Hector and Quinn have decided to form a partnership. Hector is going to contribute the following to the partnership:

Note payable as a bank loan for the new business

Machine

$ 16,000

$31,000

Cash

$10,900

Based on this information, Hector's beginning equity balance in the partnership will be:​

Answers

Answer 1

It can be noted that based on this information, Hector's beginning equity balance in the partnership will come to about $46,900.

What is equity?

To exact Hector's beginning equity balance in the partnership, we need to calculate the total value of his contributions.

Hector's contributions include derived as follows

Machine =  $16,000

Cash = $10,900

Let's assume the bank loan is $20,000 for this example.

Adding these we have

$16,000 + $10,900 + $20,000 = $46,900

Hence, Hector's beginning equity balance in the partnership would be $46,900.

Learn more about equity at:

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Related Questions

1. Find the derivative y' = dy/dx:
(a) y = 5x2 + 2x-1/2 + 3
(b) y = (3x2 - 1)(5x2 + 2x)
What is the y prime?

Answers

Answer:

you did the questions right . very good

Given the following demand and supply equations determine the market equilibrium price and quantity. QD=30-3p. As=10-5p. Where Q is quantity and P is price​

Answers

Answer:

Equilibrium price, p = 2.5

Equilibrium Quantity, Q = 22.5

Explanation:

The equation is:

Qd = 30 - 3p

Qs = 10 + 5p

At equilibrium, Quantity demanded equals quantity supplied

Equate Qd = Qs to find equilibrium price

30 - 3p = 10 + 5p

30 - 10 = 5p + 3p

20 = 8p

p = 20/8

P = 2.5

Substitute equilibrium price into Qd and Qs equation to find equilibrium Quantity

Qd = 30 - 3p

= 30 - 3(2.5)

= 30 - 7.5

= 22.5

Qs = 10 + 5p

= 10 + 5(2.5)

= 10 + 12.5

= 22.5

Therefore,

Equilibrium price, p = 2.5

Equilibrium Quantity, Q = 22.5

Each of the following is a characteristic of a defined benefit retirement plan EXCEPT: Question 3 options: The plan assigns the risk of pre-retirement inflation, investment performance, and adequacy of retirement income to the employee. The plan specifies the benefit an employee receives at retirement. The plan has less predictable costs as compared to defined contribution plans. The law specifies the maximum allowable benefit payable from the plan is equal to the lesser of 100% of salary or $230,000 (2020) per year currently

Answers

Answer:

Each of the following is a characteristic of a defined benefit retirement plan EXCEPT:

The plan assigns the risk of pre-retirement inflation, investment performance, and adequacy of retirement income to the employee.

Explanation:

No.  With a defined benefit retirement plan, the risk of pre-retirement inflation, investment performance, and adequacy of retirement income is never assigned to the employee.  Instead, the employer bears this risk.  The defined benefit plan always specifies the benefit to which an employee is entitled to at retirement.  It also demands that the employee must work for a certain defined period to be entitled to this benefit.  By its nature, the defined benefit plan provides a fixed and pre-established benefit for employees.  This is why it is preferred by employees.

Carla Vista Company has the following information available for September 2020.

Unit selling price of video game consoles $410
Unit variable costs $328
Total fixed costs $36,900
Units sold 600
Compute the unit contribution margin.

Unit contribution margin enter the unit contribution margin
Prepare a CVP income statement that shows both total and per unit amounts.

Compute Carla Vista’ break-even point in units.

Break-even point in units enter Break-even point in units units
Prepare a CVP income statement for the break-even point that shows both total and per unit amounts.

Answers

Answer:

Carla Vista Company has the following information available for September 2020.

Unit selling price of video game consoles $410

Unit variable costs $328

Total fixed costs $36,900

Units sold 600

Compute the unit contribution margin.

Unit contribution margin enter the unit contribution margin

Prepare a CVP income statement that shows both total and per unit amounts.

Compute Carla Vista’ break-even point in units.

Break-even point in units enter Break-even point in units units

Prepare a CVP income statement for the break-even point that shows both total and per unit amounts.

The following trial balance was taken from the books of Sheridan Corporation on December 31, 2020.

