You have been engaged to review the financial statements of Whispering Corporation. In the course of your examination, you conclude that the bookkeeper hired during the current year is not doing a good job. You notice a number of irregularities as follows:

1. Year-end wages payable of $3,520 were not recorded because the bookkeeper thought that "they were immaterial."
2. Accrued vacation pay for the year of $34,000 was not recorded because the bookkeeper "never heard that you had to do it."
3. Insurance for a 12-month period purchased on November 1 of this year was charged to insurance expense in the amount of $2,568 because "the amount of the check is about the same every year."
4. Reported sales revenue for the year is $2,213,280. This includes all sales taxes collected for the year. The sales tax rate is 6%. Because the sales tax is forwarded to the state’s Department of Revenue, the Sales Tax Expense account is debited. The bookkeeper thought that "the sales tax is a selling expense." At the end of the current year, the balance in the Sales Tax Expense account is $108,580.

Required:
Prepare the necessary correcting entries, assuming that Headland uses a calendar-year basis.

Answer:

1. Dr Salaries and wages expense $3,520

Cr Salaries and wages payable $3,520

2. Dr Salaries and wages expense $34,000

Cr Salaries and wages payable $34,000

3. Dr Prepaid Insurance$2,140

Cr Insurance Expense $2,140

4. Dr Sales Revenue $132,797

Cr Sales tax payable $132,797

5. Dr Sales tax payable $108,580

Cr Sales tax expense $108,580

Explanation:

Preparation of the necessary correcting entries, assuming that Headland uses a calendar-year basis

1. Dr Salaries and wages expense $3,520

Cr Salaries and wages payable $3,520

(Being to record wages payable)

2. Dr Salaries and wages expense $34,000

Cr Salaries and wages payable $34,000

(Being to record accrued vacation payment)

3. Dr Prepaid Insurance$2,140

Cr Insurance Expense $2,140

[$2,568-($2,568*2/12)]

(Being to record 2 months prepaid insurance premium)

4. Dr Sales Revenue $132,797

Cr Sales tax payable $132,797

(6%*$2,213,280)

(Being to record sales tax due)

5. Dr Sales tax payable $108,580

Cr Sales tax expense $108,580

(Being to record prior entry)

Listed below are several terms and phrases associated with operational assets. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it.List A List B_____ 1. Depreciation_____ 2. Goodwill_____ 3. Amortization_____ 4. Natural resources_____ 5. Intangible assets_____ 6. Copyright_____ 7. Trademarka. Exclusive right to display a word, a symbol, or anemblem.b. Exclusive right to benefit from a creative work.c. Assets that represent contractual rights.d. Oil and gas deposits, timber tracts, and mineraldeposits.e. Purchase price less fair value of net identifiableassets.f. The allocation of cost for plant and equipment.g. The allocation of cost for intangible assets.

Typical of price ceilings, the ancient Indian political philosopher known as Kautilya advocated controls to protect against merchant greed, fixing a profit of 5% over the fixed price of local commodities, including textiles. If severe weather were to render the textile market more uncertain (e.g., if transportation routes were damaged), what would reasonably happen

Scott, the COO for Barcelona Restaurant states: "You can’t train people to be enthusiastic, nice, fun, great people. You have to hire that." This description is best aligned with what personality trait concept?


Conscientiousness

Sensing

Agreeableness

Openness

In the United States, the federal government enforces antitrust laws and regulations to try to maintain effective levels of competition

True
False

Help: will give brainliest
A production manager is looking for new sources of raw material because he
is concerned about the effects of a long-term drought. This manager is
engaging in
A. enterprise risk management
B. scenario analysis
C. diversification planning
O D. offshore outsourcing

Kraus Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 72,700 tons from the Casting Department in October. During October, the Rolling Department completed 75,100 tons, including 8,200 tons of work in process on October 1. The ending work in process inventory on October 31 was 5,800 tons. How many tons were started and completed during October?

Financial instruments Financial instruments are assets that have a monetary value or record a monetary transaction. To coordinate the exchange of capital between borrowers and lenders, financial instruments trade in the financial markets. These financial instruments can be categorized on the basis of their issuers, maturity, risk, and other factors.

Identify the financial instruments based on the following descriptions.

a. Backed by the U.S. government, these financial instruments are short-term debt obligations with a maturity of less than one year. They are considered risk-free investments.
b. Issued by money-centered financial firms, these short- or medium-term insured debt instruments pay higher interest than a regular savings account. They are low-risk instruments and have low returns.
c. These financial instruments are investment pools that buy such short-term debt instruments as Treasury bills (T-bills), certificates of deposit (CDs), and commercial paper. They can be easily liquidated.
d. These financial instruments are contractual agreements that give one party a long-term agreement to use an asset by providing regular payments.

