The ledger of Shamrock, Inc. on March 31, 2022, includes the following selected accounts before adjusting entries.

Debit Credit
Supplies 2,780
Prepaid Insurance 2,240
Equipment 25,500
Unearned Service Revenue 14,700

An analysis of the accounts shows the following.

1. Insurance expires at the rate of $280 per month.
2. Supplies on hand total $890.
3. The equipment depreciates $170 per month.
4. During March, services were performed for two-fifths of the unearned service revenue.

Required:
Prepare the adjusting entries for the month of March.

Answers

Answer 1

Answer:

Shamrock, Inc.

Adjusting Journal Entries:

1. Debit Insurance Expense $280

  Credit Prepaid Insurance $280

  To record insurance expense for the month.

2. Debit Supplies Expense $1,890

   Credit Supplies $1,890

   To record supplies expense for the month.

3. Debit Depreciation Expense - Equipment $170

   Credit Accumulated Depreciation- Equipment $170

   To record depreciation expense for the month.

4. Debit Unearned Service Revenue $5,880

   Credit Service Revenue $5,880

   To record earned service revenue for the month.

Explanation:

a) Data:

Selected Accounts:

                                Debit     Credit

Supplies                  2,780

Prepaid Insurance                  2,240

Equipment           25,500

Unearned Service Revenue 14,700

b) The above adjusting entries at the end of March are made by Shamrock in order to accurately recognize its revenue and expenses for the month of March.  These entries are in line with the accrual concept and matching principle of generally accepted accounting principles.  They require that revenues or expenses earned or incurred in a period be recognized and matched in the affected period, whether cash was exchanged or not.


Related Questions

This isn’t really a question but how was your day & what do you look forward to this year?
(Marking first answer brainlist if only the have a 2-3 sentence)

Answers

Answer:

My day was pretty good, I just did schoolwork and had soccer practice. This year Im really looking forward to Christmas because I have a big list and Christmas is just my favorite holiday. But how was your day?

Explanation:

Which option is most likely a complementary good for a smartphone?
A. Smartphone headphones
B. Smartphone taxes
C. Smartphone factories
O D. Smartphone online reviews
SUBMIT

Answers

Answer:

A.

Explanation:

A. Smartphone headphone is the correct answer, because complementary goods are goods that sell together so, smartphone and headphones are complementary goods.

For a smartphone, the best complementary good is smartphone headphones. Therefore, Option A is correct.

What are complementary goods?

Goods that are best when put together and provide complementary service to the customer that provides more comfort to the customer are termed as complementary goods. In other words, the usage of both the products will provide happiness to the customer.

In the case of smartphones, it is best when the headphones that support the smartphone are also available with it as a complementary product. From the point of view of a customer, when the headphones are available, they will be complementary to them.

Therefore, Option A is correct.

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why does the federal reserve choose to increase the money supply?

Answers

To control the supply of money to help stabilize the economy

Explanation:

An increase in the supply of money works both through lowering interest rates, which spurs investment, and through putting more money in the hands of consumers, making them feel wealthier, and this stimulates spending.

In the current year, Azure Company has $350,000 of net operating income before deducting any compensation or other payment to its sole owner, Sasha. In addition, Azure has interest on municipal bonds of $25,000. Sasha has significant income from other sources and is in the 37% marginal tax bracket.Based on this information, determine the income tax consequences to Azure Company and to Sasha during the year for each of the following independent situations. (Ignore the deduction for qualified business income and the 3.8% Medicare surtax on net investment income.)The rates on qualified dividends are 0%, 15% and 20%.If an amount is zero, enter "0".

Answers

Answer:

the question is incomplete:

a. Azure is a C corporation and pays no dividends or salary to Sasha.

Azure Company, as a C corporation, has taxable income of $350,000 and corporate income tax of $73,500 (21% of net income). Sasha has taxable income of $0 from Azure.

b. Azure is a C corporation and distributes $75,000 of dividends to Sasha.

Azure Company has taxable income of $350,000 and corporate income tax of $73,500 (21% of net income). Sasha incurs income tax of $15,000 (20% tax rate) with respect to the dividends.

c. Azure is a C corporation and pays $75,000 of salary to Sasha. (Ignore payroll taxes.)

The salary paid to Sasha is deductible by Azure Company resulting in taxable income of $275,000 and corporate income tax of $57,750 (21% of net income). Sasha incurs income tax of $27,750 (37% marginal tax rate) with respect to the salary she received during the year.

d. Azure is a sole proprietorship, and Sasha withdraws $0. (Ignore self-employment taxes.)

There is no Federal income tax applicable to businesses formed as sole proprietorships. Sasha incurs income tax of  $129,500 (37% of $350,000) with respect to Azure Company.

e. Azure is a sole proprietorship, and Sasha withdraws $75,000. (Ignore self-employment taxes.)

