Answers
Answer:
Debit Accounts receivable $3,000
Credit Consulting Revenue $3,000
Explanation:
Based on the information given if the company provides consulting services and bills its customer the amount of $3,000 for these services the appropriate journal entry On December 31 will be:
On December 31
Debit Accounts receivable $3,000
Credit Consulting Revenue $3,000
On December 31
Accounts Receivable $3,000
To Consulting Revenue $3,000
(Being consulting services is recorded)
Here the account receivable should be recorded as it increased the assets and credited the consulting revenue as it also increased the revenue.
Therefore we can conclude that the above journal entry should be recorded.
Learn more about the journal entry here: brainly.com/question/20421012
Related Questions
During 2004, Thor Lab supplied hospitals with a comprehensive diagnostic kit for $120. At a volume of 80,000 kits, Thor had fixed costs of $1,000,000 and a profit before income taxes of $200,000. Due to an adverse legal decision, Thor’s 2005 liability insurance increased by $1,200,000 over 2004. Assuming the volume and other costs are unchanged, what should the 2005 price be if Thor is to make the same $200,000 profit before income taxes?
a. $120.00
b. $135.00
c. $150.00
d. $240.00
Answers
Answer:
d. $240.00
Explanation:
Calculation to determine what should the 2005 price be if Thor is to make the same $200,000 profit before income taxes?
2004 CM% = 12.5% ($15/$120)
2005 CM = $2,400,000 ($1,000,000 + $200,000)
2005 CM per unit = $2,400,000/80,000 units
2005 CM per unit= $30 CM per unit;
2005 selling price per unit = $30/.125
2005 selling price per unit= $240
Therefore what should the 2005 price be if Thor is to make the same $200,000 profit before income taxes is $240
Jessie and Paul have worked in the same office at DEF Insurance LLC for 6 years. Jessie has always taken extra care to follow the office norms and ensure that everyone has a happy and harmonious working experience. Paul has been very driven during his years at DEF Insurance, and though he started as an insurance agent, he has since been promoted to the agency manager and proudly displays all of his awards on the wall of his new office. According to four drive theory, Paul most likely has a high:
a. drive to acquire
b. drive to defend
c. drive to comprehend
d. drive to achieve
Answers
Answer:
DEF Insurance LLC
Employee Motivation Drives
According to four drive theory, Paul most likely has a high:
a. drive to acquire and
d. drive to achieve
Explanation:
Paul's motivation drive is summed in the drive to acquire and achieve. For example, Paul craves for the acquisition of laurels. He also actively works to be promoted to managerial positions, based on his drive to achieve. On the other hand, Jessie prefers to bond and to belong to the team. He does not like offsetting relationships or displaying people from their positions, unlike Paul. The other motivation drives are to be challenged and comprehend and to define and defend.
Alpha and Beta, two tiny islands in the Pacific, produce pearls and pineapples. The following production possibilities schedules describe their potential output in tons per year:
ATTACHMENT IS BELOW
Suppose Alpha and Beta agree that the terms of trade will be one for one and exchange 10 pearls for 10 pineapples.
a. If Alpha produced 6 pearls and 15 pineapples while Beta produced 30 pearls and 8 pineapples before they decided to trade, how many pearls would each be producing after trade? Assume that the two countries specialize according to their comparative advantage.
(i) Alpha: _____ pearls
(ii) Beta: _____ pearls
b. How much would the combined production of pineapples increase for the two islands due to specialization?
_____ pineapples
c. How much would the combined production of pearls increase?
_____ pearls
d. What is the post-trade consumption for each island?
Alpha consumes _____ pearls and ______ pineapples.
Beta consumes ______ pearls and ______pineapples.
Answers
Answer:
The opportunity cost of pearls for A is 2.5 pineapples and the opportunity cost of pearls for A is 0.27.
