Charles Chadwick opened a business called Charlie's Detective Service in January 2019. At the end of January the accounts had the following balances:

Prepare a trial balance for Charlie's Detective Service as of January 31, 2019.

Accounts Payable $4,000
Accounts Receivable $3,000
Cash $24,400
Charles Chadwick, Capital $30,000
Charles Chadwick, Drawing $3,000
Computer Equipment $8,000
Office Furniture $5,000
Office Supplies $300
Professional Fees $12,000
Rent Expense $1,500
Utilities Expense $800

Answer:

Hopefully I understood the question correctly. Below is the affect on

assets-liabilities= owners equity

Explanation:

A. Increases assets, increases liabilty

b. Increases assets, decreases assets (a wash for assets)

c. Decreases owners equity, decreases assets

d. Increases owners equity, increases assets

e. Increases owners equity, increases assets

Answer:

Item 1. A DVD bought by a household. - This is a final good, to be used for entertainment purposes, and a consumption expenditure.

item 2. New computers bought by PepsiCo - This is a final good, meant to be used for administrative purposes by PepsiCo. It is an investment expenditure because the new computers are an asset.

Item 3. New aircraft bought by Southwest Airlines - This is a final good, to be used as an asset by the airline in order to transport passengers from one place to another. This is an investment expenditure because the aircraft will be used to produce economic benefits for the company.

item 4. Fertilizer bought by a Florida tomato grower - This is an intermediate good, because it is bought in order to be used in the production process of another good, an agricultural product. This is an investment expenditure, because it is essentially intermediate inventory, a type of asset, and assets are investments.

Answer: The broker should continue to represent the seller and treat the buyer as a customer.

Explanation:

From the information given, we are informed that a broker represents a seller and has an office policy of acting as an intermediary, then a sponsored sales agent brings in a buyer who wishes to purchase one of the broker's listings.

Since the buyer wishes to remain unrepresented, then the broker should continue to represent the seller and treat the buyer as a customer.

Answer:

Common Stock $20,000 and Paid-in Capital in Excess of Par $8,000.

Explanation:

The journal entry to record the issuance of the shares is given below:

Cash Dr (2000 shares × $14) $28,000

   To Common stock (2000 × $10) $20,000

    To Paid in capital in excess of par value (2000 × 4) $8,000

(being the issuance of the shares is recorded)

Here the cash is debited as it increased the assets and rest 2 account is credited as it also increased the equity

Answer:

B

Explanation:

A country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries.

A company has absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries

Leila makes more sweaters and cookies than Sami. She has an absolute advantage

opportuntiy cost

Sami :

Sweaters = 240 / 5 = 48

cookies = 5/240 = 0.02

Answer:

we should ask the bank for extra time

Answer:

e

Explanation:

Venture capital firms are an example of private equity investment. they invest in firms at their beginning stage of development. They are also long term investments

Answer:

B

Explanation:

Inferior good is a good whose demand decreases when income increases

The substitution effect looks at the change in price of a good relative to other goods.  When the price of good x increases, rob should increase consumption of good y and reduce that of good x if it were a normal good

The income effect looks at how a change in price affects real disposable income

Answer:

Enterprise Fund due from General Fund  (Dr.) $50,000

Service Revenue (Cr.) $50,000

Explanation:

The enterprise used its general fund to provide electricity to the citizens. It has a collection period of 30 days for the general fund. This collection period is receivable duration during which company service revenue is to be collected. The general fund used by enterprise fund is collected 30 days later.

Answer:

c. raw materials inventory.

Explanation:

The journal entry to record the indirect material used in the production is given below:

Manufacturing overhead Dr XXXXX

     To Raw material XXXXX

(Being the indirect material used is recorded)

Here the manufacturing overhead is debited as it increased the expense while the raw material is credited as it decreased the assets

Therefore the option c is correct

Answer:

1. Cash (Dr.) $4,800

Sales (Cr.) $4,800

2. Warranty Expense 6% * $4800 (Dr.) $288

Estimated warranty Liability (Cr.) $288

3. Estimated warranty liability $15 * 12 razors (Dr.) $180

Inventory (Cr.) $180

4. Cash (Dr.) $14,400

Sales (Cr.) $14,400

5. Warranty Expense 6% * $14,400 (Dr.) $864

Estimated warranty Liability (Cr.) $864

6. Warranty liability $15 * 24 razors (Dr.) $360

Inventory (Cr.) $360

7. Cash (Dr.) $9,600

Sales (Cr.) $9,600

8. Warranty Expense 6% * $9600 (Dr.) $576

Estimated warranty Liability (Cr.) $576

9. Estimated warranty liability $15 * 29 razors (Dr.) $435

Inventory (Cr.) $435

Explanation:

Lobo Co sells razors to customer. It provides 90 day return warranty. The estimated returns are 6% of sales made. The estimated warranty liability is recognized at the time of sales. The expense for return of razor is recognized as warranty expense as company discards the returned razors which costs it $15 per razor.

