Answer:
a. 0.97 units per dollar input. b. $3.48 per dollar input.Explanation:
a. Units sold per dollar input:
= Total units / (Total wage + Total Raw Material cost + Total Component cost)
= 50,200 / ( (7.60 * 625 hours) + 31,500 + 15,645)
= 50,200 / 51,895
= 0.97 units sold per dollar input
b. Sales per dollar input:
= Total sales / (Total wage + Total Raw Material cost + Total Component cost)
= (50,200 * 3.60 per unit selling price) / 51,895
= 180,720 / 51,895
= $3.48 per dollar input
Forecasted depreciation expense, commonly estimated as: [(Current year depreciation expense / Prior year PPE, net) x Current year PPE, net] , is added back to net income in the cash flow from operating activities section of the Statement of Cash Flows.A. TrueB. False
Answer: True
Explanation:
The Statement of Cash flows is prepared to show the cash transactions of a company and only cash. The effect of anything non cash is not shown.
Depreciation is a non-cash expense which means that it reduces the net income without actually reducing the cash to the company. It would therefore be added back to the cash balance of the company so as to reflect that it did not reduce cash. The addition will be in the operating activities of the Statement of Cashflows.
A report about the decline of Western investment in third world countries included this: "After years of daily flights, several European airlines halted passenger service. Foreign investment fell 250 percent during the 1990s." What is wrong with this statement?
Answer: If foreign investment fell by 100% it would be totally elimiated, so it not possible for it to fall by more than 100%.
Explanation:
Foreign investment occurs when a domestic investor purchases ownership of an asset which is in a foreign country.
Based on the information given, the statement that "Foreign investment fell 250 percent during the 1990s" is incorrect. It should be noted that a fall in foreign investment by 100% imolies that there's no foreign investment as it has been totally elimiated. In this case, falling by 250% isn't possible.
If a court determines that a manager's corporate decision amounted to self-dealing, a. the manager is automatically personally liable to the corporation. b. the transaction being challenged will be automatically voided. c. the manager will automatically be fired. d. the business judgment rule will not apply.
Answer:
d. the business judgment rule will not apply.
Explanation:
A corporation can be defined as a corporate organization that has facilities and owns or controls assets used for the production of goods and services in at least one country other than its headquarter (home office) located in its home country.
One of the advantage of a corporation is that, owners have limited liability for debt to the extent to which they have invested and as such are not personally liable for some of debt owed by corporation.
A manager can be defined as an individual who is saddled with the responsibility of providing guidance, support, supervision, administrative control, as well as acting as a role model or example to the employees working in an organization by being morally upright.
Generally, managers are typically involved in taking up leadership roles and as such are expected to be build a strong relationship between their employees or subordinates by creating a fair ground for effective communication and sharing of resources and information. Also, they are required to engage their staff members (entire workforce) in the most efficient and effective manner.
In Business management, if a court of competent jurisdiction determines that a manager's corporate decision amounted to self-dealing i.e putting his or her own interests first, the business judgment rule will not apply.
Generally, in order for the business judgement rule to apply, it is expected or required that a manager should act in the best interest of a corporation.
Kiley Corporation had these transactions during 2022. Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity, or noncash investing and financing activity.
a. Purchased a machine for $30,000, giving a long-term note in exchange.
b. Issued $50,000 par value common stock for cash.
c. Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
d. Declared and paid a cash dividend of $13,000.
Answer:
A. Noncash investing and financing activities
B. Financing activities
C. Noncash investing and financing activities
D. Financing activities
Explanation:
To Analyze the transactions and indicate whether each transaction is AN OPERATING ACTIVITY, INVESTING ACTIVITY, FINANCING ACTIVITY, OR NONCASH INVESTING AND FINANCING ACTIVITY
A. Based on the information given the transaction is a NONCASH INVESTING AND FINANCING ACTIVITIES
B. Based on the information given the transaction is a FINANCING ACTIVITIES
C. Based on the information given the transaction is a NONCASH INVESTING AND FINANCING ACTIVITIES
D.Based on the information given the transaction is a FINANCING ACTIVITIES
a. Purchased a machine for $30,000, giving a long-term note in exchange, this transaction is an investing activity because it involves the acquisition of a long-term asset (machine) in exchange for a long-term note.
b. Issued $50,000 par value common stock for cash, this transaction is a financing activity because it involves the issuance of common stock in exchange for cash.
c. Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000,this transaction is a non-cash investing and financing activity because it involves the conversion of bonds into common stock.
d. Declared and paid a cash dividend of $13,000, This transaction is a financing activity because it involves the distribution of cash to shareholders as a dividend.
