On June 30, 2021, the Esquire Company sold some merchandise to a customer for $30,000. In payment, Esquire agreed to accept a 6% note requiring the payment of interest and principal on March 31, 2022. The 6% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2021 interest accrual, and the March 31, 2022 collection. (Do not round intermediate calculations.) 2. If the December 31 adjusting entry for the interest accrual is not prepared, by how much will income before income taxes be over-or understated in 2021 and 2022

Answer: Check attachment

Explanation:

On 31st December 2021:

Interest accrued on 6% note was calculated as:

= $30,000 × 6% × 6/12

= $30,000 × 0.06 × 0.5

= $900

On 31st March, 2022:

Interest income was calculated as:

= $30000 × 6% × 3/12

= $30000 × 0.06 × 0.25

= $450

Check attachment for further information

For each situation, determine the date for which the company recognizes the revenue under accrual-basis accounting.
1. American Airlines collects cash on June 12 from the sale of a ticket to a customer. The flight occurs on August 16.
2. A customer purchases sunglasses from Eddie Bauer on January 27 on account. Eddie Bauer receives payment from the customer on February 2.
3. On March 30, a customer preorders 10 supreme pizzas (without onions) from Pizza Hut for a birthday party. The pizzas are prepared and delivered on April 2. The company receives cash at the time of delivery.
4. A customer pays in advance for a three-month subscription to Sports Illustrated on July 1. Issues are scheduled for delivery each week from July 1 through September 30.
__________________________________________
1. American Airlines operates a flight from Dallas to Los Angeles on August 16. The pilots' salaries associated with the flight are paid on September 2.
2. Eddie Bauer pays cash on January 6 to purchase sunglasses from a wholesale distributor. The sunglasses are sold to customers on January 27.
3. On January 1, Pizza Hut pays for a one-year property insurance policy with coverage starting immediately.
4. Sports Illustrated signs an agreement with CBS on January 12 to provide television advertisements during the Super Bowl. Payment is due within 3 weeks after February 4, the day of the Super Bowl. Sports Illustrated makes the payment on February 23.

You are in charge of purchases at the student-run used-book supply program at your college, and you must decide how many introductory calculus, history, and marketing texts should be purchased from students for resale. Due to budget limitations, you cannot purchase more than 850 of these textbooks each semester. There are also shelf-space limitations: Calculus texts occupy 2 units of shelf space each, history books 1 unit each, and marketing texts 5 units each, and you can spare at most 1,500 units of shelf space for the texts. If the used book program makes a profit of $20 on each calculus text, $8 on each history text, and $16 on each marketing text, how many of each type of text should you purchase to maximize profit?

Select the qualitative characteristics for the following statements. 1. Relevance2. Faithful representation3. Predictive value4. Confirmatory value5. Comparability6. Completeness7. Neutrality8. TimelinessA) Quality of information that permits users to identify similarities in and differences between two sets of economic phenomena. B) Having information available to users before it loses its capacity to influence decisions. C) Information about an economic phenomenon that has value as an input to the processes used by capital providers to form their own expectations about the future. D) Information that is capable of making a difference in the decisions of users in their capacity as capital providers. E) Absence of bias intended to attain a predetermined result or to induce a particular behavior.

a unique individual who has the courage to under take the risk associated with creating, organizing and owning business

Master Bakery is specialized in making wedding cakes. Customers are always required to pay a deposit equal to the full purchase price when they place orders. During the month of September 2013, Master Bakery received $34,000 in customer deposits. The balance in its Deferred Revenue account was $14,000 at September 1, 2013 and $16,000 at September 30, 2013. How much revenue did Master Bakery recognize during the month of September 2013?

As a firm grows, it must support increases in revenue with new investments in assets. The sustainable, or self-supporting, growth model helps a firm assess how rapidly it can grow, while maintaining a balance between its cash outflows (increase in noncash assets) and inflows (funds resulting from increases in liabilities or equity).

Consider this case:

Green Caterpillar Garden Supplies Inc. has no debt in its capital structure and has $150 million in assets. Its sales revenues last year were $60 million with a net income of $5 million. The company distributed $1.60 million as dividends to its shareholders last year.

What is the firm’s sustainable growth rate?
A. 1.65%
B. 4.60%
C. 1.08%
D. 2.32%
Which of the following are assumptions of the sustainable (self-supporting) growth model? Check all that apply.
A. The firm’s total asset turnover ratio remains constant.
B. The firm pays no dividends.
C. This firm will not issue any new common stock next year.
D. The firm’s liabilities and equity must increase at the same rate.

The Nite Lite Company manufacture small lamps and desk lamps.
Set-Ups Inspections Assembly (DLH)
Small Lamps-4000 units 4,000 16,000 4,000
Desk Lamps-8000 units 16,000 8,000 12,000
Using the following information prepared by the Nite Lite Company, what is the total factory overhead rate to be charged to desk lamps.
Activity Pool Activity Base Budgeted amound
Set-ups 24,000 $ 60,000
Inspections 24,000 120,000
Assembly (DLH) 28,000 280,000

What are chemical containants

The cost of external equity capital raised by issuing new common stock (re) is defined as follows, in words: "The cost of
external equity equals the cost of equity capital from retaining earnings (rs), divided by one minus the percentage flotation
cost required to sell the new stock, (1 - F)."

what do pet owners have to do when they want to go on vacation?

