Answer:
Explanation:
How Continuous Improvement is impacting Healthcare
1. There is now a greater availability of consultancy services
2. Community health awareness programs are instilling health consciousness and care in members of remote communities
3. The presence of NGOs (Non-governmental Organizations) and NPOs (Non-profit Organizations) is increasing the availability of free medicines, equipment and healthcare infrastructure in low-income countries or states
4. Technological revolution has affected the health sector as well. Medical services and interactions between patients and doctors, has gone digital. Software applications were doctors and patients can meet, are now in vogue. This has reduced the stress, costs and risks involved in migrating from one place to another to deliver or receive healthcare. It also helps proffer immediate (temporary or permanent) solutions to emergency cases.
5. Apart from making good use of technology and philanthropy, regular scientific research impacts healthcare positively; by serving better ways to treat certain ailments and searching out the cures to new ailments or pandemics.
Palmona Co. establishes a $330 petty cash fund on January 1. On January 8, the fund shows $237 in cash along with receipts for the
Answer:
The following information was missing:
"... with receipts for the following expenditures: postage, $36; transportation-in, $13; delivery expenses, $15; and miscellaneous expenses, $25. Palmona uses the perpetual system in accounting for merchandise inventory.
Prepare journal entry to establish the fund on January 1, reimburse it on January 8, and reimburse the fund and increase it to $450 on January 8, assuming no entry in part 2."
Part 1:
January 1, petty cash fund established
Dr Petty cash fund 330
Cr Cash 330
Part 2:
January 8, petty cash expenses
Dr Postage expenses 36
Dr Transportation expenses 13
Dr Delivery expenses 15
Dr Miscellaneous expenses 25
Dr Cash short and over 4
Cr Petty cash fund 93
Part 3:
January 8, petty cash expenses
Dr Postage expenses 36
Dr Transportation expenses 13
Dr Delivery expenses 15
Dr Miscellaneous expenses 25
Dr Cash short and over 4
Cr Petty cash fund 93
January 8, petty cash fund is replenished
Dr Petty cash fund 213
Cr Cash 213
Degregorio Corporation makes a product that uses a material with the following direct material standards: Standard quantity 2.5 kilos per unit Standard price $5 per kilo The company produced 6,600 units in November using 16,850 kilos of the material. During the month, the company purchased 18,900 kilos of the direct material at a total cost of $90,720. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for November is:
Answer:
Materials quantity variance = $1,750(U)
Explanation:
Standard quantity(SQ) = $2.5 * 6600 = 16500 Kg
Standard Price( SP) = $5
Actual quantity(AQ) = 16,850 Kg
Actual Price( AP) = $90,720 / 18,900 kg = $4.8
Materials quantity variance = SP * (SQ - AQ)
Materials quantity variance = 5 * ( 16500 - 16,850 )
Materials quantity variance = 5 * (350)
Materials quantity variance = $1,750(U)
Historical returns (1900-2015) suggest that in a year when Treasury bills offered 7.5 the approximate return on portfolio of common stocks should be in the region of:
Answer: 15%
Explanation:
The expected return on stock is expressed as;
Expected Return on Stock = Treasury Bill Yield + Risk Premium
Historical returns from 1900 - 2015 generally show the risk premium on stock to be 7.6% so;
Expected Return on Stock = 7.5% + 7.6%
= 15.1%
= 15%
The best way in which to view portfolios among other competing forms of assessment would be to see the portfolio as:
Answer: means of capturing authentic behavior in a life-like environment.
Explanation:
Portfolio assessment is a form of assessment form which is done by the teachers and the learners. It should be noted that portfolio assessment is used as an alternative to classroom test.
The portfolio will show the work of the learner and how he or she has developed. The best way in which to view portfolios among other competing forms of assessment would be to see the portfolio as means of capturing authentic behavior in a life-like environment.
The DAMIC (Define, Messure, Alalyze, Improve, and Control) methodology of the six sigma project, is used to improve an exsisting business project. true false
Answer:
True
Explanation:
Company XYZ's DMAIC (Define, Measure, Analyze, Improve, and Control) tools are the five steps or processes in Six Sigma projects. They can be used by Company XYZ to improve its existing business project. Six Sigma is a set of tools for process improvement, started at Motorola and popularized by American Engineer Bill Smith in the 1980s. It attempts to reduce defects in the production process with its disciplined and data-driven approach.
Describe the process of coding a questionnaire. Is precoding a questionnaire a good idea? Why or why not?