Explanation:
If Alpha produced 6 pearls and 15 pineapples, while B produced 30 pearls and 8 pineapples before the trade, we can calculate the opportunity cost for each island. For island Alpha, their opportunity cost will be:
6 pearls = 15 pineapples
1 pearl = 15/6 pineapples
1 pearl = 2.5 pineapples
Therefore, the opportunity cost of pearls for A is 2.5 pineapples
For island Beta, their opportunity cost will be:
30 pearls = 8 pineapples
1 pearl = 8/30 pineapples
1 pearl = 0.27 pineapples
Therefore, the opportunity cost of pearls for A is 0.27 pineapples
b)
It appears that A will increase production of pineapples from 15 pineapples to 25 pineapples, and due to their opportunity cost, will decrease pearl production from 6 pearls to 2 pearls
It appears that B will increase the production of pearls from 30 pearls to 40 pearls, and due to their opportunity cost, will decrease pineapple production from 8 pineapples to 4 pineapples.
Categorize the scenarios as either a discretionary act or the result of automatic stabilizers.
a. Economic growth increases personal and corporate income, increasing tax payments.
b. A recession increases the number of recipients of unemployment benefits.
c. Legislators increase tbc generosity of unemployment benefits.
d. A law is enacted that increases government spending on health-care programs
1. Discretionary spending
2. Automatic stabilizers
Answers
Answer:
a. automatic stabilizers.
b. automatic stabilizers.
Discretionary spending
Discretionary spending
Explanation:
Automatic stabilizers are stabilizers that adjust the economy automatically without the intervention of external agents . examples include progressive tax and transfer payments
In an expansion, progressive tax increases the tax paid and this reduces disposable income
In a contraction, tax paid is reduced and this increases disposable income
Discretionary fiscal policies are deliberate steps taken by the government to stimulate the economy in order to cause the economy to move to full employment and price stability more quickly than it might otherwise.
Discretionary fiscal policies can either be expansionary or contractionary
Expansionary fiscal policy is when the government increases the money supply in the economy either by increasing spending or cutting taxes.
Contractionary fiscal policies is when the government reduces the money supply in the economy either by reducing spending or increasing taxes
According to the basic Dividend Discount model, the value an investor should assign to a share of stock is dependent on the length of time he or she plans to hold the stock.Is the above statement True or False? Please Explain
Answers
Answer:
True
Explanation:
The above statement is true because the Dividend Discount model is based on the present value of the dividend payments that will be received over time. The longer the dividends are received, the higher the intrinsic value of the price of the stock will be when discounted to the present value. This model uses the discounted values or present values of dividends and the selling price to arrive at the stock's intrinsic value.
Windsor, Inc. reported net income of $200,980 for 2022. Windsor, Inc. also reported depreciation expense of $34,880 and a loss of $4,630 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $14,040 for the year, a $16,780 increase in accounts payable, and a $4,390 increase in prepaid expenses.
Required:
Prepare the operating activities section of the statement of cash flow for 2022.
Answers
Answer and Explanation:
The preparation of the operating activities section is presented below;
Cash flows from operating activities
Net income $200,980.00
Adjustments made
Depreciation expense 34,880.00
Loss on sale of plant asset $4,630.00
Increase in accounts receivable $(14,040.00)
Increase in accounts payable $16,780.00
Increase in prepaid expense $(4,390.00)
Net cash from Operating Activities $238,840.00
'Economies of scale refers to Select one:
A. The notion that small firms are less bureaucratic and, therefore, more efficient than corporations
B. Public investments in highways, schools, utilities, etc.
C. The fact that large producers may be able to use more efficient technologies
D. The reallocation of labor from less productive to more productive uses.
Answers
Answer:
publich investment in highways
Complete the statements and then calculate the change in consumption.
a. The consumption function shows the relationship between consumption spending and ____________
b. The slope of the consumption function is the ___________
c. Changes in consumption can be predicted by multiplying the change in by the If the MPC ___________
Answers
Answer:
A. Disposable income
B. Marginal Propensity to Consume
C. Change in Disposable Income by the Marginal Propensity to Consume.
Explanation:
The consumption will increase by $800
Explanation:
The consumption function shows the relationship between consumption spending and disposable income.
The slope of the consumption function is the marginal propensity to consume.
Changes in consumption can be predicted by multiplying the change in disposable income by the marginal propensity to consume.
GIVEN that: MPC = 0.60
Disposable income increases by $1,500
consumption increase = 0.60*$1500
= $900
Therefore, The consumption will increase by $900.
