C(a) The beginning balance of the supplies account was $245. During the month the company bought additional supplies in the amount of $735. At the end of the month a physical inventory showed $343 of unused supplies.
(b) The company has a 12% note payable in the amount of $17,000 due in 6 months. The interest expense of $170 for the month has not been recorded.
(c) The company has two employees. The manager is paid on the 15th of every month for work performed during the first half of the month and on the 1st of the following month for the work performed during the second half of the month. His monthly salary is $5,500. The other employee is paid $650 for each 5-day work week (Monday - Friday). The last day of the month fell on Thursday.
(d) The unearned fees account shows a balance of $46,000. According to the manager 60% of that amount has been earned.
(e) At the end of the month $5,700 of services had been performed but not yet billed.
Required:
Prepare adjusting entries for the above transactions. Refer to the Chart of Accounts for exact wording of account titles.* The journal should have 10 rows.
Chart of accounts.
CHART OF ACCOUNTS.
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Prepaid Rent
16 Office Equipment
17 Accumulated Depreciation
LIABILITIES
21 Accounts Payable
22 Notes Payable
23 Unearned Fees
24 Wages and Salary Payable
25 Interest Payable
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Fees Earned
EXPENSES
51 Advertising Expense
52 Insurance Expense
53 Interest Expense
54 Wages and Salary Expense
55 Supplies Expense
56 Utilities Expense
57 Depreciation Expense
58 Rent Expense
59 Miscellaneous Expense
Answer:
Adjusting entry
No Account & Explanation Debit Credit
a) Supplies Expense $637
(245+735-343)
Supplies $637
(To record supplies adjusted)
b) Interest expense $170
Interest payable $170
(To record accrued interest)
c) Wages and salaries expense $5350
Wages & salaries payable $5350
(To record wages and salaries expense)
d) Unearned fees $27600
(46000*60%)
Fees earned $27600
(To record fees earned)
e) Account receivable $5700
Fees earned $5700
(To record fees earned)
Schools should not be able to punish students for speech made outside of school because? please write a reasonable paragraph explaning why.
Brandon bought 100 shares of stock for $15.00 per share on 70% margin. Assume Brandon holds the stock for one year and that his interest costs will be $45 over the holding period. Gerry also received dividends amounting to $0.30 per share. Ignoring commissions, what is his percentage return on invested capital if he sells the stock for $34 a share
Answer:
179.52%
Explanation:
The computation of the percentage return is shown below:
Amount invested is
= 15 × 100 × 70%
= $1,050
Now
Total return is
= (100 × $0.3) + 100 × ($34 - $15) - $45
= $1,885
Return on invested capital is
= $1,885 ÷ $1,050
= 179.52%
What do we call a business that focused on building products that meet consumers' needs?
Answer: Market oriented business
Explanation:
Market orientation refers to the business philosophy whereby companies identifies the needs of their customers and make products that meet such needs or wants.
A business that's using market orientation will research the current trends in the market and make products that meet them. Strong brands use market orientation approach to meet customers needs.
Consider a loanable funds market of Pakistan. Suppose, if government want to implement the policy to provide incentives on savings by allowing people to shield their savings by opening Retirement Accounts with commercial banks. What is the effect of this policy on the market for loanable finds
Answer:
The supply of loanable fund will increase.
Explanation:
If the government provides incentives on the savings then the people will induce to save more. Therefore, in the loanable market, the supply of loanable funds will increase because the commercial bank uses the money which a person save in banks. Thus the supply of loanable fund will increase in the market.
The government is considering two alternative policies, one involving increased government purchases of 50 units, the other involving a tax cut of 50 units. Which policy will stimulate planned aggregate expenditure by more? Why?
Answer:
Increased government purchases will stimulate planned aggregate expenditure.
Explanation:
Aggregate expenditure in the economy refers to the current prices of all the goods and services in a country and urs usually dependent on a host of factors such as household consumption , investments , government spending , and net exports.
