Answer: c. protect against the cost of unexpected events
Explanation: everyone has a time but funeral costs and other cost can really cost a lot so you get life insurance too save money so if you die that money can be used for funeral costs etc
Daguio Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the total estimated manufacturing overhead was $224,580. At the end of the year, actual direct labor-hours for the year were 18,200 hours, manufacturing overhead for the year was underapplied by $12,100, and the actual manufacturing overhead was $219,580. The predetermined overhead rate for the year must have been closest to: _________.
A. $11.40 per machine-hour
B. $12.34 per machine-hour
C. $12.06 per machine-hour
D. $10.53 per machine-hour
Answer:
It's A. 11.40 per machine-hour
Explanation:
IT'S AAAAAAAAAAAAAA
Answer:
The answer is A .
Explanation:
At what point in a real estate transaction will the deposits and the disbursements of the transaction need to reflect a zero balance
Your financial analyst calculated the following ratios for three companies: Boeing Microsoft PG&E Cash ratio 0.15 0.1 0.1 Current ratio 1.3 2.5 0.8 Debt ratio 0.9 0.4 0.75 Profit margin 5% 28% 6% Evaluate the statement "Boeing is a riskier company than Microsoft and PG&E because of its higher debt ratio." Yes: A higher debt ratio of Boeing than that of PG&E is a sign of short-term illiquidity. Not necessarily: The debt ratios are not directly comparable, since each company is in a different industry. Yes: A higher debt ratio means that the company is less capable of paying interests.
Answer: Not necessarily: The debt ratios are not directly comparable, since each company is in a different industry.
Explanation:
We cannot authoritatively state that even though Boeing has such a high debt rate, that it is a riskier company than either Microsoft or PG&E. This is due to the drawback in ratio analysis of bias if compared across different industries.
Ratio analysis best works when comparing companies in the same industry because their situations will be similar. Comparing across industries can be misleading because different industries operate in different ways. In the Airplane manufacturing business for instance, having a high amount of debt due to having the tangible assets to back it up might be a normal thing.
The debt ratios are therefore not directly comparable because each company is in a different industry.
What is the term for an organized group representing individuals and businesses that belong to the same industry?.
Based on the fact that the organized group represents entities in the same industry, it is most likely a trade association.
What is a trade association?A trade association is a organized group whose members are from the same industry and include both businesses and workers.
The purpose of these associations is to further the interest of the industry by lobbying the government and engaging in public relations.
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Mary Rhodes, operations manager at Northeast Furniture, received the following demand forecast:
Jan: 1,000
Feb. 1,200
March 1,400
April 1,800
May 1,800
June 1,600
Assume stockout costs for lost sales of $100 per unit, inventory carrying costs of $25 per unit per month and zero beginning and ending inventory. Evaluate the following two plans on an incremental cost basis:
Alternative 1: Produce at a steady rate, equal to minimum requirements, of 1,000 units per month. Subcontract enough additional units, at $60 per unit premium cost, to avoid lost sales.
a. What is the cost of alternative 1?
b. What is the total holding (inventory) cost?
Alternative 2: Vary the workforce to match monthly demand. The current workforce most recently produced 1,300 units last month. The cost of hiring workers is $3,00 per 100 units of capacity increase, while firing is $6,000 per 100 units of capacity decrease.
a. What is the total cost of alternative 2?
b. How many units are produced via regular time production?
c. Which alternative has lower incremental cost?
Answer: see attachment
Explanation:
Incremental cost is the total cost that is incurred by a company or an organization because of an additional unit of the good that's produced.
To calculate incremental cost, the additional expenses that are involved during production process, will be taken into consideration.
Check attachment for the solution.
NEED HELP ASAP!! 30 points AND I WILL MARK YOU BRAINLIEST!!
1. How does the business cycle directly impact the level of employment within an economy? Please discuss how each part of the business cycle would directly impact the need to employ workers.
2. How does GDP represent the health of an economy? Please list two ways that a GDP is representative of the overall strength or weaknesses of an economy.