Which of the following instruments are traded in the capital markets? Check all that apply.
a. Common stocks
b. Corporate bonds
c. Preferred stocks
d. Certificates of deposit
e. Long-term bank loans

The process in which derivatives are used to reduce risk exposure is called :________

Lei Corporation has bonds on the market with 16.5 years to maturity, a YTM of 7.7 percent, a par value of $1,000, and a current price of $1,065. The bonds make semiannual payments. What must the coupon rate be on these bonds?

Based on your experience and shopping habit, discuss WHAT inventory control model you will use in the following scenarios and WHY you will use that specific model. a. Supply our kitchen with fresh food b. Obtaining a daily newspaper c. Buying gas for your car d. Ordering the game sweater for the community baseball game Inventory control models: Single period model (also called Newsvendor model) Fixed order quantity model (also called Q-model or EOQ model) Fixed time model (also called P-model)

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows:

Inventories March 1 March 31
Materials $178,750 $151,940
Work in process 119,760 101,800
Finished goods 91,160 103,320
Direct labor $321,750
Materials purchased during March 343,200
Factory overhead incurred during March:
Indirect labor 34,320
Machinery depreciation 20,740
Heat, light, and power 7,150
Supplies 5,720
Property taxes 5,010
Miscellaneous costs 9,300

Required:
a. Prepare a cost of goods manufactured statement for
b. Determine the cost of goods sold for March.

Martinez Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $594,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $901,000. The following data pertain to the construction period:

2017 2018 2019
Costs to date $255,420 $433,620 $604,000
Estimated costs to 338,580 160,380 0
Progress billings to ate 271,000 547,000 901,000
Cash collected to date 241,000 497,000 901,000

Required:
a. Using the method, compute the estimated gross profit that would be recognized during each year of construction period.
b. Using the completed - contract method, compute the estimated gross profit that be recognized during each year of the period.

For each of the following​ items, identify which of the management accounting guidelines​ applies: cost-benefit​ approach, behavioral and technical​ considerations, or different costs for different purposes.

a. Changing an employee bonus plan to include additional paid time off in response to a changing employee demographic.
b. Deciding whether to sell products directly to customers in a new overseas market or to hire a distributor.
c. Introducing a participatory budgeting that involves lower-level managers.

Based on the following data, determine the cost of merchandise sold for November:

Increase in estimated returns inventory $7,900
Merchandise inventory, November 1 13,200
Merchandise inventory, November 30 25,300
Purchases 263,400
Purchases returns and allowances 9,000
Purchases discounts 5,300
Freight in 3,700

The balance sheet at December 31, 2018, for Nevada Harvester Corporation includes the liabilities listed below: 10% bonds with a face amount of $54 million were issued for $54 million on October 31, 2009. The bonds mature on October 31, 2029. Bondholders have the option of calling (demanding payment on) the bonds on October 31, 2019, at a redemption price of $54 million. Market conditions are such that the call is not expected to be exercised. Management intended to refinance $11.2 million of its 10% notes that mature in May 2019. In early March, prior to the actual issuance of the 2018 financial statements, Nevada Harvester negotiated a line of credit with a commercial bank for up to $4.8 million any time during 2019. Any borrowings will mature two years from the date of borrowing.

Noncallable 10% bonds with a face amount of $28.0 million were issued for $28.0 million on September 30, 1996. The bonds mature on September 30, 2019. Sufficient cash is expected to be available to retire the bonds at maturity. A $19 million 7% bank loan is payable on October 31, 2024. The bank has the right to demand payment after any fiscal year-end in which Nevada Harvester’s ratio of current assets to current liabilities falls below a contractual minimum of 1.7 to 1 and remains so for six months. That ratio was 1.45 on December 31, 2018, due primarily to an intentional temporary decline in inventory levels. Normal inventory levels will be reestablished during the first quarter of 2019.

Required:
a. For each liability listed above, what amount will be reported as a current liability on the December 31, 2018 balance sheet?
b. Prepare the liability section of a classified balance sheet for Nevada Harvester at December 31, 2018. Accounts payable and accruals are $18 million.

Johnson Electronics is considering extending trade credit to some customers previously considered poor risks. Sales would increase by $125,000 if credit were extended to these new customers. Of the new accounts receivable generated, 8% will prove to be uncollectible. Additional collection costs will be 3% of sales, and production and selling costs will be 80% of sales. The firm is in the 30 percent tax bracket.
A. Compute the incremental income after taxes.
B. What will Johnson’s incremental return on sales be if these new credit customers are accepted?
C. If the accounts receivable turnover ratio is 6 to 1, and no other asset buildup is needed to serve the new customers, what will Johnson’s incremental return on new average investment be?

