Instructions
1. Column C. should be type asset liabilitt revenue equity or expense
2. Coloumn D OR E should have a YES OR NO.
3. Fill in debit or credit- which is normal balance of the account, (INCREASE SIDE)
4. Fill in which type of account is it? Temporary or permanent.
Account Name Type: Asset, Will be Will be Normal Temporary or
liability, equity, on the on the Balance Permanent
revenue or Income balance is Debit
Expense statement Sheet or Credit
Cash
Capital Stock
Mortgage Payable
Interest Receivable
Supplies
Account Payable
Short Term Investments
Repair Expense
Unearned Service Revenue
Equipment
Depreciation Expense
Interest Revenue
Salaries Expense
Retained Earnings
Accumulated Depreciation
Utilites Expense
Salaries Payable
Account Receivable
Notes Payable
Service Revenue"
Answers
Answer:
I attached a picture of an Excel table I used to work this. I also attached the proper format of the question that I found that helped answer this.
Related Questions
Which one of the following is the reason that bonds may sell at a discount or premium?
A. The market yield rate fluctuated between the time the bond agreement was written and the date the bonds were actually issued to investors
B. Market conditions caused the coupon rate of interest to change between the time the bond agreement was written and the date the bonds were actually issued to investors
C. The bond issuer failed to consider the market yield rate when the bond agreement was created
D. The bond issuer adjusted the coupon rate to match that of other bond issues
Answers
Answer:
A. The market yield rate fluctuated between the time the bond agreement was written and the date the bonds were actually issued to investors
Explanation:
Interest rate changes and changes in the market price of outstanding bonds have an inverse relationship. If the market rate of interest is more than coupon rate than the bonds are sold at discount to match the market interest rate and if the coupon rate is more than market rate than bonds are sold at premium for match the market rate of interest.
Coupon rates one decided than there is no change in the life time of the bonds but market rate are always changing and because of this the bonds are sell at discount or premium.
Twist Corp. has a current accounts receivable balance of $335,500. Credit sales for the year just ended were $4,448,730.
A. What is the company's receivables turnover?
B. What is the company's days' sales in receivables?
C. How long did it take on average for credit customers to pay off their accounts during the past year?
Answers
Answer:
a.) 13.26
b.) 27.53 days
c.) 27.53 days
Explanation:
Given - Twist Corp. has a current accounts receivable balance of $335,500.
Credit sales for the year just ended were $4,448,730.
To find - A. What is the company's receivables turnover?
B. What is the company's days' sales in receivables?
C. How long did it take on average for credit customers to pay off
their accounts during the past year?
Proof -
a.)
Formula for Receivables turn over is
Receivables turn over = Net credit sales / Average Accounts receivable
= [tex]\frac{4,448,730}{335,500}[/tex] = 13.26
⇒Company's receivables turnover = 13.26
b.)
Day's sales in receivables = 365 days / Receivable turnovers
= [tex]\frac{365}{13.26}[/tex] = 27.53
⇒Day's sales in receivables = 27.53 days
c.)
On average , it took 27.53 days for credit customers to pay off their accounts during the past year.
Stock A's beta is 1.7 and Stock B's beta is 0.7. Which of the following statements must be true about these securities? (Assume market equilibrium.) a. The expected return on Stock B should be greater than that on A. b. Stock B must be a more desirable addition to a portfolio than A. c. Stock A must be a more desirable addition to a portfolio than B. d. When held in isolation, Stock A has more risk than Stock B. e. The expected return on Stock A should be greater than that on B.