Answer:
1. How does the business cycle directly impact the level of employment within an economy? Please discuss how each part of the business cycle would directly impact the need to employ workers.
Business cycles are the "ups and downs" in economic activity, defined in terms of periods of expansion or recession. During expansions, the economy, measured by indicators like jobs, production, and sales, is growing--in real terms, after excluding the effects of inflation.
2. How does GDP represent the health of an economy? Please list two ways that a GDP is representative of the overall strength or weaknesses of an economy.
Gross domestic product (the GDP) tracks the health of a country's economy. It represents the value of all goods and services produced over a specific time period within a country's borders. Economists can use GDP to determine whether an economy is growing or experiencing a recession. Investors can use GDP to make investments decisions a bad economy means lower earnings and lower stock prices.
Explanation:
It's just like what lahh56camm said.
Sales for the year are $100,000. Expenses total $70,000 and there is a distribution of profit to owners of $5,000. Based on this list we know that
X: Profit for the year is $25,000
Y: Equity has increased by $25,000
A. X
B. Y
C. both X and Y
D. neither X nor Y
Answer:
B. Y
Explanation:
Equity is the shareholder's wealth in a business. It is the remainder of subtracting liabilities from assets.
Equity is made up of the shareholder contribution plus retained earnings.
For the current financial year, the retained earnings will be calculated by subtracting dividends and expenses for the revenue.
Retained earning = $100,000 - $70,000 -$5,000
Retained earnings= $25,000
Equity has increased by $25,000
Which option identifies the law represented in the following scenario?
Bauer comes out with a new hockey skate, and last year’s model sits on the shelves. The local hockey shop places last year’s model on sale for half price.
law of demand
law of diminishing marginal utility
law of supply and demand
law of supply
Answer:
A. law of demand
Explanation:
Choose the option that best matches the description given. While many new businesses start when the economy takes a downturn, it is beneficial to be positioned to take advantage when the economy
O recedes
O contracts
O expands
Answer:
O recedes
Explanation:
A recession is a business cycle characterized by a general decline in economic activities. Recession may occur as a result of reduced spending in the economy that adversely affects the aggregate demand. The recession cycle usually lasts for a couple of months.
Businesses that start and survive during tough times have a greater chance of succeeding. After a recession, the economy experiences the recovery cycle, followed by a boom. The recovery and boom sessions present excellent opportunities for young businesses to grow and thrive.
When the brand Sara Lee spun off its Hanes hosiery line, as well as other popular products, to fortify its famous food brands, it is called a _____________________ countermeasure.
Based on the fact that Sara Lee moved away from her Hanes hosiery line to fortify her famous food brands, this is known as a contraction defense strategy
What is a Product Brand?This refers to the creation of a new identity for a product that is easily identifiable and sets it apart from other products.
With this in mind, we can see that because Sara Lee made a focus on her popular famous food brands by moving away from other popular products, this was done in a defensive measure known as the contraction defense strategy.
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If Allowance for Doubtful Accounts has a credit balance of $4,400 in the trial balance and bad debts are expected to be 10% of accounts receivable, journalize the adjusting entry for the end of the period.
Answer:
a. Adjusting Journal entry Accounts/ Explanations Debit Credit Bad Debts Expense $10,600 Allowance for Doubtful Accounts
In the short run, movement along the SRAS curve____ corresponds to ______ in the unemployment rate, all else being equal.
When in the short run, a movement along the SRAS curve in a left to right manner will correspond to a decrease in unemployment.
Why is this the case?When the SRAS curve shifts from left to right, it means that there is an increase in supply in the economy.
This increase in supply can only be possible if more people are employed to work in industries that produce goods and services. So an increase in supply will correspond to a decrease in unemployment.
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The Dante Manufacturing Company is considering a new investment. Financial projections for the investment are tabulated below. The corporate tax rate is 35 percent. Assume all sales revenue is received in cash, all operating costs and income taxes are paid in cash, and all cash flows occur at the end of the year. All net working capital is recovered at the end of the project.