A bond has a modified duration of 8 and a price of 112,955 calculated using an annual effective interest rate of 6.4%. EMAC is the estimated price of this bond at an interest rate of 7.0% using the first-order Macaulay approximation. EMOD is the estimated price of this bondat an interest rate of 7.0% using the first-order modified approximation.Calculate EMAC - EMOD A. 91 B. 102 C. 116 D. 127 E. 143
Answers
Answer:
8.4%
Explanation:
Lee Ann, Inc., has declared a $5.70 per-share dividend. Suppose capital gains are not taxed, but dividends are taxed at 20 percent. New IRS regulations require that taxes be withheld when the dividend is paid. The company's stock sells for $94.15 per share and is about to go ex-dividend.
Required:
What do you think the ex-dividend price will be?
Answers
Answer:
$89.59
Explanation:
After tax dividend = Dividend * (1-Tax)
After tax dividend = $5.70 * (1-20%)
After tax dividend = $5.70 * 0.8
After tax dividend = $4.56
Ex-Dividend price = Share price - After tax dividend
Ex-Dividend price = $94.15 - $4.56
Ex-Dividend price = $89.59
What is the loan balance (in dollars) after the third payment, of a 5 year loan of $100,000 with an APR of 10% and annual payments
Answers
cho ví dụ về tái định vị ( trừ viettel, bitis, vinamilk..)
Answers
Answer:
Ví dụ như Samsung, xuất phát điểm là một công ty bán mỳ gạo, vì thế, tên của công ty lúc đầu là Tam tinh nghĩa là ba ngôi sao. Logo của họ l
Comparing medieval Japan, Rorea, and Vieta Imagine that you are a graduate student working with the diary of a twelfth-century merchant from Song China. In this diary, the merchant recorded his impressions of his first visits to Korea, Japan, and Vietnam. After carefully translating the diary, you hand it to your professor, who slips and throws all the papers into the air. It is now your job to organize the diary correctly. Read the following descriptions and select whether they apply to Korea, Japan, or Vietnam.
Description 1
The people here were among the first to adopt an innovation called woodblock printing. Artisans carve characters onto woodblocks, which can be rearranged to print papers, pamphlets, and even books quickly and easily. Their cartographers have created regional and world maps based on our models.
Description 2
The people from this southern kingdom have created an adaptation of Chinese characters. This is a written system to represent the spoken language, but also used to compose essays and poetry.
Description 3 The people seem to have copied our building techniques and architecture, but they do so artfully. Centuries ago, Buddhists from all across Asia traveled to this land to visit the Todaiji temple.
Answers
Answer:
Comparing Medieval Japan, Korea, and Vietnam
Description 1 applies to Korea.
Description 2 applies to Vietnam.
Description 3 applies to Japan.
Explanation:
The Todaiji Temple is located in Japan. This sets description 3 apart for Japan. The southern kingdom refers to Vietnam located in the South-east Asia. Vietnam is known to have been ruled by China for over a thousand years, and the Vietnamese language is written based on Chinese characters. This matches with description 2. Korea, which is located in the Northeast Asia, matches description 1. Moreover, the Korean language is a multisyllabic language, unlike the Chinese that is monosyllabic.
what are the types of enterpreneuship
Answers
Answer:
Explanation:Empreendedorismo Social.
Empreendedorismo de Negócios.
Empreendedorismo Corporativo ou Intraempreendedorismo.
Empreendedorismo Feminino.
Empreendedorismo Individual.
Empreendedorismo Verde.
Empreendedorismo Informal.
Empreendedorismo de Franquias.
Answer:
Small business entrepreneurship. A majority of businesses are small businesses. People interested in small business entrepreneurship are most likely to make a profit that supports their family and a modest ...
Large company entrepreneurship. Large company entrepreneurship is when a company has a finite amount of life cycles. ...
Scalable startup entrepreneurship. This kind of entrepreneurship is when entrepreneurs believe that their company can change the world.
Social entrepreneurship. An entrepreneur who wants to solve social problems with their products and services is in this category of entrepreneurship.
Innovative entrepreneurship. Innovative entrepreneurs are people who are constantly coming up with new ideas and inventions. They take these ideas and turn them into business ventures.
Explanation:
In an economy open to international trade ________.