There is no Federal income tax applicable to businesses formed as sole proprietorships. Sasha will pay tax on the income of Azure Company, regardless of the amount she withdraws. Applicable taxes are the same a in (d).

Tammi’s Truck Stop sells Seat-o-Nails cushions, which are specially designed to keep drivers awake on the road. Her accessories supplier makes deliveries every Tuesday, at which times she can get as many cushions as she wants (the supplier’s truck carries a large number of cushions). The cushions cost $40 wholesale, and Tammi sells them for $65. She also uses a 35 percent interest rate to evaluate the cost of holding inventory. Today it is Tuesday, Tammi has 12 cushions in stock, and the supplier has just arrived. Assuming that the weekly demand is normally distributed with mean 35 and standard deviation 10, answer the questions below. (hint: use newsvendor model)How many cushions should Tammi buy if sales are lost when she runs out of stock during the week?Reconsider part (a) if unmet demand is not lost but it is back ordered, and it costs Tammi $12 to mail the cushion to the customer.

Answers

Answer:

Explanation:

(a) The cost of underage(Cu) will be the opportunity cost for lost sales which will be:

= 65 - 40

= 25

The cost of overage(Co) will be the holding cost which will be:

= 40 x 35%/52

= 40 × 0.35/52

= 40 × 0.0067308

= 0.269

The Critical ratio will be:

= Cu/(Cu + Co)

= 25/(0.269+25)

= 0.9894

For the optimal condition,

F(z) = Critical ratio = 0.9894,

therefore, z = normsinv (0.9894) = 2.30

Therefore, the optimal stock will be calculated as:

= Mean demand + (z × Stdev)

= 35 + (2.30 × 10)

= 35 + 23

= 58 units.

We should note that Tammi already has 12 cushions in stock, therefore the order quantity will be:

= 58 - 12

= 46 units

(b) Cu = 12

Co = 0.269

Critical ratio will be:

= Cu/(Co + Cu)

= 12 / (12 + 0.269)

= 0.9781

Therefore, z = normsinv(0.9781) = 2.0

Then, the optimal stock will be:

= 35 + (2.0 × 10)

= 35+20

= 55 units

We should note that Tammi already has 12 cushions in stock, therefore the order quantity will be:

= 55 - 12

= 43 units

which of the following is an example of knowledge? Group of answer choices The ability to create a program that provides rewards for dealerships with high levels of customer satisfaction and corrective action plans for dealerships that have low levels of satisfaction. The Web-based application that collects and stores records of customer satisfaction surveys and allows dealerships to view their data. Reports that summarize ratings for a specific dealership including a calculation of the average rating across all survey questions and a calculation of summary statistics for groups of questions that correspond to important dimensions such as dealership staff, satisfaction with product, quality of service and so on. Innovative policies developed by corporate strategists who analyzed the reasons for the sales drop in order to reverse the recent downward trend

Answers

Answer:

The correct answer is: The ability to create a program that provides rewards for dealerships with high levels of customer satisfaction and corrective action plans for dealerships that have low levels of satisfaction.

Explanation:

Knowledge management can be understood as the information technology systems existing in a company whose objective is to assist in the organizational decision-making process, that is, it is the knowledge that the entire organization has from its data and information and that can be transformed into knowledge so that there are greater advantages in the company's internal and external management. Some of the advantages arising from knowledge management are: better management practices, cost reduction, faster processes, increased quality, greater competitiveness, greater consumer satisfaction, etc.

Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments.

In 2021, Isaac had $653 million in sales of this type. Scheduled collections for these sales are as follows:

2021 $70 million
2022 128 million
2023 126 million
2024 156 million
2025 173 million
$653 million

Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses and additional sales in 2022 what deferred tax liability would Isaac report in its year-end 2022 balance sheet?

Answers

Answer:

$146 million

Explanation:

Calculation for the deferred tax liability that Isaac would report

Using this formula

Deferred tax liability=Total future taxable income × Tax rate

Let plug in the formula

Deferred tax liability=($653 million- $70 million) *25%

Deferred tax liability=$583 million *25%

Deferred tax liability=$145.75 million approximately $146 million

Therefore the deferred tax liability that Isaac would report will be $146 million

Bill Buckely has​ split-limit 100​/200​/40 automobile liability insurance on his 2012 Subaru. Driving home from work in a​ snowstorm, he hit a​ Mercedes, slid into a​ guardrail, and knocked down a telephone pole. Damages to the​ Mercedes, the​ guardrail, and the telephone pole were ​$33,428​, ​$7,422​, and ​$12,041 respectively. How much will​ Bill's insurance company​ pay? How much will Bill be required to pay​ directly? ​Bill's insurance company will pay ​$nothing. ​(Round to the nearest​ dollar.) The amount Bill will be required to pay directly is ​$nothing. ​(Round to the nearest​ dollar.)

