Jasmine Corporation purchased inventory costing $125,000 and sold 75% of the goods for $163,750. All purchases and sales were on account. Jasmine later collected 25% of the accounts receivable. Assume that sales returns are nonexistent.
1. Journalize these transactions for Jasmine, which uses the perpetual inventory system.
2. For these transactions, show what Jasmine will report for inventory, revenues, and expenses on its financial statement at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is $0.

Answer:

Part 1

Purchase journal

Debit  : Merchandise Inventory $125,000

Credit : Accounts Payable $125,000

Sales journal

Debit  : Accounts Receivable $163,750

Debit  : Cost of Sales ($125,000 x 75%) $93,750

Credit : Sales Revenue $163,750

Credit : Inventory $93,750

Collection of Payments journal

Debit : Cash ($163,750 x 25%) $40,938

Credit : Accounts Receivable $40,938

Part 2

Inventory = $31,250

revenues = $163,750

expenses = $93,750

gross profit = $70,000

Explanation:

inventory = Purchases - Cost of sales

                = $125,000 - $93,750

                = $31,250

revenues = Sales to Customers paid up or not

                = $163,750

expenses = Cost of sales

                = $93,750

gross profit = Sales - Cost of sales

                   = $163,750 - $93,750

                   = $70,000

Ed Curtiss is a sales representative with a small electronics firm. Ed's employer has made significant design changes to its top-selling scientific calculator. Ed has a meeting with the superintendent of a large, urban school district and hopes to make a large sale of the calculators, which would be suitable for high school math students. The _______ approach would most likely be effective for Ed.

Cost of Normal Spoilage
Frieling Company installs granite countertops in customers' homes. First, the customer chooses the particular granite slab, and then Frieling measures the countertop area at the customer's home, cuts the granite to that shape, and installs it. The Tramel job calls for direct materials of $1,900 and direct labor of $500. Overhead is applied at the rate of 140 percent of direct labor cost. Unfortunately, one small countertop breaks during installation and Frieling must cut another piece and install it to properly complete the job. The additional rework required direct materials costing $400 and direct labor costing $100. Assume that the spoilage was due to carelessness by a Frieling worker and it is considered to be normal spoilage.
Required:
1. Calculate the cost of the Tramel job.
2. Make any needed journal entry to the overhead control account.
3. What if the additional rework required $200 of direct labor? What would be the effect on the cost of the Tramel job?

Last year, Valley Manufacturing reported sales of $800,000, net operating income of $40,000, and average operating assets of $400,000. The company is considering the purchase of equipment that will reduce expenses by $20,000. The equipment will increase average operating assets by $100,000 and be purchased by issuing a notes payable. Sales will remain unchanged. If Valley accepts the project, its return on investment (ROI) after the purchase is projected to

9. Lobbying for or against trade restrictions Trade restrictions affect the overall welfare of an economy because they change the price consumers pay for a good and the quantity produced and consumed domestically. Trade restrictions, such as tariffs, usually benefit domestic and hurt domestic because they the domestic price of a good. True or False: Producers find it difficult to exert the political influence needed to establish trade restrictions because the benefits to producers are very small and widely dispersed, which makes it difficult for producers to organize. True False

On November 1, Lance Co. borrows $90,000 cash from First Bank by signing a 90-day, 5% interest-bearing note. On December 31, Lance will record an adjusting entry by crediting _______ in the amount of ______. Multiple choice question. Interest Expense; $1,125 Interest Payable; $750 Interest Payable; $1,125 Cash; $750 Cash; $1,125 Interest Expense; $750

In a recent annual report, Fourth Wall Inc. (formerly Greencube) disclosed that 61,600,000 shares of common stock have been authorized. At the beginning of the fiscal year, a total of 35,949,592 shares had been issued and the number of shares in treasury stock was 7,331.269. During the year, 566,765 additional shares were issued, and the number of treasury shares increased by 3,114,188
Determine the number of shares outstanding at the end of the year.