Answer:

D)sole proprietorship

Explanation:

From the question we are informed about Bayside Restaurant LLC who is a limited liability company. Its sole member is Conrad. For federal income tax purposes, In this case, unless the firm indicates otherwise, it will automatically be taxed as sole proprietorship.

A limited liability company can be regarded as popular business structure

which gives benefits of a partnership as well as benefits of corporation. It reffered to as is a newer business structure with several benefits to its members. It is been governed by the individual states with recognition in all states. An limited liability company give room for pass-through taxation of a partnership as well with limited liability of a corporation.

A sole proprietorship can be regarded as " sole trader" or "proprietorship". It can be explained as an unincorporated business, whereby there is just one owner that do pays personal income tax on the earned profit from the business. A sole proprietorship is regarded as the easiest type of business that can be to established due to a lack of government regulation.

Answer: decrease by $1,600

Explanation:

Charlotte withdraws $8,000 from her account. When she first paid in that $8,000, the bank had to keep some of it as a reserve requirement. That requirement was that they keep 20%.

Now that she is withdrawing the money, the bank would have to retrieve that 20% from the reserve requirement in order to give it back to Charlotte.

That 20% is:

= 20% * 8,000

= $1,600

Answer: Marketing mix could described as methods taken by an organization to boast their brand or improve demand of product in the market.

Explanation:

Marketing mix could described as methods taken by an organization to boast their brand or improve demand of product in the market.

Aspects of marketing mix are Price, product, promotion and place.

Price; this refers to the value of a product. The organization in considering marketing mix would have to make her price affordable for the market in relation with the value of the product it's selling.

Product; this is the item being sold. The item must be valuable and worth the buy of the customers, this would improve consistent buying and referral by those who have already bought.

Promotion: this refers to actions taken to make known the product visibility in the market. This actions could be through branding, marketing with the aim of making the products demanded more than usual always.

Place: these is referred to as the target market. Every market is not a market, the place refers to those who are either already customers or would be customers. The organization must try to identify those who her products address and try selling to them.

Answer:

I expect the answer in the following form

Explanation:

Irish lions play with Japan to get better and learn new things

Answer:

E) $986

Explanation:

The computation of the expected value of the bond in one year is shown below;

= (Probability × Price of bond) + (Probability × Callable price bond)

= (0.4 × $950) + (0.60 × $1,010)

= $986

Hence, the expected value of the bond in one year is $986

Therefore the correct option is E.  

Answer:

$1,000

Explanation:

Based on the information given the

GROSS INCOME amount that Marcia will include with respect to these trust activities will be the amount of $1,000 because we were told that the amount of $1,000 was paid in premiums for a LIFE INSURANCE POLICY ON MARCIA who is the GRANTOR OF THE TRUST, although The trust is not categorized as a grantor trust reason been that the TRUSTEE was authourized to pay the life insurance premiums

Answer:

the  implied discount rate is 6.29%

Explanation:

The computation of the implied discount rate is shown below;

= (Future value of an annuity due ÷ future value of annuity) - 1

= ($52,169 ÷ $49,081) - 1

= 6.29%

Hence, the  implied discount rate is 6.29%

We simply applied the above formula for the same and the same is relevant

Answer:

Understated by 7.7 Million

Explanation:

Calculation to determine Prewitt's retained earnings as of December 31, 2021, would be:

Accumulated depreciation $11,000,000

Less Deferred tax liability ($3,300,000)

(30%*$11,000,000)

Retained earnings $7,700,000 Understated

Therefore Prewitt's retained earnings as of December 31, 2021, would be:Understated by 7.7 Million

Answer:

The average fixed cost of the 2nd unit produced is:

= $2.

Explanation:

a) Data and Calculations:

Quantity Total Cost  Fixed Cost   Average Fixed Cost

0                   $4             $4                    $4

1                    $6             $4                   $4

2                   $7             $4                   $2

3                 $10             $4                   $1.3

4                 $15             $4                   $1

5                 $21             $4                   $0.8

b) The average fixed cost (AFC) is the total fixed cost divided by the quantity of production within the relevant range.  It does not change when there a change in the number of goods and services produced by a company.  Average fixed cost can be calculated from the salaries of permanent employees, the mortgage payment on machinery and plant, and rent.