Account Debit Credit
Cash $8,500
Accounts Receivable 40,700
Notes Receivable 11,200
Allowance for Doubtful Accounts $1,870
Inventory 35,300
Prepaid Insurance 4,720
Equipment 122,600
Accumulated Depreciation--Equip. 14,100
Accounts Payable 10,100
Common Stock 49,100
Retained Earnings 64,550
Sales Revenue 268,000
Cost of Goods Sold 123,900
Salaries and Wages Expense 48,600
Rent Expense 12,200
Totals $407,720 $407,720

At year end, the following items have not yet been recorded.

a. Insurance expired during the year, $2,000.
b. Estimated bad debts, 1% of gross sales.
c. Depreciation on furniture and equipment, 10% per year.
d. Interest at 6% is receivable on the note for one full year.
e. Rent paid in advance at December 31, $5,400 (originally charged to expense).
f. Accrued salaries at December 31, $5,800.

Required:
a. Prepare the necessary adjusting entries.
b. Prepare the necessary closing entries.

Answers

Answer:

Sheridan Corporation

a. Adjusting Journal Entries on December 31, 2020:

a. Debit Insurance Expense $2,000

Credit Prepaid Insurance $2,000

To record the insurance expense for the year.

b. Debit Bad Debts Expense $2,680

Credit Accounts Receivable $2,680

To record bad debts written off.

c. Debit Depreciation Expense - Equipment $12,260

Credit Accumulated Depreciation - Equipment $12,260

To record the depreciation expense for the year.

d. Debit Interest Receivable $672

Credit Interest Revenue $672

To record interest revenue receivable on the note.

e. Debit Rent Prepaid $5,400

Credit Rent Expense $5,400

To record rent prepaid, previously recorded as an expense.

f. Debit Salaries and Wages Expense $5,800

Credit Salaries Payable $5,800

To record accrued salaries.

b. Closing Journal Entries on December 31, 2020:

Debit Sales Revenue $268,000

Interest Revenue $672

Credit Income Summary $268,672

To close the revenue accounts to the income summary.

Debit Income Summary $202,040

Credit:

Cost of Goods Sold                 123,900

Salaries and Wages Expense  54,400

Rent Expense                             6,800

Bad debts Expense                   2,680

Insurance Expense                   2,000

Depreciation Expense             12,260

To close the expense accounts to the income summary.

Explanation:

a) Data and Calculations:

Sheridan Corporation

Unadjusted Trial Balance as of December 31, 2020:

Account Titles                               Debit     Credit

Cash                                             $8,500

Accounts Receivable                   40,700

Notes Receivable                          11,200

Allowance for Doubtful Accounts               $1,870

Inventory                                     35,300

Prepaid Insurance                         4,720

Equipment                                 122,600

Accumulated Depreciation--Equip.             14,100

Accounts Payable                                        10,100

Common Stock                                           49,100

Retained Earnings                                     64,550

Sales Revenue                                        268,000

Cost of Goods Sold                 123,900

Salaries and Wages Expense  48,600

Rent Expense                           12,200

Totals                                   $407,720 $407,720

Adjustments:

a. Insurance Expense $2,000 Prepaid Insurance $2,000

b. Bad Debts Expense $2,680 Accounts Receivable $2,680 (1% of $268,000)

c. Depreciation Expense - Equipment $12,260 Accumulated Depreciation - Equipment $12,260 (10% of $122,600)

d. Interest Receivable $672 Interest Revenue $672 (6% of $11,200)

e. Rent Prepaid $5,400 Rent Expense $5,400

f. Salaries and Wages Expense $5,800 Salaries Payable $5,800

Sheridan Corporation

Adjusted Trial Balance as of December 31, 2020:

Account Titles                               Debit     Credit

Cash                                             $8,500

Accounts Receivable                   38,020

Notes Receivable                          11,200

Interest Receivable                           672

Allowance for Doubtful Accounts               $1,870

Inventory                                     35,300

Prepaid Insurance                         2,720

Prepaid Rent                                 5,400

Equipment                                 122,600

Accumulated Depreciation--Equip.           26,360

Accounts Payable                                        10,100

Salaries Payable                                           5,800

Common Stock                                           49,100

Retained Earnings                                     64,550

Sales Revenue                                        268,000

Interest Revenue                                            672

Cost of Goods Sold                 123,900

Salaries and Wages Expense  54,400

Rent Expense                             6,800

Bad debts Expense                   2,680

Insurance Expense                   2,000

Depreciation Expense            12,260

Totals                                   $426,452 $426,452

Consider how health insurance affects the quantity of health care services performed. Suppose that the typical medical procedure has a cost of $100, yet a person with health insurance pays only $20 out of pocket. Her insurance company pays the remaining $80. (The insurance company recoups the $80 through premiums, but the premium a person pays does not depend on how many procedures that person chooses to undergo.) Consider the following demand curve in the market for medical care.
1. Based on the given demand and​ supply, the given transportation problem is
________?
2. Before finding the initial​ solution, a dummy_____________ should be introduced.?
3. The total cost of the optimal solution​ =____________?