Answer:
Survey coding is the process of taking the open-end responses and categorizing them into groups. Once coded, they can be analyzed in the same way multiple response questions can be. The results can vary from person to person depending on what code you use for the open-ended comment. I don't know the second part sorry. But I hope this helps! =)
Assume a project has normal cash flows. All else equal, which of the following statements is CORRECT?
A. A project's IRR increases as the WACC declines.
B. A project's NPV increases as the WACC declines.
C. A project's MIRR is unaffected by changes in the WACC.
D. A project's regular payback increases as the WACC declines.
E. A project's discounted payback increases as the WACC declines
Answer: B. A project's NPV increases as the WACC declines.
Explanation:
NPV is calculated by discounting the future cashflows at the Weighted Average Cost of Capital. This means that if the WACC is lower, the NPV will be higher because cash flow will not be discounted as much and if the WACC keeps going lower, the NPV keeps rising.
For instance, assume a company invested $10,000 and will get cash inflows of $10,000 for 2 years. What is the NPV at 10% and 15%.
NPV at 10% WACC = -10,000 + 10,000/1.1 + 10,000/1.1²
= -10,000 + 9.090.90 + 8,264.46
= $7,355.36
NPV at 15% WACC = -10,000 + 10,000/1.15 + 10,000/1.15²
= -10,000 + 8,695.65 + 7,561.44
= $6,257.09
Notice how NPV dropped when WACC increased.
Net income is shown on the end-of-period spreadsheet in the Income Statement debit column and the Balance Sheet credit column.
a. True
b. False
Answer: True
Explanation:
The statement that net income is shown on the end-of-period spreadsheet in the income statement debit column and the balance sheet credit column is true.
It should be noted that a net loss also shows on end-of-period spreadsheet in debit side of balance sheet. The debit side must always be equal to the credit side at the end of the balance sheet.
When reimbursing the petty cash fund: Multiple Choice Cash is debited. Petty Cash is credited. Petty Cash is debited. No expenses are recorded.
Answer: Appropriate expense account are debited
Explanation:
Here is the complete question:
When reimbursing the petty cash fund:
a. Cash is debited.
b. Petty Cash is credited.
c. Petty Cash is debited.
d. Appropriate expense accounts are debited.
e. No expenses are recorded
Petty cash funds are simply the little funds that is used by an organization or company to settle its minor expenses. Examples include expenses on postage stamp or snacks during meetings.
It should be noted that when reimbursing the petty cash fund, the appropriate expense account has to be debited.
A company has a chief executive officer and a limited corporate staff, with line managers in dominant organizational areas, such as production, accounting, marketing, engineering, and human resources. What type of structure is in place here
Answer:
The answer is functional structure
Explanation:
The type of structure in this question is functional structure.
Functional structure divides the organization into different functions based on their specialization. Functional departments are production department, accounting department, marketing department etc. Each functional department has a line manager or head of department which reports to CEO.
This structure is the most common.
And its advantages are that it increases specialization and also productivity.
When aggregate demand is low enough to drive unemployment above the natural rate:_____.
a. there is downward pressure on the price level and the government may want to conduct expansionary fiscal policy.
b. there is downward pressure on the price level and the government may want to conduct contractionary fiscal policy.
c. there is upward pressure on the price level and the government may want to conduct contractionary fiscal policy.
d. the economy is entering into an expansion and the government may want to conduct contractionary fiscal policy.
e. there is upward pressure on the price level and the government may want to conduct expansionary fiscal policy.
Answer: a. there is downward pressure on the price level and the government may want to conduct expansionary fiscal policy.
Explanation:
With such a low aggregate demand curve, the equilibrium price which is where the Aggregate demand curve intersects the Aggregate Supply curve will be lower which will led to a downward pressure on the price level.
With such low aggregate demand and prices which will lead to increased unemployment over the natural rate, the Government would need to stimulate the Economy and can do this by embarking on an expansionary fiscal policy.
With this they can increase spending or reduce taxes which will increase income levels thereby increasing demand and thus lead to more companies opening up and hiring more people.
The manager of Gilbert Company used the production cost report to compare budgeted costs to actual costs and then based bonuses on the results. This is an example of using the reports to
Answer:
Motivate the workforce
Explanation:
Performance appraisals based on the performance can be seen as a motivation tool for the work force to achieve more, over and above what has been set as standard or budget.
However this method is not always effective as this may demotivate workforce if the budgets are unrealistic.