Year 0 Year 1 Year 2 Year 3 Year 4
Investment $32,000
Sales revenue $16,500 $17,000 $17,500 $14,500
Operating costs 3,500 3,600 3,700 2,900
Depreciation 8,000 8,000 8,000 8,000
Net working capital spending 380 430 480 380 ?
Required:
a. Compute the incremental net income of the investment for each year.
b. Compute the incremental cash flows of the investment for each year.
c. Suppose the appropriate discount rate is 13 percent. What is the NPV of the project?
Answer:
a) incremental net income
net income year 1 = ($16,500 - $3,500 - $8,000) x 0.65 = $3,250
net income year 2 = ($17,000 - $3,600 - $8,000) x 0.65 = $3,510
net income year 3 = ($17,500 - $3,700 - $8,000) x 0.65 = $3,770
net income year 4 = ($14,500 - $2,900 - $8,000) x 0.65 =$1,340
b) incremental net cash flow
cash flow year 1 = [($16,500 - $3,500 - $8,000) x 0.65] + $8,000 - $430 = $10,820
cash flow year 2 = [($17,000 - $3,600 - $8,000) x 0.65] + $8,000 - $480 = $11,030
cash flow year 3 = [($17,500 - $3,700 - $8,000) x 0.65] + $8,000 - $380 = $11,390
cash flow year 4 = [($14,500 - $2,900 - $8,000) x 0.65] + $8,000 + $1,670 = $12,010
c) project's NPV
NPV = -$32,380 + $10,820/1.13 + $11,030/1.13² + $11,390/1.13³ + $12,010/1.13⁴ = $1,093.13
Jordana Woolens is a manufacturer of wool cloth. The information for March is as follows:
Beginning work in process 10,000 units
Units started 20,000 units
Units completed 25,000 units
Beginning work-in-process direct materials $6,000
Beginning work-in-process conversion $2,600
Direct materials added during month $30,000
Direct manufacturing labor during month $12,000
Factory overhead $5,000
Beginning work in process was half converted as to labor and overhead. Direct materials are added at the beginning of the process. All conversion costs are incurred evenly throughout the process. Ending work in process was 60% complete.
Required:
Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.
Answer:
Production cost worksheet
Flow of production Physical unit Direct materials Conversion
Beginning work in process 10,000
Starting during period 20,000
To account for 30,000
Unit Completed 25,000 25,000 25,000
Ending WIP 5,000 5,000 3,000
Accounted For 30,000 30,000 28,000
Cost Total Direct materials Conversion
Beginning WIP 8,600 6,000 2,600
Cost added during period 47,000 30,000 17,000
Total cost to account for A 55,600 36,000 19,600
Equivalent units 30,000 28,000
Equivalent units cost A/B 1.9 1.2 0.7
Assignment of cost
Cost of transferred out 47,500 (25,000 *1/9)
Ending wip:
Direct materials 6,000 (5,000*1/2)
Conversion 2,100(3,000*1/2)
Cost accounted for 55,600
Lorenzo Peterson was swimming in a swimming pool with a friend at an apartment complex. Lorenzo watched his friend swim to the bottom of the pool, slide an unattached drain cover away, and then slide it back. Lorenzo thought his friend had hidden something inside the drain, so he swam to the bottom of the pool. Lorenzo slid the drain cover aside and stuck his arm inside the drain. The 300 to 400 pounds of pull of the drain pump held Lorenzo trapped underwater. At least seven people tried to free Lorenzo to no avail. When the police arrived, they broke down the door to the pool equipment room and turned off the drain pump.Lorenzo was trapped underwater for twelve minutes, which left him irreversibly brain damaged. Evidence at trial showed that Sta-Rite's drain covers are designed to screw down, but often a drain cover becomes loose. Further evidence showed that there had been more than 20 prior suction-entrapment accidents involving Sta-Rite's drain covers and pumps. Evidence showed that others had designed a pool drain pump with a mechanism that would automatically shut off a pool drain pump when it detected that it was pulling more than it should. Sta-Rite did not install such safety features on its drain pumps, however.Lorenzo, through his relatives, sued Sta-Rite Industries, Inc., the manufacturer of the drain, under the doctrine of strict liability to recover damages for Lorenzo's injuries. The plaintiff alleged that the underwater pool drain was designed defectively because it did not contain a shut-off mechanism. Sta-Rite Industries, Inc. v. Peterson, 837 So.2d 988, 2003 Fla. App. Lexis 1673 (Court of Appeal of Florida, 2003)1. Is there a design defect?2. Did Sta-Rite Industries meet its ethical duty?3. Should Sta-Rite be assessed punitive damages because it knew there were more than 20 prior suction-entrapment accidents?
