sana gill deposited $3,500 into a new business checking account to begin her new bookkeeping firm, gill bookkeeping. this business transaction would (increase/decrease) the company's cash, and (increase/decrease) sana gill, capital.

Answers

Answer 1

Sana Gill deposited $3500 into a new business checking account to begin her new bookkeeping firm, Gill Bookkeeping. This business transaction would increase the company's cash, and increase Sana Gill's Capital.

A financial exchange of commodities, cash, or administrations between at least two individuals is alluded to as a business transaction. A business trade should have a quantifiable money related esteem to be viewed as an exchange for bookkeeping. Transactions will affect the organization's funds.

A drawn out help agreement may be essentially as muddled as a deal, or it very well may be pretty much as basic as a money buy. The accompanying necessities should be met for an exchange to qualify as a business exchange:

The arrangement can be esteemed monetarily.The organization and the outsider take part in the exchange.The arrangement is made in the interest of the organization and not so much for an individual's very own advantage.

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Related Questions

At the end of April, the first month of the company's year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account was omitted. Indicate which items will be incorrectly stated, because of the error, on (a) the income statement for April and (b) the balance sheet as of April 30. Also indicate whether the items in error will be overstated or understated.

Answers

Answer:

Overstatement is the situation where the amount of any item has been stated more than its actual figure

Understatement is the situation where the amount of any item has been stated less than its actual figure

a. The rent earned will be understated, as a result of which the income statement will give a lower net income.

b. Because of lower net income, retained earnings in stockholders' equity will be understated, and the liability account of unearned rent will be overstated

Marigold Corp. applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:

Estimated annual overhead cost $1400000
Actual annual overhead cost $1375000
Estimated machine hours 500000
Actual machine hours 490000

a. $1372000 applied and $3000 overapplied
b. $1400000 applied and $3000 overapplied
c. $1372000 applied and $3000 underapplied
d. $1375000 applied and neither under-nor overapplied

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Answer:

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On December 31, Year 2, Morgan Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance.

Land $18,000
Unearned revenue 16,200
Dividends 5,200
Prepaid rent 6,850
Cash 59,010
Salaries expense 12,500
Accounts payable 1,940
Common stock 23,000
Operating expense 13,800
Office supplies 1,900
Advertising expense 2,100
Retained earnings, Beginning 14,300
Service revenue 70,720
Accounts receivable 6,800

Answers

Answer and Explanation:

The preparation of the trial balance is given below:

Particulars                   Debit amount           Credit amount

Land                            $18,000

Unearned revenue                                       $16,200

Dividend                      $5,200

Prepaid rent                 $6,850

Cash                            $59,010

Salaries expense       $12,500

Account payable                                            $1,940

Common stock                                              $23,000

Operating expense     $13,800

Office supplies             $1,900

Advertising expense  $2,100

Retained earnings                                        $14,300

Service revenue                                          $70,720

Account receivable       $6,800

Totals                             $126,160             $126,160

Favaz began business at the start of this year and had the following costs: variable manufacturing cost per unit, $9; fixed manufacturing costs, $60,000; variable selling and administrative costs per unit, $2; and fixed selling and administrative costs, $220,000. The company sells its units for $45 each. Additional data follow: Planned production in units10,000 Actual production in units10,000 Number of units sold8,500 There were no variances. The income (loss) under absorption costing is:

Answers

Answer:

$18,000

Explanation:

Calculation for what The income (loss) under absorption costing is:

First step is to calculate the Fixed manufacturing

per unit

Fixed manufacturing per unit = $60,000 ÷ 10,000

Fixed manufacturing per unit= $6

Second step is to calculate per unit cost

Cost Per Unit=$45 − $9 − $2 − $6 ×$ 8,500

Cost Per Unit = $238,000

Now let calculate the income (loss)

Income (loss)= $238,000 − $220,000

Income (loss) = $18,000

Therefore The income (loss) under absorption costing is:$18,000

Giblin Corporation earned $9,700 of service revenue on account during Year 1. The company collected $8,245 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Giblin Corporation. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.)
a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet.
b. The amount of net income that would be reported on the Year 1 income statement.
c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows.
d. The amount of retained earnings that would be reported on the Year 1 balance sheet.

Answers

Answer and Explanation:

The computation is shown below:

a. The balance in the account receivable is

= $9,700 -  $8,245

= $1,455

b. The amount of the net income is equivalent to the service revenue earned i.e. $9,700

c. The net cash flow from operating activities is

Net income  $9,700

Less; increase in account receivable -$1,455

Net cash flow from operating activities $8,245

d. The retained earnings is equivalent to the amount of the net income i.e. $9,700

How do financial institutions contribute to the development of a market economy?
A.
They collect sales tax on goods and services for local and state governments.
B.
They impose and collect tariffs on products imported from other countries.
C.
They prevent businesses and people from overspending when prices are high.
D.
They provide loans so that businesses and people can buy goods and services.

Answers

Option D they provide loan so that businesses and people can buy goods and services.