Lash Corporation has the following sales budget for the last half of 2000:

May $164,000 June $145,000
July $206,000 August $181,000
September 168,000 October 203,000
November 209,000 December 185,000

Sales are immediately due, however the cash collection of sales, historically, has been as follows: 55% of sales collected in the month of sale, 35% of sales collected in the month following the sale, 7% of sales collected in the second month following the sale, and 3% of sales are uncollectible.

Required:
a. What are the expected cash collections in September?
b. What is acciounts receivable at September 30?

Lorenzo schedules work, and sends workers and vehicles to different locations. His job title is best described as _____ .
1. Chauffeur
2. Dispatcher
3. Streetcar Operator
4. Copilot

Abraham assists and monitors airline passengers during a trip. His job title is best described as ____ .
1. Flight Attendant
2. Dispatcher
3. Airline Pilot
4. Air Traffic Controller

Dani monitors and directs many different airplanes at an airport. Her job title is best described as ____ .
1. Dispatcher
2. Air Traffic Controller
3. Flight Attendant
4. Flight Engineer

Toyota's global success in the 1990s and early 2000s was based to a large extent on a network of world-class suppliers in Japan. This tightly knit network allowed for fast two-way knowledge sharing—this in turn improved Toyota's quality and lowered its cost, which it leveraged into a successful blue ocean strategy at the business level. This example shows the effectiveness of

You are the manager for a Pizza restaurant. Currently, your restaurant pre-makes pizzas that are ordered the most to increase the number of pizzas being made on time for your customers. Over time, many customers have complained that their pizzas were cold upon delivery and not fresh, requesting refunds or remakes of their pizza. Your location is losing money from these wasteful practices, therefore, you want to create a Kanban based on the following basic principles:

1. A later process tells an earlier process when new items are required. This means that unless a customer orders a pizza, no pizzas will be made. Pull!
2. The earlier process produces what the later process needs.
3. No Items can be made without a Kanban card (order request). This allows the process to be transparent so everyone knows what is going on.
4. Defects are not passed on to the next stage.Create a Kanban board for your pizza company that delivers. You must have 4-6 columns with headings for each.

Required:
Decide what your Kanban cards will represent. Set Rules for your Kanban.

At the beginning of 2020, Sun Angel Corporation began offering a two-year warranty on its products. The warranty program was expected to cost Sun Angel 3% of net sales in the first 12 months and 1% of net sales in the second 12 months. Net sales made under warranty in 2020 were $184,743,795. Fifteen percent of the units sold were returned in 2020 and repaired or replaced at a cost of $5,179,626. The amount reported on Sun Angel's 2020 year end balance sheet for Estimated Warranty Liability is:

Walker Company prepares monthly budgets. The current budget plans for a September ending merchandise inventory of 27,000 units. Company policy is to end each month with merchandise inventory equal to 15% of budgeted sales for the following month. Budgeted sales and merchandise purchases for the next three months follow. The company budgets sales of 180,000 units in October.

Sales (Units) Purchases (Units)
July 210,000 222,000
August 290,000 290,000
September 290,000 273,500

Required:
a. Prepare the merchandise purchases budget for the months of July, August, and September.
b. Compute the ratio of ending inventory to the next month’s sales.
c. How many units are budgeted for sale in October?

Coronado Industries reported revenue of $1650000 in its accrual basis income statement for the year ended June 30, 2021. Additional information was as follows: Accounts receivable June 30, 2020 $405000 Accounts receivable June 30, 2021 521000 Uncollectible accounts written off during the fiscal year 16000 Under the cash basis, Coronado should report revenue of