__________ prices in the short run allow the Federal Reserve to control the real interest rate.
a. Constant
b. Flexible
c. Sticky
d. Stable
Answer: sticky
Explanation:
Sticky prices in the short run allow the Federal Reserve to control the real interest rate. Due to the sticky prices, the Federal Reserve will be able to control the short-term interest rates.
This can be done by adjusting inflation due to the fact that prices of goods are sticky and doesn't change immediately.
a coupon bond that pays seminanual interest is reported in the wall street journal as having an ask price of 120% of it 1000 par value if the last interest payment was made 3 months ago and the coupon rate is 4% the invoice price of the bond will be
Answer:Invoice on price of bond =$1209.89
Explanation:
Annual coupon amount = 1000 x 4%= 40
Payments made semi annually, therefore number of days before every payment = 365/ 2 = 182.5 = 182 days
Last interest payment = 3 months ago, taking each ,month = 30 days , we have 30 x 3 = 90 days
Flat price = par value x asking price percent = 1000 x 120%= $1200
Accrued interest = (Annual coupon interest /2)x ( days since last payment/ days separating coupon payments
= (40/2) x (90/182) = 20 x 0.4945= $9.890
Invoice on price of bond = flat price + accrued interest
$1200 +$9.890
=$1209.89
Porter’s attractiveness test for evaluation whether diversification into a particular industry or country is likely to build shareholder value involves:_________
A. Determining whether it is likely that the firm’s earnings per share will rise after the acquisition has been made
B. Determining whether the corporation can bring some competitive advantage to the new business it enters or whether the new business offers added competitive advantage potential to the corporation’s other businesses
C. Guessing whether the company’s stock price will go up or down when the diversification move is announced
D. Determining whether conditions in the target industry are sufficiently attractive to permit earning consistently good profits and returns on investment
E. Evaluation the value of strategic fits between the value chains of the company’s present businesses and the value chain of the target industry.
Answer:
D.
Explanation:
This test mainly involves determining whether conditions in the target industry are sufficiently attractive to permit earning consistently good profits and returns on investment, most notably that the profits and ROI are equal to or better than that of the company's present businesses. Therefore evaluating if diversifying into such an industry is even worth the risk for the investor's portfolio.
"Parcels of land are valued at $50,000 each. However, when two of the parcels are joined, they are valued at $120,000. What economic principle is at work here?"
Answer:
Plottage
Explanation:
Plottage also referred to assemblage is when two or more adjoining lots are merged into one large lot. The purpose is to increase the value of the single or individual lots because a larger building which is able to generate larger net return may be built on the lot.
Plottage is an increase in the value of a property which is as a result of joining two neighbouring parcels of land. For example, if Mike owned a number of lots which are next to each other, he could combine two or more together to form a single lot.
When you purchased a car, you borrowed $20,000 from the bank and agreed to make monthly payments of $423.17 for 5 years. What rate of interest is the bank charging you
Answer:
4.88%
Explanation:
The formula to calculate the rate of interest is:
r=(FV/PV)^1/n-1, where
r=rate of interest
FV= future value= 423.17*(12*5)=423.17*60=$25,390.2
PV= present value= $20,000
n= number of periods of time= 5
Now, you can replace the values in the formula:
r=(25,390.2/20,000)^1/5-1
r=1.048-1
r=0.0488→4.88%
According to this, the answer is that the bank is charging an annual rate of interest of 4.88%.
Your neighbor approached you about a dilemma he has with his mortgage. He purchased his house in 2006 with a $600,000, 6% fixed rate, 30 year mortgage. Then the great recession hit. Today his house is estimated to be worth less than the balance he owes on the mortgage. Furthermore, he was forced to take a new job at 20% less than what he was earning when he purchased the house. Here in 2012, 72 months later, he is contemplating entering into a mortgage modification program sponsored by the government. It offers 3 options.reducing the interest rate to 4.5%forgiveness of $100,000 of the principle due and continuing at 6%refinancing the balance due with a new 15 year, 4% mortgageWhich option would minimize his monthly mortgage payment? Assume all refinancing costs will be paid by the government.
Answer:
the option that will result in a lower monthly payment is the second option that reduces the principal balance by $100,000. The monthly payment will decrease to $2,941.33.