Answer:

Option D

Explanation:

I just used this on my test and got it correct

The level of analysis for the Industry environment is the _____ level:

Answers

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You are researching Time Manufacturing and have found the following accounting statement of cash flows for the most recent year. You also know that the company paid $98 million in current taxes and had an interest expense of $48 million. Calculate the cash flows from assets and the cash flows to creditors and shareholders using the accounting information in the statement of cash flows.

Answers

Answer:

a. Cash Flows from Assets is $29m

b. Cash flow from creditors is 91.90m

Explanation:

a. Cash Flow to creditors = Interest Paid - Net new borrowings + retirement of debt

CFC = $48m - (-139.90) + 0

CFC = $91.90 m

b. Cash flow from Assets = Operating Cash Flow - Net capital spending - Change in net working capital

Cash flow from Assets = $520 - $375 - $116

Cash Flow from Assets  = $29m

WFO Corporation has gross receipts according to the following schedule:
Year 1

$22.00 million

Year 2

$24.00 million

Year 3

$26.00 million

Year 4

$24.50 million

Year 5

$25.00 million

Year 6

$27.00 million

If WFO began business as a cash-method corporation in Year 1, in which year would it have first been required to use the accrual method?

Answers

Answer:

WFO Corporation

Given WFO Corporation's annual gross receipts, which exceed $20 million, it is expected to use the accrual basis starting from Year 1, whether it is a C-Corporation or an S-Corporation.

Explanation:

a) Data and Calculations:

Gross Receipts:

Year 1     $22.00 million

Year 2    $24.00 million

Year 3    $26.00 million

Year 4    $24.50 million

Year 5   $25.00 million

Year 6   $27.00 million

b) For a C-Corporation, when the average gross receipts for the past three years exceed $5 million, the corporation is expected to change from cash basis to accrual basis.  Assuming that WFO Corporation is an S-Corporation, it is expected to change to the accrual basis if its annual gross receipts exceed $10 million.

Because most of the parts for its irrigation systems are standard, Waterways handles the majority of its manufacturing as a process cost system. There are multiple process departments. Three of these departments are the Molding, Cutting, and Welding departments. All items eventually end up in the Packaging Department, which prepares items for sale in kits or individually. The following information is available for the Molding department for January.

Work in process beginning:
Units in process 24,100
Stage of completion for materials 80%
Stage of completion for labor and overhead 30%
Costs in work in process inventory:
Materials $168,470
Labor 68,020
Overhead 17,160
Total costs in beginning work in process $253,650
Units started into production in January 59,800
Units completed and transferred in January 58,300
Costs added to production: Materials $281,593
Labor 311,150
Overhead 60,120
Total costs added into production in January $652,863
Work in process ending:
Units in process 25,600
Stage of completion for materials 50%
Stage of completion for labor and overhead 10%

Required:
Prepare a production cost report for Waterways using the weighted-average method.

Answers

Answer:

Waterways

Molding Department

Production Cost Report

Total costs of production:

                                                Units     Materials      Conversion      Total

Costs in work in process inventory:    $168,470        $85,180     $253,650

Units started in January                      $281,593        371,270     $652,863

Total costs of production                   $450,063    $456,450      $906,513

Equivalent units of production:

                                                      Units     Materials      Conversion

Units completed & transferred 58,300       58,300           58,300

Work in process ending:           25,600        12,800              2,560

                                                                 (25,600*50%)    (25,600*10%)

Total equivalent units                                    71,100            60,860

Cost per equivalent unit:

                                                  Materials      Conversion

Total costs of production        $450,063       $456,450

Total equivalent units                    71,100           60,860

Cost per equivalent unit                $6.33             $7.50

Costs Assigned to units:

                                                              Materials      Conversion  Total

Cost per equivalent unit                          $6.33              $7.50

Units started and completed (58,300)  $369,039     $437,250  $806,289

Work in Process, ending   12,800/2,560    81,024          19,200     100,224

Total costs assigned                              $450,063     $456,450  $906,513

Explanation:

a) Data and Calculations:

                                                Units     Materials      Conversion      Total

Work in process beginning:   24,100       80%               30%  

Costs in work in process inventory:    $168,470        $85,180     $253,650

Labor 68,020

Overhead 17,160

Units started in January      59,800   $281,593        371,270    $652,863

Units transferred                 58,300  

Labor 311,150

Overhead 60,120  

Work in process ending:     25,600        50%                10%

Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold. 2. Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to finished goods, (c) sale of finished goods, and (d) cost of goods sold

Answers

Question Completion:

The following information applies to Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information is available regarding its June inventories:

                                                                 Beginning          Ending

                                                                  Inventory         Inventory

Raw materials inventory                        $ 120,000         $ 185,000

Work in process inventory-Weaving       300,000            330,000

Work in process inventory-Sewing        570, 000            700,000

Finished goods inventory                     1,266,000          1,206,000

         

The following additional information describes the company's manufacturing activities for June:

Raw materials purchases (on credit) $500,000

Factory wages cost (paid in cash) 3,060,000

Other factory overhead cost (other Accounts credited) 156, 000

Materials used:

Direct-Weaving  $ 240, 000

Direct-Sewing  75,000

Indirect  120,000

Labor used:

Direct-Weaving $1,200, 000

Direct-Sewing  360,000

Indirect 1,500,000

Overhead rates as a percent of direct labor:

Weaving Sewing

  80%      150%

Sales (on credit) $4,000,000

Answer:

Pro-Weave

1. Computation of:

a) Cost of products transferred from Weaving to Sewing = $2,370,000

b) Cost of products transferred from Sewing to Finished Goods = $3,215,000

c) Cost of Goods Sold = $3,275,000

2. Journal Entries on June 30 to record:

(a) goods transferred from weaving to sewing

Debit WIP: Sewing $2,370,000

Credit WIP: Weaving $2,370,000

To transfer goods from weaving to sewing.

