Listed below are selected transactions for the Gotham City Garbage Service, which is accounted for in an Enterprise Fund. All amounts are in thousands of dollars.
Transactions:
1. Services of $8,250 were provided and billed to outside customers.
2. Services of $1,500 were provided and billed to the General Fund.
3. $1,500 was collected from other funds, and $7,500 was collected on account.
4. $100 of accounts receivable were written off as uncollectible.
5. Estimated bad debts for the year were $220.
Requirement:
1. Prepare the journal entries required in the Enterprise Fund. If no entry is required, state "No entry required" and explain why.
2. Compute the amount of sales revenues that should be reported for the Enterprise Fund.

Answer:

journal entries

1.

Trade Receivable - Outside Customers $8,250 (debit)

Revenue $8,250 (credit)

2.

Trade Receivable - General Fund $1,500 (debit)

Revenue $1,500 (credit)

3.

Cash $9,000 (debit)

Trade Receivables $7,500 (credit)

Revenue $1,500 (credit)

4.

Bad Debts Written off $100 (debit)

Trade Receivables $100 (credit)

5.

Doubtful Debts $220 (debit)

Provision for Doubtful Debts $220 (credit)

Amount of sales revenues :

Revenue = $8,250 + $1,500 + $1,500

               = $ 11,250

Explanation:

For amount of sales revenues ADD Revenue recorded in Journals 1 to 3

Think about the different types of financial statements you learned about the income statement, statement of retained earnings, balance sheets, and statements of cash flow. If you were an investor, would you place more emphasis on any one particular financial statement? Why, or why not?

IZ Corporation purchased land for $400,000. Later in the year, the company sold a different piece of land with a book value of $200,000 for $240,000. How are the effects of these transactions reported on the statement of cash flows assuming the indirect method is used? Use the minus sign to indicate cash out flows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank.

On May 1, A makes a written offer to B for the sale of A's car. On May 2, A mails B a letter revoking the offer. On May 3, A telephones B to tell him that he is revoking the offer. On May 4, B learns that A has sold the car to C. On May 5, A's letter finally gets to B. On what day did A's offer terminate? Why?

Cool Cars Location (Scenario) An automobile producer from Southern Italy, Cool Cars, has developed plans to expand internationally through greenfield FDI in an international market. Cool Cars has enjoyed success marketing stylish but economical autos in Portugal, Spain and Italy. Management is confident they can duplicate this success in other auto markets. At present they are deciding between Russia and Canada as locations for their investment. From the following list which one would favor building in Russia? Select one: a. The Russian government is more transparent and has a lower level of corruption than Canada b. Cool Cars would be able to take advantage of NAFTA c. Intellectual property lawsuits are common in Russia. d. Land and construction costs are comparatively less expensive in Russia than in Canada

Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 500 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 5,600 50% Conversion costs $ 1,800 20% A total of 6,900 units were started and 6,200 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 158,800 Conversion costs $ 120,500 The ending inventory was 85% complete with respect to materials and 75% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department

USA Airlines uses the following performance measures. Classify each of the performance measures below into the most likely balanced Scorecard perspective it relates to. Select your answers using C(customer), P (internal process), / (innovation and growth), or F(financial). 1. Percentage of late flights 2. Cost of leasing airport gates 3. Employee satisfaction survey ratings 4. Percentage of waste recycled 5. Number of reports of mishandled or lost baggage 6. Operating cash flow 7. Employee diversity training sessions completed 8. Accidents or safety incidents per mile flown 9. Percentage of on-time departures 10. Average ticket price 11. Percentage of ground crew trained 12. Time airplane is on ground between flights 13. On-time flight percentage 14. Net income

In their Portland, Oregon facility, Wavy Wood Works makes several types of wood bowls from coastal drift wood. To make a bowl, the first step is to clean the drift wood. Each piece of drift wood makes a single bowl. There is one cleaning machine. It takes 40 seconds to load each piece of wood and the machine can hold up to 35 pieces. Once all of the pieces are loaded into the machine, it takes 45 minutes to clean the set (no matter the number of pieces in the set). Once the wood is cleaned, 15 skilled artisans carve the bowls, each one takes on average 100 minutes to produce each bowl. After carving, bowls are finished with a stain. It takes 30 seconds to load each bowl into the stain machine. The staining machine holds up to 35 bowls. Once all of the bowls are loaded, they are soaked for 80 minutes. After staining, bowls are unloaded onto drying racks. There is plenty of space on the drying racks.