Answers

Answer:

Bill's insurance company will pay $40,000The amount Bill will be required to pay directly is $12,891

Explanation:

A Split limit works thus;

The first figure which is 100 is the maximum amount that will be paid per one injured person.

The second figure is 200 and it is the maximum amount that will be paid out for all injured persons.

The third which is 40 is the maximum amount the insurance will pay out for property damage.

Bear in mind that all these figures are in thousands.

The damages to all the property involved is = 33,428 + 7,422 + 12,041

= $‭52,891‬

The Insurance company will therefore payout the maximum amount of $40,000.

The rest will be paid by Bill which is = 52,891 - 40,000

= $12,891

Below you are given calories and protein of 7 whey protein brands



#

Calories

Protein

1

250

25

2

287

23

3

184

28

4

263

28

5

244

28

6

191

28

7

215

30






For these data (the two variables), compute:

a) The mean, median, first quartile and third quartile.

b) Compute the range, interquartile range, variance, standard deviation and coefficient of variation.

c) Compute the z-score;

d) Compute the variance and correlation between the two variables.

e) Ensure that you comment each obtained result.

Answers

Answer:

a b e

Explanation:

hope this helps

Lindsey Company uses activity-based costing. The company has two products: A and B. The annual production and sales of Product A is 8,000 units and of Product B is 6,000 units. There are three activity cost pools, with total cost and total activity as follows: Total Activity Activity Cost Pool Total Cost Product A Product B Total Activity 1 $26,400 170 380 550 Activity 2 $54,365 950 360 1,310 Activity 3 $136,880 900 3,820 4,720 The activity-based costing cost per unit of Product A is closest to: (Round your intermediate calculations to 2 decimal places.) $14.64 $9.21 $6.71 $5.91

Answers

Answer:The activity-based costing cost per unit of Product A=$9.21

Explanation:

                             Product A       Product B

Units Produced    8000 units      6000 units

Activity Cost Pool Total Cost Product A Product B  Total Activity

Activity 1                  $26,400       170             380          550

Activity 2                  $54,365       950            360         1,310

Activity 3                   $136,880     900            3,820      4,720

 

              Activity−basedcost  for Poduct A

Activity−basedcost for Activity1= total Cost/total no. of activityx activity for particular product which is product A

=26,400/550 x 170= 8160

Activity−basedcost for Activity2= total Cost/total no. of activityx activity for particular product which is product A

=54,365/1310 x 950=39,425

Activity−basedcost for Activity3= total Cost/total no. of activityx activity for particular product which is product A

=136,880/4720 x 900=26100

Total activity based cost for Product A = $8,160 + $39,425 +$26,100=$73,685

The activity-based costing cost per unit of Product A = Total activity based cost for Product A/ Units Produced  for product A=$73,685/8000=$9.21

On January 1, you plan to take a trip around the world upon graduation four years from now. Your grandmother wants to deposit sufficient funds for this trip in an investment account for you. On the basis of a budget, you estimate that the trip currently would cost $15,000. Being the generous and sweet lady she is, your grandmother decided to deposit $3,500 in the fund at the end of each of the next four years, starting on December 31, 2018. The account will earn 6 percent annual interest, which will be added to the account at each year-end.

Required:
How much interest revenue did the fund earn in 2015, 2016, 2017, and 2018?

Answers

Answer:

nterest earned for year 1 is zero because the investment made is at the end of the year

Interest earned for year 2 is $210

Interest earned for year 3 is $433

Interest  earned for year 4 is $669

Explanation:

We will use the annuity formula to compute the net interest earned for the next 4 years.

Annuity Value = Present Value  * Annuity Factor

Here

Annuity factor = [1 - (1 + r)^-n] / r

r is 6%

n is 4 years

The present value is $3500

By putting above values in the equation we have:

Annuity Value = $3500 * [1 - (1 + 6%)^-4] / 6%

= $3500 * 4.374616 = $15,311.156

This is the annuity value of the yearly investment of $3500 for 4 consecutive years.

The interest portion = $15,311.156 - ($3500 * 4) = $1,311.156

Interest earned for year 1 is zero because the investment made is at the end of the year

Interest earned for year 2 =  ($3500 * (1.06)) - $3500 = $210

Interest earned for year 3 = ($3500 * (1.06)^2) - $3500) = $433

Interest  earned for year 4 = ($3500 * (1.06)^3) - $3500 = $669

Answer:

nterest earned for year 1 is zero because the investment made is at the end of the year

Interest earned for year 2 is $210

Interest earned for year 3 is $433

Interest  earned for year 4 is $669

Explanation:

The Nite Lite Company manufactures small lamps and desk lamps. The following shows the activities per product:

Set-ups Inspections Assembly (DLH)
Small Lamps - 4,000 units 4,000 16,000 4,000
Desk Lamps - 8,000 units 16,000 8,000 24,000

Using the following information prepared by the Nite Lite Company, determine the total factory overhead rate to be charged to desk lamps.

