cgehhE10-12 The following are selected 2014 transactions of Pedigo Corporation. Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefi nite. May 1 Purchased for $75,000 a patent with an estimated useful life of 5 years and a legal life of 20 years. Instructions Prepare necessary adjusting entries at December 31 to record amortization required by the events above. E10-13 Gill Company, organized

Answers

Answer 1
My guy what is this.

Related Questions

Scrimshander, Inc. is a shipping company, transporting goods using cargo ships. On January 1, 2017, the company purchases and puts into service a cargo ship costing $10,000,000. The expected useful life of the ship is 25 years, and the salvage value is $1,000,000. Enter your answers below in whole dollar amounts without a $ sign. Calculate the annual depreciation expense that Scrimshander must recognize on the cargo ship over the next 25 years. Calculate the net book value of the cargo ship as of December 31, 2019. Calculate the net book value of the cargo ship as of December 31, 2041. Assume that Scrimshander continues using this cargo ship throughout 2042. How much depreciation expense should Scrimshander recognize for that year

Answers

Answer:

Scrimshander, Inc.

a) Annual depreciation expense = $360,000

b) Net book value of the cargo ship as of December 31, 2019 =  $9,280,000

c) Net book value of the cargo ship as of December 31, 2041 = $1,360,000

d) Depreciation expense for 2042 = $360,000

Explanation:

a) Data and Calculations:

Purchase price of a cargo ship = $10,000,000

Expected useful life of the ship = 25 years

Salvage value = $1,000,000

Depreciable amount = $9,000,000 ($10,000,000 - $1,000,000)

Annual depreciation expense = $360,000 ($9,000,000/25)

Net book value as of December 31, 2019 = $9,280,000 ($10,000,000 - $720,000)

Accumulated depreciation = $720,000 ($360,000 * 2)

Net book value as of December 31, 2041 = $1,360,000 ($10,000,000 - 8,640,000)

Accumulated depreciation = $8,640,000 ($360,000 * 24)

Stocks are shares of ownership in a company. A stock certificate represents stock ownership. It specifies the name of the company, the number of shares owned, and the type of stock it represents. Today, stock is generally held electronically; that is, the owners don't get a paper certificate unless they specifically want to hold the certificates themselves.
Choose whether each characteristic is an advantage or disadvantage of issuing stock, from the standpoint of the issuing company.
1. Dividends
2. Future buy back
3. Net profit after taxes
4. One vote per share
5. Repaid
6. Shareholders

Answers

Answer:

Advantages

Dividends Future buy backRepaid

By issuing dividends, a company can present a positive image to the outside world of how they take care of their investors. This will prompt more investors to come onboard.

Being able to buy back the stock is also an advantage because should the company decide that they want to reduce shareholder ownership, they would be able to.

Disadvantages

Net profit after taxesOne vote per shareShareholders

The net profit after taxes of the company will be reduced because they are being shared as dividends with shareholders. A company would lose more control when shares are issued because the shares will have the right to vote on company affairs.

Laws regarding shareholders will place the company under strain as they try to ensure compliance.

In horizontal analysis the percent change is computed by: Multiple Choice Subtracting the analysis period amount from the base period amount. Subtracting the base period amount from the analysis period amount. Subtracting the analysis period amount from the base period amount, dividing the result by the base period amount, then multiplying that amount by 100. Subtracting the base period amount from the analysis period amount, dividing the result by the base period amount, then multiplying that amount by 100. Subtracting the base period amount from the analysis amount, then dividing the result by the analysis period amount.

Answers

Answer:

Subtracting the base period amount from the analysis period amount, dividing the result by the base period amount, and then multiplying that amount by 100.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB). It can be defined as the field of accounting involving specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time. Financial experts or accountant uses either the cash basis or accrual basis of accounting.

There are two (2) main methods used in financial accounting for analyzing financial statements and these are;

I. Vertical analysis.

II. Horizontal analysis.

Horizontal analysis compares historical financial informations over a number of reporting periods.

In horizontal analysis the percent change is computed by subtracting the base period amount from the analysis period amount, dividing the result by the base period amount, and then multiplying that amount by 100.

The answer is D) Subtracting the base period amount from the analysis period amount, dividing the result by the base period amount, then multiplying that amount by 100.

