Selected balance sheet information for the Wolf Company at November 30, and December 31, 2021, is presented below. The company uses the perpetual inventory system and all sales to customers are made on credit.

Nov. 30 Dec. 31
Debits Credits Debits Credits
Accounts receivable 9,800 2,800
Prepaid insurance 4,800 7,300
Inventory 6,800 5,800
Accounts payable 11,800 14,800
Salaries payable 4,800 2,800

The following cash flow information also is available:

a. Cash collected from credit customers, $78,000.
b. Cash paid for insurance, $4,800.
c. Cash paid to suppliers of inventory, $58,000 (the entire accounts payable amounts relate to inventory purchases).
d. Cash paid to employees for salaries, $9,800.

Required:
a. Determine the following for the month of December 2.
b. Prepare summary journal entries to record the month's sales and cost of those sales.

Solution :

a). The sales revenue

Closing balance                                         2800

Add:cash collected from the customer   78,000

Less:opening balance                               (9800)

Sales revenue                                            71000

b). Cost of the goods sold

Cash pf payment for the purchase                                  58,000

Add:decrease in the inventory (6800-5800)                      1000

Add:increase in the account payable (14,800-11,800)        3000

Cost of the good sold                                                        62000

c). The insurance expenses  = (4800 + 4800 - 7300) = 2300

d). the salaries and the wages expenses = 2800 + 9800 - 4800  

                                                                    = 7800

Journal entry

Accounts                                                            Debit              Credit

Income summary account

sales revenue account

Cost of the goods sold                                      62000

insurance expenses                                           2300

Salaries & wages expenses                               7800

Income summary account                                                      72100                            

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You wish to retire in 20 years, at which time you want to have accumulated enough money to receive an annual annuity of $24,000 for 25 years after retirement. During the period before retirement you can earn 10 percent annually, while after retirement you can earn 12 percent on your money. What annual contributions to the retirement fund will allow you to receive the $24,000 annuity

Select the sentence that best demonstrates professional writing skills. Group of answer choices

a. If you forget to clock in or out, please let Melanie Smith or I know, and we will correct your timesheet.
b. If you forget to clock in or out, please let Melanie Smith or me know, and we will correct your timesheet.
c. If you forget to clock in or out, please let Melanie Smithor myself know, and we will correct your timesheet.

Sales for the year were $83,000. The balance sheet at the end of the year is given below:

Assets Liabilities and Equity
Cash 12,000 Accounts payable 19,000
Marketable securities 2,000 Notes payable 6,000
Accounts receivable 6,000 Current liabilities 25,000
Inventory 41,000 Long-term debt 95,000
Current assets 61,000 Total liabilities 120,000
Machines 34,000 Paid-in capital 20,000
Real estate 80,000 Retained earnings 35,000
Net fixed assets 114,000 Equity 55,000
Total assets 149,000 Total lib. & equity 149,000

Required:
What is the firm's days' sales in inventory?

The outstanding capital stock of Coronado Corporation consists of 1,900 shares of $100 par value, 9% preferred, and 5,400 shares of $50 par value common. Assuming that the company has retained earnings of $87,500, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions.

a. The preferred stock is noncumulative and nonparticipating.
b. The preferred stock is cumulative and nonparticipating.
c. The preferred stock is cumulative and participating.

This information relates to Ayayai Real Estate Agency.
Oct. 1 Stockholders invest $29,100 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $30,000.
3 Buys office furniture for $3,610, on account.
6 Sells a house and lot for E. C. Roads; commissions due from Roads,
$10,000 (not paid by Roads at this time).
10 Receives cash of $130 as commission for acting as rental agent renting an
apartment.
27 Pays $600 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $2,500 in salary for October.
Prepare the debit-credit analysis for each transaction.

A company produces and sells hair dryers in a market where price (p) and demand (D) are related follows: p = $35+ (3,000)/D-(4,800)/D2 The fixed cost (Ct) is $800 per month and the variable cost per hair dryer (c.) is $38. - Add to % E Q
With reference to the company in Question 1, assume price and demand are unrelated. The company sells the hair dryers for $80 each if they spend $8,000 per month on advertising (C.). CF and c, remain as indicated in Question 1. The maximum production capacity is 5,000 hair dryers per month.
a) What is the demand breakeven point?
b) Is the company's demand breakeven point (in %) more sensitive to 10% increase in sales price or 20% reduction in variable costs? Explain your answer.