(b) goods transferred from sewing to finished goods

Debit Finished Goods Inventory $3,215,000

Credit WIP: Sewing $3,215,000

To transferred goods from sewing to finished goods.

(c) sale of finished goods, and

Debit Accounts Receivable $4,000,000

Credit Sales Revenue $4,000,000

To record the sale of goods on credit.

(d) cost of goods sold

Debit Cost of Goods Sold $3,275,000

Credit Finished Goods Inventory $3,275,000

To record the cost of goods sold.

Explanation:

a) Data and Calculations:

Items                                           Weaving           Sewing     Finished Goods

Beginning Inventory                $ 300,000       $570,000     $1,266,000

Direct materials                          240,000            75,000

Direct labor                              1,200,000          360,000

Overhead applied:

(1,200,000 * 80%)                      960,000

($360,000 * 150%)                                             540,000

Cost of Weaving                   $2,700,000                        

Less Ending Inventory               330,000  

Transferred to Sewing        ($2,370,000)     2,370,000

Total cost of Sewing                                      $3,915,000

Less Ending Inventory                                       700,000

Transferred to Finished Goods                  ($3,215,000)        3,215,000

Goods available for sale                                                        $4,481,000

Less Ending Inventory                                                             1,206,000

Cost of Goods Sold                                                              $3,275,000

Manufacturing overhead actually incurred:

Indirect materials  120,000

Indirect labor     1,500,000

Total incurred   1,620,000

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Answers

Answer:

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Explanation:

Answer:

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Explanation:

Tyler Financial Services performs bookkeeping and tax-reporting services to startup companies in the Oconomowoc area. On January 1, 2014, Tyler entered into a 3-year service contract with Walleye Tech. Walleye promises to pay $10,500 at the beginning of each year, which at contract inception is the standalone selling price for these services. At the end of the second year, the contract is modified and the fee for the third year of services is reduced to $9,800. In addition, Walleye agrees to pay an additional $20,600 at the beginning of the third year to cover the contract for 3 additional years (i.e., 4 years remain after the modification). The extended contract services are similar to those provided in the first 2 years of the contract.
1. Prepare the journal entries for Tyler in 2014 and 2015 related to this service contract. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit
Jan 1, 2014
Dec 31, 2014
Jan 1, 2015
Dec 31, 2015
2. Prepare the journal entries for Tyler in 2016 related to the modified service contract, assuming a prospective approach. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit
Jan 1, 2016
Dec 31, 206
3. Repeat the requirements for part (b), assuming Tyler and Walleye agree on a revised set of services (fewer bookkeeping services but more tax services) in the extended contract period and the modification results in a separate performance obligation. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit
Jan 1, 2016
Dec 31, 2016

Answers

Answer:

Tyler Financial Services

1. Journal Entries:

January 1, 2014:

Debit Cash $10,500

Unearned Service Revenue $10,500

To record cash collected for unearned services.

December 31, 2014:

Debit Unearned Service Revenue $10,500

Credit Service Revenue $10,500

To record the earned service revenue for the year.

January 1, 2015:

Debit Cash $10,500

Unearned Service Revenue $10,500

To record cash collected for unearned services.

December 31, 2015:

Debit Unearned Service Revenue $10,500

Credit Service Revenue $10,500

To record the earned service revenue for the year.

2. Journal Entries:

January 1, 2016:

Debit Cash $30,400

Unearned Service Revenue $30,400

To record cash collected for unearned services.

December 31, 2016:

Debit Unearned Service Revenue $9,800

Credit Service Revenue $9,800

To record the earned service revenue for the year.

Explanation:

a) Data and Calculations:

Annual contract fee = $10,500 in 2014 and 2015

Modified contract fee =  $9,800 in 2016

Additional fee from year 3 = $20,600 for 3 more years ($6,867 each year) from 2017 to 2019

b) Cash received ($30,400) on January 1, 2016 includes the $9,800 for 2016 and the $20,600 for the years 2017 to 2019.

Garcia Company issues 8.50%, 15-year bonds with a par value of $390,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 12.50%, which implies a selling price of 79. The effective interest method is used to allocate interest expense. 1. Using the implied selling price of 79, what are the issuer's cash proceeds from issuance of these bonds.