An increase in government spending will increase the aggregate expenditure in the system which also means that increased government purchases of 50 units will stimulate it more.
Suppose the dollar amount of the externality, per gallon of gasoline, is constant, regardless of how much gasoline is produced. Then the externality could be internalized if producers of gasoline were
a. required to pay a tax of $0.45 per gallon of gasoline sold.
b. provided a subsidy of $0.45 per gallon of gasoline sold.
c. required to pay a tax of $0.30 per gallon of gasoline sold.
d. provided a subsidy of $0.30 per gallon of gasoline sold.
Answer:
a. required to pay a tax of $0.45 per gallon of gasoline sold.
Explanation:
The marginal external cost shows the difference between the private cost and the social cost. Also it should be the tax imposed amount. In the given case, the value is of $0.45 this represent that there is the tax of $0.45 that should be imposed on the producers in order to internalize the external cost
Therefore, the option a is correct
Mary Smith is considering investing in 30 year Corporate Bonds issued by Duke Energy Company. She knows that she will earn an interest rate of 8% by purchasing these bonds. However, she is concerned because she might need to take her money out of this investment in a year, and she has heard that she might have to sell the bonds at a significantly lower price than she will purchase them for. What type of risk is Mary concerned about
Answer:
Mary Smith is concerned about systematic risk.
Explanation:
Systematic risk refers to the ongoing risk caused by a combination of factors, including the economy, geopolitical issues, corporate health, and others. It covers the impact on the overall market and includes systemic risks that are peculiar to an industry. Systemic risk will only impact the market for Corporate Bonds. But, Mary's concern shows that other factors might combine, causing her to require her money back after a year.
A mortgage broker structures a loan priced with two points in borrower credit. He suggests that, based on the limited amount of cash the borrower has on hand to close, it may be best to take a slightly higher rate and use the premium generated to subsidize the closing costs. After consideration, the borrower agrees and moves forward. This is:
Answer:
Legal and ethical
Explanation:
Considering the scenario described above it is revealed that the borrower has the choice of choosing how he would prefer or have to structure his oan, while the originator or mortgage broker follows by the borrower's judgment or decision.
Hence, in this case, it can be concluded that such a scenario is considered LEGAL and ETHICAL use of what is now referred to as borrower credit.
It should be noted that this is an argument against Yield spread premium, whereby borrowers are assumed to be ignorant that YSP is being charged.
can someone help? it's accounting !
Answer: i cant see
Explanation:
Emily is deciding whether to buy the same designer jacket her friends have. The jacket is much more expensive than a similar one from a lesser-known brand.
Which questions should she consider before she buys the jacket? Check all that apply.
Is advertising influencing her?
What are her motivations?
Has she compared prices?
Is she buying at the right time?
Will her sister like the jacket too?
Answer: Is advertising influencing her?
What are her motivations?
Has she compared prices?
Is she buying at the right time?
Explanation:
The questions that she should consider before she buys the jacket include:
• Is advertising influencing her?
• What are her motivations?
• Has she compared prices?
• Is she buying at the right time?
Before buying the jacket, the question "Will her sister like the jacket too?" shouldn't be considered as she is looking to satisfy her own needs and not that if her sister and in this case, he sister shouldn't have an impact on her buying decision.
Answer:
A, B, C, D
Explanation:
edge2021
A Debt Service Fund accumulates resources to retire debt that is due in a lump sum in the year 2021. The Fund held marketable securities that cost $900,000 when purchased during 2013 and 2014. The securities had fair values of $875,000 on January 1, 2020, and $930,000 on December 31, 2020. The average fair value during the year was $895,000. At what amount should the Fund report the securities in its balance sheet on December 31, 2020
Answer:
$930,000
Explanation:
The computation of the amount that should the Fund report the securities in its balance sheet on December 31, 2020 is shown below;
Here on the balance sheet, only fair value should be recorded i.e.. $930,000
So as per the given situation, no other amount should be reported
hence, the amount that should the Fund report the securities in its balance sheet on December 31, 2020 is $930,000
Your uncle has $300,000 invested at 7.5%, and he now wants to retire. He wants to withdraw $35,000 at the end of each year, beginning at the end of this year. He also wants to have $25,000 left to give you when he ceases to withdraw funds from the account. What is the maximum number of $35,000 withdrawals that he can make and still have at least $25,000 left in the account
Answer:
14.96
Explanation:
Calculation to determine For how many years can he make the $35,000 withdrawals and still have $25,000 left in the end
Using financial calculator to determine the Number of years
I/YR= 7.50%
PV=$300,000
PMT=$35,000
FV=$25,000
N=?