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The following data have been recorded for recently completed Job 450 on its job cost sheet. Direct materials cost was $2,117. A total of 34 direct labor-hours and 224 machine-hours were worked on the job. The direct labor wage rate is $14 per labor-hour. The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $16 per machine-hour. The total cost for the job on its job cost sheet would be:_____.
a. $5,867.b. $10,637.c. $8,492.d. $5,448.
Answer:
$6177
Explanation:
Calculation to determine what The total cost for the job on its job cost sheet would be
TOTAL COST
Direct materials $2,117
Direct labor (34 direct labor-hours × $14 per direct labor-hour) $476
Overhead (224 machine-hours × $16 per machine-hour) $3584
Total manufacturing cost
$6177
Therefore The total cost for the job on its job cost sheet would be:$6177
As a student, Jordyn spends 40 hours per week writing term papers and completing homework assignments. On one axis of her production possibilities frontier is measured the number of term papers written per week. On the other axis is measured the number of homework assignments completed per week. Jordyn's production possibilities frontier is a straight line if:________
a. she can switch between writing term papers and completing homework assignments at a constant rate.
b. the rate at which she can switch between homework assignments and term papers depends on the number of homework assignments she is completing and on the number of term papers she is writing.
c.she is required by her professors to spend half of her time on term papers and the other half of her time on homework assignments.
d. she faces no trade-off between writing term papers and completing homework assignments.
Answer:
a. she can switch between writing term papers and completing homework assignments at a constant rate.
Explanation:
Since in the given situation it is mentioned that on one axis the number of terms papers is measured and on the other axis, the no of homework assignment is measured so here the ppf should be in the straight line when she is able to switch between the term papers & the homework assignment and that should be the constant rate
So the option a is correct
when workers protest by working very inefficiently what is it called
Answer:
Protest
Explanation:
She/he will protest because there was a problem or what i think so
Answer:
Strike.
Explanation:
Strikes, also known as the workers strike, the labor strike or simply a strike, are the result of the mass rejection of workers. In response to grievances from employees usually, a strike takes place. Strikes became more common during the Industrial Revolution when mass work in factories and mines became important. The strike action was quickly illegalized in most countries, with factory owners having much more power than workers. In the late 19th or early 20th centuries, most Western countries partly legalized striking.
Industrial action is a temporary sign of employee discontent — particularly a strike or slowdown or rule-by-commonwealth — protesting against bad working conditions or low pay and increasing the negotiating capacity with the employer and aimed at forcing the employer to improve them through reduced productivity at a workplace
Summer 20 Company has asked you to calculate the TOTAL cost per EUP (Equivalent Units of Production) using the weighted average method based on the following. (You must show and label your work for credit.)
Direct Materials Cost $65,000
Conversion Cost $90,000
EUP for Direct Materials 1,000
EUP for Conversion Cost 900
Answer:
$165
Explanation:
Cost per equivalent unit under weighted average method
Direct materials Conversion cost Total
Cost $65,000 $90,000 $155,000
÷ EUP 1,000 900
Cost per equivalent unit $65 $100 $165
Select the correct point on the graph. Which point on the graph indicates the lowest quantity supplied of goods?
Answer:
Point A
Explanation:
The supply curve given above shows the correlation between the cost of goods (on the vertical axis) and quantity of goods supplied (on the horizontal axis).
From the graph, we can see that as the price of the goods increases, the quantity that is supplied in pounds also increases, and vice versa.
The lowest price correlates with the lowest quantity supplied. Therefore, at point A on the graph, we have the lowest quantity supplied of goods.
Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2015 are as follows:
Units Per unit price Total
Balance, 1/1/15 200 $5.00 $1,000
Purchase, 1/15/15 100 5.30 530
Purchase, 1/28/15 100 5.50 550
An end of the month (1/31/15) inventory showed that 160 units were on hand." uses FIFO, what is the value of the ending inventory?
Answer:
$868
Explanation:
FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold
The ending inventory would consist of the purchases that were made last.
It would include 100 units of the inventory purchased on 1/28/15 and 60 units of the inventory purchased on 1/15/15
Value of ending inventory = (100 x 5.5) + (60 X 5.3)
= 550 + 318
868
4. Distinguish between impact and incidence of taxes
Explanation:
Jzbskbeks boy The New York Times New Roman yor
Answer:
The term impact is used to express the immediate result of or original imposition of the tax. The impact of a tax is on the person on whom it is imposed first. Thus, the person who is Habile to pay the tax to the government bears its impact. The impact of a tax, as such, denotes the act of impinging.
Explanation:
The case listed examples of questions that can be addressed by Negotiating Women Inc. Select any two questions on the list and indicate whether they can be addressed using networking, negotiating, or both.
Answer:
no m
Explanation:
During 2022, its first year of operations as a delivery service, Indigo Corporation entered into the following transactions.
1. Issued shares of common stock to investors in exchange for $150,000 in cash.
2. Borrowed $40,000 by issuing bonds.
3. Purchased delivery trucks for $55,000 cash.
4. Received $17,000 from customers for services performed.
5. Purchased supplies for $6,700 on account.
6. Paid rent of $4,200.
7. Performed services on account for $11,700.
8. Paid salaries of $26,800.
9. Paid a dividend of $11,200 to shareholders.
Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders’ Equity in the far right column.
Assets = Liabilities + Stockholders' Equity
Cash+Accounts Accounts Bonds+Common Retained
Receivable+Supplies+Equipment= Payable Payable Stock Earnings
Revenue-Expense-Dividends
1
2
3
4
5
6
7
8
9
10
Answer:
Indigo Corporation
Assets = Liabilities + Stockholders' Equity
1. Cash $150,000
Common Stock $150,000
2. Cash $40,000
Bonds Payable $40,000
3. Delivery trucks $55,000
Cash ($55,000)
4. Cash $17,000
Accounts Receivable ($17,000)
5. Supplies $6,700
Accounts Payable $6,700
6. Cash ($4,200) ($4,200) Rent expense
7. Accounts Receivable 11,700 $11,700 Service revenue
8. Cash ($26,800) ($26,800) Salaries exp.
9. Cash ($11,200) ($11,200) Dividends
Assets $166,200 = $46,700 + $119,500
Explanation:
a) Data and Analysis (Accounting Equation Effect):
1. Cash $150,000 Common Stock $150,000
2. Cash $40,000 Bonds Payable $40,000
3. Delivery trucks $55,000 Cash $55,000
4. Cash $17,000 Accounts Receivable $17,000
5. Supplies $6,700 Accounts Payable $6,700
6. Cash ($4,200) Rent Expense ($4,200)
7. Accounts Receivable $11,700 Service Revenue $11,700
8. Cash ($26,800) Salaries ($26,800)
9. Cash ($11,200) Dividends ($11,200)
Flexible budgets Group of answer choices are static budgets that have been revised for changes in price(s). accommodate changes in activity levels. accommodate changes in the inflation rate. are used to evaluate capacity utilization.
Answer: accommodate changes in activity levels.
Explanation:
A flexible budget is refered to as the budget which changes based on the actual activity. It accommodate changes in activity levels.
It is the budget which is allowed to be adjusted as a result of the change in the assumptions that's used in the creation of the budget during the planning process of the management.
Answer:
accommodate changes in activity levels. is the correct choice.
Explanation:
Flexible budgets Group of answer accommodate changes in activity levels.
Using cost behavior patterns MFG Company experiences the following cost behavior patterns each week: Fixed costs: supervisor’s salary $1,600; factory rent $3,700 Mixed costs: utilities $2,100 + $6.75 per unit Variable costs per unit: manufacturing labor wages $23.00; supplies used in production $10.00; packaging cost $3.75; warranty cost $4Required:Compute total costs to be incurred for a week with 2,750 units of activity.