Answers

Answer:

hello your question has some missing part attached below is the missing demand curve

Answer :

1) the quantity of health procedures Individuals will demand is greater than the optimal quantity ( 20  procedures )

2)  quantity of medical procedure

3) $200

Explanation:

1) Based on the given demand and supply, the given transportation problem is  the quantity of health procedures Individuals will demand is greater than the optimal quantity ( 20  procedures )

2) A dummy quantity of medical procedure should be introduced

3) Total cost of optimal solution

optimal quantity of medical procedure ( Qd) * price of medical procedure(Qp)

= 20 * 100

= $200

Dolan Company's accounting records reflect the following inventories:

Dec. 31, 2020

Dec. 31, 2019

Raw materials inventory

$310,000

$260,000

Work in process inventory

300,000

160,000

Finished goods inventory

190,000

150,000

During 2020, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000.
Dolan Company's total manufacturing costs incurred in 2020 amounted to

2. Management by exception
A. means that only unfavorable differences will be investigated.
B. means that material differences will be investigated.
C. means that all differences will be investigated.
D. causes managers to be buried under voluminous paperwork.

Answers

Answer and Explanation:

The computation of the total manufacturing cost is shown below:

As we know that

Total manufacturing cost is

= Direct raw material used + direct labor cost + manufacturing overhead cost

= ($260,000 + $800,000 - $310,000) + $670,000 + $640,000

= $2,060,000

2. The management of exception means examining the financial and operational business results and considered the issues that faced by the company by having attention on it. ALso it considered teh differences arise from the expected amount

So here means that non-favorable difference would be investigated or material difference would be investigated

Osborn Manufacturing uses a predetermined overhead rate of $ 19.70 per direct labor- hour. This predetermined rate was based on a cost formula that estimates $265,950 of total manufacturing overhead for an estimated activity level of 13,500 direct labor-hours. The company actually incurred $260,000 of manufacturing overhead and 13,000 direct labor-hours during the period.
Required:
1. Determine the amount of underapplied or overapplied manufacturing overhead for the period.
2. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Would the journal entry to dispose of the underapplied or overhead increase or decrease the company's gross margin? By how much?

Answers

Answer:

1. $3,900

2. $3900

Explanation:

Required:

1. Calculation to Determine the amount of underapplied or overapplied manufacturing overhead for the period.

Applied overhead = 19.70*13,000

Applied overhead = 256,100

manufacturing overhead = 260,000-256,100

manufacturing overhead= underapplied by $3,900

2. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Would the journal entry to dispose of the underapplied or overhead increase or decrease the company's gross margin? By how much

​​​​​The gross margin would decrease by the amount of $3900

In each of the following cases, determine how supply or demand shifts and how the equilibrium changes.
a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the
supply of
supply of and demand for
demand for
smartphones increase(s), causing the equilibrium price to rise, fall, or remain unchanged
fall
rise, fall, or remain unchanged
rise
and the equilibrium quantity to rise
rise
fall
rise, fall, or remain unchanged
b. ALS medical research funds: The ALS ice bucket challenge goes viral, leading to greater awareness of the benefits of and need for ALS research. As a result, the
supply of
supply of and demand for
demand for
ALS research increase(s), causing the equilibrium price (or opportunity cost) of such research to
rise
fall
rise, fall, or remain unchanged
and the equilibrium quantity to
fall
rise, fall, or remain unchanged
rise

Answers

Explanation:

A. When microchip used in smartphones become less costly to produce, the supply of smartphones are going to increase, causing a fall in equilibrium price and a rise in equilibrium quantity.

since one of the resources used to make smartphones has become cheaper, more smartphones would be produced, raising its supply, increased supply causes fall in price and rise in equilibrium quantity.

B. since the ALS bucket challenge went viral, supply and demand for research would increase, causing equilibrium price or opportunity cost to either rise or remain unchanged. the equilibrium quantity will then rise, fall or remain unchanged

Round Hammer is comparing two different capital structures: An all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, the company would have 180,000 shares of stock outstanding. Under Plan II, there would be 130,000 shares of stock outstanding and $1.925 million in debt outstanding. The interest rate on the debt is 8 percent, and there are no taxes. a. If EBIT is $400,000, what is the EPS for each plan

Answers

Answer:

Explanation:

Under Plan I, the EPS would be calculated as:

= EBIT / Shares of stock outstanding

= $400,000 / 180,000 shares

EPS = $2.22

Under Plan II, the EPS will be calculated as thus:

We should note that the EBIT in this case will be reduced by interest payment. This will be:

= $400000 - 8% (1.925 million)

= $400000 - 0.08($1,925,000)

= $400,000 - $154000

= $246,000

Then, the EPS for plan II will be calculated as:

EPS = $246,000 / 130,000 shares

EPS = $1.89

What is a conversion rate?