What is the maximum capacity (bowls per hour) of this process?

The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Accounts Fees earned $1,430,000 Office expense 305,000 Miscellaneous expense 37,000 Wages expense 897,000 Everett McCauley invested an additional $60,000 in the business in exchange for common stock, and $27,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, was $557,000. Prepare a retained earnings statement for the year ended May 31, 2018. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. "Less" or "Add" is not required. A decrease to retained earnings should be entered as a negative amount. Labels For the Year Ended May 31, 2018 May 31, 2018 Amount Descriptions Change in retained earnings Dividends Net income Net loss Retained earnings, June 1, 2017 Retained earnings, May 31, 2018 Paradise Travel Service Retained Earnings Statement 1 2 3 4 5

Petro Corporation has provided the following information concerning a capital budgeting project:
After-tax discount rate 11 %
Tax rate 30 %
Expected life of the project 4
Investment required in equipment $80,000
Salvage value of equipment $0
Working capital requirement $20,000
Annual sales $180,000
Annual cash operating expenses $40,000
The working capital would be required immediately and would be released for use elsewhere at the end of the project. The company uses straight-line depreciation on all equipment. Assume cash flows occur at the end of the year except for the initial investments. The company takes income taxes into account in its capital budgeting.
Required:
Determine the net present value of the project.

Tropetech Inc. has an expected net operating profit after taxes, EBIT(1 – T), of $16,300 million in the coming year. In addition, the firm is expected to have net capital expenditures of $2,445 million, and net operating working capital (NOWC) is expected to increase by $50 million. How much free cash flow (FCF) is Tropetech Inc. expected to generate over the next year? $13,805 million $331,476 million $18,695 million $13,905 million

Crane Company had the following assets on January 1, 2022.

Item Cost Purchase Date Useful Life (in years) Salvage Value
Machinery $59,000 Jan. 1, 2012 10 $0
Forklift 18,000 Jan. 1, 2019 5 0
Truck 24,400 Jan. 1, 2017 8 3,000

During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $10,800. The truck was discarded on December 31.

Required:
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021.

On February 1, 2020, Bonita Industries purchased a parcel of land as a factory site for $328000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020. Costs incurred during this period are listed below: Demolition of old building $ 19800 Architect's fees 36400 Legal fees for title investigation and purchase contract 4600 Construction costs 1378000 (Salvaged materials resulting from demolition were sold for $10200.) Bonita should record the cost of the land and new building, respectively, as:____________
a. $342200 and $1414400.
b. $352400 and $1404200.
c. $337600 and $1419000.
d. $337600 and $1414400.

Assumptions: These two graphs show two sectors of the labor market for a particular kind of labor. Relevant product markets are competitive. The two labor demand curves are identical. Initially the quantities of labor employed in the two sectors are L1 and L'1, and the wage rate in each sector is Wn. If a union is formed in sector 1 and the union increases the wage rate from Wn to Wu, then employment will Multiple Choice decrease, but we cannot determine by how much. decrease by 0L2 in sector 1. decrease by L1L2 in sector 1. increase by L1L2 in sector 1.

Working Capital and Current Ratio The following data (in thousands) were taken from recent financial statements of Under Armour, Inc.: December 31 Year 2 Year 1 Current assets $1,498,763 $1,549,399 Current liabilities 478,810 421,627 a. Compute the working capital and the current ratio as of December 31, Year 2 and Year 1. Enter working capital amounts in thousands of dollars. Round "current ratio" answers to two decimal places.

Department A had 4,200 units in Work in Process that was 67% completed as to labor and overhead at the beginning of the period. 33,300 units of direct materials were added during the period, 35,200 units were completed during the period, and 2,300 units were 39% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories.
The number of equivalent units of production for conversion costs for the period was ___?