Answers

Answer:

$308,100

Explanation:

Calculation for what are the issuer's cash proceeds from issuance of these bonds

Using this formulaIssuer's cash proceeds from issuance of bonds=Fave value*Implies a selling price percentage

Let plug in the formula

Issuer's cash proceeds from issuance of bonds=$390,000*79/100

Issuer's cash proceeds from issuance of bond=$308,100

Therefore the issuer's cash proceeds from issuance of these bonds will have be $308,100

Dillon Company incurred the following costs while producing 480 units: direct materials, $9 per unit; direct labor, $22 per unit; variable manufacturing overhead, 12 per unit; total fixed manufacturing overhead costs, $7,680; variable selling and administrative costs, $4 per unit; total fixed selling and administrative costs, $4,320. There are no beginning inventories.

What is the unit product cost using variable costing?
A. $72 per unit
B. $59 per unit
C. $47 per unit
D. $43 per unit

Answers

Answer:

The unit cost is $43 per unit

Explanation:

Required

Determine the unit product cost?

Using variable costing, the unit product cost is:

[tex]Unit = DM+ DL + VMO[/tex]

[tex]DM = Direct\ Materials =\$9[/tex]

[tex]DL = Direct\ Labor =\$22[/tex]

[tex]VMO = Variable\ Manufacturing\ Overhead = \$12[/tex]

So, we have:

[tex]Unit = \$9 + \$22 + \$12[/tex]

[tex]Unit = \$43[/tex]

Hence, the unit cost is $43 per unit

Gross Domestic Product (GDP) can be defined as: I. The sum of all incomes while adjusting for indirect business taxes and foreign incomes. II. The market value of goods and services sold in an economy in some time period. III. The total market value of final goods and services produced in an economy in some time period. III only I and II only I, II and III II and III only I and III only

Answers

Answer:

I and III only

Explanation:

The full form of GDP is Gross domestic product. It is the sum of all the income at the time when the business taxes i.e. indirect and the foreign incomes would be adjusted also it is a sum total of market value of the goods and services i.e. final generated in an economy for a time period

Therefore the I and III statements are true

Zetterberg Builders is given two options for making payments on a brush hog. Find the value of X such that they would be indifferent between the two cash flow profiles if their TVOM is 4.5% per year compounded yearly.
End of Year Series 1 Series 2
0 $300 $0
1 $350 $0
2 $400 $35X
3 $450 $25X
4 $0 $15X
5 $0 $5X

Answers

Answer:

14.90

Explanation:

The computation of the value of X is shown below;

End of Year      Series 1      Series 2         series 1          series 2

0                            $300         $0         1        $300              $0

1                             $350         $0        1.045 $366               $0

2                            $400         $35X   1.092025 $437       38.15X

3                            $450          $25X 1.141166  $514           35.25X

4                             $0             $15X   1.192519 $0              28.8X

5                              $0             $5X   1.246182 $0              6.2X

                                                                        $1,616            108.4X

Now

108.4X = $1,616

x = $1,616 ÷ 108.4

= 14.90

As noted in the case, HP considered approaching chain stores that sell store-brand cartridges compatible with its printers and offering them incentives if they end the practice. Considering the various types of allowances and discounts to channel members discussed within the chapter, what type of discount or allowance could the approach that HP is contemplating be most clearly identified as

Answers

Answer: a trade discount

Explanation:

Based on the information that was provided, the type of discount or allowance could the approach that HP is contemplating be most clearly identified as a trade discount.

A trade discount simply refers to the scenario when a manufacturer reduces the retail price it sells its good to the wholesaler or the retailer. Since HP approached chain stores, then a trade discount is considered here.

Why is prioritization an important skill to practice as a student?

Answers

Prioritization allows us to make decisions about what is important so we can know what to focus on and what's not as important. Being able to discern tasks that are necessary from those that we should do is crucial. Prioritization is a critical skill to have, but can take some practice to achieve.

Suppose that you are running a business and you need some extra space for one year. Your bank offers you a loan of $200,000 at 0% interest. You consider borrowing this amount, buying the building, using it for one year, and then selling the building to pay back the loan. Unfortunately, the economy in which you are operating is experiencing deflation at a rate of 10% per year.

After one year, you should be able to sell the building for _.

Suppose that owning the building for a year would earn you $5,000. To decide whether or not you will be better off by owning it for one year and then selling it, you sought advice from three different people: (1) Your brother says that you should not buy the building because in one year it will cost you $100,000. (2) Your accountant says that you should definitely buy the building because you can borrow $100,000 at zero interest while the building will generate $5,000 in extra income. Then when you sell it, you will be $5,000 richer. (3) Your bookkeeper says that if you sell the building in a year, you will have to come up with more money to pay off the loan than you will make in extra income.

Keeping in mind that the economy experiences deflation at the rate of 10%, yourbookkeeper is right because: ________

a. When the nominal interest rate is zero, you do not incur any cost when you take out a loan.
b. The extra income you will earn will be less than the cost of owning the building for the year.
c. When the nominal interest rate is zero, the cost of a building is its full purchase price

Answers

Answer:

a. $180,000

b. The extra income you will earn will be less than the cost of owning the building for the year.

Explanation:

a) Data and Calculations:

Bank loan = $200,000

Interest rate = 0%

Cost of building = $200,000

Deflation rate = 10%

After one year, the price of the building will reduce to $180,000 ($200,000 * 90%)

So with deflation rate of 10%, you should be able to sell the building for only $180,000.