Answers
Answer:
D
Explanation:
Systemic risk is measured by beta. In the CAPM equation, beta is a positive function of required return, so the higher beta is, the higher the systemic risk and the higher the compensation demanded for by investors.
required return = risk free return + beta x ( market risk premium)
The appropriateness of adding a stock to a portfolio cannot be determined by looking at the stock alone. the stock has to be looked at in context with the total portfolio
Uva Systems Inc. has a limited amount of direct material available for products 1A1 and 2B2. Each unit of 1A1 has a contribution margin of $12 and each unit of 2B2 has a contribution margin of $30. A unit of 2B2 uses three times as much direct material as a unit of 1A1. What is Uva's most profitable sales mix, assuming there is unlimited demand for either product
Answers
Answer:
Make All 1A1
Explanation:
Calculation to determine What is Uva's most profitable sales mix, assuming there is unlimited demand for either product
First step is to calculate the Contribution margin of 1 unit of 2B2
Contribution margin of 1 unit of 2B2 = 1 x $30
Contribution margin of 1 unit of 2B2 = $30
Second step is to calculate the Contribution margin of 3 units of 1A1
Contribution margin of 3 units of 1A1 = 3 x $12
Contribution margin of 3 units of 1A1 = $36
Based on the above calculation for both Contribution margin of 1 unit of 2B2 and Contribution margin of 3 units of 1A1 we can see that Contribution margin of 3 units of 1A1 is the most profitable sales mix.
Therefore Uva's most profitable sales mix, assuming there is unlimited demand for either product is Make All 1A1
One example of a job benefit is:
a) Salary
b) Uniforms and supplies
c) Health insurance
d) Flexible hours
Answers
Answer:
c
explanation:
Answer:
it would be C) health insurance.
The market for bell peppers is perfectly competitive and currently has an equilibrium price of $3 and the number of bell pappers traded is 6. Suppose the government imposes a price floor of $1 on this market. What will be the size of the shortage in this market
Answers
Well, the price would increase by 1 dollar, so the shortage would be 2 less.
There should be no shortage.
What is a price floor?
It is the minimum price where the producer should charge also at the same time it should be binding and considered effective. In the case when the price floor should be above the equilibrium price so it should be the surplus while on the other hand if the price floor is below the equilibrium price so that means it is no surplus. Also, the shortage is not possible
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Which critical factor must Mac, an entrepreneur, consider to select his suppliers?
A.
the assurance that the supplier will provide 100 percent original material
B.
the assurance that the supplier will always provide a flat discount rate regardless of the market condition
C.
the assurance that the supplier will be able to meet urgent and immediate demands at all times
D.
the assurance that Mac will earn customer loyalty by producing goods sold by the supplier
E.
the assurance that Mac’s business will expand every financial year
Answers
Answer:
c
Explanation:
Delisa Corporation has two divisions: Division L and Division Q. Data from the most recent month appear below: Total Company Division L Division Q Sales $490,000 $125,000 $365,000 Variable expenses 288,800 62,500 226,300 Contribution margin 201,200 62,500 138,700 Traceable fixed expenses 111,650 34,790 76,860 Segment margin 89,550 $ 27,710 $ 61,840 Common fixed expenses 36,910 Net operating income $ 52,640 The break-even in sales dollars for Division Q is closest to:
Answers
Answer:
Break-even point (dollars)= $202,263.16
Explanation:
Giving the following information:
Division Q:
Sales= $365,000
Total variable costs= 226,300
Fixed costs= 76,860
To calculate the break-even point for Division Q, we need to use the following formula:
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 76,860 / [(365,000 - 226,300) / 365,000]
Break-even point (dollars)= 76,860 / 0.38
Break-even point (dollars)= $202,263.16
All of the following are assumptions of the perfectly competitive model except: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a consumers have perfect information regarding product price, quality, and availability. b the output of one firm in the market is a perfect substitute for the output of other firms in the market. c the market consists of a large number of firms, and each firm is small relative to the entire market. d entry into the market in the long run is barred.
Answers
Answer:
d
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
Perfectly competitive market consists of a large number of firms, and each firm is small relative to the entire market. This makes firms unable to set the prices for their goods.
It is the monopoly and oligopoly market structure that is characterised by high entry and exit into the market
Lyman Company has the opportunity to increase annual credit sales $100,000 by selling to a new, riskier group of customers. The expenses of collecting credit sales are expected to be 15 percent of credit sales. The company's manufacturing and selling expenses are projected at 70% of sales, and its effective tax rate is 40%. If Lyman accepts this opportunity, its after-tax profits would increase by an estimated:_____.
a. $10,200.
b. $10,000.
c. $9,000.
d. $14,400.