Activity Pool Activity Base Budgeted Amount
Set-ups 20,000 $60,000
Inspections 24,000 $120,000
Assembly (DLH) 28,000 $420,000


a. $380,000
b. $184,000
c. $152,000
d. $448,000

Answers

Answer:

Total allocated overhead= $448,000

Explanation:

First, we need to calculate the predetermined overhead rate for each activity:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Set-ups= 60,000/20,000= $3 per setup

Inspections= 120,000/24,000= $5 per inspection

Assembly (DLH)= 420,000/28,000= $15 per direct albor hour

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Desk Lamps:

Set-ups= 3*16,000= $48,000

Inspections= 5*8,000= $40,000

Assembly (DLH)= 15*24,000= $360,000

Total overhead= $448,000

Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost a. Inventory, Beginning 300 $ 14 For the year: b. Purchase, April 11 950 12 c. Purchase, June 1 850 15 d. Sale, May 1 (sold for $42 per unit) 300 e. Sale, July 3 (sold for $42 per unit) 630 f. Operating expenses (excluding income tax expense), $18,200 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes

Answers

Answer:

Transactions Units Unit Cost

a. Inventory, Beginning 300 $ 14

b. Purchase, April 11 950 12

c. Purchase, June 1 850 15

d. Sale, May 1 (sold for $42 per unit) 300

e. Sale, July 3 (sold for $42 per unit) 630

f. Operating expenses (excluding income tax expense), $18,200

1 and 2) When you use a periodic inventory method, cost of goods available for sale and ending inventory are the same. They differ only when you use a perpetual inventory.

ending inventory = 1,170 units

Ending inventory under FIFO:

$28,350 - $11,760 = $16,590

Ending inventory under LIFO:

$28,350 - $13,710 = $14,640

Ending inventory under weighted average:

$28,350 - $12,555 = $15,795

3) total units sold = 930 units

COGS under FIFO:

(300 x $14) + (630 x $12) = $11,760

COGS under LIFO:

(850 x $15) + (80 x $12) = $13,710

COGS under weighted average:

($28,350 / 2,100) x 930 = $12,555

4) Income statement under FIFO

Sales revenue                  $39,060

COGS                                ($11,760)

Gross profit                       $27,300

Operating expenses       ($18,200)

Operating income              $9,100

Income statement under LIFO

Sales revenue                  $39,060

COGS                                ($13,710)

Gross profit                       $25,350

Operating expenses       ($18,200)

Operating income               $7,150

Income statement under weighted average

Sales revenue                  $39,060

COGS                               ($12,555)

Gross profit                       $26,505

Operating expenses       ($18,200)

Operating income              $8,305

6) FIFO minimizes operating income, therefore, minimizes income tax expense.

What is one benefit of a limited liability company over a corporation

Answers

a benefit could be that they have they can be flexible with their management rather than, having a boss also another advantage could be tax advantages from this form of business

The Reynolds Corporation buys from its suppliers on terms of 2/12, net 45. Reynolds has not been utilizing the discounts offered and has been taking 45 days to pay its bills. Ms. Duke, Reynolds Corporation's vice president, has suggested that the company begin to take the discounts offered. Duke proposes that the company borrow from its bank at a stated rate of 16 percent. The bank requires a 11 percent compensating balance on these loans. Current account balances would not be available to meet any of this compensating balance requirement.

Required:
a. Calculate the cost of not taking a cash discount.
b. Calculate the Effective rate of interest if the company borrow from the bank.

Answers

Answer:

A. 22.56%

B. 17.97%

Explanation:

a. Calculation for the cost of not taking a cash discount.

Cost of not taking cash discount = ( 2% / 98% )* ( 365 / (45 - 12) )

Cost of not taking cash discount=0.0204*365/33

Cost of not taking cash discount=7.446/33

Cost of not taking cash discount=0.2256*100

Cost of not taking cash discount= 22.56%

Therefore the Cost of not taking cash discount will be 22.56%

b. Calculation for the rate of interest if the company borrow from the bank.

Annual rate of interest = 16% / (1- 11%)

Annual rate of interest = 0.16/0.89

Annual rate of interest = 0.1797*100

Annual rate of interest = 17.97%

Therefore the rate of interest if the company borrow from the bank will be 17.97%

Data concerning a recent period’s activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in ending work in process inventory 2,160 960 Cost per equivalent unit $ 15.56 $ 5.53 A total of 20,600 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total.