Explanation:
i first prepared an amortization schedule to determine the principal that the neighbor owed after 72 months:
the monthly payment = $3,597.30
principal after 72 months = $548,388
option one:
reducing the interest rate to 4.5% would result in a monthly payment = $3,117.17
option two:
forgiveness of $100,000 of the principle will result in a monthly payment = $2,941.33
option three:
getting a new 15 year mortgage with a 4% interest rate will result in a monthly payment = $4,056.36
Which of the following is the most important determinant of productivity in the U.S.?
a. human capital
b. physical capital
c. technology
d. none of the above
Answer:
c. technology
Explanation:
The US has been known for being the land of opportunity, and opportunity is generally the result of technology. The US is number one for entrepreneurship and that results in higher economic growth and higher productivity. When you look at the largest companies in the US (and the world), most of them were formed by entrepreneurs that were able to develop new technologies. E.g. Steve Jobs (Syrian immigrant), Elon Musk (South African), Serguei Brin (Russian) and Jeff Bezos (has a Cuban father). If we look a little farther away (grandparents), virtually all the rest of high tech firms were formed by descendants of immigrants that developed new technologies, products and services.
The following selected events were experienced by either Smith Eldercare Services, Inc., a corporation, or Tony Smith, its major stockholder. Requirement:State whether each eventâ (1) increased,â (2) decreased, orâ (3) had no effect on the total assets of the business. Identify any specific asset affected. If noâ effect, indicate the reason. Account affected or Transaction Asset effect why assets are not affected A. Paid $400 cash on accounts payable B. Made a cash purchase of land for a building site for the business, $89,000. C. Sold land and received cash of $69,000 (the land was carried on the company's books at $69,000) D. Received $15,400 cash from customers on account. E. Purchased medical equipment and signed a $90,000 promissory note in payment
Answer:
A. Paid $400 cash on accounts payable
Assets Effect :- Decrease in Total assets of the business
Assets Effect and Reason for no effect :- Cash decrease by $400.
B. Made a cash purchase of land for a building site for the business, $89,000
Assets Effect :- No effect in Total assets of the business
Assets Effect and Reason for no effect :- As land purchase for cash, cash decrease and land increase with the same amount.
C. Sold land and received cash of $69,000 (the land was carried on the company's books at $69,000)
Assets Effect :- No effect in Total assets of the business
Assets Effect and Reason for no effect :- The land was sold, so land decrease and cash increase with the same amount
D. Received $15,400 cash from customers on account
Assets Effect :- No effect in Total assets of the business
Assets Effect and Reason for no effect :- Cash increases and Accounts receivable decreases for the same amount
E. Purchased medical equipment and signed a $90,000 promissory note in payment
Assets Effect :- Increase in Total assets of the business
Assets Effect and Reason for no effect :- Equipment Increase
In its first year of operations Acme Corp. had income before tax of $450,000. Acme made income tax payments totaling $116,000 during the year and has an income tax rate of 30%. What is the balance in income tax payable at the end of the year?
a) $ 19,000 debit.
b) $ 19,000 credit.
c) $135,000 credit.
d) $116,000 credit.
Answer:
b) $ 19,000 credit
Explanation:
Calculation for the balance in income tax payable at the end of the year
Since we were told that the income before tax was $450,000 and the income tax rate was 30% the first step will be to find the 30% of $450,000
30%×$450,000
=$135,000
Second step
Since we were told that the income tax payments $116, 000 during the year this means that the balance in income tax payable at the end of the year will be calculated as
$135,000-$116,000
=$19,000
Therefore the balance in income tax payable at the end of the year will be $19,000 credit
Which of the following would not be indicated by analyzing various business segments?
A. Whether a special sales promotion is needed in a specific geographic region
B. Whether company-wide fixed overhead is being utilized fully
C. Whether some segments should be reduced or consolidated
D. What the contribution margin is of a particular segment
E. None of the above
Answer:
ineed help too
Explanation:
MOSS COMPANYSelected Balance Sheet InformationDecember 31, 2017 and 2016 2017 2016Current assets Cash $91,150 $33,300Accounts receivable 31,500 45,000Inventory 66,500 55,400Current liabilities Accounts payable 43,400 32,200Income taxes payable 2,700 3,500 MOSS COMPANYIncome StatementFor Year Ended December 31, 2017Sales $549,000Cost of goods sold 357,600Gross profit 191,400Operating expenses Depreciation expense $49,000 Other expenses 128,500 177,500Income before taxes 13,900Income taxes expense 8,100Net income $ 5,800 Use the information above to calculate this company’s cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.)