Answers

Answer:

number of conversions divided by the total number of visitors.

Explanation:

Answer:

In electronic commerce, conversion marketing is marketing with the intention of increasing conversions--that is, site visitors who are paying customers. The process of improving the conversion rate is called conversion rate optimization.

Help? Its for personal finance.

Answers

Answer:

it's the bottom right

Explanation:

since the groceries have the biggest number it should have the biggest piece and that is the only one that has groceries as the biggest piece of the chart

It’s the bottom I think

When you retire 35 years from now, you want to have $1.25 million. You think you can earn an average of 13.5 percent on your investments. To meet your goal, you are trying to decide whether to deposit a lump sum today, or to wait and deposit a lump sum 2 years from today. How much more will you have to deposit as a lump sum if you wait for 2 years before making the deposit

Answers

Answer:

$19,144.61

Explanation:

The first step would be to determine the present value of $1.25 million. After, the future value of that amount in 2 years has to be calculated

The formula for calculating future value:

P = FV / (1 + r)^n

FV = Future value  

P = Present value  

R = interest rate  

N = number of years

$1.25 million /  (1.135)^35 = $14,861.23

Now we find the future value using this formula :

FV = P (1 + r)^n

$14,861.23 x (1.135)^2 = $19,144.61

You have hired an international agent and are ramping up production in your U.S. facility to keep up with the orders the agent has obtained. You receive an email from your purchasing manager.

From: M. Gomez

Subject: Order

We need to place a large order for bulbs for our solar kits. As you know, we import these bulbs from Japan. I have been watching the exchange rate between the U.S. dollar and the Japanese yen very carefully. The current exchange rate is $1 to 106.94 yen. However, sources tell me that the exchange rate is expected to be $1 to 115 yen very soon. Do you want me to place the order now or wait until the exchange rate changes?

Please advise how you want me to proceed.

Select an option from the choices below and click Submit.

A. Wait and place the order when the exchange rate changes.

B. Place the order now

Answers

Answer:

B. Place the order now.

Explanation:

Why wait until the exchange rate changes?  When is that going to be?  The best reaction would be to place the order when it is needed and not to speculate on the exchange rate.  Waiting until the exchange rate changes against Japan makes the prices of goods and services cheaper for foreign purchasers.  But, the wait could be endless.

If the mean of three observations x + 2, x + 4, and x + 6 is 15, then x is equal to
a) 12
(b) 13
(c) 15
(d) 11

Answers

Answer:

x+2+x+4+x+6/3=15

3x+12=15x3

3x+12=45

3x=45-12

3x=33

x=33/3

x=11

hope it helps u

Answer:

D

Explanation

3x+12 divided by 3 multiple by 15

Three categories of activities (operating, investing, and financing) generate or use the cash flow in a company. In the following table, identify which type of activity is described below.

a. Fitzi Chemical Co. earns revenue from its cash receipts from royalties.
b. The Yum chain of restaurants conducts an initial public offering to raise funds for expansion.
c. A company records a decrease in its total raw materials inventory from the previous year.
d. A pharmaceutical company buys marketing rights to sell a drug exclusively in East Asian markets.

Answers

Answer and Explanation:

The classifications are as follows:

a. Operating activities: As there is a cash receipts from royalities so the same come under this activity

b. Financing activities:  As the funds are raised so the same would be come under this activity.

c. Operating activities: As there is a decrease in raw material inventory as compared to the last year so the same is come under this activity

d. Investing activities: As the marketing rights are purchased so the same would be come under this activity

Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant, design a marketing strategy to compete with Burger King. The contract spans eight months. Burger Boy promises to pay $87,000 at the end of each month. At the end of the contract, Velocity either will give Burger Boy a refund of $29,000 or will be entitled to an additional $29,000 bonus, depending on whether sales at Burger Boy at year-end have increased to a target level. At the inception of the contract, Velocity estimates an 80% chance that it will earn the $29,000 bonus and calculates the contract price based on the expected value of future payments to be received. At the start of the fifth month, circumstances change, and Velocity revises to 60% its estimate of the probability that it will earn the bonus. At the end of the contract, Velocity receives the additional consideration of $29,000.
Required:
1) Prepare the journal entry to record revenue each month for the first four months of the contract.
2) Prepare the journal entry that the Velocity Company would record after four months to recognize the change in estimate associated with the reduced likelihood that the bonus will be received.
3) Prepare the journal entry to record the revenue each month for the second four months of the contract.
4) Prepare the journal entry after eight months to record receipt of the cash bonus.