Expected revenue from owning the building for a year = $5,000

Cost of owning the building for a year = $20,000 ($200,000 - $180,000)

Therefore, the cost of owning the building for a year outstrips the revenue from owning the building by $15,000 ($20,000 -$5,000)

The Correct Answer is: a. $180,000

b. When The extra income you will earn then will be less than the cost of owning the building for the year.

Explanation:

                a) When Data and Calculations:Then Bank loan = $200,000After that Interest rate = 0%Then Cost of building = $200,000Now Deflation rate = 10%Now After that one year, the price of the building will be reduce to $180,000 ($200,000 * 90%)So with deflation rate of 10%, you should be able to sell the building for only that is $180,000.

When the Expected revenue from owning the building for a year = $5,000

After that the Cost of owning the building for a year = $20,000 ($200,000 - $180,000)So thus that Therefore, the cost of owning the building for a year outstrips the revenue from owning the building by $15,000 ($20,000 -$5,000)

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4. The following is Arkadia Corporation's contribution format income statement for last month: Sales $1,200,000 Variable expenses 800,000 Contribution margin 400,000 Fixed expenses 300,000 Net operating income $100,000 The company has no beginning or ending inventories and produced and sold 20,000 units during the month. (Each requirement is worth 3 points for a total of 18 points) Required: a. What is the company's contribution margin ratio

Answers

Answer:

Missing word "sold 20,000 units during the month at a sales price of $60 per unit.. b. What is the company's degree of operating leverage? c. How many units would the company have to sell to achieve a desired operating income before taxes of $150,000?"

a. Contribution Margin Ratio = Contribution margin / Sales

= 400000 / 1200000

= 0.3333

= 33.33%

b. Operating Leverage = Contribution / Net Income

= 400000 / 100000

= 4 Times

c. Sale to achieve desired profit = (Fixed Cost + Desired Profit) / Contribution Margin Ratio

= (300000 + 150000) / 0.3333

= $1350000

Sales in Units = $1350000 / 60 units = 22500 units

Sunland Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020.
SUNLAND DESIGN
ADJUSTED TRIAL BALANCE
DECEMBER 31, 2020
Debit Credit
Cash $11,760
Accounts Receivable 22,260
Supplies 5,760
Prepaid Insurance 3,260
Equipment 60,760
Accumulated Depreciation-Equipment $35,760
Accounts Payable 5,760
Interest Payable 228
Notes Payable 7,600
Unearned Service Revenue 6,360
Salaries and Wages Payable 1,496
Common Stock 10,760
Retained Earnings 4,260
Service Revenue 62,260
Salaries and Wages Expense 12,060
Insurance Expense 1,046
Interest Expense 578
Depreciation Expense 9,600
Supplies Expenses 3,400
Rent Expense 4,000
$134,484 $134,00
Instructions
Prepare an income statement and a retained earnings statement for the year ending December 31, 2020, and an unclassified balance sheet at December 31.

Answers

Answer:

Part a

Income Statement                                       $                    $

Service Revenue                                                           62,260

Less Expenses

Salaries and Wages Expense                   12,060

Insurance Expense                                      1,046

Interest Expense                                            578

Depreciation Expense                               9,600

Supplies Expenses                                     3,400

Rent Expense                                             4,000      (30,684)

Net Income                                                                   31,576

Part b

Retained Income Statement                                          $

Beginning Retained Earnings                                    (27,316)

Add Profit for the year                                                31,576

Ending Retained Earnings                                           4,260

Part c

Unclassified Balance Sheet                                         $

ASSETS

Equipment                                                                  60,760

Accumulated Depreciation-Equipment                   (35,760)     25,000

Accounts Receivable                                                                   22,260

Supplies                                                                                          5,760

Prepaid Insurance                                                                          3,260

Cash                                                                                               11,760

TOTAL ASSETS                                                                           68,040

EQUITY AND LIABILITIES

EQUITY

Common Stock                                                                            10,760

Retained Earnings                                                                        4,260

TOTAL EQUITY                                                                           15,020

LIABILITIES

Accounts Payable                                                                        5,760

Interest Payable                                                                              228

Notes Payable                                                                              7,600

Unearned Service Revenue                                                        6,360

Salaries and Wages Payable                                                       1,496

TOTAL LIABILITIES                                                                     21,440

TOTAL EQUITY AND LIABILITIES                                             36,460

Explanation:

The Income Statement shows the Profit earned during the year. Profit = Sales - Expenses

The Retained Earnings Statement Shows the Retained Earnings Balance at end of the year. Retained Earnings Balance = Opening Balance + Profit - Dividends.

The Balance Sheet shows the Asset, Liabilities and Equity balances as at the reporting date.