5. Hazelwood School District is located in Sleepy Hollow Township. It is being sued by several teachers who applied for teaching positions with the school but were rejected. The plaintiffs, who are all African-Americans, produce the following evidence: a) 1.8 percent of the Hazelwood School District's certified teachers are African-American, whereas 15.4 percent of the certified teachers in Sleepy Hollow Township are African-American; and b) The hiring decisions by Hazelwood School District are based solely on subjective criteria. Will the plaintiffs prevail

Income and Expenditure – End of Chapter Problems 5. The Bureau of Economic Analysis reported that, in real terms, overall consumer spending increased by $345.8 billion in 2015. a. If the marginal propensity to consume is 0.50, by how much will real GDP change in response? Enter your answer in billions of dollars. Change in GDP: $ billion b. If there are no changes in autonomous spending other than the increase in consumer spending described in part a, and unplanned inventory investment, ????unp????anned , decreases by $100 billion, what is the change in real GDP? Enter your answer in billions of dollars. Change in GDP: $ billion c. GDP at the end of 2014 was $15,982.3 billion. If GDP were to increase by the amount calculated in part b, what would be the percentage increase in GDP? Round your answer to the nearest hundredth of a percent.

The company would like to initiate an intensive advertising campaign in one of the two market segments during the next month. The campaign would cost $4,800. Marketing studies indicate that such a campaign would increase sales in the Medical market by $42,000 or increase sales in the Dental market by $36,000. Required: 1. How much would the company's profits increase (decrease) if it implemented the advertising campaign in the Medical Market? 2. How much would the company's profits increase (decrease) if it implemented the advertising campaign in the Dental Market? 3. In which of the markets would you recommend that the company focus its advertising campaign?

Which of these credit card payback strategies would result in your paying the HIGHEST amount of interest?

A. Paying 20% of your credit card balance every month on time
B. Paying off your credit card in full every month
C. Making the minimum payment (3% credit card balance) every month on time
D. Making the minimum payment (3% credit card balance) every month with an occasional late payment

You are considering investing in a zero-coupon bond that will pay you its face value of $1,000 in eight years. If the bond is currently selling for $540.27, then the internal rate of return (IRR) for investing in this bond is closest to:
A. 7.0%
B. 8.0%
C. 9.1%
D. 10.2%

This is the trial balance of Crane Company on September 30. CRANE COMPANY Trial Balance September 30, 2017 Debit CreditCash $ 23,860 Accounts Receivable 7,260 Supplies 5,040 Equipment 10,940 Accounts Payable $ 9,460Unearned Service Revenue 4,040Common Stock 19,660Retained Earnings 13,940 $47,100 $47,100The October transactions were as follows.Oct. 5 Received $1,370 in cash from customers for accounts receivable due.10 Billed customers for services performed $5,850.15 Paid employee salaries $1,260.17 Performed $580 of services in exchange for cash.20 Paid $1,830 to creditors for accounts payable due.29 Paid a $340 cash dividend.31 Paid utilities $470.Prepare a general ledger using T-accounts. Enter the opening balances in the ledger accounts as of October 1. Journalize the transactions. Post to the ledger accounts. Prepare a trial balance on October 31, 2017.

1. A formal report that shows what an individual owns, what an individual owes, and the difference between the two.​

Department A had 5,000 units in Work in Process that were 60% completed as to labor and overhead at the beginning of the period. 34,000 units of direct materials were added during the period, 31,000 units were completed during the period, and 8,000 units were 80% 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 material costs for the period was

Using the following data on spot exchange rate of Poland against the U.S. dollar and the annual interest rates of these two countries, forecast the outright values of 6 and 12 months ahead of the Polish currency. Draw on the forecasting theories or parities that are the subject of Chapter 6 of the book, and the other discussions we have had in this regard (e.g., lecture notes AMP06 and Amp07). Use the more accurate approach.
Polish currency is called Zloty (= PLN)
Spot rate PLN 4.17/USD
US commercial interest rate 3.5 percent
Polish commercial interest rate 5.00 percent

Review the following questions.
1. The outright forecast for 6 months is:
2. The outright forecast for 12 months is:
3. The theory that you are using is called:
Purchasing power parity
Interest rate parity
Fisher effect
International fisher effect
None of the answers in this group is correct.

4. This theory holds very well in the:
Short-run
Long-run
Chaotic periods only
None of the answers in this group is correct.

5. Based on this theory, the country that offers a higher rate of interest should expect a fall in the value of its currency.
I agree
I disagree
You really cannot tell
Never heard of such a thing!
None of the answers in this group is correct.

The MoMi Corporation’s cash flow from operations before interest, depreciation and taxes was $2.0 million in the year just ended, and it expects that this will grow by 5% per year forever. To make this happen, the firm will have to invest an amount equal to 20% of pretax cash flow each year. The tax rate is 21%. Depreciation was $260,000 in the year just ended and is expected to grow at the same rate as the operating cash flow. The appropriate market capitalization rate for the unleveraged cash flow is 10% per year, and the firm currently has debt of $4 million outstanding. Use the free cash flow approach to calculate the value of the firm and the firm’s equity.