Answer:
$67,600
Explanation:
Calculation for the company’s cash flows from operating activities using the indirect method
Cash flows from operating activities
Net income 5,800
Adjustments to reconcile net income to operating cash flow
Depreciation 49,000
Accounts receivable decrease 13,500
(31,500-45,000)
Inventory increase (11,100)
(66,500-55,400)
Accounts payable increase 11,200
(43,400-32,200)
Income taxes payable decrease(800)
(2,700-3,500)
Net cash provided by operating activities $67,600
Therefore the company’s cash flows from operating activities using the indirect method will be $67,600
Statement of cost of goods manufactured for a manufacturing company Obj.
Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows:_______.
Inventories March 1 March 31
Materials $210,000 $193,100
Work in process 435,900 510,400
Finished goods 586,200 615,900
Direct labor $3,500,000
Materials purchased during March 2,666,200
Factory overhead incurred during March:
Indirect labor 320,000
Machinery depreciation 210,000
Heat, light, and power 175,000
Supplies 34,900
Property taxes 30,000
Miscellaneous costs 45,700
a. Prepare a cost of goods manufactured statement for March.
b. Determine the cost of goods sold for March.
Answer:
b. Determine the cost of goods sold for March.
A firm produces its products by a continuous process involving three production departments, 1 through 3. Present entries to record the following selected transactions related to production during August:
(a) Materials purchased on account, $120,000.
(b) Material requisitioned for Use in Department 1, $125, 700, of which $124, 200 entered directly into the product
(c) Labor cost incurred in Department 1, $195, 400, of which $174,000 was used directly in the manufacture of the product
(d) Factory overhead costs for Department 1 incurred on account, $54, 700
(e) Depreciation on machinery in Department 1, $29, 200
(f) Expiration of prepaid insurance chargeable to Department 1, $7,000
(g) Factory overhead applied to production in Department 1, $106, 300
(h) Output of Department 1 transferred to Department 2, $362, 700
Answer:
a.
Raw Materials $120,000 (debit)
Accounts Payable $120,000 (credit)
b.
Work In Process : Direct Materials $124,200 (debit)
Work In Process : Indirect Materials $1,500 (debit)
Raw Materials $125,700 (credit)
c.
Work In Process : Direct Labor $174,000 (debit)
Work In Process : Indirect Labor $21,400 (debit)
Salaries and Wages Payable $195,400 (credit)
d.
Factory Overheads $54,700 (debit)
Accounts Payable $54,700 (credit)
e.
Work In Process : Depreciation $29,200 (debit)
Accumulated Depreciation $29,200 (credit)
f.
Work In Process : Insurance Expense $7,000 (debit)
Prepaid Insurance $7,000 (credit)
g
Work In Process : Factory Overheads $106, 300 (debit)
Factory Overheads $106, 300 (credit)
h.
Work In Process : Department 1 $362,700 (debit)
Work In Process : Department 1 $362,700 (credit)
Explanation:
Costs accumulate in the Work In Process Account during Manufacturing Process.
Only Factory Overheads Applied are transferred to Work In Process Account during Manufacture.
During transfer from Department 1 to Department 2, De-recognize Manufacturing Cost from Department 1 Work In Process Account into Department 2 Work In Process Account
Select the correct answers from the drop-down menus.
The workplace is busy with many conflicting priorities. When communicating with a coworker face-to-face,
it is important to
When communicating with supervisors, it is recommended to
A good rule for communicating with anyone in the workplace is to
When communicating in writing, it is important to be focused, brief, and
DONEV
Answer:
The workplace is busy with many conflicting priorities. When communicating with a coworker face-to-face, it is important to be clear and get to the point quickly.
When communicating with supervisors, it is recommended to be more formal.
A good rule for communicating with anyone in the workplace is to treat people as you want to be treated.
When communicating in writing, it is important to be focused, brief, and factually accurate.
Explanation:
Communication in the workplace comprises of discussions and exchange of ideas verbally or non-verbally. The exchange of ideas and information takes place among people with different positions and departments. This communication takes place with a more formal tone and mode. Mails, text messages, conferences, meetings, and discussions are some of the types of communication in the workplace. More stress is levied on the tone, authenticity, and reliability of the communication.
Answer:
the answer is A. in public
Explanation:
i took the test
Taylor Company issued $100,000 of 13% bonds on January 1, 2019. The bonds pay interest semiannually on June 30 and December 31 and are due December 31, 2021.1. Assume the company sells the bonds for $102,458.71 to yield 12%. Prepare the journal entries to record the sale of the bonds and each 2019 semiannual interest payment and premium amortization, using the effective interest method.2. Assume the company sells the bonds for $97,616.71 to yield 14%. Prepare the journal entries to record the sale of the bonds and each 2019 semiannual interest payment and discount amortization, using the effective interest method.