On December 1, 2022, Escobar Consulting, which uses a calendar year as its fiscal year, signs a $4,000, 12%, four-month note payable. Journalize the entry to record the payment of the note and entire interest on April 1, 2023.
A. Debit Notes Payable $4,160 Credit Interest Expense 160 Credit Cash $4,000
B. Debit Notes Payable $4,160 Credit Cash $4,160 You got it wrong :
C. Debit Notes Payable $4,000 Debit Interest Expense 160 Credit Cash $4,160 This is correct answer :
D. Debit Notes Payable $4,000 Debit Interest Expense 120 Debit Interest Payable 40 Credit Cash $4,160

Answers

Answer:

D. Debit Notes Payable $4,000 Debit Interest Expense 120 Debit Interest Payable 40 Credit Cash $4,160

Explanation:

The journal entry is shown below:

Note payable Dr $4,000

Interest expense $120  (($4,000 × 12% × 4 months ÷ 12 months) - $40)

Interest payable  $40 ($4,000 × 12% × 4 months ÷ 12 months ÷ 4 month)

     To Cash $4,160

(being cash paid is recorded)

Here the note payable, interest payable and interest expense is debited as it decreased the liabilities and increased the expenses while on the other hand the cash is credited as it decreased the assets

For the current year, Power Cords Corp. expected to sell 42,100 industrial power cords. Fixed costs were expected to total $1,650,500; unit sales price was expected to be $3,800; and unit variable costs were budgeted at $2,300.

Power Cord Corp.'s margin of safety (MOS) in sales dollars is: (Do not round intermediate calculations.)
A. $155,798,733.
B. $189,973,732.
C. $161,718,730.
D. $173,523,730.
E. $145,348,733.

Answers

Answer:

A. $155,798,733.

Explanation:

The first task to determine the break-even point in sales dollars as shown below:

break-even point in sales dollars=fixed costs/contribution margin ratio

fixed costs=$1,650,500

contribution margin ratio=unit contribution margin/sales price

unit contribution margin=unit sales price- unit variable costs

unit contribution margin=$3,800-$2,300

unit contribution margin=$1,500

contribution margin ratio=$1500/$3,800

contribution margin ratio=39.47%

break-even point in sales dollars=$1,650,500/39.47%

break-even point in sales dollars=$4,181,657

margin of safety (MOS) in sales dollars=current sales- break-even point in sales dollars

current sales=42,100*$3,800=$159,980,000

margin of safety (MOS) in sales dollars=$159,980,000-$4,181,657=$155,798,343(closest to $155,798,733)

1. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $159. Compute her net pay for the eight days’ work paid on February 26. (Round your answer to 2 decimal places. Do not round intermediate calculations.)

Answers

Answer:

Net pay $764.5

Explanation:

given data

wages = $1000

income taxes  = $159

solution

particular                              net pay

Gross wages                        $1000

less  

Income taxes withheld         $159

FICA-social security             (1000×6.2%)    = $62

FICA-Medicare taxes           (1000×1.45%)   =       $14.5

Total taxes withheld             (235.5)

So, Net Pay                            $764.5

Question

Felicia Rashad Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2006 through 2014 as follows.

Income (Loss) Tax Rate

2006 $29,000 30 %

2007 40,000 30 %

2008 17,000 35 %

2009 48,000 50 %

2010 (150,000 ) 40 %

2011 90,000 40 %

2012 30,000 40 %

2013 105,000 40 %

2014 (60,000) 45 %

Pretax financial income (loss) and taxable income (loss) were the same for all years since Rashad has been in business. Assume the carryback provision is employed for net operating losses. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized.

a) What entries for income taxes should be recorded for 2010? .

b) Indicate what the income tax expense portion of the income statement for 2010 should look like. Assume all income (loss) relates to continuing operations.

c)What entry for income taxes should be recorded in 2011?

d) How should the income tax expense section of the income statement for 2011 appear?

e) what entry for income taxes should be recorded in 2014

f) how should the income tax expense section of the statement for 2104 appear to be ?

?

Answers

Answer:

A. Dr Deferred Tax Asset 60,000.00

Cr Deferred Tax 60,000.00

B. Income Statement (Partial)

Current Tax -

Deferred Tax (60,000.00)

Total Tax (60,000.00)

C.Dr Deferred Tax Asset 36,000

Cr Deferred Tax 36,000

D. Income Statement (Partial)

Current Tax -

Deferred Tax 36,000

Total Tax 36,000

E. Dr Deferred Tax Asset 27,000

Cr Deferred Tax 27,000

F. Income Statement (Partial)

Current Tax -

Deferred Tax 27,000

Total Tax 27,000

Explanation:

A. Calculation for what the entries for income taxes should be recorded for 2010

Entries for Income tax for 2010

Dr Deferred Tax Asset 60,000.00

Cr Deferred Tax 60,000.00

2010 (150,000 *40 %)

(To record timing difference of carry forward losses)

b) Indication for what the income tax expense portion of the income statement for 2010 should look like. :

Felicia Rashad Corporation

Income Statement (Partial)

Current Tax -

Deferred Tax (60,000.00)

Total Tax (60,000.00)

c) Calculation for what the entries for income taxes should be recorded for 2011

Dr Deferred Tax Asset 36,000

Cr Deferred Tax 36,000

2011 (90,000* 40 %)

(To record deferred tax asset utilization)

d) Income tax expense section of the income statement for 2011 appear

Felicia Rashad Corporation

Income Statement (Partial)