Answer: See explanation
Explanation:
1. Yes.
A design defect is when the design for a particular product brings about risk or injury which could have been averted if the design was done in another way.
With regard to the question, there is a design defect as we're informed that the drain cover becomes loose and we're further told that Sta-Rite did not install safety features on its drain pumps.
2. No.
Based on the scenario in the question, the ethical duty wasn't met by Sta-Rite Industries. They neglected the potential injury and harm that their design would cause. This means that they didn't perform their ethical duty well.
3. Yes.
In this case, Sta-Rite has to compensate the affected person and a punitive damage should further be added to whatever compensation had been put in place. This will serve as a way of making others also learn and always do the right thing and be safety conscious.
You make a salary of $75,000 per year, and are to be given a bonus in stock options for this past year's work. You are to
receive 200 shares of the company's stock, which is valued today at $16.38 per share. What is the value of options you are receiving?
The value of the share options received is $3,276.
What is a share option?A share option is a right that an employer gives to an employee to purchase some shares at a fixed price in the future.
The value of the share options that are received is determined by the number of shares and the prevailing share price at the time when the share options are granted.
Thus, the value of the share options received is $3,276.
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Critically discuss three characteristics of an entrepreneur that may assist a school leaver to become successful business owners. Answer in essay form that include introduction body and conclusion
For each of the following separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2017.
a. Wages of $6,000 are earned by workers but not paid as of December 31.
b. Depreciation on the company’s equipment for the year is $11,560. The Office Supplies account had a $490 debit balance at the beginning of the year. During the year, $6,444 of office supplies are purchased. A physical count of supplies at December 31 shows $694 of supplies available.
c. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,400 of unexpired insurance benefits remain at December 31.
d. The company has earned (but not recorded) $1,000 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10.
e. The company has a bank loan and has incurred (but not recorded) interest expense of $3,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5.
Answer:
Date: 31 December, 2017
a.
Wages Expense 6000 Dr
Wages Payable 6000 Cr
b.
Depreciation expense 11560 Dr
Accumulated depreciation 11560 Cr
Office supplies expense 6240 Dr
Office supplies 6240 Cr
c.
Insurance expense 2600 Dr
Prepaid Insurance 2600 Cr
d.
Interest Receivable 1000 Dr
Interest Revenue 1000 Cr
e.
Interest expense 3500 Dr
Interest Payable 3500 Cr
Explanation:
a.
The wages expense should be recorded as wages relate to this year. As they are not paid, a liability of wages payable should be credited.
b.
The depreciation expense for the year is recorded and a credit to accumulated depreciation is made.
The office supplies expense should be calculated by taking the office supplies at the start of the year and adding the purchases and deducting the closing inventory.
Supplies expense = 490 + 6444 - 694 = 6240
c.
The prepaid insurance is an asset and the difference between the opening and closing balance of prepaid insurance is the expense for the year that is 5000 - 2400 = 2600
d.
The interest revenue relates to this year and should be recorded as credit to interest revenue and a debit to an asset of interest receivable.
e.
The interest expense relates to this year and should be recorded as interest expense debit and interest payable which is a liability as a credit.