Which type of marketing intermediary are sales representatives of manufacturers and wholesalers?
A. Industrial distributors
B. Service providers
C. Agents
D. Brokers​

At the beginning of 2019, Donna Company had $1,000 of supplies on hand and this amount was properly recorded as a debit in a Supplies (asset) account. During 2019, the company purchased supplies amounting to $6,200 (paid for in cash and debited to the supplies account). At December 31, 2019, a count of supplies revealed that $1,600 of supplies were on hand. The adjusting entry that Donna Company made on December 31, 2019 to adjust the Supplies account would include

Which of the following events would cause a bank to reduce a depositor's account?

The depositor orders new checks through the bank at a cost of $50.


The bank collects a note receivable and related interest on the depositor's behalf.


There are outstanding checks drawn on the account at month-end.


There are deposits in transit on the account at month-end.


The bank corrects an error from previous month by adding $75 to the depositor account

The toy buyer had the option of ordering stuffed animals directly from the manufacturer or from a nearby wholesaler. The manufacturer will not ship orders for less than $1,200 total list price. Delivery typically requires five weeks, and freight averages 2.5% of total billed cost. Trade discounts on this merchandise are 40% and 10%; terms are 2/10, n/30.

A wholesaler, located in the retailer's area, stocks many of the same stuffed animals. He does not require a minimum order and will deliver at no charge in the area if the order has a billed cost of at least $500. The manufacturer and wholesaler base cost on the same list price; however, the wholesaler sells with trade discounts of 40% and 8% and terms of 1/15. n/30.

Required:
What is the difference in the total net cost (including freight) of merchandise with a total list price of $1, 200 from these two vendors?

Keuka Studies does custom metal sculptures of horses and other animals. A horse sculpture is composed of numerous parts. They use a lathe to construct two types of parts. The "Body" part is used to support the torso of the horse and the "Leg" part is used to support the legs. Each horse sculpture needs 1 Body part and 4 Leg parts. Switching between either of the types of parts requires 12 minutes. Once ready to produce, the lathe produces a Body part in 3 minutes and a single Leg part in 3 minutes. The lathe only makes horse parts. For parts (a)-(d) assume Keuka operates a cyclic schedule in which they make 100 Body parts and then 400 Leg parts. Furthermore, assume the lathe is the bottleneck. Round your answer to 3 decimal places.
a. What is the maximum number of horse sculptures Keuka can make per hour? Do not round intermediate calculations. Enteryour answer as a percentage rounded to 2 decimal places.
b. What is the utilization (%) of the lathe?

Melissa Shallowford contributed a patent, accounts receivable, and $22,340 cash to a partnership. The patent had a book value of $8,650. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $92,840. The accounts receivable control account was $34,300, with an allowance for doubtful accounts of $2,200. The partnership also assumed a $9,010 account payable owed to a Shallowford supplier.
Required:
On December 31, provide the journal entry for Shallowford's contribution to the partnership Rotor to the chart of accounts for the exact wordino of the account titles ONOW journals do not use ines for journal explanations. Every Ave on a journal page is used for debitor credil entries CNOW journals wol automatically indont a credit entry when a credit amount is entered.

You work in the finance division of a company listed in the Stock Exchange. You have just learned that your supervisor has been using infomation on quarterty retums, prior to the time they are made public, to trade in the company's stock. Is this unethical? If yes, name the elhical issue. Explain why you think there is or not an ethical issue

Your division has been asked to compile a recommendation for the price point for an innovative software application. You need to know how much customers will be willing to pay and under what circumstances. Conduct a scientific experiment. Access traditional sources and electronic sources. Conduct primary research for firsthand information. Routine tasks often require informal research methods.

the balance in the supplies account, before adjustment at the end of the year is 2750. the inventory of supplies at the end of the year was determined to be 600. the estimated depreciation on equipment at the end of the year is 1600. journalize the adjusting entries required at the end of the year to recognize
A. supplies used during the year and
B. depreciation expense for the year.​

On January 1, 2019, Cullumber Corporation acquired machinery at a cost of $1650000. Cullumber adopted the straight-line method of depreciation for this machine and had been recording depreciation over an estimated life of ten years, with no residual value. At the beginning of 2022, a decision was made to change to the double-declining balance method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change on beginning retained earnings, is

BSW Corporation has a bond issue outstanding with an annual coupon rate of 5.4 percent paid quarterly and four years remaining until maturity. The par value of the bond is $1,000. Determine the fair present value of the bond if market conditions justify a 11 percent, compounded quarterly, required rate of return. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

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a,b, or c

is it right to kick someone out just because they are not on the lease and or had been evicted in the past?