Current Tax -

Deferred Tax 36,000

Total Tax 36,000

e) Calculation for what the entries for income taxes should be recorded for 2014

Dr Deferred Tax Asset 27,000

Cr Deferred Tax 27,000

2014 (60,000*45 %)

(To record deferred tax asset utilization)

f) Income tax expense section of the income statement for 2014 appear

Felicia Rashad Corporation

Income Statement (Partial)

Current Tax -

Deferred Tax 27,000

Total Tax 27,000

At year-end, salaries expense of $17,000 has been incurred by the company but is not yet paid to employees. Salaries payable
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should equal.
Step 3: Record the December 31 adjusting entry to get from step 1 to step 2
b. At its December 31 year-end, the company owes $325 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year. Interest payable
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should equal.
Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.
c. At its December 31 year-end, the company holds a mortgage payable that has incurred $950 in annual interest that is neither recorded nor paid. The company intends to pay the interest on January 7 of the next year. Interest payable
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should equal.
Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.

Answers

Answer:

Following are the responses to the given points:

Explanation:

For part A:

                                                                                 Payable Salary

for point 1                               $0                                             $19,500

for point  2                     $17,000             Cr             $21,800

                                                                                                          $41,300

for point  3           Accounts title        Dr.             Cr.  

                             Salaries expense        $17,000  

                              Payable Salary                         $17,000  

For part A:                                                                                  Payable Interest  

for point  1                  $0                                                 $0

for point  2                  $325               Cr.                    $325

                                                                                                         $325

for point  3               Accounts title                    Dr.               Cr.  

                                   Interest on Expense         $325  

                                    Payable  Interest                                  $325  

For part C:                                                               Payable Interest

for point 1                          $0             $0

for point 2                          $950                         Cr.                  $950

                                                                                                                $950

for point 3                          Accounts title            Dr.               Cr.  

                                             Interest on Expense $950  

                                                 Payable Interest                                $950

Your client, Keith Teal Leasing Company, is preparing a contract to lease a machine to Souvenirs Corporation for a period of 27 years. Teal has an investment cost of $430,300 in the machine, which has a useful life of 27 years and no salvage value at the end of that time. Your client is interested in earning an 11% return on its investment and has agreed to accept 27 equal rental payments at the end of each of the next 27 years.
A. Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round answers to 0 decimal places, e.g. 5,265.)
B. Prepare all of the journal entries for the lessee for 2020 and 2021 to record the lease agreement, the lease payments, and all expenses related to this lease. Assume the lessee’s annual accounting period ends on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,265. Record journal entries in the order presented in the problem.)

Answers

Answer:

Souvenirs Corporation (Lessee)

A. Amortization Schedule

Beginning Balance Interest Principal Ending Balance

1 $430,300.00 $47,333.00 $3,007.44 $427,292.56

2 $427,292.56 $47,002.18 $3,338.26 $423,954.31

3 $423,954.31 $46,634.97 $3,705.46 $420,248.84

4 $420,248.84 $46,227.37 $4,113.06 $416,135.78

5 $416,135.78 $45,774.94 $4,565.50 $411,570.28

6 $411,570.28 $45,272.73 $5,067.71 $406,502.57

7 $406,502.57 $44,715.28 $5,625.15 $400,877.42

8 $400,877.42 $44,096.52 $6,243.92 $394,633.50

9 $394,633.50 $43,409.68 $6,930.75 $387,702.74

10 $387,702.74 $42,647.30 $7,693.14 $380,009.61

11 $380,009.61 $41,801.06 $8,539.38 $371,470.23

12 $371,470.23 $40,861.73 $9,478.71 $361,991.52

13 $361,991.52 $39,819.07 $10,521.37 $351,470.15

14 $351,470.15 $38,661.72 $11,678.72 $339,791.43

15 $339,791.43 $37,377.06 $12,963.38 $326,828.05

16 $326,828.05 $35,951.09 $14,389.35 $312,438.69

17 $312,438.69 $34,368.26 $15,972.18 $296,466.51

18 $296,466.51 $32,611.32 $17,729.12 $278,737.39

19 $278,737.39 $30,661.11 $19,679.32 $259,058.07

20 $259,058.07 $28,496.39 $21,844.05 $237,214.02

21 $237,214.02 $26,093.54 $24,246.89 $212,967.12

22 $212,967.12 $23,426.38 $26,914.05 $186,053.07

23 $186,053.07 $20,465.84 $29,874.60 $156,178.47

24 $156,178.47 $17,179.63 $33,160.81 $123,017.67

25 $123,017.67 $13,531.94 $36,808.49 $86,209.17

26 $86,209.17 $9,483.01 $40,857.43 $45,351.75

27 $45,351.75 $4,988.69 $45,351.75 -$0.00

Payment Every Year = $50,340.44

B. Journal Entries for first two years of the lease for the Lessee:

2020:

Debit Right of Use Asset $1,359,191.80

Credit Lease Liability $1,359,191.80

To record the lease for 27 years.

Debit Lease Liability $3,007.44

Debit Interest on Lease $47,333.00

Credit Cash $50,340.44

To record the lease interest expense.