After Kira had had several drinks one night, she sold Charlotte a diamond necklace worth thousands of dollars for just $100. The next day, Kira offered the $100 to Charlotte and requested the return of her necklace. Charlotte refused to accept the $100 or return the necklace, claiming that there was a valid contract of sale. Kira explained that she had been intoxicated at the time the bargain was made and thus the contract was voidable at her option. Was Kira correct? Explain
Answer:
The contract was voidable at her option.
Explanation:
The contract was voidable at her option, this is voidable as well as she have a prove that really shows that she was really intoxicated when the Charlotte a diamond necklace worth thousands of dollars for just $100 was sold and the terms and conditions want understood by her at that time. Then with that Charlotte can return of her necklace.
Which of the following is a likely problem for a manager who uses sales as a measure of advertising effectiveness? a. Sales offer little guidance or direction to those responsible for planning and developing the advertising program. b. There is often a long period between when advertising is run and when sales actually occur. c. Other marketing mix variables besides advertising can affect sales results. d. The marketing and competitive environment can influence sales. e. All of the above are likely problems for a manager who uses sales as a measure of advertising effectiveness.
Answer: a. Sales offer little guidance or direction to those responsible for planning and developing the advertising program.
Explanation:
Advertisement is when a particular good.or service is being promoted so as to increase the sales and generate more profit.
Sales is the selling of goods or rendering of a particular service by a business to its consumers.
In this case, the likely problem for a manager who uses sales as a measure of advertising effectiveness will be that sales offer little guidance or direction to those responsible for planning and developing the advertising program. When sales is used to determine how successful an advertising is, it gives little guidance to those in charge of developing the program.
Teenagers have more frequent unemployment spells and spend more time searching for jobs. Other thing the same, this means that teenagers have a a. lower unemployment rate. If a larger portion of the adult population were teenagers , the natural rate of unemployment would be lower. b. higher unemployment rate. The portion of the adult population that is teenagers does not affect the natural rate of unemployment. c. higher unemployment rate. If a larger portion of the adult population were teenagers , the natural rate of unemployment would be higher. d. lower unemployment rate. The portion of the adult population that is teenagers does not affect the natural rate of unemployment.
Answer:
c. higher unemployment rate. If a larger portion of the adult population were teenagers , the natural rate of unemployment would be higher.
Explanation:
As provided teenagers have more frequent unemployment spells that means that the population of teenagers is usually unemployed, as they spend most of their time searching for the jobs rather than actually grabbing and working.
Whereas usually adults settle down and find a descent job, and work on such job. Accordingly they do not contribute much to unemployment.
Accordingly if more of the adults were of teenage then the rate of unemployment would drastically be high.
Errors not detected by a trial balance
Answer:
There will be no effect on the Trial Balance if a transaction is totally excluded. An error of omission occurs when a transaction is fully unreported in both aspects, or when a transaction is documented in the books of primary entry but never entered in the ledger.
1. Errors of omission
2. Errors of Commission
3. Errors of Principle
4. Compensating Errors
5. Complete reversal errors
6. Transportation errors
7. Duplication errors
Answer:
The suspense account is the main method used to detect errors that cause discrepancies between the debit and credit balances of the trial balance.
Explanation:
True or false: The primary function of financial accounting is to provide useful financial information to users who are internal to the business. True false question. True False
Study groups: do they work or not?
Answer:
When working on a group project, studying and working within a group will be a necessity, so you need to make it work for you! Studying in groups has its advantages and disadvantages, but the trick is to know when to resort to solo studying and when to go for group studying. Studying with a partner is a valuable way to learn as students help one another at overcoming weak points.
Advantages of Studying in Groups
1. Brainstorming
Studying in groups allows students to share their different thoughts with one another. This notion usually leads to a better learning process, since brainstorming generates new ideas and thus, students learn the same thing but with different perspectives. Open discussion enhances thinking skills and will give you access to others information and as a result, broadens your mind.