Answers

Answer:

(1) $33,696, $5,308.8, $39,004.8

(2) $321,360, $113,918, $435,278

Explanation:

(1) The cost of ending work in process inventory for materials, conversion and in total can be calculated as follows

Materials:

2160 × 15.6

= $33,696

Conversion:

960 × 5.53

= $5,308.8

Total:

$5,308.8 + $33,696

= $39,004.8

(2) The cost of units completed and transferred out for materials, conversion and total can be calculated as follows

Materials:

20,600 × 15.6

= $321,360

Conversion:

20,600 × 5.53

= $113,918

Total:

$20,600 × 21.13

= $435,278

A bond with a face value of $1,000 has 10 years until maturity, carries a coupon rate of 8.5%, and sells for $1,150. Interest is paid annually. (Assume a face value of $1,000 and annual coupon payments.) a. If the bond has a yield to maturity of 9.5% 1 year from now, what will its price be at that time? (Do not round intermediate calculations. Round your answer to nearest whole number.) b. What will be the rate of return on the bond? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.) c. If the inflation rate during the year is 3%, what is the real rate of return on the bond? (Assume annual interest payments.) (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Negative amount should be indicated by a minus sign.)

Answers

Answer:

a. Coupon payment = 8.5% of $1000 = $85

i = 9.5%

n = 9

m =$1,000

Price of the bond after one year P1 = C* [1- 1/ (1+i)^n] /i + M / (1+i)^n

P1 = $85 * [1 – 1 / (1+9.5%) ^9] /9.5% + 1000 / (1+9.5%) ^9

P1 = $499.40 + $441.85

P1 = $941.25

b. The rate of return on the bond = (Income from one coupon payment + capital appreciation)/ Initial price of the bond

The rate of return on the bond = [$85 + ($941.25 - $1,150)]/ $1,150

The rate of return on the bond = ($85 - $208.75)/ $1,150

The rate of return on the bond = - $123.75/ $1,150

The rate of return on the bond = - 0.1076

The rate of return on the bond = -10.76%

c. f the inflation rate during the year is 3%

Real rate of return =  [(1+ Nominal rate of return)/ (1+ Inflation rate)]-1

Where Nominal rate of return = - 10.76%, Inflation rate = 3%

Real rate of return =   [(1-10.76%)/ (1+ 3%)]-1

Real rate of return = 0.08664 -1

Real rate of return = - 0.1336

Real rate of return = -13.36%

How do consumer expectations affect the demand for a product?
——————————————-
A. By connecting demand for a good to the availability of
complementary goods
B. By increasing the demand for goods expected to become more
expensive later
C. By reducing the supply of a good as demand for the good
increases over time
D. By lowering the good's equilibrium price to better reflect growing
consumer demand

Answers

Answer:

B. By increasing the demand for goods expected to become more expensive later

Explanation:

A product's price increase results in both an increase in demand for alternatives to the product and a drop in demand for complementary goods.

What impact do consumer expectations have on a product's demand?

Consumer expectations cause people to demand either more or less of a good.

Consumer expectations include things like future pricing, income, and product availability.Demand will increase if expectations rise, and vice versa.The immediate demand will decline if a consumer knows a product will be on sale in a week since they will purchase it then. Consumer demand will grow right away if they anticipate a product's price to rise in the coming week.

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You have just taken over your family’s printing business. It is important to you that the business has a positive impact on your employees and society in general, while limiting any negative impacts. For each example below, identify the impact on society.

1. Increase employment
2. Offer valuable products
3. Environment damage
4. Improve the quality of life
5. Health and safety risks

a. Some of your printing processes utilize chemicals that require press operators to wear masks during production. _____________
b. Because of increased profits in the last 5 years, you have been able to increase staffing levels by 25%. _____________
c. The business is a member of the local Chamber of Commerce and supports local community charities. _____________
d. The business is the only one in town to offer 48-hour turnaround on printing projects. __________
e. The business uses ink that is shipped in bulky, non-recyclable ink containers. ____________

Answers

Answer:

a. Some of your printing processes utilize chemicals that require press operators to wear masks during production. Health and safety risks.

Those chemicals present a health and safety risk because a person can get sick if they do not wear the masks.

b. Because of increased profits in the last 5 years, you have been able to increase staffing levels by 25%. Increase employment.

c. The business is a member of the local Chamber of Commerce and supports local community charities. Improve the quality of life

The business supports local charities which shows that it aims to improve the quality of life.

d. The business is the only one in town to offer 48-hour turnaround on printing projects. Offer valuable products

The business is the only one offering this service so it is offering valuable services.

e. The business uses ink that is shipped in bulky, non-recyclable ink containers. Environment damage

Ink is bulky and containers are non-recyclable. This will cause environmental damage.