Answers
Answer:
Option c ($9,000) is the correct answer.
Explanation:
The given values are:
Annual increase in sales,
= $100,000
Now,
The collection expenses will be:
= [tex]100,000\times 15 \ percent[/tex]
= [tex]15,000[/tex]
Selling as well as manufacturing expenses will be:
= [tex]100,000\times 70 \ percent[/tex]
= [tex]70,000[/tex]
Tax expense will be:
= [tex]15,000\times 40 \ percent[/tex]
= [tex]6,000[/tex]
After-tax profits increase will be:
= [tex]15,000-6,000[/tex]
= [tex]9,000[/tex] ($)
Cypress Oil Company's December 31, 2021, balance sheet listed $855,000 of notes receivable and $22,500 of interest receivable included in current assets. The following notes make up the notes receivable balance: Note 1 Dated 8/31/2021, principal of $400,000 and interest at 12% due on 2/28/2022. Note 2 Dated 6/30/2021, principal of $260,000 and interest due 3/31/2022. Note 3 $200,000 face value noninterest-bearing note dated 9/30/2021, due 3/31/2022. Note was issued in exchange for merchandise.
The company records adjusting entries only at year-end. There were no other notes receivable outstanding during 2021.
Required:
1. Determine the rate used to discount the noninterest-bearing note.
2. Determine the explicit interest rate on Note 2. (Round your intermediate calculations to the nearest whole dollar amount.)
3. What is the amount of interest revenue that appears in the company’s 2021 income statement related to these notes?
Discount rate
Interest rate
Interest revenue
Answers
Answer:
1. Determine the rate used to discount the noninterest-bearing note.
face value of the notes receivable = $400,000 + $260,000 + $200,000 = $860,000
carrying value = $855,000
difference = $860,000 - $855,000 = $5,000
6 month note, so total interest = $10,000
yearly interest = $10,000 x 2 = $20,000
interest rate = $20,000 / $200,000 = 10%
2. Determine the explicit interest rate on Note 2. (Round your intermediate calculations to the nearest whole dollar amount.)
total accrued interest = $22,500
interest on note 1 = $16,000
interest on note 2 = $6,500 (six months worth of interest)
total yearly interest = $13,000
interest rate = $13,000 / $260,000 = 5%
3. What is the amount of interest revenue that appears in the company’s 2021 income statement related to these notes?
total interest = $22,500 + $5,000 = $27,500
Lang Warehouses borrowed $196,401 from a bank and signed a note requiring 7 annual payments of $33,942 beginning one year from the date of the agreement. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Determine the interest rate implicit in this agreement. (Do not round intermediate calculations. Round interest rate to 1 decimal place.)
Answers
Answer:
5%
Explanation:
Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested
IRR can be calculated with a financial calculator
The interest rate implicit in the agreement can be determined by finding the internal rate of return.
Cash flow in year 0 = $-196,401
Cash flow each year from year 1 to 7 = $33,942
IRR = 5%
To find the IRR using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the IRR button and then press the compute button.
Which of the following social media influencing tactics can be described as getting someone to do or buy something because others are also doing it?
A.
Aspirational buying
B.
Bandwagon appeal
C.
Flattery
D.
Juxtaposition
Answers
Answer:
B. bandwagon appeal
Explanation:
When a speaker ignores the audience's ideals and expectations:
O
A. the speaker's feelings might be hurt.
B. the speaker's grades may be poor.
C. the audience might change their values.
D. it is likely that the audience will distrust the speaker.
SUBMIT
Answers
Answer:
D, It is likely that the audience will distrust the speaker.