Answer: True

Explanation:

Endpoint elasticity measures the price change and demand during the endpoint of the change. It uses a simple formula for the calculation of the price and the demand relationships. The formula is:

= (D2 - D1)/D1 ÷ (P2 - P1)/P1

where,

D2 = new demand

D1 = initial demand

P2 = new price

P1 = initial price.

The statement that "The endpoint method computes the percent change as a percent of the starting value" is true.

Answer:

a. True

Explanation:

This statement is correct, as global institutions were created with the objective of regulating global business from international treaties, which implemented a set of rules and regulations that must be followed by all organizations in a global market, as a form of protection to organizations, society and the environment, such as legislative and economic changes, crises and possible negative impacts inherent to organizations in a global business system.

Solution :

Calculation of income from operations

Sales                                                                      Region A        Region B

Cost of goods sold                                               643,500          786,500

Selling expenses                                                  244,500           298,900

Service department expenses                            154,400           188,800

Purchasing (working note - 1)                              108,090           132,110

Payroll accounting (working note - 2)                  72,090            88,110    

Income from expenses                                         $ 64,420        $ 78,580

Working note 1

Allocation of purchasing expenses:

A region = [tex]$240,200 \times \frac{643500}{(643500+786500)}$[/tex]

              = $ 108,090

B region = [tex]$240,200 \times \frac{786500}{(643500+786500)}$[/tex]

              = $ 132,110

Working note 2

Allocation of payroll accounting expenses.

A region = 160200 x 0.45  (sales ratio)

              = $ 72,090

B region  = 160,200 x 0.55  (sales ratio)

               = $ 88,110

Answer: See explanation

Explanation:

a. The contribution margin ratio for Mountain Monster will be:

Revenue = 5400 × 5000 = 27000000

Variable cost of goods sold = 3285 × 5000 = 16425000

Manufacturing margin = 2115 × 5000 = 10575000

Variable selling expense = 1035 × 5000 = 5175000

Contribution margin = 1080 × 5000 = 5400000

Contribution margin ratio = Contribution margin / Revenue = 5400000/27000000 = 0.2 = 20%

The contribution margin ratio for Desert Dragon will be:

Revenue = 5250 × 4850 = 25462500

Variable cost of goods sold = 3400 × 4850 = 16490000

Manufacturing margin = 1850 × 4850 = 8972500

Variable selling expense = 905 × 4850 = 4389250

Contribution margin = 945 × 4850 = 4583250

Contribution margin ratio = Contribution margin / Revenue = 4583250/25462500 = 0.18 = 18%

b. What advice would you give to the management of PowerTrain Sports Inc. regarding the relative profitability of the two products?

The Mountain Monster line provides the (larger) total contribution margin and the (larger) contribution margin ratio. If the sales mix were shifted more toward the (Mountain Monster) line, the overall profitability of the company would increase.

Answer:

a. Cash (Dr.) $100,750

Capital (Cr.) $100,750

b. Office Supplies (Dr.) $1,250

Cash (Cr.) $1,250

c. Office equipment (Dr.) $10,050

Accounts Payable (Cr.) $10,050

d. Cash (Dr.) $15,500

Service revenue (Cr.) $15,500

e. Accounts Payable (Dr.) $10,050

Cash (Cr.) $10,050

f. Accounts Receivable (Dr.) $2,700

Service Revenue (Cr.) $2,700

g. Rent Expense (Dr.) $1,225

Cash (Cr.) $1,225

h. Cash (Dr.) $1,125

Accounts Receivable (Cr.) $1,125

i. Capital / Cash (Dr.) $10,000

Drawings (Cr.) $10,000

Explanation:

Trial Balance :

Debits :

Cash $104,850

Accounts Receivable $1,575

Office supplies $1,250

Office equipment $10,050

Rent expense $1,225

Total $118,950

Credits :

Accounts Payable 0

Service Revenue $18,200

Capital $90,750

Drawings $10,000

Total $118,950

Answer:

b. 4.0 years.

Explanation:

The computation of the estimated payback period is given below:

The annual cash inflow is

= Net Income + Depreciation of equipment

= $6000 + $6000

= $12,000

Now The payback period of this investment is

= Investment ÷ Annual cash inflow

= $48,000 ÷ $12,000

= 4 years

hence, the option b is correct and the same should be considered

Answer:

                   Balance Sheet

                        Supplies

Beg. Bal.     $269     |     Adj. $167

Bal.             $102

       Income Statement

        Supplies Expense

Adj.      $167   |  

Date       Account Title           Debit    Credit

Dec 31   Supplies Expense    $167

                    Supplies                         $167

             (To record Supplies used)