A) saving equals investment in equilibrium
B) saving is the difference between net exports and investment
C) saving equals investment as long as the economy has no exports
D) saving equals investment as long as NX
Answers
Answer: D) saving equals investment as long as NX = 0
Explanation:
The last option was incomplete as it should have said ...NX = 0.
The Income/GDP of a country that is open to international trade is calculated as follows:
Income = Consumption + Investment + Government spending + Net exports
Y = C + I + G + NX
If NX = 0 then the formula becomes:
Y = C + I + G
Investment in this scenario is therefore:
I = Y - C - G
This is the same as savings as savings is calculated by subtracting consumption and government spending from the total income. This is because government spending is derived from taxes so the cash that people get to save is their income less than their taxes and consumption expenses.
S = Y - C - G = Y
Joyce Murphy runs a courier service in downtown Seattle. She charges clients $0.50 per mile driven. Joyce has determined that if she drives 3,300 miles in a month, her total operating cost is $875. If she drives 4,400 miles in a month, her total operating cost is $1,095.
Required:
1. Using the high-low method, determine Joyce's variable and fixed operating cost components.
2. Complete the contribution margin income statement for Joyce's service assuming she drove 3,700 miles last month. (Assume this falls within the relevant range of operations).
Answers
Answer:
Variable operating cost per mile = $0.2
Fixed operating cost = $215
Income at 3,700 miles = $895
Explanation:
The variable cost per mile =
(cost at high activity - cost at low activity)/(high activity - low activity)
Fixed operating cost = cost at high activity - (VC/mile × high activity)
So we can apply the formulae as follows:
The variable cost per mile = (1,095 - 875)/(4,400-3,300)= $0.2 per mile
Fixed cost = $1,095 - (0.2×4,400)=$215
Variable operating cost per mile = $0.2
Fixed operating cost = $215
Contribution margin income statement
$
Sales value = (3,700 miles × $0.50 per mile) 1,850
Variable cost (3,700× $0.2) (740)
Contribution 1,110
Less Fixed cost (215)
Income 895
For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,816,000. Its useful life was estimated to be six years with a $224,000 residual value. At the beginning of 2021, Clinton decided to change to the straight-line method. The effect of this change on depreciation for each year is as follows:
Year Straight-Line Declining Balance Difference
2010 $400 $853 $453
2011 400 569 169
2012 400 379 (21)
$1,200 $1,801 $601
Required:
Prepare any 2018 journal entry related to the change.
Answers
Answer:
Debit Depreciation expense for $263,667
Credit Accumulated depreciation for $263,667
Explanation:
Note: There are some inconsistencies in the dates used in the question. These are therefore corrected before answering the question by presenting the complete question with the correct dates as follows:
For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,816,000. Its useful life was estimated to be six years with a $224,000 residual value. At the beginning of 2021, Clinton decided to change to the straight-line method. The effect of this change on depreciation for each year is as follows:
Year Straight-Line Declining Balance Difference
2018 $400 $853 $453
2019 400 569 169
2020 400 379 (21)
$1,200 $1,801 $601
Required:
Prepare any 2021 journal entry related to the change.
The explanation of the answer is now given as follows:
Before preparing the related journal entry, the annual straight-line depreciation for remaining 3 years is first calculated:
Details Amount ($)
Asset’s cost at the beginning (given) 2,816,000
Accumulated depreciation to date (1,801,000)
Undepreciated cost 1,015,000
Estimated residual value (224,000)
To be depreciated over remaining 3 years 791,000
Annual straight-line depreciation for remaining 3 years = $791,000/ 3 = $263,667
The 2021 journal entry related to the change will look as follows:
Account title Debit ($) Credit ($)
Depreciation expense 263,667
To Accumulated depreciation 263,667
(To record 2021 depreciation expense.)
Westmoreland Company Following are selected data from Westmoreland Company's financial statements.
2018 2017
Current liabilities $230,000 $160,000
Long-term debt 120,000 320,000
Stockholders' equity 420,000 540,000
Cash payments for additions to plant and equipment 45,000 32,000
Net cash flow from operating activities 80,000 51,000
Interest and principal payments 12,000 8,000
Net operating cash flows before interest and taxes 68,000 43,000
Net income 90,000 72,000
Interest expense 8,500 11,500
Income taxes 16,000 14,500
Dividends paid 15,000 30,000
Refer to the Westmoreland Company data.