Explanation:
100% For Sure, Right Answer
A p e x
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ou are planning to save for retirement over the next 30 years. To do this, you will invest $890 per month in a stock account and $490 per month in a bond account. The return of the stock account is expected to be 10.9 percent, and the bond account will pay 6.9 percent. When you retire, you will combine your money into an account with a return of 7.9 percent. How much can you withdraw each month from your account assuming a 25-year withdrawal period
Answers
Answer:
Monthly withdraw= $23,294.99
Explanation:
Giving the following information:
Stock:
Monthly deposit= $890
Number of periods= 30*12= 360
Interest rate= 0.109 / 12= 0.0091
Bond:
Monthly deposit= $490
Number of periods= 30*12= 360
Interest rate= 0.069 / 12= 0.00575
First, we need to calculate the amount of money collected at the moment of retirement. We need to use the following formula on each investment:
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
Stock:
FV= {890*[(1.0091^360) - 1]} / 0.0091
FV= $2,452,918.1
Bond:
FV= {490*[(1.00575^360) - 1]} / 0.00575
FV= $586,123.47
Total FV= 2,452,918.1 + 586,123.47
Total FV= $3,039,041.57
Now, the monthly withdrawal for 25 years:
Number of periods= 25*12= 300
Interest rate= 0.079 / 12= 0.0066
Monthly withdraw= (FV*i) / [1 - (1+i)^(-n)]
Monthly withdraw= (3,039,041.57*0.0066) / [1 - (1.0066^-300)]
Monthly withdraw= $23,294.99
What is the average student contribution for one year at a private college in 2012-2013?
Answers
Answer:
Explanation:
Step-by-step explanation: The average cost to attend a four-year private college for one year in 2012-2013 would be $43,289. Adding all of the average costs for one year of education gives us the total average cost for one year of education.
Answer:$27,609
Explanation:
Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 10,600 65% Conversion costs $ 12,800 30% A total of 8,500 units were started and 7,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 142,100 Conversion costs $ 359,500 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost per equivalent unit for conversion costs for the first department for the month is closest to:
Answers
Answer:
$46.04
Explanation:
It is important to note that Gunes Corporation uses the weighted-average method. This means we are only interested in the Equivalent units completed and transferred and units in working process.
Total Conversion Cost
Consider the cost in opening work in process and cost during the year.
Total Conversion Cost = $12,300 + $359,000 = $371,300
Equivalent Units
Consider work completed in units completed and transferred and units in working process.
Equivalent Units = 7,400 x 100% + 1,900 x 35 % = 8,065 units
The units in working process have been calculated as :
Units in working process = 800 + 8500 - 7,400 = 1,900
Cost per Equivalent Units
Cost per Equivalent Unit = Total Cost ÷ Total Equivalent Units
= $371,300 ÷ 8,065 units
= $46.04
The cost per equivalent unit for conversion costs for the first department for the month is closest to $46.04
Answer:
$46.16
Explanation:
It is important to note that Gunes Corporation uses the weighted-average method. This means we are only interested in the Equivalent units completed and transferred and units in working process.
Total Conversion Cost
Consider the cost in opening work in process and cost during the year.
Total Conversion Cost = $12,800 + $359,500 = $372,300
Equivalent Units
Consider work completed in units completed and transferred and units in working process.
Equivalent Units = 7,400 x 100% + 1,900 x 35 % = 8,065 units
The units in working process have been calculated as :
Units in working process = 800 + 8500 - 7,400 = 1,900
Cost per Equivalent Units
Cost per Equivalent Unit = Total Cost ÷ Total Equivalent Units
= $372,300 ÷ 8,065 units
= $46.16
Kendall Company has sales of 1,000 units at $60 a unit. Variable expenses are 30% of the selling price. If total fixed expenses are $30,000. The degree of operating leverage is
Answers
Answer:
There are several ways to compute the degree of operating leverage (DOL). A fairly intuitive approach is expressed below.
DOL = (sales - variable costs) / (sales - variable costs - fixed costs)
For Kendall, the DOL is computed as follows:
DOL = (1,000 * $60 - 1,000 * $60 * .30) / (1,000 * $60 - 1,000 * $60 * .30 - $30,000) = 3.5
hope this helps
which of the following articles of the US Consitution created the executive branch
Answers
Answer:
Article II
Explanation:
Article 2 of the constitutions vests executive power to the President of the USA
This magazine is not useful for/to me as I have ni taste in music debates. To or for?
Answers
Answer:
For
Explanation:
Use “to” when the reason or purpose is a verb. Use “for” when the reason or purpose is a noun.