Answers

Answer:

Accounts Receivable (Dr.) $87,000

Bonus receivable (Dr.) $29,000

Service Revenue (Cr.) $116,000

Explanation:

Expected Value at contract inception is :

($87,000 * 8 months + $29,000) * 80% = $580,000

($87,000 * 8 months - $29,000) * 20% = $133,400

Total = $713,400

$725,000 / 8 = $89,175

The service revenue is estimated to be 116,000 if there is no probability estimate. When the expected value is incorporated the service revenue will be $89,175.

Which of the following is not a key component of the merger model we walked through in the course?

Answers

Answer:

Gathering publicly available comparable company information

Creating detailed forecasts for both companies

An accretion/dilution and sensitivity analysis

Determining and calculating items related to the acquisition structure

Which statement does not describe the Linux operating systems?
It is proprietary software.
Its code can be modified by users.
It was developed by Torvalds.
It is an open-source application

Answers

Answer:

c your correct

Explanation:

George secured an adjustable-rate mortgage (ARM) loan to help finance the purchase of his home 5 years ago. The amount of the loan was $350,000 for a term of 30 years, with interest at the rate of 9%/year compounded monthly. Currently, the interest rate for his ARM is 3.5%/year compounded monthly, and George's monthly payments are due to be reset. What will be the new monthly payment

Answers

Answer:

$1,680

Explanation:

during the first 5 years, the monthly payment will = $2,816.18

I prepared an amortization schedule. After the 60th payment, the principal owed = $335,580

the new monthly payment considering that the interest rate fell significantly to 3.5% = $1,680

calculation to determine the monthly payment:

present value of the loan = monthly payment x PVIFA

monthly payment = present value / PVIFA

PVIFA, 0.29167%, 300 periods = 199.7501

monthly payment = $335,580 / 199.7501 = $1,680

Jeremy earned $100,000 is salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of the household and has $23,000 in itemized deductions. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy’s tax refund or tax due including the tax on the capital gain?

Answers

Answer:

Follows are the solution to this question:

Explanation:

Points      Description              Amount                        Computation

(1) Major Revenue                          $110,000            [tex]\$ 100,000 \ salary + \$ 6,000 \\ \\Interest \ income + \$4,000 \\\\ \text{ capital gain in long term}[/tex]

(2) AGI allowance                   0  

(3) Gross sales adjusted                $110,000                 (1) - (2)

(4) Deduction norm                         18,350          Chief of Household

(5) susceptible to deductions        23,000  

(6) Enhanced standard                        (23,000)                    (5) > (4)

   deduction or individualized

       deductions

(7) Taxable Revenue                        $87,000  

(8) Response for                                 $13,298          [tex][(83,000 - 52,850) \times[/tex]

    incoming taxes                                                   [tex]22\%+ \$6,065] + \$4000\times 15\%[/tex]

                                                                              (See the household head tax

                                                                                     plan)

(9)  Allowance for children's taxes      (2,000)  

(10)  Withdrawal of tax                          (11,000)  

Taxes due                                            $ 298                      (8) + (9) + (10)

Match each term with its definition.
A. Corporate Social Responsibility
B. Corporate governance
C. Ethics
D. The International Organization for Standardization
1. Businesses living and working together for the common good and valuing human dignity
2. Created a variety of standards that help organizations gain international acceptance of their practices and outcomes.
3. The oversight of a public corporation by its board of directors.
4. Bullying may not be illegal, but many companies have enacted policies prohibiting such incivility and abusive behavior in the workplace.

Answers

Answer:

Corporate governance - The oversight of a public corporation by its board of directors

Corporate Social Responsibility -  Businesses living and working together for the common good and valuing human dignity

Ethics - Bullying may not be illegal, but many companies have enacted policies prohibiting such incivility and abusive behavior in the workplace

The International Organization for Standardization - Created a variety of standards that help organizations gain international acceptance of their practices and outcomes.

Explanation:

Corporate Social Responsibility "is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders"(UNIDO).