What is the focus of fiscal policy?
A. Judicial appointments
B. Foreign diplomacy
C. Taxation and spending
D. Environmental regulation

You work in the customer care division at Flannery Electronics. Mr. Gallegos, a longtime customer, is experiencing a problem with his home theater system and has submitted a letter requesting that Flannery Electronics either fix or replace his system at no cost. Unfortunately, Mr. Gallegos’s customer service and factory warranties expired three months ago. You must write to Mr. Gallegos and inform him that Flannery will be unable to honor his request.
1. Should the tone for this message be formal or informal?
A. Formal
B. Informal
2. Which communication channel would be most appropriate?
A. Phone call
B. Letter
C. Instant message
D. Face-to-face meeting
3. Mr. Gallegos will most likely have a_____response to the message you send him.
4. Who might be the secondary audience for your message to Mr. Gallegos?
5. Assume you just wrote the following e-mail message to a subordinate about a presentation.
Hey Jim,
Nice work on that presentation. I’m going to send a copy to the CEO to show off your creativity. Congratulations to you and your team.
Speaking of teams, I’m sending a recommendation to Human Resources. Your leadership during the presentation really shows, and you deserve a promotion for all that hard work. A team is only as good as its leader, after all.
Before sending the message, it occurs to you that your e-mail will probably be forwarded to other subordinates.
What will you need to change to make the message appropriate for both a subordinate and other subordinates?
A. Start with the promotion discussion and use a more formal tone.
B. Focus on congratulating the team using each individual’s name and use a more formal tone. C. Send news about the promotion recommendation in a separate e-mail.
D. Make the message even more friendly and informal but focus only on congratulating the team.

It takes about 5 minutes for a customer to fill out the paperwork. Entry of information on the paperwork into the system and verification with past records takes another 7 minutes for a receptionist. There are 2 receptionists. assistants on shift at any moment Table 1 summarizes the process data collected above. . It takes 17 minutes on average for the dental assistant to take an X-ray. There are 4 dental . There are 9 dentists working at the clinic. Each check-up takes 25 minutes on average. Assume further that the dentist gets $125 per hour while receptionist and dental assistant get paid $35 per hour Instruction Round "cost of direct labor to 2 decimal places.

Required:
a. What is the labor content?
b. What is the cost of direct labor?

Store Travel Time Each Way Price of a Dress
(Minutes) (Dollars per dress)
Local Department Store 15 104
Across Town 30 87
Neighboring City 60 80
Juanita makes $36 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $36 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.
Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location.
Store Opportunity Cost of Time Price of a Dress Total Cost
(Dollars) (Dollars per dress) (Dollars)
Local Department Store 104
Across Town 87
Neighboring City 80
Assume that Juanita takes opportunity costs and the price of the dress into consideration when she shops. Juanita will minimize the cost of the dress if she buys it from the:____________ .

LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant:Direct materials inventory ..... $62,400Work-in-process inventory ..... 33,900Finished goods inventory ..... 55,600During June, direct labor cost was $143,000, direct materials purchases were $346,000, and the total overhead cost was $375,800. The inventories at the end of June were:Direct materials inventory ..... $63,000Work-in-process inventory ..... 37,500Finished goods inventory ..... 50,800Required:1. Prepare a cost of goods manufactured statement for June.2. Prepare a cost of goods sold schedule for June.

Sara’s Salsa Company produces its condiments in two types: Extra Fine for restaurant customers and Family Style for home use. Salsa is prepared in department 1 and packaged in department 2. The activities, overhead costs, and drivers associated with these two manufacturing processes and its production support activities follow.
Process Activity Overhead cost Driver Quantity
Department 1 Mixing $6,000 Machine hours 2,400
Cooking 10,800 Machine hours 2,400
Product testing 114,000 Batches 750
$130,800
Department 2 Machine calibration $325,000 Production runs 650
Labeling 18,000 Cases of output 160,000
Defects 6,000 Cases of output 160,000
$349,000
Support Recipe formulation $84,000 Focus groups 50
Heat, lights, and water 42,000 Machine hours 2,400
Materials handling 80,000 Container types 10
$206,000
Additional production information about its two product lines follows.
Extra Fine Family Style
Units produced 35,000 cases 125,000 cases
Batches 350 batches 400 batches
Machine hours 1,000 MH 1,400 MH
Focus groups 34 groups 16 groups
Container types 4 containers 6 containers
Production runs 260 runs 390 runs
1. Using a plantwide overhead rate based on cases, compute the overhead cost that is assigned to each case of Extra Fine Salsa and each case of Family Style Salsa.
2. Using the plantwide overhead rate, determine the total cost per case for the two products if the direct materials and direct labor cost is $10 per case of Extra Fine and $9 per case of Family Style.
3-A. If the market price of Extra Fine Salsa is $19 per case and the market price of Family Style Salsa is $13 per case, determine the gross profit per case for each product.
3-b. What might management conclude about the Family Style Salsa product line.