Hope this helps! <3
A reality of living in a risk society is that:____________
a. social justice is, in fact, dispensed equally across all citizen groups, irrespective of ethnicity, income level, or other factors.
b. incomes are regulated by government policy to ensure equality across professions and worker class.
c. laws cannot be enacted to regulate corporations' adherence to accounting rules.
d. currency exchange rates are set by the Caux Principles.
e. the creation and distribution of wealth generate by-products that can cause injury, loss, or danger to people and the environment.
Answers
Answer:
e
Explanation:
Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,125. Fragmental collected the entire $9,000 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be:
Answers
Answer:
Debit unearned rent for $3,375
........Credit rent revenue for $3,375
Explanation:
The adjusting entry made by Fragmental Co. on December 31 is calculated as;
Number of months from October 1st to December 31st = 3 months
Rent revenue earned for 3 months = $1,125 × 3 = $3,375
Therefore, the adjusting entry would be;
Debit unearned rent for $3,375
..........Credit rent revenue for $3,375
The adjusting entry made by Fragmental Co. on December 31 would be a debit to Unearned Rent and a credit to Rent Revenue for $3,450. The correct option is d.
$3,450 in unearned rent a/c Dr.
$3,450 in rent revenue.
Unearned rent is deducted because it is the company's liability. The value of unearned rent is reduced due to the company's adjustment of unearned rent into rent income, and a fall in the value of unearned rent is always debited because it is a liability.
Rent revenue is credited since it is a company revenue/gain, and all company revenue/gains are always recognised in the books of accounts.
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The question is incomplete, but the complete question most probably was:
Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,150. Fragmental collected the entire $9,200 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be:
Multiple Choice
a)A debit to Rent Revenue and a credit to Cash for $3,450.
b)A debit to Rent Revenue and a credit to Unearned Rent for $3,450.
c)A debit to Cash and a credit to Rent Revenue for $9,200.
d)A debit to Unearned Rent and a credit to Rent Revenue for $3,450.
e)A debit to Unearned Rent and a credit to Rent Revenue for $5,750
A company that produces pleasure boats has decided to expand one of its lines. Current facilities are insufficient to handle the increased workload, so the company is considering three alternatives, A (new location), B (subcontract), and C (expand existing facilities). Alternative A would involve substantial fixed costs but relatively low variable costs: fixed costs would be $270,000 per year, and variable costs would be $600 per boat. Subcontracting would involve a cost per boat of $2,620, and expansion would require an annual fixed cost of $57,000 and a variable cost of $1,030 per boat.
A. Find the range of output for each alternative that would yield the lowest totalcost.
A. 315,550 or more.
B. 2,550 or 306,000.
C. 57,050 or 182,000.
B. Which alternative would yield the lowest total cost for an expected annual volumeof 120 boats?
A. A.
B. B.
C. C.
Answers
Answer:
A. Lowest Total Cost:
A. 315,550 or more
B. Lowest total cost of annual volume of 120 boats
C. C
Explanation:
The lowest total cost among the three alternatives is b.
If the company goes for new location it will have to incur fixed cost of $270,000 and variable cost per boat will be $600.
If the company Subcontracts then Total cost per boat is $2,620
If a company goes for expanding existing facility then it will incur fixed cost of $57,000 and variable cost will be $1,030 per boat.
If company produces 315,000 or more boats then it will have lowest possible cost for the boat.
For an output of 120 bots the best possible alternative is option C. The fixed cost will be $475 per boat ($57,000 / 120 boats)
The total cost will be $1,505 ($475 + $1,030)
The XYZ Casualty Insurance Company has found that for a particular type of insurance policy it makes the following payments for insurance claims: i) On 10% of the policies, XYZ Company pays $1,000 exactly one year after the effective date of the policy. ii) On 3% of the policies, XYZ Company pays $10,000 exactly three years after the effective date of the policy. iii) On the remaining policies, XYZ Company makes no payment for claims. In addition to the above payments, XYZ Company pays $20 for the expenses of administering the policy: $10 is paid on the effective date of the policy and the remaining $10 is paid six months after the effective date of the policy. The annual interest rate is 8%, compounded semiannually. The premium for this type of insurance policy is due six months after the effective date of the policy. If the present value of the premium is set equal to the present value of the claim payments and expenses, what is the premium?