The company's times interest earned ratio for 2018
a. Indicates the company cannot meet its current year interest payments out of current year earnings.
b. Shows an increase in the company's ability to pay its current debt when it comes due.
c. Decreased, which indicates the company has more cash to pay interest on its debt.
d. Increased, which indicates the company's lenders will be pleased.
Which of the following statements is true regarding valuation amounts on the balance sheet?
1. Assets are recorded at current cost.
2. Stockholders' equity reflects the current market value of the stock.
3. A variety of assumptions are used in determining amounts reported on the balance sheet.
4. Stockholders' equity reflects the amount the stockholders would receive upon liquidation.
Answers
Answer:
Westmoreland Company
1. The company's times interest earned ratio for 2018
d. Increased, which indicates the company's lenders will be pleased.
2. The TRUE statement regarding valuation amounts on the balance sheet is:
3. A variety of assumptions are used in determining amounts reported on the balance sheet.
Explanation:
a) Data and Calculations:
Westmoreland Company
Selected financial statements data.
2018 2017
Current liabilities $230,000 $160,000
Long-term debt 120,000 320,000
Stockholders' equity 420,000 540,000
2018 2017
Cash payments for additions
to plant and equipment 45,000 32,000
Net cash flow from operating activities 80,000 51,000
Interest and principal payments 12,000 8,000
Net operating cash flows before
interest and taxes 68,000 43,000
Net income 90,000 72,000
Interest expense 8,500 11,500
Income taxes 16,000 14,500
EBIT $114,500 $98,000
Dividends paid 15,000 30,000
Time interest earned (TIE) for 2018 =EBIT/ Interest Expense
= $114,500/$8,500
13.47x
TIE for 2017 = $98,000/$11,500
= 8.52x
This trait of a successful entrepreneur is important for multi-tasking. energy
dedication
well-rounded leader
risk-taking
Answers
Answer:
energy
Explanation:
An entrepreneur refers to an individual who sees a need or discovers a problem in a society and innovatively proffers a solution using brilliant ideas or entrepreneurial thinking.
The following are five (5) characteristics of an entrepreneur;
1. Innovative: it can be defined as a quality possessed by an individual or group of people such as an entrepreneur and typically involves the process of improving on an existing product or ideas.
2. Passionate: believing in a course and one's ability to achieve much more at a business.
3. Risk-Taker: he or she is confident enough to venture into risky businesses with the hope of an expected success.
4. Self-confident: he or she is bold and believes in his or her abilities to excel.
5. Well-rounded leader: it involves being compassionate, fun, organized and intelligent as a successful entrepreneur.
Energy can be defined as the ability (capacity) to do work.
Hence, energy is one of the traits of a successful entrepreneur and it is important for multi-tasking i.e performing multiple tasks at the same time.
In a society, the role of an entrepreneur is mainly focused on bringing the four (4) factors of production together and to take the risks of producing output, so as to generate revenue through sales and make economic profits in the long-run.
Maxim Corp. has provided the following information about one of its products:Date Transaction Number of Units Cost per Unit1/1 Beginning Inventory 285 $ 157 6/5 Purchase 485 $ 177 11/10 Purchase 185 $ 217 During the year, Maxim sold 570 units.What is cost of goods sold using the average cost method? (Do not round intermediate computations.)
Answers
Answer:
$101,904.6
Explanation:
The computation of the cost of goods sold using the average cost method is shown below:
Beginnig Inventory 285 at $157 = $44,745
Purchases 485 at $177 = $85,845
Purchases 185 at $217 = $40,145
Total cost = $170,735
Now
Total number of units is
= 285 + 485 + 185
= 955
Now
Average Cost per unit is
= $170,735 ÷ 955
=$ 178.78
And, finally
Cost of goods Sold is
= 570 × $178.78
= $101,904.6
Dawson Toys, Ltd., produces a toy called the Maze. The company has recently created a standard cost system to help control costs and has established the following standards for the Maze toy: Direct materials: 7 microns per toy at $0.32 per micron Direct labor: 1.2 hours per toy at $7.20 per hour During July, the company produced 4,600 Maze toys. The toy's production data for the month are as follows: Direct materials: 80,000 microns were purchased at a cost of $0.30 per micron. 39,750 of these microns were still in inventory at the end of the month. Direct labor: 5,920 direct labor-hours were worked at a cost of $46,768.