Exercise 11-17 Dropping or Retaining a Segment [LO11-2] Bed & Bath, a retailing company, has two departments—Hardware and Linens. The company’s most recent monthly contribution format income statement follows: Department Total Hardware Linens Sales $ 4,000,000 $ 3,000,000 $ 1,000,000 Variable expenses 1,300,000 900,000 400,000 Contribution margin 2,700,000 2,100,000 600,000 Fixed expenses 2,200,000 1,400,000 800,000 Net operating income (loss) $ 500,000 $ 700,000 $ (200,000 ) A study indicates that $340,000 of the fixed expenses being charged to Linens are sunk costs or allocated costs that will continue even if the Linens Department is dropped. In addition, the elimination of the Linens Department will result in a 10% decrease in the sales of the Hardware Department. Required:

Which type of market
buys goods and
services to produce
public services or to
transfer them to others
who need them?
a.
retail
b.
consumer
C.
government
d.
wholesaler​

Betram Chemicals Company processes a number of chemical compounds used in producing industrial cleaning products. One compound is decomposed into two chemicals: anderine and dofinol. The cost of processing one batch of compound is $73,000, and the result is 5,600 gallons of anderine and 7,600 gallons of dofinol. Betram Chemicals can sell the anderine at split-off for $13.00 per gallon and the dofinol for $7.45 per gallon. Alternatively, the anderine can be processed further at a cost of $7.50 per gallon (of anderine) into cermine. It takes 2 gallons of anderine for every gallon of cermine. A gallon of cermine sells for $65.
Required:
1. List the relevant benefits and costs for each alternative.
2. Which alternative is more cost effective and by how much?
3. What if the production of anderine into cermine required additional purchasing and quality inspection activity? Every 500 gallons of anderine that undergo further processing required 20 more purchase orders at $10 each and 15 more quality inspection hours at $25 each. Which alternative would be better and by how much?

can anyone share important questions on Managerial Information Systems??
i need it for preparing
for my exams​

One strategy for investing is to start with riskier investments and work your way to investments that are less niste
True
False

The following information pertains to Brian Stone Corporation: Beginning fixed manufacturing overhead in inventory $60,000 Ending fixed manufacturing overhead in inventory 45,000 Beginning variable manufacturing overhead in $30,000 inventory Ending variable manufacturing overhead in inventory 14,250 Fixed selling and administrative costs $724,000 Units produced 5,000 units Units sold 4,800 units What is the difference between operating incomes under absorption costing and variable costing

What are the different aspects by which an emerging technology is defined?
What are the different aspects by which an emerging technology is defined?
(you can choose more than one sentence)
Emerging technologies are mostly those that arise from new knowledge. Emerging technologies may develop in new markets, this makes it easier to determine their demand. However, at times, the market for this technology may be non-existent. These technologies can be evaluated by using existing technologies as heuristics. SCORE is an example of a heuristic evaluation method. There are no standard methods used to evaluate emerging technologies.

Journalize the entries to record the following selected bond investment transactions for Hall Trust (refer to the Chart of Accounts for exact wording of account titles):
Apr. 1 Purchased for cash $240,000 of Medina City 6% bonds at 100 plus accrued interest of $3,600, paying interest semiannually.
June 30 Received first semiannual interest payment.
July 31
Sold $120,000 of the bonds at 98 plus accrued interest of $600.
CHART OF ACCOUNTSHall TrustGeneral Ledger
ASSETS
110 Cash
111 Petty Cash
120 Accounts Receivable
121 Allowance for Doubtful Accounts
131 Notes Receivable
132 Interest Receivable
141 Merchandise Inventory
145 Office Supplies
161 Investments-Medina City Bonds
165 Valuation Allowance for Trading Investments
166 Valuation Allowance for Available-for-Sale Investments
181 Land
193 Office Equipment
194 Accumulated Depreciation-Office Equipment
LIABILITIES
210 Accounts Payable
221 Notes Payable
231 Interest Payable
241 Salaries Payable
EQUITY
311 Common Stock
312 Paid-In Capital in Excess of Par-Common Stock
321 Preferred Stock
322 Paid-In Capital in Excess of Par-Preferred Stock
331 Treasury Stock
332 Paid-In Capital from Sale of Treasury Stock
340 Retained Earnings
350 Unrealized Gain (Loss) on Available-for-Sale Investments
351 Cash Dividends
352 Stock Dividends
390 Income Summary
REVENUE
410 Sales
611 Interest Revenue
612 Dividend Revenue
631 Gain on Sale of Investments
641 Unrealized Gain on Trading Investments
EXPENSES
511 Cost of Merchandise Sold
512 Bad Debt Expense
516 Cash Short and Over
520 Salaries Expense
531 Advertising Expense
534 Selling Expenses
535 Rent Expense
537 Office Supplies Expense
562 Depreciation Expense-Office Equipment
590 Miscellaneous Expense
710 Interest Expense
731 Loss on Sale of Investments
741 Unrealized Loss on Trading Investments