Answer:
Total cost= $138,025
Explanation:
Giving the following information:
Fixed costs:
supervisor’s salary $1,600
factory rent $3,700
Mixed costs:
utilities $2,100 + $6.75 per unit
Variable costs per unit:
manufacturing labor wages $23.00
supplies used in production $10.00
packaging cost $3.75
warranty cost $4
Units produced= 2,750
First, we need to calculate the total variable cost:
Total variable cost= 2,750*(6.75 + 23 + 10 + 3.75 + 4)
Total variable cost= $130,625
Now, the total fixed cost:
Total fixed cost= 1,600 + 3,700 + 2,100
Total fixed cost= $7,400
Finally, the total cost:
Total cost= 130,625 + 7,400
Total cost= $138,025
Jefferson Company's demand for its only product exceeds its manufacturing capacity. The company provided the following information for the machine whose limited capacity is prohibiting the company from producing and selling additional units.
Actual run time this week 5,696 minutes
Machine time available per week 6,400 minutes
Actual run rate this week 1.68 units per minute
Ideal run rate 2.00units per minute
Defect-free output this week 12,670 units
Total output this week (including defects) 18,100units
Required:
1. Compute the utilization rate. (Round your answer to 2 decimal places.)
2. Compute the efficiency rate. (Round your answer to 2 decimal places.)
3. Compute the quality rate. (Round your answer to 2 decimal places.)
4. Compute the overall equipment effectiveness (OEE). (Do not round intermediate calculations. Round your final answer to 3 decimal places.)
Answer:
1. Utilization rate = Operating time/Scheduled time
Utilization rate = 5,696/6,400
Utilization rate = 0.89
2. Efficiency rate = (Total output / Ideal run rate) / Operating time
Efficiency rate = (18,100/2) / 5,696
Efficiency rate = 9,050 / 5,696
Efficiency rate = 1.5888343
Efficiency rate = 1.59
3. Quality rate = Good units produced / Total units produced
Quality rate = 12,670 / 18,100
Quality rate = 0.70
4. Overall Equipment Effectiveness = Utilization rate * Efficiency rate * Quality rate
Overall Equipment Effectiveness = 0.89 * 1.59 * 0.70
Overall Equipment Effectiveness = 0.99057
Overall Equipment Effectiveness = 0.991
The utilization rate is 0.89 and the efficiency rate is 1.59.
From the information given, the utilization rate will be:
= Operating time/Scheduled time
= 5,696/6,400
= 0.89
The efficiency rate will be:
= (Total output / Ideal run rate) / Operating time
= (18,100/2) / 5,696
= 9,050 / 5,696
= 1.59
The quality rate will be:
= Good units produced / Total unit
= 12,670 / 18,100
= 0.70
The overall equipment effectiveness will be:
= Utilization rate × Efficiency rate × Quality rate
= 0.89 × 1.59 × 0.70
= 0.991
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Steven Washington's weekly gross earnings for the week ending March 9 were $3,340, and her federal income tax withholding was $567.80. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is Washington's net pay?
Answer:
Washington's net pay was $ 2,564.28.
Explanation:
Given that Steven Washington's weekly gross earnings for the week ending March 9 were $ 3,340, and her federal income tax withholding was $ 567.80, assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, to determine what is Washington's net pay the following calculation must be performed:
(3,340 - 567.80) x (1 - 0.06 - 0.015) = X
2,772.2 x 0.925 = X
2,564.28 = X
Therefore, Washington's net pay was $ 2,564.28.
Imagine that your mother is 62 years old and planning to retire at 66. If she puts $6,000 into a Roth IRA at the age of 62 and it grows to $8,000 by the time she retires at 66, can she withdraw the full $8,000 without paying any taxes?
A. Yes.
B. No.
Answer: B. No.
Explanation:
A Roth Individual Retirement Account allows for one to be able to withdraw amounts without paying taxes in their retirement. There are several requirements for this to be possible though.
One of them is that the person should have owned the account for at least 5 years. The mother in this scenario had only owned the account for 4 years and so will not qualify for tax free withdrawals.