Required:
1. Compute the following variances for July:
a. The materials price and quantity variances
Material price variance ______
Material quantity variance ______
b. The labor rate and efficiency variances.
Labor rate variance _____
Labor efficiency variance ______
Answers
Answer:
Results are below.
Explanation:
To calculate the direct material rate and quantity variance, we need to use the following formula:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (0.32 - 0.3)*80,000
Direct material price variance= $1,600 favorable
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (7*4,600 - 40,250)*0.32
Direct material quantity variance= $2,576 unfavorable
To calculate the direct labor efficiency and rate variances, we need to use the following formulas:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (1.2*4,600 - 5,920)*7.2
Direct labor time (efficiency) variance= $2,880 unfavorable
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (7.2 - 7.9)*5,920
Direct labor rate variance= $4,144 unfavorable
Actual rate= 46,768/5,920= $7.9
The personality and unique character of a group is best known as its ________ and includes the group's assumptions, values, beliefs, norms, ideologies, and the structure of its social, political, economic, and religious institutions.
A) group potency
B) group entitativity
C) group identity
D) culture
Answers
Answer:
d as its not any of the others and culture makes most sense
Explanation:
Based on your understanding of bond ratings and bond-rating criteria, which of the following statements is true?A) BBB bonds usually have the lowest yields in the bond markets.B) US government bonds usually have the lowest yields in the bond markets.
Answers
Answer: US government bonds usually have the lowest yields in the bond markets.
Explanation:
Based on the understanding of bond ratings and bond-rating criteria, it should be noted that the US government bonds usually have the lowest yields in the bond markets.
The statement that "BBB bonds usually have the lowest yields in the bond markets" is incorrect.
Disposal of Fixed AssetEquipment acquired on January 6 at a cost of $401,300 has an estimated useful life of 18 years and an estimated residual value of $25,100.a. What was the annual amount of depreciation for Years 1–3 using the straight-line method of depreciation?Year Depreciation ExpenseYear 1 $Year 2 $Year 3 $b. What was the book value of the equipment on January 1 of Year 4?$
c. Assuming that the equipment was sold on January 3 of Year 4 for $329,500, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.
Year 4
Jan. 3 Cash
Accumulated Depreciation-Equipment
Loss on Sale of Equipment
Equipment
d. Assuming that the equipment had been sold on January 3 of Year 4 for $342,000 instead of $315,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.
Cash
Accumulated Depreciation-Equipment
Equipment
Gain on Sale of Equipment
Answers
Answer:
a. Cost of Equipment = $401300
Residual value = $25100
Useful life = 18 years
Depreciation expense = (Purchase cost - Residual value) / Useful life
Depreciation expense = ($401,300 - $25,100) / 18 years
Depreciation expense = $20,900
b. Book value of equipment on January 1 of year 4 = Purchase cost -(Depreciation expense * 3 years)
= $401300 - ($20900*3 years)
= $401300 - $62700
= $338,600
c. Accumulated Depreciation = Depreciation expense * 3 years
Accumulated Depreciation = $20,900*3
Accumulated Depreciation = $62,700
Gain/ loss on sale = Cash received for sale of asset - Book value of asset at jan 1 of year 4
Loss on sale = $315000 - $338600
Loss on sale = $23600
Journal Entry
Cash $315000 Dr
Accumulated depreciation-equipment $62700 Dr
Loss on sale of equipment $23600 Dr
Equipment $401300 Cr
On August 1, a $43,200, 8%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest of $16,763.05. The entry to record the first payment on July 31 would include:________
A. Debit to Interest Expense of 3,192.00
B. Credit to cash 14,183.96
C. Credit to Notes payable of 17,375.96
D. Debit to Cash of 17,375.96
E. Debit to Notes payable of 17,375.96
Answers
Answer:
Par value of note payable = $43,200
Interest rate = 8%
Annual installment = $16,763.05
Interest expense for year 1 = Par value of note payable * Interest rate = $43,200*8% = $3,456
Principal repayment in first installment = Annual installment - Interest expense for year 1 = $16,763.05 - $3,456 = $13,307.05
General Journal Debit Credit
Notes payable $13,307.05
Interest expense $3,456
Cash $16,763.05
Required information
[The following information applies to the questions displayed below.]