Hence,
N=14.96 years
Therefore For how many years can he make the $35,000 withdrawals and still have $25,000 left in the end will be 14.96 years
A local automobile service company is interested in advertising but has a very limited budget. They would like to tailor their advertising toward individuals in the local area who own older domestic vehicles and may need services such as brakes, transmission, or other relatively major services. Which advertising medium is best for this company
Answer:
Radio
Explanation:
From the question we are informed about local automobile service company who is interested in advertising but has a very limited budget. They would like to tailor their advertising toward individuals in the local area who own older domestic vehicles and may need services such as brakes, transmission, or other relatively major services. In this case, advertising medium that is best for this company is radio.
Advertising media can be regarded as a channel that is been used for communicating a promotional message to the outside world. These media could be through billboards, television advertisements or online banners and radio spots. Radio advertising can be regarded as a channel of buying commercials so that products or services can be promoted.
Advertisers will pay some charges to commercial radio stations for airtime , then , the radio station in exchange for this will broadcasts the advertiser's commercial all over the listening audience.
how to calculate for opening bank balance
Answer:
The opening balance is the amount of money that is available in the bank at the beginning of each financial period, such as the start of each month or each year. It is the amount brought forward and first figure entered in the account at the beginning of each period. When the amount is newly opened, the opening balance is the first amount entered in the account
Therefore, the opening balance is the difference between the closing balance and the deposit less the withdrawals within a period
Closing Balance = The Opening Balance + Total Income - Total Expense
Therefore;
The Opening Balance = Closing Balance - Total Income + Total Expense
Explanation:
The Assembly Department of Protocol, Inc., manufacturer of computers, incurred $280,000 in direct material costs and $70,000 in conversion costs. The equivalent units of production for direct materials and conversion costs are 1000 and 900, respectively. The weighted-average method is used. The cost per equivalent unit of production for direct materials is ________. Group of answer choices
Answer:
$280
Explanation:
Calculation to determine what The cost per equivalent unit of production for direct materials is
Cost per equivalent unit of production= Direct material costs ÷ direct material units
Cost per equivalent unit of production= $280,000 ÷ 1,000 units
Cost per equivalent unit of production= $280
Therefore The cost per equivalent unit of production for direct materials is $280
define education please
Current assets include a.cash and assets that will be converted into cash or consumed within either one year or the normal operating cycle of the business, whichever is longer. b.plant assets. c.assets that are expected to serve the business for many years. d.cash and assets that will be converted into cash or consumed within either one year or the normal operating cycle of the business, whichever is shorter.
Answer:
d.cash and assets that will be converted into cash or consumed within either one year or the normal operating cycle of the business, whichever is shorter.
Explanation:
(A) If variances are prorated at the end of the accounting period, an unfavorable direct materials price variance will, when prorated, increase the value of the Finished Goods Inventory. (B) Insignificant variances are not generally prorated at the end of the accounting period and are closed to the Cost of Goods Sold. Group of answer choices
Answer:
Both A and B are correct.
Explanation:
Variance analysis help the business to identify the deviation from their budgeted expenditures. The budget cost or volume is analyzed against the actual expenditure or production volume. Variance can be favorable or unfavorable. An unfavorable material price variance will increase the cost of finished goods.
The statements that are true include C. Both of these are true.