The PMI "Code of Ethics and Professional Conduct" provides guidelines for ethical behavior by project management practitioners. It describes four main values that should guide a project managerâs actions. List these four values and give one example per value of why it should guide a project managerâs actions.

bob and barbara are friends. bob takes out a $10000 loan and agrees to repay it over 12 years making annual level payments at an effective rate of 5.62499%. at the same time barbara takes out a $10000 loan and agrees to repay it by making annual interest payments at an annual effective interest rate of i. she also agrees to make annual level deposits into a sinking fund that earns 4% annual effective interest so as to accumulate $10,000 at the end of the 12 years. bob and barbara discover they have the same total annual expenditures resulting from their loans. find the rate i.

On January 1, Year 1, Weller Company issued bonds with a $360,000 face value, a stated rate of interest of 10.50%, and a 10-year term to maturity. Weller uses the effective interest method to amortize bond discounts and premiums. The market rate of interest on the date of issuance was 8.50%. Interest is paid annually on December 31. Assuming Weller issued the bond for $390,440, what is the amount of interest expense that will be recognized during Year 3? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

Use information from the Washington Post article Why We've Been Hugely Underestimating the Overfishing of the Oceans to determine whether each statement is true or false.
According to the Food and Agriculture Organization of the United Nations FAO), worldwide catches peaked in 2001 at 86 million tons
1. True
2. False
Using catch reconstruction, researchers estimate that the actual peak catch was 50% larger than the reported peak catch.
1. True
2. False
Catch reconstruction shows that, since the peak, catches have been increasing, not decreasing as previously reported
1. True
2. False
The Sea Around Us Project found several problems with the FAO data, such as the fact that data that were not available were reported as catches of zero fish.1. True
2. False

Bearcat Construction begins operations in March and has the following transactions.
March 1 Issue common stock for $21,000.
March 5 Obtain $9,000 loan from the bank by signing a note.
March 10 Purchase construction equipment for $25,000 cash.
March 15 Purchase advertising for the current month for $1,100 cash.
March 22 Provide construction services for $18,000 on account.
March 27 Receive $13,000 cash on account from March 22 services.
March 28 Pay salaries for the current month of $6,000.
Required:
1. Record each transaction. Bearcat uses the following accounts: Cash, Accounts Receivable, Equipment, Notes Payable, Common Stock, Service Revenue, Advertising Expense, and Salaries Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Because of her excessive tardiness and absenteeism during the year, the company discharged Ruth V. Williams on November 13. Ruth has requested Form W-2 be given to her. Form W-2 will include her final pay. For the week ending November 7, she was late a total of six hours; and for this week, she missed two full days and was late two hours on another day. In lieu of two weeks' notice, Williams was given two full weeks' pay ($1,223.08). Along with her dismissal pay ($1,223.08), she was paid for the week ending November 7 (34 hours, or $519.86) and the days worked this current week (22 hours, or $336.38). The total pay for the two partial weeks is $856.24.Pay Points:Prepare a Wage and Tax Statement, Form W-2, to be given to Williams.1) Record a separate payroll register (on one line) to show Williamsâs total earnings, deductions, and net pay. The two weeksâ dismissal pay is subject to all payroll taxes. Include dismissal pay with the total earnings but do not show the hours in the Time Record columns. Use the tax table for the biweekly payroll period for the total gross pay ($2,079.32) of Williams.The deduction for group insurance premiums is $14.40. In the Time Record column, make a note of Williamsâs discharge as of this date. Indicate the payroll check number used to prepare the final check for Williams. When posting to the earnings record, make a notation of Williamsâs discharge on this date.2) Prepare the journal entries to transfer the net cash and to record Williamsâs final pay and the employerâs payroll taxes. Post to the ledger accounts.3) Use the blank Form W-2. Box "a" should be left blank, since Glo-Brite Paint Company does not use a control number to identify individual Forms W-2.