Corporate governance "is the system by which companies are directed and controlled. Boards of directors are responsible for the governance of their companies. The shareholders' role in governance is to appoint the directors and the auditors and to satisfy themselves that an appropriate governance structure is in place" (ICAEW).

Ethics basically refer to moral principles. These are principles enacted by companies to minimize unacceptable behavior in the workplace.

The International Organization for Standardization creates a variety of standards that help organizations gain international acceptance of their practices and outcomes.

Aaron, clerical supervisor for a health maintenance organization, wants to hire the best person for the receptionist job. Ramona, his manager, is doubtful that the candidate Aaron has selected will be capable because she uses a wheelchair. Ramona is concerned that other workers will have to spend a lot of time helping the receptionist get in and out of the office for lunch, breaks, and so on. How can Aaron ensure that his candidate will be an asset to the firm?

Answers

Answer:

Explanation:

There are two things that Aaron can do to make sure of this. The first is to make the office wheelchair-friendly. Meaning installing ramps in the necessary places so that the candidate can easily traverse the office and get to and from the places she needs easily and by herself. The second thing that Aaron can do is make sure that the candidate's abilities are better than the other candidates. These skills will make her an asset because she will be able to bring insight and experience that the other candidates would never be able to.

Scholars have noted each of the following elements that explain the importance of conferences EXCEPT:

a. The conference is the crucial unit in shaping and regulating intercollegiate athletics because it can have more impact on shaping athletic policies than the NCAA does.
b. Conferences demand that schools and their leaders pay more attention to conference issues than to those of national governing bodies like the NCAA.
c. The conference is the locus where a small group of institutions in voluntary association agree to work together, to compete while showing some sign of mutual respect and comparable academic standards.
d. Conferences allow schools with similar concerns to form leagues with rules that operationalize their common philosophy and put their athletes and coaches in social circumstances where they will be dealing with people and similar expectations and constraints.

Answers

Answer:

b.

Explanation:

Conferences demand that schools and their leaders pay more attention to conference issues than to those of national governing bodies like the NCAA. Issues need to be chosen by its importance to the vast majority. If the issue that is affecting the vast majority of the population revolves around external factors such as those of a national governing body then those are the issues that the conference should revolve around. The conference needs to adapt to what is most important always.

Match each type of adjusting entry with its definition.
Deferred revenue
Accrued expenses
Prepaid expenses
Accrued revenue
Match each of the options above to the items below.
Receive cash in the current period that will be recorded as a revenue in a future period.
Record an expense in the current period that will be paid in cash in a future period.
Record a revenue in the current period that will be collected in cash in a future period.
Pay cash (or have an obligation to pay cash) in the current period that will be recorded as an expense in a future period.

Answers

Answer and Explanation:

The matching is as follows:

1. Deferred revenue - the cash would be received in the present period and the same would be reported as a revenue for the future period

2. Accrued expense - It would be recorded as an expense for a present period but the cash would be paid in the future

3. Prepaid expense - The cash is paid or the obligation is to the pay the cash in the present period but the expense would be recorded in the future period

4. Accrued revenue - the revenue is recorded in the present period but the cash would be collected in a future period

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31.
Debit Credit
Cash 1,500
Accounts Receivable 2,000
Interest Receivable 100
Prepaid Insurance 1,600
Notes Receivable (long-term) 2,800
Equipment 15,000
Accumulated Depreciation 3,000
Accounts Payable 2,400
Accrued Expenses Payable 3,920
Income Taxes Payable 2,700
Unearned Rent fees 500
Common Stock 5,000
Retained Earnings 2,700
Dividends 2,000
Rent Fees Earned 37,000
Furniture Rental Revenue 1,200
Interest Revenue 100
Wages Expense 19,000
Depreciation Expense 1,800
Utilities Expense 320
Insurance Expense 700
Maintenance Expense 9,000
Income Tax Expense 2,700
58,520 58,520
Prepare the entry required to close the expense accounts at the end of the period.

Answers

Answer and Explanation:

The journal entry required to close the expense account is given below:

Income summary Dr $33,520

    To Wages Expense $19,000

    To Depreciation Expense $1,800

    To Utilities Expense $320

     To Insurance Expense $700

     To Maintenance Expense $9,000

     To Income Tax Expense $2,700

(being the expenses accounts are closed)

Consider two neighboring island countries called Arcadia and Dolorium. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor.