Which scenario best reflects the relationship between production and demand in a recession?
O Car dealerships have minimal overstock.
Car dealerships are not restocking.
Car dealerships cannot sell their stock.
O Car dealerships cannot obtain stock.
Od
Answer

Answers

Answer:

C. Car dealerships cannot sell their stock.

Explanation:

Ryan Terlecki organized a new Internet company, CapUniverse, Inc. The company specializes in baseball-type caps with logos printed on them. Ryan, who is never without a cap, believes that his target market is college and high school students. You have been hired to record the transactions occurring in the first month of operations.

a. Issued 2,300 shares of $0.01 par value common stock to investors for cash at $23 per share.
b. Borrowed $61,000 from the bank to provide additional funding to begin operations; the note is due in two years.
c. Paid $2,200 cash for rent of a warehouse: $1,100 for the current month’s rent and another $1,100 for next month’s rent.
d. Paid $2,160 for a one-year fire insurance policy on the warehouse (recorded as a prepaid expense).
e. Purchased furniture and fixtures for the warehouse for $20,000, paying $3,100 cash and the rest on account.The amount is due within 30 days.
f. Purchased for $3,800 cash The University of Pennsylvania, Notre Dame, The University of Texas at Austin, The Ohio State University, and Michigan State University baseball caps as inventory to sell online.
g. Placed advertisements on Google for a total of $330 cash; the ads were run immediately.
h. Sold caps totaling $1,900, half of which was charged on account.
i. The cost of the caps sold was $1,100. (Hint: Make two entries.)
j. Made full payment for the furniture and fixtures purchased on account in (e).
k. Received $210 from a customer on account.

Required:
For each of the transactions, prepare journal entries. Be sure to categorize each account as an asset (A), liability (L). stockholders' equity (SE). revenue (R), or expense (E). Note that transaction(h). will require two entries, one for revenue and one for the related expense.

Answers

Answer:

a. Issued 2,300 shares of $0.01 par value common stock to investors for cash at $23 per share.

Dr Cash (A) 52,900  

    Cr Common stock (SE) 23

    Cr Additional paid in capital (SE) 52,877

b. Borrowed $61,000 from the bank to provide additional funding to begin operations; the note is due in two years.

Dr Cash (A) 61,000

    Cr Notes payable (L) 61,000

c. Paid $2,200 cash for rent of a warehouse: $1,100 for the current month’s rent and another $1,100 for next month’s rent.

Dr Rent expense (E) 1,100

Dr Prepaid rent (A) 1,100

    Cr Cash (A) 2,200

d. Paid $2,160 for a one-year fire insurance policy on the warehouse (recorded as a prepaid expense).

Dr Prepaid insurance (A) 2,160

    Cr Cash (A) 2,160

e. Purchased furniture and fixtures for the warehouse for $20,000, paying $3,100 cash and the rest on account. The amount is due within 30 days.

Dr Furniture and fixtures (A) 20,000

    Cr Cash (A) 3,100

    Cr Accounts payable (L) 16,900

f. Purchased for $3,800 cash The University of Pennsylvania, Notre Dame, The University of Texas at Austin, The Ohio State University, and Michigan State University baseball caps as inventory to sell online.

Dr Merchandise inventory (A) 3,800

    Cr Cash (A) 3,800

g. Placed advertisements on Google for a total of $330 cash; the ads were run immediately.

Dr Advertising expense (E) 330

    Cr Cash (A) 330

h. Sold caps totaling $1,900, half of which was charged on account.

i. The cost of the caps sold was $1,100. (Hint: Make two entries.)

Dr Accounts receivable (A) 1,900

    Cr Sales revenue (R) 1,900

Dr Cost of goods sold (E) 1,100

    Cr Merchandise inventory (A) 1,100

j. Made full payment for the furniture and fixtures purchased on account in (e).

Dr Accounts payable (L) 16,900

    Cr Cash (A) 16,900

k. Received $210 from a customer on account.

Dr Cash (A) 210

    Cr Accounts receivable (A) 210  

A review of the ledger of Wildhorse Company at December 31, 2020, produces the following data pertaining to the preparation of annual adjusting entries.

1. Salaries and Wages Payable $0. There are eight employees. Salaries and wages are paid every Friday for the current week. Five employees receive $750 each per week, and three employees earn $480 each per week. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December.
2. Unearned Rent Revenue $400,410. The company began subleasing office space in its new building on November 1. Each tenant is required to make a $5,010 security deposit that is not refundable until occupancy is terminated. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease.

Date Term (in months) Monthly Rent Number of Leases
Nov. 1 6 $6,670 5
Dec. 1 6 $6,060 4

Prepaid Advertising $18,000. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are as shown below.

Contract Date Amount Number of Magazine Issues
A650 1-May $8,400 12
B974 Oct. 1 9,600 24

The first advertisement runs in the month in which the contract is signed.

Notes Payable $56,200. This balance consists of a note for one year at an annual interest rate of 12%, dated June 1.

Required:
Prepare the adjusting entries at December 31, 2020.