Your company is considering expanding its retail outlet. Currently, inventory levels are $5,000. With the expansion, it is expected that inventory levels will need to be $9,500. It is expected that accounts receivable will increase by $4,000 and account payable will decrease by $10,000. The expansion of the building will cost $120,000. What change in net working capital is this expansion causing

The following information was taken from the records of Easter Corporation for the year ended December 31, 2019. Advertising expense $40,000 Income tax expense 26,000 Accounts payable 26,900 Dividends paid 30,000 Retained earnings (Jan 1, 2019) 115,720 Consulting fees revenue 200,000 Rent expense 23,400 Supplies expense 33,800 The retained earnings reported by Easter Corporation as of December 31, 2019 is:

Teresa owns and operates a store in a country experiencing a high rate of inflation. In order to prevent the value of money in her cash register from falling too quickly, Teresa sends an employee to the bank four times per day to make deposits in an interest-bearing account that protects the store's revenues from the effects of inflation. This is an example of the _______________

Match the given terms to the appropriate statement relating to the various functions of money. Each term is used only once. 1. Money provides a way of measuring a good for value in standardized terms. 2. Money permits us to make purchases today and enables us to pay off the purchases at some future point in time. 3. Money keeps its overall purchasing power. 4. Money is used to complete the transaction between the buyer and seller.a) Unit of Account b) Medium of Exchange c) Store of Value d) Standard of Deferred Payment

) A company sells a software suite that includes a word processor and spreadsheet applications. The suite sells for $250 and the items are also available separately for $200 (spreadsheet) and $170 (word processor). The spreadsheet app is by far the best seller of the standalone product sales. Using the incremental-revenue allocation method and assuming that the spreadsheet is the primary product, how much of the $250 revenue from the bundled product sale would be allocated to the spreadsheet and to the word processing products?

Required earnings are the:_______
a. adjusted net income multiplied by the required rate of return on common equity capital.
b. net income the analyst expects the firm to generate multiplied by the required rate of return on common equity capital.
c. the market value of common equity capital at the beginning of the period multiplied by the required rate of return on common equity capital.
d. the book value of common equity capital at the beginning of the period multiplied by the required rate of return on common equity capital.

A U.S. company's foreign subsidiary had the following amounts in stickles (§) in 2013: COGS § 12,000,000 Ending Inventory 600,000 Beg. inventory 240,000 The average exchange rate during 2013 was §1 = $.96. The beginning inventory was acquired when the exchange rate was §1 = $1.20. The ending inventory was acquired when the exchange rate was §1 = $.90. The exchange rate at December 31, 2013 was §1 = $.84. Assuming that the foreign country had a highly inflationary economy, at what amount should the foreign subsidiary's cost of goods sold have been reflected in the 2013 U.S. dollar income statement? A. $11,253,600. B. $11,577,600. C. $11,649,600. D. $11,613,600. E. $11,523,600. D. $11,613,600. A U.S. company's foreign subsidiary had the following amounts in stickles (§), the functional currency, in 2013: COGS § 12,000,000 Ending Inventory 600,000 Beg. inventory 240,000 The average exchange rate during 2013 was §1 = $.96. The beginning inventory was acquired when the exchange rate was §1 = $1.20. The ending inventory was acquired when the exchange rate was §1 = $.90. The exchange rate at December 31, 2013 was §1 = $.84. At what amount should the foreign subsidiary's cost of goods sold have been reflected in the 2013 U.S. dollar income statement? A. $11,253,600. B. $11,577,600. C. $11,520,000. D. $11,613,600. E. $11,523,600.

The following information is budgeted for McCracken Plumbing Supply Corporation for next quarter:

April May June
Sales $110,000 $130,000 $180,000
Merchandise purchases $85,000 $92,000 $105,000
Selling and administrative expenses $50,000 $50,000 $50,000
All sales at McCracken are on credit. Forty percent are collected in the month of sale, 58% in the month following the sale, and the remaining 2% are uncollectible. Merchandise purchases are paid in full the month following the month of purchase. The selling and administrative expenses above include $8,000 of depreciation on display fixtures and warehouse equipment. All other selling and administrative expenses are paid as incurred. McCracken wants to maintain a cash balance of $15,000. Any amount below this can be borrowed from a local bank as needed in increments of $1,000. All borrowings are made at month end.

Required:

Prepare McCracken's cash budget for May. McCracken expects to have $24,000 of cash on hand at the beginning of May.

Which of the following statements is false about assessing interests in negotiations? Select one: a. If you don’t ask what the other’s interests are, you are likely to be off base. b. Parties in conflict often assume they know the interests of the other. c. Taking a firm position suggests several interests typically underlie it. d. Parties always have multiple interests. e. Relational and identity issues are rarely important in negotiations.