Refer to the information above. Assume that in its financial statements, Tilton Products uses the 150%-declining-balance method and the half-year convention. Depreciation expense in 2009 and 2010 will be: Group of answer choices
Answer:
Depreciation expense in 2009 = $8,250
Depreciation expense in 2010 = $14,953.13
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
On April 30, 2009, Tilton Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value.
Refer to the above data. Assume that in its financial statements, Tilton Products uses the 150%-declining-balance method and the half-year convention. Depreciation expense in 2009 and 2010 will be:
The explanation of the answers is now provided as follows:
Depreciation rate = 150% / Estimated useful life = 150% / 8 = 0.1875
Since the half-year convention is assumed, it implies that only half of the first year which is 2009 depreciation will be claimed while the full depreciation will be claimed for the rest of the year. Therefore, we have:
Depreciation expense in 2009 = (Cost of the machinery * Depreciation rate) / 2 = ($88,000 * 0.1875) / 2 = $8,250
Book value at the beginning of 2010 fiscal year = Cost of the machinery - Depreciation expense in 2009 = $88,000 - $8,250 = $79,750
Depreciation expense in 2010 = Book value at the beginning of 2010 fiscal year * Depreciation rate = $79,750 * 0.1875 = $14,953.13
Indicate whether each of the following transactions represents the purchase of a final good.
a. the purchase of wheat from a wheat farmer by a bakery.
b. the purchase of an aircraft carrier by the federal goverment
c. the purchase of frenche wine by a U.S. consumer
d. the purchase of a new airliner by American Airlinesa
Answer:
b. the purchase of an aircraft carrier by the federal goverment - purchase of a final good.
c. the purchase of frenche wine by a U.S. consumer - purchase of a final good.
d. the purchase of a new airliner by American Airlinesa - purchase of a final good.
Explanation:
A final good is a good that is consumed directly by consumers
Purchase of final good can be classfied into :
Consumption spending includes spending by households on goods and services. Consumption spending includes :
spending on durables - e.g. laptop
spending on nondurables - e.g. clothes, food
spending on services - e.g. payment of hospital bill
the purchase of french wine is an example of consumption spending on nondurable goods
Investment - It includes purchases of goods and services made by businesses in the production of goods and services
the airplane purchased by the airline would be used to provide services for airline customers.
Government spending - It includes government consumption expenditure and gross investment. Consumption spending includes spending by households on goods and services. Consumption spending includes :
spending on durables - e.g. laptop
spending on nondurables - e.g. clothes, food
spending on services - e.g. payment of hospital bill
the purchase of a textbook by a student is an example of consumption spending on durable goods
Investment - It includes purchases of goods and services made by businesses in the production of goods and services
the airplane purchased by the airline would be used to provide services for airline customers.
Government spending - It includes government consumption expenditure and gross investment. The purchase of a new limousine for the president is an example of consumption expenditure
An intermediate good is a good that is used in the production of the final good. e.g. tthe purchase of wheat from a wheat farmer by a bakery would be used to make pastries.
Write an essay with the topic: Information logistics system is one of the major topics of interest to manufacturing and logistics businesses, especially in the current 4.0 technology predecessor. Please give your opinion about the information logistics system for businesses and especially for an employee working in the logistics field in the future. Suggestions for doing the test: - How much is the information system for production / logistics enterprises as well as the employees in that business? - What do I need to understand the information logistics system for? What's not app? - What issues do you care about in the information logistics system? - What topics in the information logistics system do you think are very important for the production / logistics business? - What further study do I need to study to improve my knowledge of information logistics systems? - How will this course help my logistics career in the future?
Thank you for your answers .
Answer:
it 8s easy you need to divide the question in to points and write a paragraph on them
What advice would you give to anyone who thinks they are going to be terminated from their employment?
Answer:
✓ Do not panic
✓ ask your employer for a honest feedback
✓Initiate a conversation in a neutral setting with your boss
✓Don't trust everything your boss says
✓Do your best work possible
✓Step up your game
✓Keep your boss and others in the loop
Sanders Co. is planning to finance an expansion of its operations by borrowing $51,500. City Bank has agreed to loan Sanders the funds. Sanders has two repayment options: (1) to issue a note with the principal due in 10 years and with interest payable annually or (2) to issue a note to repay $5,150 of the principal each year along with the annual interest based on the unpaid principal balance. Assume the interest rate is 8 percent for each option.