Horizontal analysis, also known as trend analysis, is a financial analysis technique that compares financial data from different periods to determine the percentage change over time. To compute the percentage change, the analysis period amount is subtracted from the base period amount, then the result is divided by the base period amount. The quotient is then multiplied by 100 to obtain the percentage change.

The formula for horizontal analysis can be written as:

((Analysis period amount - Base period amount) / Base period amount) x 100

Learn more about analysis here:

https://brainly.com/question/30552083

#SPJ 11

what is difference between T-Account and a ledger Account?(hint... what dose T-Account not have?)

Answers

A T account is a graphical representation of a ledger account. A ledger account is a set financial account.


(A ledger can also be interpreted as a collection of t accs)

The country of Lessidinia has a tax system identical to that of the United States. Suppose someone in Lessidinia bought a parcel of land for 20,000 foci (the local currency) in 1960 when the price index equaled 100. In 2002, the person sold the land for 100,000 foci, and the price index equaled 600. The tax rate on nominal gains was 20 percent. Compute the taxes on the nominal gain and the change in the real value of the land in terms of 2002 prices to find the after-tax real rate of capital gain.

Answers

Answer: -30%

Explanation:

The Nominal gain is:

= 100,000 - 20,000

= 80,000 foci

Tax on nominal gain:

= 20% * 80,000

= 16,000 foci

After tax nominal value of land:

= 100,000  - 16,000

= 84,000 foci

The real value given the price index is:

= 84,000 / 600 * 100

= 14,000 foci

After tax real rate of cap. gain:

= (14,000 - 20,000) / 20,000

= -30%

Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Merchandise (Invoice Amount) Freight Paid by Seller Freight Terms Returns and Allowances (Invoice Amount) a. $5,300 $400 FOB destination, 2/10, n/30 $1,250 b. 2,700 200 FOB shipping point, 1/10, n/30 800 a. $fill in the blank 1 b. $fill in the blank 2

Answers

Answer:

a. Amount to be paid = $4,369

b. Amount to be paid = $1,881

Explanation:

Note: Thee data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.

a. Invoice (a)

Amount to be paid = (Invoice amount - Returns and Allowances) - ((Invoice amount - Returns and Allowances) * 2%) +  Freight Paid by Seller = ($5,300 - $1,250) - (($5,300 - $1,250) * 2%) + $400 = $4,369

b. Invoice (b)

Amount to be paid = (Invoice amount - Returns and Allowances) - ((Invoice amount - Returns and Allowances) * 1%) = ($2,700 - $800) - (($2,700 - $800) * 1%) = $1,881

eight business functions​

Answers

1: Marketing
2: Production
3: Public Relations
4: Finance
5: General Management
6: Purchasing
7: Administration
8: Technology and equipment

On January 1, 2000, there were 175,000 tons of trash in a landfill that had a capacity of 325,000 tons. Each year since then, the amount of trash in the landfill increases by 7.500 tons. If y represents the time, in years, after January 1, 2000.

Required:
What inequalities describes the set of years where the landfill is at or above capacity?

Answers

Answer: 175,000 + 7,500y ≥ 325,000

Explanation:

On January 1, 2000, there are 175,000 tons of trash in the landfill.

This increases by 7,500 tons every year with y representing the number of years.

This means that in a given year, the amount of trash in the landfill is:

= 175,000 + 7,500y

The capacity is 325,000 tons. In years where the landfill will be at or above capacity, the result of the formula above will be greater than 325,000 tons.

The relevant inequality therefore is:

175,000 + 7,500y ≥ 325,000

Jackson, a self-employed taxpayer, uses his automobile 90% for business and during 2020 drove a total of 14,000 business miles. Information regarding his car expenses is listed below.

Business parking $140
Auto insurance 1,300
Auto club dues (includes towing service) 180
Toll road charges (business-related) 200
Oil changes and engine tune-ups 210
Repairs 160
Depreciation allowable 2,850
Fines for traffic violations (incurred during business use) 320
Gasoline purchases 2,800

1. What is Jackson's deduction in 2018 for the use of his car if he uses:

a. The actual cost method?
b. The automatic mileage method?