Country Jeans (Pairs per hour of labor) Corn(Bushels per hour of labor)
Arcadia 5 10
Dolorium 4 16

Initially, suppose Arcadia uses 1 million hours of labor per month to produce corn and 3 million hours per month to produce jeans, while Dolorium uses 3 million hours of labor per month to produce corn and 1 million hours per month to produce jeans. Consequently, Arcadia produces 8 million bushels of corn and 48 million pairs of jeans, and Dolorium produces 15 million bushels of corn and 20 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of corn and jeans it produces.

Arcadia's opportunity cost of producing 1 pair of jeans is _____ of corn, and Dolorium's opportunity cost of producing 1 pair of jeans is _____ of corn. Therefore, ____ has a comparative advantage in the production of jeans, and ____ has a comparative advantage in the production of corn.

Answers

Answer:

Arcadia's opportunity cost of producing 1 pair of jeans is 2 bushels of corn, and Dolorium's opportunity cost of producing 1 pair of jeans is 4 bushels of corn. Therefore, Arcadia has a comparative advantage in the production of jeans, and Dolorium has a comparative advantage in the production of corn.

Explanation:

maximum production

                               jeans         corn

Arcadia                   20              40

Dolorium                 16              64

initial production

                               jeans         corn

Arcadia                   15                10

Dolorium                 4                48

Arcadia's opportunity costs:

jeans = 40 / 20 = 2 bushels of corn

corn = 20 / 40 = 0.5 pairs of jeans

Dolorium's opportunity costs:

jeans = 64 / 16 = 4 bushels of corn

corn = 16 / 64 = 0.25 pairs of jeans

The following trial balance was prepared from the ledger accounts of Ricardo Company: RICARDO COMPANY Trial Balance April 30, Year 2 Account Titles Debit Credit Cash $ 71,900 Accounts receivable 36,000 Supplies 2,400 Prepaid insurance 4,200 Land $ 11,000 Accounts payable 10,200 Common stock 100,000 Retained earnings 29,640 Dividends 8,600 Service revenue 70,000 Rent expense 10,200 Salaries expense 32,700 Operating expense 33,600 Totals $ 199,600 $ 220,840 When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors: The company received $590 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as $770. A $1,200 receipt of cash that was received from a customer on accounts receivable was not recorded. A $580 purchase of supplies on account was properly recorded as a debit to the Supplies account. However, the credit to Accounts Payable was not recorded. Land valued at $11,000 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $11,000 credit to both the Land account and the Common Stock account. A $800 rent payment was properly recorded as a credit to Cash. However, the Salaries Expense account was incorrectly debited for $800.

Answers

Question Completion:

Prepare the corrected Trial Balance of Ricardo Company.

Answer:

RICARDO COMPANY

The corrected Trial Balance April 30, Year 2

Account Titles               Debit Credit

Cash                             $ 72,920

Accounts receivable       34,800

Supplies                            2,400

Prepaid insurance            4,200

Land                                 11,000

Accounts payable                          $10,780

Common stock                              100,000

Retained earnings                          29,640

Dividends                        8,600

Service revenue                             70,000

Rent expense                11,000

Salaries expense          31,900

Operating expense     33,600

Totals                      $ 210,420 $ 210,420

Explanation:

a) Data and Calculations:

RICARDO COMPANY

Trial Balance April 30, Year 2

Account Titles                  Debit     Credit

Cash                             $ 71,900

Accounts receivable      36,000

Supplies                            2,400

Prepaid insurance            4,200

Land                                                 $11,000

Accounts payable                            10,200

Common stock                              100,000

Retained earnings                          29,640

Dividends                        8,600

Service revenue                             70,000

Rent expense               10,200

Salaries expense         32,700

Operating expense     33,600

Totals                      $ 199,600 $ 220,840

Cash Account:

Account Titles                  Debit     Credit

Balance                        $ 71,900

Overstated service revenue                 180

Accounts receivable        1,200

Balance                                          $72,920

Totals                           $73,100      $73,100

Balance                       $72,920

Accounts Receivable

Account Titles                  Debit     Credit

Balance                          $36,000

Cash                                                 $1,200

Balance                                         $34,800

Totals                            $36,000 $36,000

Balance                         $34,800

Accounts Payable

Account Titles                  Debit     Credit

Balance                                        $10,200

Supplies                                             580

Balance                        $10,780

Totals                           $10,780  $10,780

Balance                                       $10,780

Land

Account Titles                  Debit     Credit

Balance                                           $11,000

Correction of error      $22,000

Balance                                           $11,000

Totals                           $22,000  $22,000

Balance                         $11,000

Salaries Expense

Account Titles                  Debit     Credit

Balance                      $32,700

Rent Expense                                   $800

Balance                                        $31,900

Totals                        $32,700    $32,700

Balance                     $31,900

Rent Expense

Account Titles                  Debit     Credit

Balance                          $10,200

Salaries Expense                 800

Balance                                          $11,000

Totals                             $11,000   $11,000

Balance                          $11,000

Whether to pay a lawmaker for giving a speech at your company is an ethical
dilemma that deals with
O A. lobbying
B. awarding honoraria
c. professional standards
D. gift giving