Answers

Answer:

Salaries expense 5,190

 Salaries payable   5,190

unearned rent revenue  90940 debit

      rent revenue                90940 credit

advertizing expense  6,800 debit

  prepaid advertising      6,800 credit

interest expense        3,934 debit

        interest payable       3,934 credit

Explanation:

Salaries accrued

5 employes   $750 each = 3750

3 employees $480 each = 1440

Total = 5190

Rent revenue

$6,670 per month x 5 lease x 2 months (from Nov 1st to Dec 31st)  =66700

$6,060 per month x 4 lease x 1 month = 24240

total 90940

advertizing:

8,400 / 12 months x 8 months expired = 5600

9,600 / 24 months x 3 months expired =  1200

total 6,800

interest on note payable:

principal x rate x time

56,200 x 12% x 7/12 = 3,934

Discuss briefly how each of the following changes would affect the natural rate of unemployment.

a. Schools operate for the full year, so no students are looking for summer work.
b. The Internet lists all the jobs available in the whole country, so it is easier for job seekers to locate potential jobs.
c. People who quit their jobs are drafted into low-wage community-service jobs.
d. In addition to unemployment insurance, the unemployed receive a bonus for finding new jobs; the bonus is greater if the job is found in the first few weeks of search and declines with the duration of search.

Answers

Answer:

a. Schools operate for the full year, so no students are looking for summer work.

This will cause that the total labor force decreases, so the natural rate of unemployment will decrease. The natural rate of unemployment includes only structural and frictional unemployment. Since no students will look for summer jobs, then frictional unemployment will decrease, therefore, total natural unemployment will decrease also.

b. The Internet lists all the jobs available in the whole country, so it is easier for job seekers to locate potential jobs.

This will help to decrease structural unemployment which will in turn decrease the natural rate of unemployment. Structural unemployment happens when an unemployed individual cannot find a job that fits his/her skills. Internet job postings will make it easier for unemployed people to find jobs that match their skills.

c. People who quit their jobs are drafted into low-wage community-service jobs.

This should reduce frictional unemployment (which reduces the natural rate of unemployment), since frictional unemployment is made up of people that quit their jobs in order to search a better job or are looking for their first job ever. If people realize that quitting their current jobs will result in them being drafted into low wage jobs, less people will quit their jobs. This doesn't mean that they will stop searching for a better, it means that they will continue searching for a better while still employed.

d. In addition to unemployment insurance, the unemployed receive a bonus for finding new jobs; the bonus is greater if the job is found in the first few weeks of search and declines with the duration of search.

This should motivate people to get any available job as quick as possible. Sometimes a person that is fired will not accept possible jobs because they consider that they can get a better job, so they decide to wait until they get the job that they want. If a bonus is given, a lot of people will be motivated to accept any new job that they can find as long as it allows them to collect the bonus. This doesn't mean that they will quit looking for their dram job or the job that they deserve, it means that they will be working while doing so. This should decrease the natural rate of unemployment.

Which of the following statements is true concerning clusters? According to Porter, clusters provide barriers to the access of employees, suppliers, and specialized information. Employees from competitive firms in a cluster are not permitted to socialize with one another. Clusters are geographically dispersed companies operating within the same industry. The United States does not have any clusters; they are all located in Europe. The desire to build or upgrade a core competency is one reason why entrepreneurial and other fast-growing firms often tend to locate close to their competitors.

Answers

Answer: The desire to build or upgrade a core competency is one reason why entrepreneurial and other fast-growing firms often tend to locate close to their competitors.

Explanation:

A cluster is the concentration of industries, businesses, or suppliers, that are interrelated in a particular field.

According to Porter, clusters bring about increase the productivity, stimulate new business, drives innovation and they're vital to strategic management.

Of the options given, the answer is "The desire to build or upgrade a core competency is one reason why entrepreneurial and other fast-growing firms often tend to locate close to their competitors".

The following cost data pertain to the operations of Quinonez Department Stores, Inc., for the month of September. Corporate headquarters building lease $ 87,600 Cosmetics Department sales commissions--Northridge Store $ 5,230 Corporate legal office salaries $ 60,500 Store manager's salary-Northridge Store $ 17,200 Heating-Northridge Store $ 20,200 Cosmetics Department cost of sales--Northridge Store $ 37,400 Central warehouse lease cost $ 11,100 Store security-Northridge Store $ 18,900 Cosmetics Department manager's salary--Northridge Store $ 4,150 The Northridge Store is just one of many stores owned and operated by the company. The Cosmetics Department is one of many departments at the Northridge Store. The central warehouse serves all of the company's stores. What is the total amount of the costs listed above that are NOT direct costs of the Northridge Store? Multiple Choice $54,350 $87,600 $159,200 $46,780

Answers

Answer:

The amount of costs which is not direct costs is $159,200.