(A) Less than $355
(B) At least $355 but less than $380
(C) At least $380 but less than $415
(D) At least $415 but less than $440
(E) At least $440
Answers
Answer:
(B) At least $355 but less than $380
Explanation:
i. Claim payments to be made
$1000 to be paid after one year of the policy
So, Present value of $1000 at 8% semi-annually = $1000/(1.04^2)) = $924.56
10% of this policy is paid = $924.56*10%= $92.46
ii. Claim payments to be made
$10000 after 3 years
So, present value= $10000/(1+0.08/2)^6 =$10000/1.046 = $7,903.14
3% of this policy claim are payable after 3 years= $7903.14* 3% = $237.09
iii. Administration expenses = $20
$10 on the effective date
$10 after 6 months
So, present value of $10 after 6 months= $10/(1.04)= $9.62
Total present value of expenses to be made by the company = $92.46 + $237.09 + $10 + $9.62 = $349.17
As the present value of the premium is set equal to the present value of the claim payments and expenses. Then, the present value of the premium is equals to $349.17.
The actual cost of the premium paid in 6 months = $349.17*1.04 = $363.14. So the option B is correct.
Read the description of following adjustments that are required at the end of the accounting period for AAA Appliance Repair Services. Record the necessary journal entries required at the end of January. Prepaid rent for the year on January 1, 2019. Rent expired during the month of January 2019, $2,000. Purchased supplies for $7,600 on January 1, 2019. Inventory of supplies was $1,600 on January 31, 2019. Depreciation is computed using the straight-line method. Equipment purchased on January 1, 2019, for $15,000 has an estimated useful life of 5 years with no salvage value. Signed a 3-month contract for $600 of prepaid advertising on January 1, 2019.
Answers
Answer:
AAA Appliance Repair Services
January Ending Adjusting Entries:
1. Debit Rent Expense $2,000
Credit Prepaid Rent $2,000
To record the rent expense for the month of January 2019.
2. Debit Supplies Expense $6,000
Credit Supplies $6,000
To record the supplies expense for the month of January 2019.
3. Debit Depreciation Expense $250
Credit Accumulated Depreciation $250
To record the depreciation expense for the month of January 2019.
4. Debit Advertising Expense $200
Credit Prepaid Advertising $200
To record the advertising expense for the month of January 2019.
Explanation:
a) Data and Transaction Analysis:
1. Rent Expense $2,000 Prepaid Rent $2,000
2. Supplies Expense $6,000 Supplies $6,000 ($7,600 - $1,600)
3. Depreciation Expense $250 Accumulated Depreciation $250 ($15,000/5 * 1/12)
4. Advertising Expense $200 Prepaid Advertising $200 ($600/3)
Tempest Enterprises began operations on January 1, 20x1, with all of its activities conducted from a single facility. The company's accountant concluded that the year's building depreciation should be allocated as follows: selling activities, 20%; administrative activities, 35%; and manufacturing activities, 45%. If Tempest sold 60% of 20x1 production during that year, what percentage of the depreciation would appear (either directly or indirectly) on the 20x1 income statement?
Answers
Answer:
100% will be included in the Income Statement
Explanation:
Always remember that the depreciation calculated for the accounting period can be apportioned as per the International Accounting Standard IAS 2, which says that expenses must be classified in a manner that results in the truth & fairness of the Financial Statements. This means that if depreciation calculated is $500 then the whole of this depreciation will be expensed out in the income statement. It's 20% might go to selling activities, 35% to administrative activities, and 45% to manufacturing activities.
But remember that the depreciation calculated for the accounting period would be expensed out by $500 in the income statement, for the period generated.Transactions Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, Miscellaneous Expense. Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted.
Oct. 1. Paid rent for the month, $2,500.