2. What records must Jackson maintain?

Answers

Answer:

A. $7,090

B. $8,390

C. The records that Jackson must maintain is to keep a LOG file that contain the copies of all the receipts for (a) as well as a mileage logs file for (b)

Explanation:

a) Calculation for What is Jackson's deduction for the use of his car if he uses The actual cost method

Jackson's deduction

= 140+200+(90%*1300+180+210+160+2,850+2,800)

Jackson's deduction=140+200+6,750

Jackson's deduction=$7,090

Therefore Jackson's deduction for the use of his car if he uses The actual cost method will be $7,090

b)Calculation for What is Jackson's deduction for the use of his car if he uses The automatic mileage method

Jackson's deduction=( 57.5%* 14,000)+140+200

Jackson's deduction= 8,050 + 140 +200

Jackson's deduction=$8,390

Therefore Jackson's deduction for the use of his car if he uses The automatic mileage method will be $8,390

c) Based on the information given the records

that Jackson must maintain is to keep a LOG file that contain the copies of all the receipts for (a) as well as a mileage logs file for (b)

Question 9 of 10 Which of the following is a good example of responsible concern for consumer rights? O A. A construction company advises a potential customer that he can accomplish his project much faster and cheaper by contacting a different company. Giving this advice will likely lead to the company's loss of the consumer's business, O B. A snack food manufacturer knows that their snacks contain only minor traces of common allergens, such as peanuts, and doesn't want to cause unnecessary worry, so they don't identify this on the food labels. C. An employer is very concerned about the well being of his employees. He decides to sponsor their membership to a health club and pay for routine consultations with a dietician D. A sales representative for a communications provider is trained to present the most expensive service packages to consumers first. If the consumer asks for cheaper options, however, the sales representative is to offer those​

Answers

Answer:

D. A sales representative for a communications provider is trained to present the most expensive service packages to consumers first. If the consumer asks for cheaper options, however, the sales representative is to offer those

Explanation:

Answer:

A. A construction company advises a potential customer that he can accomplish his project much faster and cheaper by contacting a different company. Giving this advice will likely lead to the company's loss of the consumer's business.

Explanation:

It is correct.

As a manager seeks to develop her leadership skills, she should be aware that:______.
A. There is one best leadership style to which all managers should aspire
B. Leadership is first and foremost about establishing a deep knowledge of their industry
C. Ideally, managers will have both management and leadership skills
D. Leadership is primarily about personal efficiency

Answers

Answer:

B. Leadership is first and foremost about establishing a deep knowledge of their industry.

Explanation:

Leadership is the capacity of a person to influence the actions of others to deliver on set goals and objectives. A leader is someone who gets things done through others.

A manager who seeks to develop her leadership skills should be aware that leadership is first and foremost about establishing a deep knowledge of their industry. As an aspiring leader, a manager must have full knowledge of the industry he or she is working. This is important because the manager would be able to effectively direct, control, motivate and influence people he is leading due to the vast experience gotten from the industry he is operating.

Answer:

Ideally, managers will have both management and leadership skills

Explanation:

just took the test

Provide an example of two companies that have built in effective co-opetition. Briefly explain the benefit of the relationship describe one job that once existed but today is obsolete or slowly becoming obsolete because of technology provide an exampled of two companies that have built a strategic alliance. Briefly explain the benefits of the relationship.

Answers

Answer:

Microsoft and Apple, Samsung and sony.

Explanation:

Samsung electronics and sony formed an agreement in 2004 for use of shared knowledge and resources in designing flat television screens.  A strategic alliance is a collaboration or a synergy where each partner gets the benefits of the alliance. Jobs such as travel agencies, cashiers, textile workers.  A strategic alliance consists of healthy behavior, long terms goals, and better customer satisfaction.

define risk economics. ​

Answers

Answer:

its like some part of your business is at risk

jus gave it a try

On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using weighted-average cost is:

Answers

Answer:

For the cost of goods sold, the company made around $42,435

Explanation:

Solve cost of goods for Jan. 1st:

2000 units × $8

$16,000

Solve for cost of goods during 2007:

5000 units × $10

$50,000

Use the formula for weighted-average cost:

WAC per unit = cost of goods available for sale / units available for sale

WAC per unit = 16,000 + 50,000 / 2000 + 5000

WAC per unit = 66,000 / 7000

WAC per unit = 9.42857..... I will round to a dollar value

WAC per unit = 9.43

For cost of goods sold:

4,500 × 9.43 (please keep in mind 9.43 is a rounded number)

$42,435

The cost of goods sold using  weighted-average cost under Periodic inventory is $42,429

Before calculating the cost of goods sold, first we have to determine the weighted average cost per unit.