A company is targeting its marketing by running an advertising campaign showing a Hmong family celebrating its traditions during the 4th of July holiday. The ad campaign features the company products being used by the children. What area of consumer decision influence is the marketing campaign using?

a. American culture, an ethnic subculture, and family

b. psychological aspects of belief and attitude

c. social class and word-of-mouth influence

1. B. Journalize the transactions for May, starting on Page 20 of the journal.*
2. Add the appropriate posting reference to the journal.
6. A. Journalize the adjusting entries. Record the adjusting entries on Page 22 of the journal.*
6. B. Add the appropriate posting reference to the journal.
* Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSPalisade Creek Co.General Ledger
ASSETS
110 Cash
112 Accounts Receivable
115 Merchandise Inventory
116 Estimated Returns Inventory
117 Prepaid Insurance
118 Store Supplies
123 Store Equipment
124 Accumulated Depreciation-Store Equipment
LIABILITIES
210 Accounts Payable
211 Customers Refunds Payable
212 Salaries Payable
EQUITY
310 Lynn Tolley, Capital
311 Lynn Tolley, Drawing
REVENUE
410 Sales
EXPENSES
510 Cost of Merchandise Sold
520 Sales Salaries Expense
521 Advertising Expense
522 Depreciation Expense
523 Store Supplies Expense
529 Miscellaneous Selling Expense
530 Office Salaries Expense
531 Rent Expense
532 Insurance Expense
539 Miscellaneous Administrative Expense

Suppose that Colombia imports cars from Australia. The free market price is $9,200.00 per car. If the tariff on imports in Colombia is initially 38%, Colombians pay ________ per car.
One of the accomplishments of the Uruguay Round that took place between 1986 and 1993 was significant across-the-board tariff cuts for industrial countries, as well as many developing countries. Suppose that as a result of the Uruguay Round, Colombia reduces its import tariffs to 19%. Assuming the price of cars is still $9,200.00 per car, consumers now pay the price of ________ per car.
Based on the calculations and the scenarios presented, the Uruguay Round most likely _________ in Colombia and ________ in Australia.

Vacation Destinations offers its employees the option of contributing up to 7% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below.
Wages and salaries $1,500,000
Employee contribution to voluntary retirement plan 63,000
Medical insurance premiums paid by employer 31,500
Life insurance premiums paid by employer 6,000
Federal and state income tax withheld 375,000
Social Security tax rate 6.20%
Medicare tax rate 1.45%
Federal and state unemployment tax rate 6.20%
1) Record the employee salary expense, withholdings, and salaries payable.
2) Record the employer-provided fringe benefits.
3) Record the employer payroll taxes.

which company would add the GDP of the United States?
a) an Indian company produces electronic devices at a factory in California.
b) a Japanese company manufactures an automobile in Tokyo that is sold exclusively in the United States.
c) an American company produces clothing at a factory in Haiti.​

Risk is defined as:_____.
a. the tendency of people to evaluate the hazardousness of a situation or decision based on biases.
b. the estimated likelihood that a decision or action will have a negative consequence.
c. the degree to which probabilities cannot be assessed.
d. a product, process, or condition that potentially threatens people and their reproduction.

5.17. When a known future cash outflow in a foreign currency is hedged by a company using aforward contract, there is no foreign exchange risk. When it is hedged using futures contracts, the daily settlement process does leave the company exposed to some risk. Explain the nature of this risk. In particular, consider whether the company is better off using a futures contract or a forward contract when:a)The value of the foreign currency falls rapidly during the life of the contract.b)The value of the foreign currency rises rapidly during the life of the contract.c)The value of the foreign currency first rises and then falls back to its initial value.d)The value of the foreign currency first falls and then rises back to its initial value. Assume that the forward price equals the futures price

Magic Realm, Inc., has developed a new fantasy board game. The company sold 16,400 games last year at a selling price of $62 per game. Fixed expenses associated with the game total $246,000 per year, and variable expenses are $42 per game. Production of the game is entrusted to a printing contractor. Variable expenses consist mostly of payments to this contractor.
1A. Prepare a contribution format income statement for the game last year1B. Compute the degree of operating levarge2. Management is confident that the company can sell 33,306 games next year (an increase of 6,006 games, or 22%, over last year).A. Compute the expected percentage increase in net operating income for next yearB. Compute the expected total dollar net operating income for next year (Do not prepare an income statement, use the degree of leverage to compute your answer)

Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,000 shares of GE common stock that Adams had purchased in February for $37,000 as an investment. GE’s shares had a market value of $35 per share on the declaration date. Prepare the journal entries to record the property dividend on the declaration and payment dates.