Required:
a. What amount of interest will Sanders pay in Year 1 under option 1 and under option 2?
b. What amount of interest will Sanders pay in Year 2 under option 1 and under option 2?
Answer:
A. Year 1 Option 1 $4,120
Year 1 Option 2 $4,120
B. Year 2 Option 1 $4,120
Year 2 Option 2 $3,708
Explanation:
A. Calculation to determine What amount of interest will Sanders pay in Year 1 under option 1 and under option 2
Year 1:
Option 1 − annual interest only=$51,500 × 8%
Option 1 − annual interest only= $4,120
Option 2 − annual interest
Option 2 − annual interest =$51,500 × 8
Option 2 − annual interest = $4,120
Therefore amount of interest will Sanders pay in Year 1 under option 1 and under option 2 is :
Year 1 Option 1 $4,120
Year 1 Option 2 $4,120
B. Calculation to determine What amount of interest will Sanders pay in Year 2 under option 1 and under option 2
Year 2
Option 1 − annual interest only=$150,000 × 8%
Option 1 − annual interest only= $4,120
Option 2 − annual interest and $5,150 on principal:
Original principal $51,500
Less: Payment at end of year one ($5,150)
Balance of principal for year two $46,350
Option 2 − annual interest= $46,350 × 8%
Option 2 − annual interest= $3,708
Therefore amount of interest will Sanders pay in Year 2 under option 1 and under option 2 is :
Year 2 Option 1 $4,120
Year 2 Option 2 $3,708
Apply the Seasonal Forecast Using Simple Proportion method to calculate a forecast for product X for the first quarter of the next year. The expected total sales for product X is 14800 for the next year.
Quarter Average seasonal factor
1 0.70
2 0.46
3 1.73
4 1.11
a. More than 0 but less than or equal to 1500
b. More than 1500 but less than or equal to 2000
c. More than 2000 but less than or equal to 2500
d. More than 2500 but less than or equal to 3000
e. More than 3000
Answer:
d.
Explanation:
From the given information;
the quarter average sale = expected total sales ÷ number of quarter
= 14800 ÷ 4
= 3700
The forecast for the first quarter = average quarter sale × seasonal factor
= 3700 × 0.70
= 2590
Thus, the expected sales is more than 2500 but lesser than 3000
THE IMPORTANCE OF INFORMATION IN MARKETING
Answer:
u r answer
Explanation:
Marketing information and research address the need for quicker, yet more accurate, decision making by the marketer. These tools put marketers close to their customers to help them understand who they customers are, what they want, and what competitors are doing.
1000 par value 5 year bond with 8% semiannual coupons was boughtto yield 7.5% convertible semiannually. Determine the amount of premiumamortized in the six
Answer:
$2.08
Explanation:
First calculate the price of the bond
Price of the bond = [ ( 1000 x 8% x 6/12 ) x ( ( 1 - ( 1 + (7.5%x6/12) )^-(5x2) )/(7.5%x6/12) ] + { 1000 / (7.5%x6/12) ]
Price of the bond = $1,020.53
Now calculate the premium
Premium on the bond = Price of the bond - Face value of the bond = $1,020.53 - $1,000 = $20.53
Now prepare the amortization schedule to calculate the premium amortization in 6th payment.
The amortization schedule is attached with this answer please find that.
Hence, In the sixth payment the premium amortization is $2.08
Cody Mountain Sports is an outdoor sporting goods guiding service located in northern Wyoming. Cody Mountain Sports (CMS) primarily provides guiding for common outdoor sporting activities such as rock climbing, hiking, and skiing. CMS completed the following adjusting transactions during March of 2021:
Mar. 1 CMS began operations by receiving $100,000 in cash. The business issued shares of common stock in exchange for this contribution.
Mar. 1 CMS paid $1,200 cash for a 12 month insurance policy. The policy begins Mar. 1.