For this following formula should be used:

= (Opening units × cost per unit + purchased units × cost per unit) ÷ (opening units + purchased units)

= (2,000 units × $8 + 5,000 units × $10) ÷ (2,000 units + 5,000 units)

= ($16,000 + $50,000) ÷ (7,000 units)

= $66,000 ÷ 7,000 units

= $9.428

Now the cost of goods sold using  weighted-average cost is

= Number of units sold × average cost per unit

= 4,500 units × $9.428

= $42,429

Hence, we conclude that the cost of goods sold using weighted-average cost under Periodic inventory is $42,429.

Learn more about the cost of goods sold here: brainly.com/question/14292529

The following cost information pertained to the Violin Division of Stringing Music Co. and was based on monthly demand and sales of 100 units:

Per-Unit Costs Variable production costs:
Direct materials $140
Direct labor 170
Variable factory overhead 80
Fixed production costs:
Depreciation (equipment) 40
Factory rent 68
Other 16
Total production cost $514
Variable selling & administrative costs $24 per unit
Fixed selling & administrative costs $36 per unit

Assume that the Violin Division was evaluating whether or not it would accept a special sales order for 10 violins at $390 per unit. For this purpose, total relevant cost per unit (given the costs stated above) is:

a. $330
b. $342
c. $390
d. $366
e. $354

Answers

Answer:

Total relevant costs= $390

Explanation:

I will assume that the company has unused capacity and that the special offer will not affect the current sales. Given these assumptions, the fixed costs would not be taken into account.

Relevant costs:

Direct materials $140

Direct labor 170

Variable factory overhead 80

Total relevant costs= $390

A data mining routine has been applied to a transaction dataset and has classified 88 records as fraudulent (30 correctly so) and 952 as non-fraudulent (920 correctly so). Construct the classification matrix and calculate the error rate, sensitivity, and specificity.

Answers

Answer:

1. Classification Matrix:

Actual Class 1 0

1 30 58

0 32 920

2.Overall error rate (err) 8.65%

Accuracy% 91.35%

Explanation:

To Construct the classification matrix and to calculate the error rate

1.CONSTRUCTION OF THE CLASSIFICATION MATRIX

Classification Matrix:

Classification Confusion Matrix

Predicted Class

Actual Class 1 0

1 30 58

(88-30=58)

0 32 920

(952-920)

Calculation for the error rate

Using this formula

Overall error rate (err) = Sum of Misclassification transactions/Total transaction

Let plug in the formula

Overall error rate (err) =[(88-30)+(952-920)]/(952+88)

Overall error rate (err) = (58+32)/1040

Overall error rate (err) =0.08653*100

Overall error rate (err) = 8.65 %

Accuracy% = 1-err

Accuracy%=100%-8.65%

Accuracy%= 91.35%

Windsor Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $145,600 Allowance for Doubtful Accounts $3,350 Sales Revenue (all on credit) 834,000 Sales Returns and Allowances 53,540 Prepare the journal entry to record bad debt expense assuming Windsor Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Acc

Answers

Answer:

See below

Explanation:

1.

Bad debts ($145,600 × 4/100) = $5,824 - $3,350 = $4,000 Dr

...................To Allowance for doubtful account $4,000 Cr

(To record the estimation of 4% of bad debts on gross account receivable after adjusting the credit balance)

2.

Bad debts ($145,600 × 4/100) = $5,824 + $3,350 = $9,174 Dr

..............To Allowance for doubtful accounts $9,184 Cr

(To record 4% of account receivable but allowance for doubtful account).

In August, one of the processing departments at Tsuzuki Corporation had beginning work in process inventory of $24,000 and ending work in process inventory of $13,000. During the month, $283,000 of costs were added to production. In the department's cost reconciliation report for August, the cost of units transferred out of the department would be: Multiple Choice $294,000 $270,000 $281,000 $307,000

Answers

Answer:

$294,000

Explanation:

The computation of the cost of units transferred out of the department would be shown below:

= Opening work in process + cost added to the production - ending work in process

= $24,000 + $283,000 - $13,000

= $294,000

Crane Company took a physical inventory on December 31 and determined that goods costing $180,000 were on hand. Not included in the physical count were $20,000 of goods purchased from Nash's Trading Post, LLC, FOB, shipping point, and $20,000 of goods sold to Swifty Corporation for $30,000, FOB destination. Both the Nash purchase and the Swifty sale were in transit at year-end.