Answers

Answer: B

Explanation:

Scenario
You are the marketing analyst for Better Beans Coffee Company, which has nine stores nationwide. The company wants to build two additional stores. Your executive team has decided that rather than expand to new markets, they want Better Beans to begin opening additional stores in existing markets. While this will create cannibalization in the short term, it will create marketing and operating efficiencies as more stores are opened in each city.
As a scrappy and growing startup, Better Beans does not yet have access to complex marketing analytics software. Fortunately, you are an expert at gathering market data from inside and outside the company and crunching accurate numbers with nothing more than an Excel spreadsheet.
You have been tasked with calculating the two best markets for opening an additional store. You have already calculated two things that allow you to estimate the net additional revenue in each market ueafter adding a second store:
Revenue for a second store in each market
The revenue lost from estimated cannibalization at the first store.
Important note: Due to the high investments already made in existing stores, management has specified that any market where cannibalization is 25% or more should be eliminated from consideration.
Ignoring cannibalization rates for now, what two markets have the highest net revenue increases when adding a second store?
A. Dallas and Portland
B. Los Angeles and Orlando
C. Chicago and Dallas
D. Orlando and Dallas
E. Los Angeles and Portland
What two markets should be chosen for a second store based on management's criteria that the cannibalization rate for the existing store should be less than 25%? Note: Cannibalization rates and net revenue increase amounts need to be considered when making this determination.
A. Los Angeles and Orlando
B. Atlanta and Houston
C. Atlanta and Portland
D. Los Angeles and Portland
E. Los Angeles and Houston
Existing Revenue Second store Cannibalization Revenue Net Revenue
Store Revenue Estimate Drop Due Increase for
Estimate to cannibalization Market(
Second
Store
Revenue
Cannibalization)
Los Angeles 4,050,000 $2,677,500 5% $202,500 2,475,000
Houston 1,950,000 1,522,500 5% 97,500 1,425,000
Orlando 2,800,000 2,175,000 25% 700,000 1,475,000
Atlanta 2,240,000 1,695,000 30% 720,000 975,000
Chicago 2,150,000 1,735,000 40% 860,000 875,000
San Diego 1,900,000 1,505,000 20% 380,000 1,125,000
Portland 1,500,000 1,050,000 20% 300,000 750,000
Dallas 2,450,000 1,702,500 45% 1,102,500 600,000
Boston 3,150,000 2,177,500 35% 1,102,500 1,075,000

Answers

Answer:

Better Beans Coffee Company

1. Two markets that have the highest net revenue increases when adding a second store are:

B. Los Angeles and Orlando

2. The two markets that should be choose for a second market are:

E. Los Angeles and Houston

Explanation:

a) Data and Calculations:

Existing     Revenue    Second   Cannibalization  Revenue    Net Revenue                           Store                              Store         Estimate         Drop Due  Increase from

                                    Estimate                            Cannibali-       Market

                                                                                                   (Second Store

                                                                                                      Revenue

                                                                                                Cannibalization)

Los Angeles 4,050,000 $2,677,500      5%       $202,500          2,475,000

Houston        1,950,000    1,522,500      5%           97,500           1,425,000

Orlando        2,800,000    2,175,000    25%        700,000            1,475,000

Atlanta          2,240,000   1,695,000     30%        720,000             975,000

Chicago         2,150,000   1,735,000     40%        860,000             875,000

San Diego     1,900,000   1,505,000     20%        380,000           1,125,000

Portland        1,500,000   1,050,000     20%        300,000            750,000

Dallas           2,450,000   1,702,500     45%       1,102,500            600,000

Boston          3,150,000   2,177,500      35%      1,102,500           1,075,000

b) Cannibalization results from the reduction in sales revenue when a company introduces another similar product or store in an existing market.  Before making decisions based on cannibalization, management should study the market dynamics and set measurable criteria for making the choice to go for cannibalization or preservation of an existing market.  One of the best criteria for deciding on cannibalization is the net revenue from the second product or store after cannibalization.

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