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:
Accounts Debits Credits
Cash $ 48,500
Accounts Receivable 32,700
Land 117,800
Accounts Payable 16,000
Notes Payable (due in 2 years) 37,000
Common Stock 107,000
Retained Earnings 39,000
Totals $ 199,000 $ 199,000
The following is a summary of the transactions for the year:
1. January 12 Provide services to customers on account, $69,400.
2. February 25 Provide services to customers for cash, $78,800.
3. March 19 Collect on accounts receivable, $46,400.
4. April 30 Issue shares of common stock in exchange for $37,000 cash.
5. June 16 Purchase supplies on account, $13,500.
6. July 7 Pay on accounts payable, $12,000.
7. September 30 Pay salaries for employee work in the current year, $71,200.
8. November 22 Pay advertising for the current year, $23,200.
9. December 30 Pay $3,600 cash dividends to stockholders.
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $3,200 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $2,200 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,000.
8-a. Prepare an income statement for the year ended December 31, 2021.
Answers
Answer:
Jackrabbit Rentals
Jackrabbit Rentals
Income Statement
For the ended December 31, 2021.
Service Revenue $148,200
Salaries Expenses $73,400
Advertising Expenses 23,200
Interest Expense 3,200
Supplies Expenses 10,500 110,300
Net income $37,900
Explanation:
a) Data and Calculations:
Beginning Balances at January 1, 2021:
Accounts Debits Credits
Cash $ 48,500
Accounts Receivable 32,700
Land 117,800
Accounts Payable $16,000
Notes Payable (due in 2 years) 37,000
Common Stock 107,000
Retained Earnings 39,000
Totals $ 199,000 $ 199,000
Transaction Analysis:
1. January 12 Accounts Receivable $69,400 Service Revenue $69,400
2. February 25 Cash, $78,800 Service Revenue $78,000
3. March 19 Cash $46,400 Accounts receivable, $46,400
4. April 30 Cash $37,000 Common stock $37,000
5. June 16 Supplies $13,500 Accounts Payable $13,500
6. July 7 Accounts payable, $12,000 Cash $12,000
7. September 30 Salaries Expenses $71,200 Cash $71,200
8. November 22 Advertising Expenses $23,200 Cash $23,200
9. December 30 Dividends $3,600 Cash $3,600
Adjusting entries:
Interest Expense $3,200 Interest Payable $3,200
Salaries Expenses $2,200 Salaries Payable $2,200
Supplies Expenses $10,500 $10,500
Service Revenue $148,200
Accounts receivable $69,400
Cash, 78,800
Salaries Expenses
Cash $71,200
Salaries Payable 2,200 73,400
Advertising Expenses 23,200
Interest Expense 3,200
Supplies Expenses 10,500
An important strength of the trait approach to leadership is that it: a. can help with leadership selection and development. b. helps in analyzing the situational demands. c. specifies which traits are needed for leadership in a given situation. d. specifies how much of a given trait is important for leadership.
Answers
Answer: A. can help with leadership selection and development.
Explanation:
The focus of the trait approach to leadership is on the personal attributes of a leader like the values, competencies, the physical and personality characteristics, etc.
Here, focus isn't on the followers but rather on the leader as it's concerned with the leaders traits. The leaders traits are vital to the leadership process. This can help with leadership selection and development.
Company Baldwin invested $50,460,000 in plant and equipment last year. The plant investment was funded with bonds at a face value of $33,582,566 at 13.7% interest, and equity of $16,877,434. Depreciation is 15 years straight line. For this transaction alone which of the following statements are true?
a. Depreciation increased by $3,364,000.
b. Since the new plant was funded with debt and equity, on the Balance sheet Retained Earnings decreased by $16,741,282, the difference between the investment $50,460,000 and the bond $33,718,718.
c. On the Balance sheet, Long Term Debt changed by $33,718,718.
d. Cash was pulled from retained earnings to cover the $16,741,282 difference between the plant purchase and bond issue.
e. Cash went down by $50,460,000 when the plant was purchased.
f. Buying the plant had no net effect on the Cash account, because the plant was paid for by the bond plus retained earnings.
g. Cash went up when the Bond was issued by $33,718,718.
h. On the Balance sheet, Plant & Equipment increased by $50,460,000.