Required:
What amount should Crane report as its December 31 inventory?

Answers

Answer:

$220,000

Explanation:

Calculation for What amount should Crane report as its December 31 inventory

Using this formula

Ending inventory =Goods costing on hand+Physical count of goods purchased+Goods sold

Let plug in the formula

Ending inventory = $180,000 + $20,000 + $20,000

Ending inventory = $220,000

Therefore the amount that Crane should report as its December 31 inventory is $220,000

On December 1, 2015, Logan Co. purchased a tract of land as a factory site for $800,000. The old building on the property was razed (torn down), and salvaged materials resulting from demolition were sold. Additional costs incurred and salvage proceeds received during December were as follows:Cost to raze old building $70,000Legal fees for purchase contract and to record ownership 10,000Title guarantee insurance 16,000Proceeds from sale of salvaged materials 8,000What amount should be reported as land?

Answers

Answer:

$888,000

Explanation:

Calculation to determine What amount should be reported as land

Purchased a tract of land as a factory site $800,000

Add Legal fees for purchase contract ownership $10,000

Add Title guarantee insurance 16,000

Add Cost to raze old building $70,000

Less Proceeds from sale of salvaged materials $8,000

Land $888,000

($800,000 + $10,000 + $16,000 + $70,000 –$8,000)

Therefore The amount that should be reported as land will be $888,000

McMurphy Corporation produces a part that is used in the manufacture of one of its products. The costs associated with the production of 12,000 units of this part are as follows: Direct materials $86,000 Direct labor 126,000 Variable factory overhead 58,000 Fixed factory overhead 138,000 Total costs 408,000 Of the fixed factory overhead costs, $55,000 is avoidable. Conners Company has offered to sell 12,000 units of the same part to McMurphy Corporation for $41 per unit. Assuming there is no other use for the facilities, Schmidt should ________. Group of answer choices buy the part, as this would save the company $192,000 buy the part, as this would save $16 per unit make the part, as this would save almost $14 per unit make the part, as this would save $16 per unit

Answers

Answer:

make the part, as this would save almost $14 per unit

Explanation:

We have to compare the total cost to make against the total cost to buy 12,000 units.

Total Cost to Make

Direct materials                                  $86,000

Direct labor                                        $126,000

Variable factory overhead                $58,000

Fixed factory overhead                     $55,000

Total Cost                                          $325,000

Total Cost to buy

Purchase Price = $41 x 12,000 units = $492,000

Difference

Financial Advantage = Total Cost to buy - Total Cost to Make

                                   =  $492,000 - $325,000

                                   = $167,000

Conclusion :

Schmidt should make the part, as this would save almost $14 per unit

Suppose your company sells services of $370 in exchange for $205 cash and $165 on account. Required: Prepare the journal entry to record this transaction. Identify the amount that should be reported as net cash flow from operating activities. Identify the amount that would be included in net income. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2).

Answers

Answer:

1. Journal Entry

Date Particulars               Debit   Credit

         Cash                        $205

         Debtors/Party A/c   $165

               To Service revenue       $370

         (Being service income recorded)  

2. Net cash Flow = $370 - $165

Net cash Flow = $205

3. Calculation of Net Income

Net Income = Service Income - Expenses

Net Income = $370 - $0

Net Income = $370

4. Computation of how the indirect method convert the net income to net cash flow from operating activities

Particulars                                                  Amount

Net Income                                                   $370

Increase in accounts receivable               ($165)

Net cash flow from operating activities   $205

define federal reserve system.​

Answers

Answer:

The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest.

Explanation:

The George Company has a policy of maintaining an end-of-month cash balance of at least $37,000. In months where a shortfall is expected, the company can draw in $1,000 increments on a line of credit it has with a local bank, at an interest rate of 12% per annum. All borrowings are assumed for budgeting purposes to occur at the beginning of the month, while all loan repayments (in $1,000 increments of principal) are assumed to occur at the end of the month. Interest is paid at the end of each month. For April, an end-of-month cash balance (prior to any financing and interest expense) of $24,000 is budgeted; for May, an excess of cash collected over cash payments (prior to any interest payments and loan repayments) of $28,000 is anticipated.
1.What is the interest payment estimated for April (there is no bank loan outstanding at the end of March)? (Do not round intermediate calculations.)
2.What is the total financing effect (cash interest plus loan transaction) for May? (Do not round intermediate calculations.)