Answer:
1. Assume the company sells the bonds for $102,458.71 to yield 12%. Prepare the journal entries to record the sale of the bonds and each 2019 semiannual interest payment and premium amortization, using the effective interest method.
January 1, 2019, bonds issued at a premium
Dr Cash 102,458.71
Cr Bonds payable 100,000
Cr Premium on bonds payable 2,458.71
June 30, first coupon payment
Dr Interest expense 6,147.52
Dr Premium on bonds payable 352.48
Cr Cash 6,500
December 31, second coupon payment
Dr Interest expense 6,126.37
Dr Premium on bonds payable 373.63
Cr Cash 6,500
amortization of bond premium = ($102,458.71 x 6%) - $6,500 = -$352.48
amortization of bond premium = ($102,106.23 x 6%) - $6,500 = -$373.63
2. Assume the company sells the bonds for $97,616.71 to yield 14%. Prepare the journal entries to record the sale of the bonds and each 2019 semiannual interest payment and discount amortization, using the effective interest method.
January 1, 2019, bonds issued at a discount
Dr Cash 97,616.71
Dr Discount on bonds payable 2,383.29
Cr Bonds payable 100,000
June 30, first coupon payment
Dr Interest expense 6,833.17
Cr Cash 6,500
Cr Discount on bonds payable 333.17
December 31, second coupon payment
Dr Interest expense 6,856.49
Cr Cash 6,500
Cr Discount on bonds payable 356.49
amortization of bond discount = ($97,616.71 x 7%) - $6,500 = $333.17
amortization of bond discount = ($97,949.88 x 7%) - $6,500 = $356.49
During periods of high volume in retail stores, employees can set up temporary mobile check-out stations capable of scanning merchandise bar codes, processing credit card payments, and printing receipts. Employees can even walk through a fixed station line offering to expedite checkout for those customers paying by credit card. This is an example of:______.A. Mobile POS (Point of Sale).B. Mobile inventory management.C. Mobile supply chain management.D. Mobile CRM and Sales force automation.
Answer:
A. Mobile POS (Point of Sale)
Explanation:
-Mobile POS (Point of Sale) is a device like a tablet or smartphone that works as a cash register to process payments.
-Mobile inventory management refers to a program that allows you to track inventory.
-Mobile supply chain management refers to using an app to perform tasks related to supply chain.
-Mobile CRM and Sales force automation refers to using software to handle the sales process and manage the relationship with customers.
According to this, the answer is that this is an example of Mobile POS (Point of Sale) because this is a device that allows to process payments to make fast checkouts for customers.
Finley wants to make as many people happy as possible. He steals from a greedy CEO in order to give money to a large number of poor people. Which philosophy of ethics is applicable
Answer:
Utilitarianism
Explanation:
It is an ethical theory that deals in right from the wrong condition by thinking off the outcomes or results arisen. It is the most ethical selection that generates the best goods for the largest number of peoples.
Here in the given situation, it is mentioned that the Finley wants to happy as more and more people due to this he steals from a greedy CEO in order to provide the money to a large number of poor people
So this represents the Utilitarianism
An inexperienced bookkeeper prepared the following trial balance that does not balance.
Prepare a correct trial balance, assuming all account balances are normal.
CINELLI COMPANY
Trial Balance
December 31, 2014
Debit Credit
Cash $22,460
Prepaid Insurance $ 5,400
Accounts Payable 4,160
Unearned Service Revenue 4,340
Common Stock 10,000
Retained Earnings 6,600
Dividends 7,600
Service Revenue 27,500
Salaries and Wages Expense 12,000
Rent Expense 5,140
$38,800 $66,400
CINELLI COMPANY
Trial Balance
December 31, 2014
Debit Credit
$ $
$ $
Answer:
Debit Totals $ 52600
Credit Total $ 52600
Explanation:
CINELLI COMPANY
Trial Balance
December 31, 2014
Debit Credit
$ $
$ $
Cash $22,460
Prepaid Insurance $ 5,400
Accounts Payable 4,160
Unearned Service Revenue 4,340
Common Stock 10,000
Retained Earnings 6,600
Dividends 7,600
Service Revenue 27,500
Salaries and Wages Expense 12,000
Rent Expense 5,140
$ 52600 52600
Accounts Payable and Unearned Service Revenue are liabilities.
Prepaid Insurance is an asset account so it is debited.
Salaries and Wages Expense and Rent Expense are expense account and are debited.
Common Stock ,Retained Earnings and Service Revenue are credit accounts.