The following facts relate to Coronado Corporation.
1. Deferred tax liability, January 1, 2020, $20,200.
2. Deferred tax asset, January 1, 2020, $0.
3. Taxable income for 2020, $95,950.
4. Pretax financial income for 2020, $202,000.
5. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $242,400.
6. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $35,350.
7. Tax rate for all years, 20%.
8. The company is expected to operate profitably in the future.
Compute income taxes payable for 2020:
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Time Warner Inc. is a leading media and entertainment company with businesses in television networks, filmed entertainment, and publishing. The company's recent annual report contained the following information (dollars in millions):

Net loss $(13,402 )
Depreciation, amortization, and impairments 34,790
Decrease in receivables 1,245
Increase in inventories 5,766
Decrease in accounts payable 445
Additions to equipment 4,377

Required:
a. Based on this information, compute cash flow from operating activities using the indirect method.
b. What were the major reasons that Time Warner was able to report a net loss but positive cash flow from operations? Why are the reasons for the difference between cash flow from operations and net income important to financial analysts?

assess the way in which a business would benefit from a low interest rate 6 mark

Measuring actual performance can be done through:



a.
Assessing the behavior of employee



b.
Assessing the output of employee



c.
Both are correct


d.
Non are correct

Crane, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 200 pressure gauges were produced, and overhead costs of $72,750 were estimated. An analysis of estimated overhead costs reveals the following activities. Activities Cost Drivers Total Cost 1. Materials handling Number of requisitions $30,000 2. Machine setups Number of setups 23,750 3. Quality inspections Number of inspections 19,000 $72,750 The cost driver volume for each product was as follows. Cost Drivers Instruments Gauges Total Number of requisitions 375 625 1,000 Number of setups 175 300 475 Number of inspections 225 250 475

Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $28,000 and $18,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $35,000. a. What is the amount of a gain or loss on realization

V Boutique is a fashion house that designs, manufactures, and sells evening gowns. Their lowest-selling design is a vibrant green strapless gown in Dupioni silk. V Boutique is considering lowering the selling price of the gown to stimulate demand. However, before lowering the price, they must evaluate the total costs associated with the gown.
. Fabric and materials - $62/gown
. Labor to construct the gown - $40/gown
. Equipment cost for these gowns (steamer and sewing machines) $3,000
V Boutique anticipates selling 500 gowns after lowering the selling price. Assuming their projection is accurate, what is the total average cost they will incur per gown?

The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash $ 53,000 Liabilities $ 38,000 Noncash assets 138,000 Hendrick, capital 98,000 Mitchum, capital 73,000 Redding, capital (18,000 ) This partnership is being liquidated. Hendrick and Mitchum are each entitled to 40 percent of all profits and losses with the remaining 20 percent going to Redding. What is the maximum amount that Redding might have to contribute to this partnership because of the deficit capital balance

Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $26.10 million cost of the patent on a straight-line basis since it was acquired at the beginning of 2017. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the end of 2021 (before adjusting and closing entries.

Required:
Prepare the appropriate adjusting entry for patent amortization in 2013 to reflect the revised estimate.