4. Paid advertising expense, $1,000.
5. Paid cash for supplies, $1,800.
6. Purchased office equipment on account, $11,500.
12. Received cash from customers on account, $7,500.
20. Paid creditor on account, $2,700.
27. Paid cash for miscellaneous expenses, $700.
30. Paid telephone bill for the month, $475.
31. Fees earned and billed to customers for the month, $42,400.
31. Paid electricity bill for the month, $900.
31. Paid dividends, $1,500.
Journalize the preceding selected transactions for March 2018 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
Zenith Consulting Co.
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Office Equipment
LIABILITIES
21 Accounts Payable
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Fees Earned
EXPENSES
51 Rent Expense
52 Advertising Expense
53 Utilities Expense
54 Miscellaneous Expense
Answers
Answer:
Transactions Innovative Consulting Co.
Journal Entries:
Date Account Titles and Explanation Debit Credit
Oct. 1: 51 Rent Expense $2,500
11 Cash $2,500
Oct. 4: 52 Advertising Expense $1,000
11 Cash $1,000
Oct. 5: 13 Supplies $1,800
11 Cash $1,800
Oct. 6: 14 Office Equipment $11,500
21 Accounts payable $11,500
Oct. 12: 11 Cash $7,500
12 Accounts Receivable $7,500
Oct. 20: 21 Accounts payable $2,700
11 Cash $2,700
Oct. 27: 54 Miscellaneous Expense $700
11 Cash $700
Oct. 30: 53 Utilities Expense $475
11 Cash $475
Oct. 31: 12 Accounts Receivable $42,400
41 Fees Earned $42,400
Oct. 31: 53 Utilities Expense $900
11 Cash $900
Oct. 31: 33 Dividends $1,500
11 Cash $1,500
Explanation:
a) Data and Calculations:
Oct. 1: 51 Rent Expense $2,500 11 Cash $2,500
Oct. 4: 52 Advertising Expense $1,000 11 Cash $1,000
Oct. 5: 13 Supplies $1,800 11 Cash $1,800
Oct. 6: 14 Office Equipment $11,500 21 Accounts payable $11,500
Oct. 12: 11 Cash $7,500 12 Accounts Receivable $7,500
Oct. 20: 21 Accounts payable $2,700 11 Cash $2,700
Oct. 27: 54 Miscellaneous Expense $700 11 Cash $700
Oct. 30: 53 Utilities Expense $475 11 Cash $475
Oct. 31: 12 Accounts Receivable $42,400 41 Fees Earned $42,400
Oct. 31: 53 Utilities Expense $900 11 Cash $900
Oct. 31: 33 Dividends $1,500 11 Cash $1,500
Grever is the East Coast manager of Hamilton Software Technolgy. Other managers are in charge of the West Coast, South, and Central divisions. His brother, Elijah is working at a different IT company. Their employees are grouped according to their functional expertise as well as the different vital product lines that they are working on.
(a) Grever most likely works in a company with a ______ structure, while (b) Elijah most likely works in a company with a _____ structure.
Answers
Answer:
geographical
functional
Explanation:
Additional information: 1. New plant assets costing $80,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $46,000 and accumulated depreciation of $38,800 were sold for $1,200 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $20,824 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Waterway Industries using the direct method.
Answers
Answer:
Cashflow Statement
Note the direct method is required for this question. This means, we reconcile the Net Income to Operating Profit by adjusting for Non-Cash items included in Income and Changes in Working Capital.
Explanation:
I have attached the full question as an image below.
bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor budget indicates that 5,600 direct labor-hours will be required in August. The variable overhead rate is $5.40 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $69,440 per month, which includes depreciation of $15,680. All other fixed manufacturing overhead costs represent current cash flows. The August cash disbursements for manufacturing overhead on the manufacturing overhead budget should be:
Answers
Answer:
$84,000
Explanation:
The computation of August cash disbursement for manufacturing overhead is seen below;
Direct labor hour
5,600
Variable overhead per hour
$5.4
Variable manufacturing overhead
$30,240
Fixed manufacturing overhead
$69,440
Total manufacturing overhead
$99,680
Less: Depreciation
$15,680
Cash disbursement for manufacturing overhead
$84,000