2021:

Debit Lease Liability $3,338.26

Debit Interest on Lease $47,002.18

Credit Cash $50,340.44

To record the lease interest expense.

Explanation:

a) Data and Calculations

Cost of Machine = $430,300

Useful life of machine = 27 years

Salvage value = $0

Expected return on investment = 11%

Period of equal rental payments = 27 years

From the online financial calculator:

Payment Every Year = $50,340.44

Total of 27 Payments = $1,359,191.80

Total Interest = $928,891.80

Amortization Table shows that at the end of 27 years:  

Principal = 32%

Interest = 68%  of the total lease payments.

. The equality of MR and MC is essential for profit maximization in all market structures because if multiple choice 1 MR and MC are equal, economic profits will be zero. MR is less than MC, producing more will increase profits. MR and MC are equal, any other output level will result in reduced profits. MR is greater than MC, producing more will lower profits.

Answers

Answer:

MR and MC are equal, any other output level will result in reduced profits.

Explanation:

Marginal cost is the increase in the total cost as a result of producing one additional unit. Marginal revenue is the increase in revenue resulting from the sale of one additional unit. Profit-maximization is the process by which a firm determines the price and output level that will result in the largest profit. The reason behind this strategy is that the total profit reaches its maximum point where marginal revenue equals marginal cost and the firm will continue to produce until marginal profit is zero. The marginal profit equals the marginal revenue minus the marginal cost.

Which of the statements is the best description of inflation? The prices of only consumer goods are increasing. The price of all goods and services have increased proportionately. The price of all goods and services in the economy are increasing. Real GDP is rising. An increase in the overall price level has occurred.

Answers

Answer:

An increase in the overall price level has occurred.

Explanation:

Inflation can be defined as the persistent general rise in the price of goods and services in an economy at a specific period of time.

Mathematically, inflation is given by the formula;

Inflation = Nominal interest - Real interest rate

Hence, the best description of inflation is an increase in the overall price level has occurred.

Additionally, economics can be classified into two (2) main categories, namely;

1. Macroeconomics can be defined as the study of behaviors, performance and factors that affect the entire economy. Hence, it focuses on aggregate phenomena such as price level, economic growth, Gross Domestic Product (GDP), inflation, unemployment and national income levels with respect to the central bank, demand or supply shocks, government policies, aggregate spending and savings.

2. Microeconomics can be defined as the study of the effect of price and quantity levels through interactions between individual buyers and sellers in various markets. Simply stated, it focuses on analyzing or evaluating the decisions of consumers (buyers) and those of firms (sellers) such as methods of production, pricing; and the manner in which government policies affect those decisions.

Hence, macroeconomic is a kind of externalities that affects the levels of unemployment, inflation, or growth in the economy as a whole.

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You use QuickBooks to track your sales but need to correctly set up the items and services you sell. Match the item type on the left with what you sell on the right A. Inventory Assembly B. Non-InventoryC. Inventory D. Service1). _ _Gardening and tree trimming performed by the hour. 2). _Large Rock fountains that you buy from a vendor and you track how many of them you have on hand. 3). __ Random assortments of wildflower seeds sold by the bag. You don't keep track of how many you keep on hand. 4). ___ Sprinkler systems that are made from several different parts: Pipes, sprinkle heads, and pumps. You track how many of these things you have on hand. A number group represents a group of integers defined in some way. it could be empty, or it could contain one or more integers. write an interface named numbergroup that represents a group of integers. the interface should have a single contains method that determines if a given integer is in the group. for example, if group1 is of type numbergroup, and it contains only the two numbers -5 and 3, then group1.contains(-5) would return true, and group1.contains(2) would return false. write the complete numbergroup interface. it must have exactly one method. Scrambling a String Write a function with "Python" that scrambles a string by swapping the first character with the second, the third character with the fourth, etc. If the string has an odd number of characters, the last character is left as is. The function should take an unscrambled string as an argument and return the scrambled version. If the function is called "scramble" then here are some sample calls to it: print(scramble("hello there")) # "ehll ohtree" print(scramble("1234")) # "2143" print(scramble("123")) # "213" Cosmological models indicate that the dark matter in the Universe isSelect answer because the Universe a. has a background temperature of only 3 b.formed large structures first, which broke apart to form the galaxies we see today c.exhibits structure on scales from dwarf galaxies to galaxy superclusters o d.has lots of undetected black holes. 36. flux across a triangle find the flux of the field f in exercise 35 outward across the triangle with vertices (1, 0), (0, 1), (-1, 0). Read an excerpt from Benito Mussolinis "The Doctrine of Fascism.In the Fascist State, the individual is not suppressed, but rather multiplied, just as in a regiment a soldier is not weakened, but multiplied by the number of his comrades. The Fascist State organizes the nation, but it leaves sufficient scope for individuals; it has limited useless or harmful liberties and has preserved those that are essential. It cannot be the individual who decides in this matter, but only the State.This excerpt could best be used to support a document-based essay onMussolinis fall from power.Mussolinis role in World War II.the ideology of fascism in Italy.the format of elections in Italy. randomized hadamard transformations are orthogonal transformations. assume that the number of rows are in the powers of two.