Explanation:

                Total costs which are not direct

Particulars                                                    Amount

Corporate headquarters building lease    $87,600

Corporate legal office salaries                   $60,500

Central warehouse lease cost                    $11,100    

Total costs which are NOT direct              $159,200

Exercise 6A-1 High-Low Method [LO6-10] The Cheyenne Hotel in Big Sky, Montana, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over the last year. An occupancy-day represents a room rented for one day. The hotel's business is highly seasonal, with peaks occurring during the ski season and in the summer. Month Occupancy-Days Electrical Costs January 1,736 $ 4,127 February 1,904 $ 4,207 March 2,356 $ 5,083 April 960 $ 2,857 May 360 $ 1,871 June 744 $ 2,696 July 2,108 $ 4,670 August 2,406 $ 5,148 September 840 $ 2,691 October 124 $ 1,588 November 720 $ 2,454 December 1,364 $ 3,529 Required: 1. Using the high-low method, estimate the fixed cost of electricity per month and the variable cost of electricity per occupancy-day. (Do not round your intermediate calculations. Round your Variable cost answer to 2 decimal places and Fixed cost element answer to nearest whole dollar amount.) 2. What other factors in addition to occupancy-days are likely to affect the variation in electrical costs from month to month

Answers

Answer:

1) variable cost = $1.56 per day

fixed costs = $1,395 per month

2) another aspect that increases or decreases electrical consumption is the weather. During very hot days, more people use the air conditioner, which increases electricity costs. Very cold weather will result in a similar increase in electric consumption.

Explanation:

Month Occupancy-Days Electrical Costs

January 1,736 $ 4,127

February 1,904 $ 4,207

March 2,356 $ 5,083

April 960 $ 2,857

May 360 $ 1,871

June 744 $ 2,696

July 2,108 $ 4,670

August 2,406 $ 5,148

September 840 $ 2,691

October 124 $ 1,588

November 720 $ 2,454

December 1,364 $ 3,529

variable cost = (highest activity cost - lowest activity cost) / (highest activity level - lowest activity level) = ($5,148 - $1,588) / (2,406 - 124) = $1.56 per day

fixed costs = $5,148 - ($1.56 x 2,406) = $1,395

 

A tool used to aid remembering is called:

Answers

Answer:

A mnemonic

Explanation:

Correct me im wrong

Explanation:

A tool used to aid remembering is called: A mnemonic. Using the word HOMES (Huron, Ontario, Michigan, Erie, Superior) to remember the Great Lakes is an example of: ... Expression mnemonics.

The production era describes the period of time when most things people used were made by hand.

True
False

Answers

Answer:

False

Explanation:

Simple Trade Era (Pre-Industrial Revolution) is the era where most things were  hand made.

The (mass) Production Era (1860s-1920s were when products were produced in mass at low cost.

The production era does not describe a period when most things were made by hand. Hence the given statement is false.

The production era, also known as the production-oriented era, refers to a historical period in business and marketing when companies focused primarily on production efficiency and maximizing output. This era is characterized by the belief that consumers would buy whatever products were available and affordable.

During the production era, mass production techniques, such as assembly lines, were introduced to increase productivity and lower costs. The emphasis was on achieving economies of scale and reducing production costs rather than catering to specific customer needs or preferences.

The production era is followed by subsequent marketing eras, such as the sales era, marketing era, and relationship era, which shift the focus towards understanding and fulfilling customer needs and building long-term customer relationships.

To know more about production era

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Ponzi Products produced 114 chain letter kits this quarter, resulting in a total cash outlay of $11 per unit. It will sell 57 of the kits next quarter at a price of $12, and the other 57 kits in two quarters at a price of $13. It takes a full quarter for it to collect its bills from its customers. (Ignore possible sales in earlier or later quarters. )
a. Prepare an income statement for Ponzi for today and for each of the next three quarters. Ignore taxes.
b. What are the cash flows for the company today and in each of the next three quarters?
c. What is Ponzi

Answers

Answer:

A Ponzi scheme believe it or not is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds. A Ponzi scheme, such as Bitconnect can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own.

Bitconnect really had people believing in them with people making millions but found that they could not withdraw the money when the company suddenly closed down.

Bitconnect is a great story and shows why people should always be wary.

If it looks too good it probably is.

Explanation:

2. Jack sold a baseball card collection for $2,500 that he bought a year ago for $2,500. He says, "At least I didn't lose any money on my investment in this baseball card." His economist friend points out that in effect he did lose money because he could have received a 3 percent return on the $2,500, which is $75, if he had deposited the money in a bank. The economist's analysis in this case incorporates the idea of: A. opportunity costs among alternatives, which is $75 here. B. opportunity costs among alternatives, which is $2575 here. C. marginal costs that exceed marginal benefits. D. marginal benefits that exceed marginal costs.

Answers

Answer:

The economist's analysis in this case incorporates the idea of:

A. opportunity costs among alternatives, which is $75 here.

Explanation:

Jack's economist friend is right that Jack lost $75, which represents a 3% return on the $2,500 if Jack had invested it in a bank deposit instead of baseball card.  The opportunity cost is, therefore, this potential benefit which Jack has missed or lost because of Jack's choice of investment.

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