In the manufacture of car tires, a particular production process is known to yield 10 tires with defective walls in every batch of 100 tires produced. From a production batch of 100 tires,
a sample of 4 is selected for testing to destruction
Find the probability that the sample contains 1 defective tire.

Bond Yields are:_________

a. quoted as the average monthly rate of return and assume the bond is purchased today at the quoted price and held for twelve months.
b. quoted as annual rates of return and assume the bond is purchased today at the stated price and sold one year from today.
c. stated as a percentage of the maturity value and assume the bond is held to maturity.
d. stated as an annual rate of return and assume the bond is purchased today and held until maturity

Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows.

Rent for the month: $1,300
Monthly take-home salary: $2,835
Spending for food: $670
Cash in checking account: $580
Savings account balance: $2,020
Balance of educational loan: $2,940
Current value of automobile: $9,650
Telephone bill paid for month: $130
Credit card balance: $300
Loan payment: $210
Auto insurance: $360
Household possessions: $4,700
Video equipment: $2,675
Payment for electricity: $155
Lunches/parking at work: $245
Donations: $290
Personal computer: $1,850
Value of stock investment: $1,185
Clothing purchase: $175
Restaurant spending: $195

For each of the following scenarios, show how each market is affected. Label the initial equilibrium price P1, and the original quantity Q1. Label the new equilibrium price P2 and the quantity Q2.Due to perfect weather conditions, there is a larger than expected crop of oranges this year. The weather conditions do not affect the crop of tangerines. Citrus juice is made from either oranges or tangerines and consumers have no preference for one or the other. Lastly, citrus juice and oatmeal are complements and oats are required to make oatmeal.a. Market for oranges,b. Market for citrus juice,c. Market for tangerines,d. Market for oatmeal,e. Market for oats.

At the time a $400 petty cash fund is being replenished, the company's accountant finds vouchers totaling $300 and petty cash of $100. The vouchers include: postage, $80; business lunches, $120; delivery fees, $60; and office supplies, $40. Which of the following is not recorded when recognizing expenditures from the petty cash fund?
A. Debit petty cash, $300
B. Credit petty cash, $300
C. Debit office supplies, $40
D. Debit postage expense, $80

Mutual interdependence occurs when

a. all firms in an industry are affected by the same macro economic conditions, such as a recession, inflation, interest rates, exchange rates, etc.
b. the actions of firms are independent of each other.
c. the actions of one firm in an industry are easily recognized and perhaps copied by others.
d. monopolists recognize that they must face eventual competition in the long run.

Recently, a group of university students decided to incorporate for the purposes of selling a process to recycle the waste product from manufacturing cheese. Some of the initial costs involved were legal fees and office expenses incurred in starting the business, state incorporation fees, and stamp taxes. One student wishes to charge these costs against revenue in the current period. Another wishes to defer these costs and amortize them in the future. Which student is correct

What is the future of discussion of fourms?

The outstanding capital stock of Coronado Corporation consists of 1,900 shares of $100 par value, 9% preferred, and 5,400 shares of $50 par value common. Assuming that the company has retained earnings of $87,500, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions. (a) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) Preferred Common $enter a dollar amount rounded to 0 decimal places 17100 $enter a dollar amount rounded to 0 decimal places 70400 (b) The preferred stock is cumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) Preferred Common $enter a dollar amount rounded to 0 decimal places 51300 $enter a dollar amount rounded to 0 decimal places 36200 (c) The preferred stock is cumulative and participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.) Preferred Common $enter a dollar amount rounded to 0 decimal places 61332 $enter a dollar amount rounded to 0 decimal places 38556

The following information is related to Splish Company for 2020.

Retained earnings balance, January 1, 2020 $1,332,800
Sales Revenue 34,000,000
Cost of goods sold 21,760,000
Interest revenue 95,200
Selling and administrative expenses 6,392,000
Write-off of goodwill 1,115,200
Income taxes for 2020 1,691,840
Gain on the sale of investments 149,600
Loss due to flood damage 530,400
Loss on the disposition of the wholesale division (net of tax) 598,400
Loss on operations of the wholesale division (net of tax) 122,400
Dividends declared on common stock 340,000
Dividends declared on preferred stock 108,800

Splish Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Splish sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.

Required:
Prepare a multiple—step income statement.