.
September 30 Pay employees $4,000 for salaries for the month of September.
September 30 Pay a cash dividend of $1,100 to shareholders.
Required:
1. Record each transaction.
2. Post each transaction to the appropriate T-accounts.
3. Calculate the balance of each account at September 30. (Hint: Be sure to include the balance at the beginning of September in each T-account.)
4. Prepare a trial balance as of September 30.
Answer:
Pirates Incorporated
1. Journal Entries;
Sept. 1
Debit Cash $4,700
Credit Service Revenue $4,700
To record provision of services for cash.
Sept. 2
Debit Land $6,400
Credit Notes Payable (Crimson Company) $6,400
To record the purchase of land.
Sept. 4
Debit Advertising Expense $500
Credit Advertising Payable $500
To record advertising expense.
Sept. 8
Debit Accounts Receivable $6,000
Credit Service Revenue $6,000
To record the provision of services on account.
Sept. 10
Debit Supplies $1,100
Credit Accounts Payable $1,100
To record the purchase of supplies on account.
Sept. 13
Debit Notes Payable $4,000
Credit Cash account $4,000
To record payment to Crimson Company.
Sept. 18
Debit Cash Account $5,000
Credit Accounts Receivable $5,000
To record the receipt of cash from customers.
Sept. 20
Debit Rent Expense $900
Credit Cash Account $900
To record the payment of September's rent.
Sept. 30
Debit Utilities Expense $2,000
Credit Cash Account $2,000
To record the payment of September's utilities.
Sept. 30
Debit Salaries Expense $4,000
Credit Cash Account $4,000
To record the payment of September's salaries.
Sept. 30
Debit Dividends $1,100
Credit Cash Account $1,100
To record the payment of dividends to shareholders.
2. T-Accounts:
Cash Account
Date Description Debit Credit
Sept. 1 Balance $6,500
Sept. 1 Service Revenue 4,700
Sept. 13 Notes Payable $4,000
Sept. 18 Accounts Receivable 4,000
Sept. 20 Rent 900
Sept. 30 Utilities 2,000
Sept. 30 Salaries 4,000
Sept. 30 Dividends 1,100
Sept. 30 Balance c/d 3,200
Accounts Receivable
Date Description Debit Credit
Sept. 1 Balance $3,500
Sept. 8 Service Revenue 6,000
Sept. 18 Cash $5,000
Sept. 30 Balance c/d 4,500
Supplies
Date Description Debit Credit
Sept. 1 Balance $7,600
Sept. 10 Accounts Payable 1,100
Sept. 30 Balance c/d $8,700
Land
Date Description Debit Credit
Sept. 1 Balance $11,200
Sept. 2 Notes Payable 6,400
Sept. 30 Balance c/d $17,600
Accounts Payable
Date Description Debit Credit
Sept. 1 Balance $7,500
Sept. 10 Supplies 1,100
Sept. 30 Balance c/d $8,600
Notes Payable
Date Description Debit Credit
Sept. 1 Balance $3,000
Sept. 2 Land 6,400
Sept. 12 Cash $4,000
Sept. 30 Balance c/d $5,400
Common Stock
Date Description Debit Credit
Sept. 1 Balance $9,000
Retained Earnings
Date Description Debit Credit
Sept. 1 Balance $8,300
Service Revenue
Date Description Debit Credit
Sept. 1 Cash $4,700
Sept. 8 Accounts Receivable 6,000
Sept. 30 Balance c/d $10,700
Advertising Expense
Date Description Debit Credit
Sept. 4 Advertising payable $500
Advertising Payable
Date Description Debit Credit
Sept. 4 Advertising Expense $500
Rent Expense
Date Description Debit Credit
Sept. 20 Cash $900
Utilities Expense
Date Description Debit Credit
Sept. 30 Cash $2,000
Salaries Expense
Date Description Debit Credit
Sept. 30 Cash $4,000
Dividend
Date Description Debit Credit
Sept. 30 Cash $1,100
3. Pirates Incorporated
Trial Balance as of September 30:
Accounts Debits Credits
Cash $ 3,200
Accounts Receivable 4,500
Supplies 8,700
Land 17,600
Accounts Payable $ 8,600
Notes Payable 5,400
Common Stock 9,000
Retained Earnings 8,300
Service Revenue 10,700
Advertising Payable 500
Advertising expense 500
Rent expense 900
Utilities expense 2,000
Salaries expense 4,000
Dividends 1,100
Totals $ 42,500 $ 42,500
Explanation:
a) Data and Calculations:
Pirates Incorporated
Trial Balance as of September 1
Accounts Debits Credits
Cash $ 6,500
Accounts Receivable 2,500
Supplies 7,600
Land 11,200
Accounts Payable $ 7,500
Notes Payable 3,000
Common Stock 9,000
Retained Earnings 8,300
Totals $ 27,800 $ 27,800