Mar. 4 CMS guided a small rock climbing trip, receiving $20,000 payment in cash.
Mar. 15 CMS guided a hiking adventure, billing the customer $3,000 and receiving a promise of payment within one week.
Mar. 18 Accrued employee salaries of $10,000.
Mar. 19 Purchased fuel for vehicles on account, $1,000
Mar. 22 Collected $3,000 cash from customer on account.
Mar. 24 Paid rent on their property, $4,000 cash.
Mar. 27 Paid $1,000 cash on account.
Mar. 31 Cash dividends of $2,500 were paid to stockholders.
Required:
Post these transactions to the T-accounts.
Answer:
Cody Mountain Sports (CMS)
T-accounts:
Cash
Date Account Titles Debit Credit
Mar. 1 Common Stock $100,000
Mar. 1 Prepaid Insurance $1,200
Mar. 4 Service Revenue 20,000
Mar. 19 Vehicle Expenses 1,000
Mar. 22 Accounts Receivable 3,000
Mar. 24 Rent Expense 4,000
Mar. 27 Salaries Payable 1,000
Mar. 31 Cash dividends 2,500
Accounts Receivable
Date Account Titles Debit Credit
Mar. 15 Service Revenue $3,000
Mar. 22 Cash $3,000
Prepaid Insurance
Date Account Titles Debit Credit
Mar. 1 Cash $1,200
Salaries Payable
Date Account Titles Debit Credit
Mar. 18 Salaries Expense $10,000
Mar. 27 Cash $1,000
Common Stock
Date Account Titles Debit Credit
Mar. 1 Cash $100,000
Service Revenue
Date Account Titles Debit Credit
Mar. 4 Cash $20,000
Mar. 15 Accounts Receivable 3,000
Salaries Expense
Date Account Titles Debit Credit
Mar. 18 Salaries Payable $10,000
Vehicle Expense
Date Account Titles Debit Credit
Mar. 19 Cash $1,000
Rent Expense
Date Account Titles Debit Credit
Mar. 24 Cash $4,000
Cash Dividends
Date Account Titles Debit Credit
Mar. 31 Cash $2,500
Explanation:
a) Data and Analysis:
Mar. 1 Cash $100,000 Common Stock $100,000
Mar. 1 Prepaid Insurance $1,200 Cash $1,200
Mar. 4 Cash $20,000 Service Revenue $20,000
Mar. 15 Accounts Receivable $3,000 Service Revenue $3,000
Mar. 18 Salaries Expense $10,000 Salaries Payable $10,000
Mar. 19 Vehicle Expenses $1,000 Cash $1,000
Mar. 22 Cash $3,000 Accounts Receivable $3,000
Mar. 24 Rent Expense $4,000 Cash $4,000
Mar. 27 Salaries Payable $1,000 Cash $1,000
Mar. 31 Cash dividends $2,500 Cash $2,500
If a company purchases equipment costing $4,500 on credit, the effect on the accounting equation would be: Assets increase $4,500 and liabilities decrease $4,500. Liabilities decrease $4,500 and assets increase $4,500. Equity decreases $4,500 and liabilities increase $4,500. Assets increase $4,500 and liabilities increase $4,500.
Answer: Assets increase $4,500 and liabilities increase $4,500.
Explanation:
Based on the information given in the question, since the company buys an equipment which is an asset to the company, then there will be an increase in the assets by $4500.
Also, in thus case, the equipment was gotten on credit which is a liability. Therefore, the liabilities will increase by $4500 as well.
6 years ago paid 490,000 using 40 year straight line depreciation, what is the value
A bank has $200 comma 000 of checkable deposits and a required reserve ratio of 5 percent. The bank currently holds $190 comma 000 in reserves. How much of these reserves are excess reserves?
Answer:
$180,000
Explanation:
Reserves is the total amount of a bank's deposit that is not given out as loans
There are two types of reserves
required reservesexcess reservesRequired reserves is the percentage of deposits required of banks to keep as reserves by the central bank
Required reserves = reserve requirement x deposits
0.05 x $200,000 = $10,000
Excess reserves is the difference between reserves and required reserves
$190,000 - 10,000 = $180,000