Answers

Answer:

$140$14,140

Explanation:

1. First find the net amount amount the company borrowed in April:

= Cash balance to be maintained + Loan repayment - Budgeted end of April balance

= 37,000 + 1,000 - 24,000

= $14,000

Interest = 14,000 * 12%/ 12 months

= $140

2. Financing effect:

= Amount borrowed + Interest

= 14,000 + 140

= $14,140

International trade theory attempts to explain why nations trade and to help predict the direction, composition, and volume of goods that will be traded A variety of different theories have been proposed over the past several centuries to help explain the existence of trade between nations and to help predict whether trade will occur, what products or services will be traded, the direction of this trade, and the volume of this trade. Understanding the differences between these theories helps managers and policy makers to understand whether and how to pursue trade opportunities internationally
Drag each of the general characteristics listed to the international trade theory that it is most associated with:
International Trade Theory
General Characteristics
Government stimulates trade by means of protectionism
Mercantilism Factors that can drive competitive advantage for one economy over another
Absolute Advantage Trade influenced by relative income levels
Comparative Advantage Trade materials that are abundant
Trade most efficiently produced goods
Differences in Resource Endowments
Overlapping Demand
Trade goods and services at a lower opportunity cost than others
Diamond Model of National Competitive Advantage

Answers

Answer:

International Trade Theory  - General Characteristics:

1. Absolute Advantage Trade influenced by relative income levels

2. Comparative Advantage Trade materials that are abundant  Trade most efficiently produced goods.

Explanation:

The international trade theory is a part of economics that deals oh aspects of international trade that include exports and imports. Was described by adam smith as welfare economics. As the countries having an absolute advantage and comparative advantages in the products they sold in the global markets. According to the Ricardian model the factors endowments were related to land, capital, and labor.

July August September Expected sales $490,000 $540,000 $580,000 Abet's cost of goods sold is 60% of sales dollars. At the end of each month, Abet wants a merchandise inventory balance equal to 25% of the following month's expected cost of goods sold. What dollar amount of merchandise inventory should Abet plan to purchase in August

Answers

Answer:

Purchases= $330,000

Explanation:

Giving the following information:

Sales:

August $540,000

September $580,000

Abet's cost of goods sold is 60% of sales dollars.

Abet wants a merchandise inventory balance equal to 25% of the following month's expected cost of goods sold.

To calculate the purchases for August, we need to use the following formula:

Purchases= sales + desired ending inventory - beginning inventory

Purchases= (540,000*0.6) + (580,000*0.6)*0.25 - (540,000*0.6)*0.25

Purchases= 324,000 + 87,000 - 81,000

Purchases= $330,000

The accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountant's adjusting entries, assuming that none of the accounts were affected by more than one adjusting entry.
Eva's Laundry
Trial Balances
May 31, 2018
Unadjusted Adjusted
Debit Balances Credit Balances Debit Balances Credit Balances
Cash . 7,500 7,500
Accounts Receivable . 18,250 23,250
Laundry Supplies 3,750 6,750
Prepaid Insurance* 5,200 1,600
Laundry Equipment . . 190,000 177,000
Accumulated Depreciation—Laundry
48,000 48,000
Accounts Payable 9,600 9,600
Wages Payable 1,000
Capital Stock . . 35,000 35,000
Retained Earnings 75,300 75,300
Dividends 28,775
Laundry Revenue 182,100 182,100
Wages Expense 49,200 49,200
Rent Expense . . 25,575 25,575
Utilities Expense . 18,500 18,500
Depreciation Expense 13,000
Laundry Supplies Expense 3,000
Insurance Expense 600
Miscellaneous Expense .3,250 3,250
350,000 350,000 358,000 351,000

Answers

Answer:

See the errors identified below.

Explanation:

Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.

The explanation of the answer is now given as follows:

The following errors can be identified in the accountant's adjusting entries:

1.The accountant debited the account receivable for $5,000 (i.e. $23,250 - $18,250 = $5,000) without crediting laundry revenue.

Therefore, we should have:

Correct amount of laundry revenue = Laundry revenue in trial balance + (Adjusted account receivable - Unadjusted account receivable) = $182,100 + ($23,250 - $18,250) = $187100

2. The accountant debited laundry suppliers expense instead of crediting laundry suppliers for $3,000.

3. The the accountant credited Prepaid insurance for $3,600 (i.e. $5,200 - $1,600 = $3,600). However, the insurance expense was debited for $600.