Answers
Answer:
a. true
b. false
c. true
d. false
e. true
f. false
g. true
h. true
Explanation:
a. we solve for depreciation
$50,460,000/15
= $3364000
this is true
b. retained earnings have no roles to play in this option. false
c. The long term debt has been sen to chaange by
50460000-16741282
= $33718718
true
d. This is false retained earnings have no role to play here.
e. This is true because this is the amount that was used to purchase the plant
f. false since retained earning has nothing to do here.
g. this is true also. the face value of the bond is $33,718,718.
h. this is true. since palnt and equipment is $5046000
Semi-fixed Cost will be
A. zero if output were zero and would change
erratically as output increased
B. more than zero if no products were made and
would then increase in direct proportion to output
C. zero when output is zero and would increase
in direct proportion to output
D. a fixed amount when output was zero and would
not increase in direct proportion to output
Answers
Answer:
B. more than zero if no products were made and would then increase in direct proportion to output
Explanation:
Semi-fixed Cost will be "more than zero if no products were made and would then increase in direct proportion to output."
This is because a semi-fixed cost also known as semi-variable cost or mixed cost is a combination of both a fixed factor and a variable factor.
Such that if production was zero some costs would still be incurred. However, as output rises, the variable part of the costs will rise in direct proportion to output.
You are the director of health information services in a major medical center that maintains both a psychiatric unit and a substance abuse unit in addition to general medical and surgical units. Your facility plans to join a computer network with fifteen hospitals throughout the state, which will allow online access to laboratory data, regardless of which facility performed the lab work. None of the other fifteen facilities offer psychiatric or substance abuse treatment.
Required:
Identify and discuss the confidentiality issues present with such a network in the light of the statutory, regulatory, and accrediting requirements governing patients treated in these units.
Answers
Answer:
See the explanation below.
Explanation:
The following are some of the confidentiality concerns that may develop as a result of establishing a network connecting the databases of 16 hospitals:
1. The regulation mandates that individuals have the option of opting out of the facility directory or requesting that their health information not be utilized for any other purpose.
2. If a network is constructed, the restriction will be broken since frequent facility reporting would be easily accessible in other facilities, and preserving the information left will be difficult to manage if patients refuse to supply details.
3. Because data would be open and available to a bigger audience, the minimum criterion will be hard to sustain.
4. Establishing a network hospital will violate the 1974 Privacy Act, which places restrictions on the transmission of personal information to third parties.
5. Establishes use and disclosure criteria that set a baseline for keeping the amount of data used or disclosed to the "bare minimum" required to achieve the intended aim.
6. Patents tested, diagnosed, or treated for alcohol and drug misuse, sexually transmitted infections, or mental health disorders may be subject to additional privacy obligations.
7. Creating a network and sharing information with hospitals that do not have such treatment options entails disclosing highly personal information to those who are unaware of some of the most vulnerable patients.
8. Patients who are being treated for such an illness are afforded a high level of seclusion so that their social lives are not disrupted.
The identification about the confidentiality issues present with such a network of databases of sixteen hospitals is:
There is the issue of regulation where the people have an option to decide the hospital does not use their information for any other purposeThere is always the issue of patients refusing to give out their details, or incomplete detailsIt would be difficult to keep track of the information without a centralised databaseThere would be a violation of the 1974 Privacy Act if a hospital decides to set up a network containing patient information.
According to the given question, we are asked to show and identify the confidentiality issues which are present with such a network of databases of sixteen hospitals.
As a result of this, we can see that a hospital database would be useful so that the hospital workers can access medical records and other related information about patients and can be helpful in diagnosis, treatment, etc.
However, there are some issues which can arise as a result of confidentiality issues which has to do with statutory laws and regulation, etc.
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