From the complete question, it should be noted that if variances are prorated at the end of the accounting period, an unfavorable direct materials price variance will increase the value of the finished goods inventory when prorated.
The price variance is the difference between the expected cost of an item and the actual cost of the item when it was purchased. Also, insignificant variances are not generally prorated at the end of the accounting period and are closed to the cost of goods sold.
Therefore, both options are true.
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For the current financial year a hotel had $350,000 in its retained earnings account at the beginning of the year. During the year it earned $80,000 in profit and paid $32,000 in dividends to its owners. The balance sheet at the end of the current financial year should reflect a retained earnings balance of: A.$430,000. B.$318,000. C.$398,000. D.$48,000. E.$80,000.
Answer:
The correct option is C.$398,000.
Explanation:
This can be determined as follows:
Retained earnings for the year = Profit earned during the year – Dividend paid to the owners = $80,000 - $32,000 = $48,000
Ending retained earnings = Beginning retained earnings + Retained earnings for the year = $350,000 + $48,000 = $398,000
This implies that the balance sheet at the end of the current financial year should reflect a retained earnings balance of $398,000.
Therefore, the correct option is C.$398,000.
The last time to trade an equity option that is about to expire is:
a. 2:00 PM central time; 3:00 PM eastern time; on the 3rd Friday of the expiration month
b. 3:00 PM central time; 4:00 PM eastern time; on the 3rd Friday of the expiration month
c. 4:00 PM central time; 5:00 PM eastern time on the 3rd Friday of the expiration month
d. 5:00 PM central time; 6:00 PM eastern time on the 3rd Friday of the expiration month
Answer:
b. 3:00 PM central time; 4:00 PM eastern time; on the 3rd Friday of the expiration month
Explanation:
The last time to TRADE AN EQUITY OPTION THAT IS ABOUT TO EXPIRE IS: 3:00 PM CENTRAL TIME, 4:00 PM EASTERN TIME and on the 3rd FRIDAY OF THE EXPIRATION MONTH reason been that any EQUITY OPTION contract that exceed the EXPIRE DATE will be INVALID which is why it is of Paramount to TRADE AN EQUITY OPTIONS before the expiration date in order for the TRADED EQUITY OPTIONS to be VALID.
Therefore last time to trade an equity option that is about to expire is:
3:00 PM central time
4:00 PM eastern time
3rd Friday of the expiration month.
A broker and the buyers he represents are anxiously awaiting the closing on their new home. The closing is scheduled in 4 days. The buyers inform the broker that they just received revised Loan Estimate and Closing Disclosure forms from the lender, indicating the Annual Percentage Rate on their loan has increased by 0.3%. Based on the TILA-RESPA Integrated Disclosure rule, what action should the broker take in this situation
Answer: Confirm with the seller's broker, the lender and the closing entity that the closing must be delayed to allow for a new seven-day waiting period because of the interest rate revision.
Explanation:
The TILA-RESPA Integrated Disclosure rule, helps in dictating the information which the mortgage lenders are expectes to give to the borrowers and also when such information must be provided.
Based on the TILA-RESPA Integrated Disclosure rule, the action that the broker should in this situation is for the broker to confirm with the broker of the seller, the lender and also the closing entity that there must be a delay in the closing in order to give room for a new seven-day waiting period due to the revision in the interest rate.
A message sent by an HR manager asking all employees to submit details about overtime done in the previous quarter is an example of routine request
Answer:
D) information or action
Explanation:
These are the options for the question
A) settlements to claims
B) recommendations
C) adjustments
D) information or action
E) references
Routine request can be regarded as a request for information, which is been contained in case files, indices,schedules as well as dockets that doesn't look for impounded as well as confidential and sealed information.
When sending a routine email
that give recognizion for a job that is well done, the following should be included;
✓rationale that state work important of the work.
✓closing statement which encourages continued excellence.
✓specific descriptionthat explain purpose of the message.