4. Instead of crediting accumulated depreciation, the laundry equipment for depreciation expense was erroneously credited by the accountant for $13,000.

5. A debit of $1,000 to wages expense was not made by the accountant.

Additional Note:

After correcting the errors identified above, the correct adjusted trial balance will look as the one in the attached photo.

Braun Company has one service department and two operating (production) departments. Maintenance Department costs are allocated to the two operating departments based on square feet occupied. Listed below are the operating data for the current period:
Department Direct Expenses Square Feet
Maintenance $52,500 23,000
Milling 94,500 46,000
Assembly 123,400 69,000
The total cost of operating the Assembly Department for the current period is:_____.

Answers

Answer:

$154,900

Explanation:

The computation of the total cost of operating the assembly department as follows:

= Direct expenses of assembly department + allocated amount

= $123,400 + $52,500 × 69,000 ÷ (69,000 + 46,000)

= $123,400 + $52,500 × 69,000 ÷ 115,000

= $123,400 + $31,500

= $154,900

On December 10, you receive your bank statement showing a balance of $2,979.94. Your checkbook shows a balance of $2,778.88. Outstanding checks are $381.83 and $171.57. The account earned $126.83. Deposits in transit amount to $472.17, and there is a service charge of $7.00. Calculate the reconciled balance Group of answer choices

Answers

Answer:

See below

Explanation:

Balance per bank statement $2,979.94

Add: Interest earned $126.83

Less:

Check book balance $2,788.88

Add: Oustanding checks

($381.83 + $171.57)

What are the different forms of technology?

Answers

Answer:

1. Communication Technology

2. Construction Technology

3. Product Technology

4. Medical Technology

5. Architecture Technology

6. Business Technology

7. Educational Technology

8. Information Technology

9. Space Technology

10. Artificial Intelligence

11. Robotics Technology

12. Superintelligence

13. Agriculture Technology

14. Assistive Technology

15. Operation Technology

16. Entertainment Technology

Explanation:

let me know if you want more forms and i will add more but plz mark brainlyest

Other Questions
With how many fs do you fail 7th grade?! Please help This is the full question if you can please solve this its really important.A machine cuts three circles of the same size from a rectangular sheet ofmetal as shown. Which sentence includes an example of alliteration?A. The friends decided they would enter the race and win.B. The feisty friends finished the race in record time.C. The track coach said they had what it takes to be competitive runners.D. The four girls trained for the relay for six months. Give me lil reasoning so I know your not lying for points:( (Ill mark you as brainlister ) Eloise's aunt cut 9.5 meters of ribbon into 4 equal sections and gave one of those sections to Eloise. Her friend Amelie has 2.5 meters of ribbon. How much more ribbon does Amelie have than Eloise? Enter your answer in the box. m Calculate the mass of CO2 that can be produced if the reaction of 54.0 g of propane and sufficient oxygen has a 64.0% yield. _____ is a group of similar organism that can mate with each other and can make fertile offsprings find-5/6(-1/2) write the answer in the lowest terms. what is a healthy diet? Suppose y varies directly with x and y = 25 when x = 140. What is the value of xwhen y = 36? 7. How did World War II impact the economy of the United States? | Which is a feature of function g if g(x) = -f(x-4)A) Y-Intercept at (0,-4)B) X- intercept at (5,0)C) vertical asymptote of x=-4D) horizontal asymptote of Y=4 escribe 4 ideas que has captado del sistema inmunitario Who attempted to shape the New South by using his role as the editor of the Atlanta Journal to get northern businesses to invest in the South? Use the picture to answer the question.A red striped bowling ball with 3 finger holes.Name at least three physical properties of the bowling ball. 2. What does not belong to the set? A.Final Solutionb. concentration campc. Alliesd. Holocauste Which matrix translates the vector 4,-3 to 6,-8? Maeve takes pictures of people as they enter an amusement park. She makes $40 per day, plus $4 for each person who buys a picture. If Maeve made $80 yesterday, how many people bought a picture? Find the surface area!! Geometry!! Pls help!! Question 8 of 35Which item rotates in a magnetic field as an electric motor produces kineticenergy?A. Permanent magnetB. Loop of wireC. LightbulbD. BatterySUBMIT