2. Clarification Discussions
Students are different and they perceive the same information differently. You can always ask your study mate to clarify a vague point for you and vice versa. Also, this action increases retention and reinforces the ideas, because the more the information is repeated the stronger the memory will be.
3. Motivation Booster
Group studying is the best procrastination solution as it breaks the monotonous learning process and it makes you attentive to what the others are saying. Mock tests and trial quizzes assist those struggling with course materials and those extracting tests and quizzes from them as well.
Disadvantages of Studying in Groups
1. Distraction
The benefits of group studies are a lot but there are also some cons to group studying. You may find it tiresome to stay focused when studying in a group. Sometimes the conversation shifts from studying to trendy events maximizing distraction. Studying alone might be helpful if you need undivided attention to the materials at hand.
2. Lack of Efficiency
Group studying hampers creativity and efficiency and when there are exams on the horizon, efficiency should be the priority. Studying alone will give you time and space to do your personalized studying. Also, when alone, you can focus freely on a certain part because you know you need to and skip other parts that you have already mastered. This allows you to manage your time wisely and prioritise your tasks.
3. Impersonalized Learning
Our brains conceive information differently, and in order to digest information correctly, you have to do it your own way, not another’s. When studying in a group, you might be studying at someone else’s pace, whether it is too fast or too slow, it will not help you with learning. Also, you might lose track of your own questions and the difficulties you might be facing with the subject at hand because students mostly do not want to diverge from the group. Creating personalized study plans for suture references will also save much time if the student loves to follow a plan and a schedule while studying.
Preferring one way over another does not necessarily mean that it is better; however, it simply means that people choose what suits their characters best. For example, a social person might find it difficult to study alone and find it more appealing to talk to people to learn and on the other hand, another social person will choose to study alone because he gets distracted easily with people and he can focus better when alone. In a nutshell, there is no way advantageous than the other; everyone has his own studying methods and each has its advantages and disadvantages.
The Polishing Department of Harbin Company has the following production and manufacturing cost data for September. Materials are entered at the beginning of the process.
Production: Beginning inventory 1,500 units that are 100% complete as to materials and 30% complete as to conversion costs; units started during the period are 36,700; ending inventory of 7,500 units 10% complete as to conversion costs.
Manufacturing costs: Beginning inventory costs, comprised of $20,110 of materials and $-1,760 of conversion costs; materials costs added in Polishing during the month, $174,710; labor and overhead applied in Polishing during the month, $127,420 and $258,030, respectively.
(a)
Compute the equivalent units of production for materials and conversion costs for the month of September.
Materials
Conversion Costs
The equivalent units of production
(b)
Compute the unit costs for materials and conversion costs for the month. (Round unit costs to 2 decimal places, e.g. 2.25.)
Materials
Conversion Costs
Unit costs
$ ____________
$ ___________
(c)
Determine the costs to be assigned to the units transferred out and in process.
Transferred out
$ __________
Ending work in process
$ _________
Answer:
a. Materials = 38,200 units and Conversion Costs = 31,200
b. Materials = $5.10 and Conversion Costs = $13.00
c. Transferred out = $55,670 and Ending work in process = $48,000
Explanation:
First calculate the number of physical units completed and transferred to finished goods.
units completed and transferred to finished goods = beginning inventory units + units started during the period - ending inventory units
Therefore,
units completed and transferred to finished goods = 1,500 + 36,700 - 7,500
= 30,700
Calculation of Equivalents Units of Production for Materials and Conversion Costs.
1. Materials
Ending Work In Process Inventory (7,500 × 100%) = 7,500
Completed and Transferred (30,700 × 100%) = 30,700
Equivalents Units of Production for Materials = 38,200
2. Conversion Costs
Ending Work In Process Inventory (7,500 × 10%) = 750
Completed and Transferred (30,700 × 100%) = 30,700
Equivalents Units of Production for Conversion = 31,200
Calculation of Unit costs for materials and conversion costs for the month.