It should be noted that message sent by an HR manager asking all employees to submit details about overtime done in the previous quarter is an example of routine request information or action
Mr. Benjamin salgado invested his savings to salgado and delgado construction corporation amounting to php500,000 in cash and equipment worth php250,000.00
Answer:
Mr. Benjamin has invested total php 750,000 in Salgado and Delgado construction corporation.
Explanation:
The investment made by Mr. Benjamin in cash and as an equipment both will be considered as investment made in the company. The percentage of stake will be calculated by considering both forms of investments. Mr. Benjamin will have controlling stake in Salgado and Delgado corporation. The company can receive dividends according to percentage of stake declared by the company.
g turing facilities in Asia. Emerson needs to build a new manufacturing facility to produce automotive parts for cars manufactured in Detroit. Emerson executives are considering whether to build the new facility in China or in the United States. Which of the following, if true, undermines the argument to build a new Emerson facility in China? A. Fuel costs in China have risen sharply and are not expected to drop. B. China has committed over $500 billion to infrastructure projects. C. U.S. firms continue outsourcing service jobs despite the economy. D. China is the world's largest exporter of manufactured goods.
Answer: A. Fuel costs in China have risen sharply and are not expected to drop.
Explanation:
The main reason that companies would want to invest in another country and set up factories there for production, is usually because of the cost savings that it would enjoy doing so.
China offers a lot of cost savings to manufacturers such as with labor and material but if it is found that fuel costs have risen sharply and will not drop anytime soon, production in China will become more expensive and might dissuade companies like Emerson from setting up shop there.
Due to increased corporate responsibilities, the manager of a sporting goods store has asked the assistant manager to take responsibility for screening and hiring new sales associates. The manager is allowing the assistant to make the decisions independently, but has scheduled weekly meetings for the two to discuss any issues of concern and to provide insight, if needed. The manager is demonstrating which desirable retailing attribute?
A. Prioritizing
B. Leadership
C. Creativity
D. Laziness
Answer:
B. Leadership
Explanation:
Leadership is the art for encouraging the people towards attaining a common goal. In this, it give directions to the workers & colleagues in order to meet out the needs of the company by having a strategy.
Since in the question it is mentioned that manager permit the assitant to make the decision but also scheduled the weekly meeting
So here the manager represent the leadership attribute
Sally Fuller is a buyer for GWA publishing company. Her job is to purchase supplies and services for the printing of technical manuals. Her brother sets up a printing company, and Sally hires him to print most of these manuals for GWA. However, rather than actually printing the manuals, her brother hires another printer to do the work, then sells the printed manuals to GWA at a 50 percent markup. As a result, his prices are much higher than the other printers who serve GWA. This type of scheme is most likely a: Group of answer choices
Answer:
b. Pass-through scheme
Explanation:
Pass-through schemes applied for the shell company that established by an employee in order to buy the goods or services for the employer. After this it is marked up and sold to the employer via the shell. In the case when the vendor returns the over payment to the company so here the employee embezzles the refund
So as per the given situation, the option b is correct
What are checks?
Answer:
A check is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer. It is another way to instruct a bank to transfer funds from the payor’s account to the payee or that person's account.
I got 100 on edge
Answer:
A check is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer. It is another way to instruct a bank to transfer funds from the payor’s account to the payee or that person's account.
I got 100 on edge
Explanation:
I think it's help
Name FIVE factors that must be considered when choosing a form of ownership.
Answer:
1) financing, taxation,risk tolerance, continuity and transferability,entrepreneurial ability
Explanation:
,
what is warehousing and a warehouse
Answer: See explanation
Explanation:
Warehousing refers to the act of storing goods which will then be distributed later or sold. Companies normally have a room or building where they keep their goods and such place are designed for storage.
The Functions of Warehousing include:
• Storage
• Purchasing of goods
• Inventory management.
• Materials handling, and packaging.
On the other hand, a warehouse refers to the building that is used for storing goods and making them available later when they are needed.