Assume that your stock of sales merchandise is maintained based on the forecast demand. If the distributor's sales personnel call on the first day of each month, compute your forecast sales by each of the three methods requested here. ACTUAL June 135 July 170 August 200 a. Using a simple three-month moving average, what is the forecast for September? (Round your answer to 2 decimal places.) b. Using a weighted moving average, what is the forecast for September with weights of 0.20, 0.30, and 0.50 for June, July, and August, respectively? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

XYZ commenced operations on January 1st 2019. The unadjusted Trial Balance for the first year of operations is given below: XYZ limited Unadjusted Trial Balance for the year ended 12/31/2019 Dr Cr Cash 40,000 Supplies 40,000 Accounts receivable 40,000 Equipment 200,000 Notes Payable 60,000 Contributed Capital 40,000 Revenue 300,000 Wages Expenses 60,000 Other Expenses 20,000 Total 400,000 400,000 Notes: Supplies in the warehouse as of 12/31/2019 were determined to be $10,000 Equipment was purchased on 01/01/2019 and will be depreciated over 5 years. There is no salvage value. After the unadjusted trial balance was prepared, Dividends of $30,000 were declared for the year ended 12/31/2019. Prepare an Income Statement and Balance Sheet in good form (i.e. Important to show the headings correctly).

Apex project 1.3.1 evaluating the economy
answer

Assume you deposit $5,400 at the end of each year into an account paying 10.5 percent interest. Requirement 1: How much money will you have in the account in 17 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Annuity future value $ 42008.68 Requirement 2: How much will you have if you make deposits for 34 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

The following is the adjusted trial balance for Baker Services. Accounts Debit Credit Cash Accounts Receivable Prepaid Insurance Office Supplies Land Building Accumulated DepreciationBuilding Equipment Accumulated DepreciationEquipment Accounts Payable Salaries Payable Unearned Revenue Mortgage Payable ​Baker, Capital ​Baker, Withdrawals Service Revenue Salaries Expense Depreciation ExpenseBuilding and Equipment Supplies Expense Insurance Expense Utilities Expense Total There were no new capital contributions during the year. After the closing entries are​ posted, what is the balance in​ Baker, Capital?

(30 POINTS)What is one difference between a vocational school and on-the-job training?

A vocational school degree takes one year to earn. On-the-job training takes two or more years.
A vocational school degree takes weeks or months to earn. On-the-job training takes two years or fewer.
A vocational school is usually paid for by the worker. On-the-job training is usually paid for by the employer.
A vocational school is usually paid for by the employer. On-the-job training is usually paid for by the worker.

Magic Realm, Inc., has developed a new fantasy board game. The company sold 45,000 games last year at a selling price of $66 per game. Fixed expenses associated with the game total $810,000 per year, and variable expenses are $46 per game. Production of the game is entrusted to a printing contractor. Variable expenses consist mostly of payments to this contractor. Required: 1-a. Prepare a contribution format income statement for the game last year. 1-b. Compute the degree of operating leverage. 2. Management is confident that the company can sell 54,900 games next year (an increase of 9,900 games, or 22%, over last year). Given this assumption: a. What is the expected percentage increase in net operating income for next year? b. What is the expected amount of net operating income for next year? (Do not prepare an income statement; use the degree of operating leverage to compute your answer.)

The following is a list of account balances for Pick-A-Pet, Inc., as of June 30, Year 3: Accounts Payable $ 357,600 Accounts Receivable 74,000 Cash 736,100 Common Stock 672,600 Equipment 59,800 Logo and Trademarks 423,000 Long-term Notes Payable 269,600 Retained Earnings 118,600 Software 125,500 The company entered into the following transactions during July, Year 3. Stockholders contribute $370,000 cash for additional ownership shares and the company borrows $185,000 in cash from a bank to buy new equipment by signing a formal agreement to repay the loan in 2 years. No other transactions took place during July, Year 3. Required: Prepare a classified balance sheet for the company at June 30, Year 3. Show the effects of the July transactions on the basic accounting equation. Prepare the journal entries that would be used to record the transactions.

Suppose we express the amount of land under cultivation as the product of four factors:
Land = (land/food) x (food/kcal) X (kcal/person) X (population)
The annual growth rates for each factor are (1) the land required to grow a unit of food, - 1 percent (due to greater productivity per unit of land); (2) the amount of food grown per calorie of food eaten by a human, +0.5 percent (because with affluence, people consume more animal products, which greatly reduces the efficiency of land use); (3) the per capita calorie consumption, +0.1 percent; and (4) the size of the population, + 1.5 percent. At these rates, how long would it take to double the amount of cultivated land needed? At that time, how much less land would be required to grown a unit of food?

is when third parties reap the benefit of a good or service for which they did not pay. A Government resource B. Positive externality C Consumer reaction D. Negative externality Please select the best answer from the choices provided OA B OC D​