Unit Cost = Total Costs ÷ Total Equivalent Units
1. Materials
Unit Cost = ($20,110 + $174,710) ÷ 38,200
= $5.10
2. Conversion Costs
Unit Cost = ($20,110 + $127,420 + $258,030) ÷ 31,200
= $13.00 (2 decimal places)
Calculation of the costs to be assigned to the units transferred out and in process.
1. Transferred out
Cost = Number of units completed and transferred × total unit cost
= 30,700 × ($5.10 + $13.00)
= $55,670
2. Ending work in process
Cost = Material Cost + Conversion Cost
= (7,500 × $5.10) + (750 × $13.00)
= $48,000
According to the law of supply, when prices increase, the quantity of suppliers create _____.
Answer:
increase
listening to the law when a supplier increases the price their supply increases the quality aswell!!
The sale of a substantial part of the materials, supplies, merchandise, equipment, or other inventory of an enterprise that is NOT in the ordinary course of business, is known as a : ________
A Bulk Transfer of Goods is the sale of a substantial part of an enterprise that is not in the ordinary course of business,
What is a Bulk Transfer of Goods?A bulk transfer or sale refers to an arrangement whereby a business sells all or nearly all of its inventory to a single buyer and such a sale is not part of the ordinary course of business.
Hence, it is the sale of a substantial part of an enterprise that is not in the ordinary course of business,
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Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions.
External Transaction Accounts Debit Credit
1. Pay cash dividends of $800 to stockholders. Cash 800
Dividends 800
2. Provide services on account for customers, $3,400. Cash 3,400
Service Revenue 3,400
3. Pay a $500 utilities bill for the current period. Utilities Expense 500
Cash 500
4. Receive cash of $400 from previously billed customers. Cash 400
Service Revenue 400
5. Pay for supplies previously purchased on account, $1,200. Supplies Expense 1,200
Cash 1,200
Required:
Provide a correct entry for each of the transactions classified as incorrect
Answer:
Crimson Tide Corporation
Accounts Titles Debit Credit
1. Dividends $800
Cash $800
To record payment of dividends.
2. Accounts Receivable $3,400
Service Revenue $3,400
To record provision of services on account.
3. correct
4. Cash $400
Accounts Receivable $400
To record the receipt of cash on account.
5. Accounts Payable $1,200
Cash $1,200
To record payment on account.
Explanation:
The correct entries have been provided as above. The first step in recording transactions in the journal is to recognize the accounts involved. Then, identify which account is to be debited and which is to be credited, following basic accounting principle and based on the accounting equation of Assets = Liabilities + Equity.
2.
Drag the tiles to the correct boxes to complete the pairs.
Match the categories of retailers to their definitions.
department store
supermarket
off-price retailer
service retailer
sells overruns, leftover goods, and salvage lots
Includes hotels, movle theaters, and restaurants
offers a range of choices and high-quality service
generally deals with foods and beverages.
Answer:
Department Store ---> Offers a range of choices and high-quality service
Supermarket ---> Generally deals with foods and beverages
Off-Price Retailer ---> Sells overruns, leftover goods, and salvage lots
Service Retailer ---> Includes hotels, movie theaters, and restaurants
TRUE OR FALSE - ACCOUNTING (70 POINTS) - IF FALSE EXPLAIN WHY
1. If the adjusting entry to recognize expired auto insurance at the end of the period is inadvertently omitted, insurance expense will be understated and net income overstated.
2. The book value of an asset is the difference between the cost of an asset and the accumulated depreciation.
3. Accumulated depreciation is reported on the income statement.
4. A company depreciates its equipment $600 a year. The adjusting entry on December 31 is a: debit to Depreciation Expense, $600, and a credit to Accumulated Depreciation, $600.
5. Cash and other assets that are reasonably expected to be realized in cash, sold, or consumed less than one year after the balance sheet date are called current assets.
6. Manufacturing equipment is an example of a current asset.
7. Rent Expense is a permanent account and it appears on the balance sheet.
8. Assets, liabilities, and stockholders' equity accounts are permanent accounts and do not get closed at the end of the period.