The first step that should be taken to utilize the organizations social network is to determine the company's goals and objectives.
What is social network?It should be noted that social network simply means the use of internet based platform to stay connected with others.
In this case, the step that should be taken to utilize the organizations social network is to determine the company's goals and objectives.
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The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2015, while the income statement items correspond to revenues or expenses during the year ending in 2015. All values are in thousands of dollars.
2017 2018
Revenue $ 4,400 $ 4,500
Cost of goods sold 1,500 1,600
Depreciation 480 500
Inventories 290 320
Administrative expenses 530 580
Interest expense 210 210
Federal and state taxes* 530 550
Accounts payable 280 340
Accounts receivable 440 480
Net fixed assets† 4,500 5,270
Long-term debt 2,800 3,240
Notes payable 896 610
Dividends paid 440 440
Cash and marketable
securities 870 510
Taxes are paid in their entirety in the year that the tax obligation is incurred.
Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed.
Suppose that Fincorp has 468,000 shares outstanding. What were earnings per share?
Answer:
$1.60 and $2.26
Explanation:
Income statement
2017( in thousand) 2018(in thousand)
Sales revenue
$,4000 $4,500
Less: expenses
Cost of goods sold
($1,500) ($1,600)
Depreciation
($480) ($500)
Administrative expenses
($530) ($580)
Interest expense
($210) ($210)
Federal and state taxes
($530) ($550)
Net income
$750 $1,060
Earning per share = Net income / Number of shares outstanding
Therefore,
Earning per share for 2017 = $750,000 / 468,000
= $1.60
Earning per share for 2018 = $1,060,000 / 468,000
= $2.26
The sales era emerged because of an increased need to move products during the Great Depression.
True
False
Answer:
True
Explanation:
Edge 2020
Amazon’s employees will return to the office after a lengthy period of remote working and managers will need to employ the most suitable leadership models, styles or theories to ease the transition In light of this, assess the suitability of key leadership models, theories or styles in terms of their effectiveness in the context provided
To ease the transition for Amazon employees who will return to the office after a long period of remote work, it is essential that the managerial leadership style aligns employee expectations with work.
What is transformational leadership?It corresponds to a management style that helps motivate employees through greater autonomy to be creative and innovative, generating a sense of integration and collaboration to achieve organizational goals.
Therefore, through transformational leadership, the leader is able to make the transition in a positive way, generating a culture focused on development and cooperation.
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Use the following data to determine the total amount of working capital.
Sheffield Corp. Balance Sheet December 31, 2022
Cash $200000 Accounts payable $202000
Accounts receivable 154000 Salaries and wages payable 27000
Inventory 152000 Mortgage payable 236000
Prepaid insurance 90300 Total liabilities $465000
Stock investments (long-term) 266000
Land 299000
Buildings $305000 Common stock $420300
Less: Accumulated depreciation (55000) 250000 Retained earnings 742000
Goodwill 216000 Total stockholders' equity $1162300
Total assets $1627300 Total liabilities and stockholders' equity $1627300
Answer:
Sheffield Corp.
The amount of working capital
= Current Assets minus Current Liabilities
= $596,300 - $229,000
= $367,300
Explanation:
a) Data and Calculations:
Cash $200,000
Accounts receivable 154,000
Inventory 152,000
Prepaid insurance 90,300
Total current assets $596,300
Stock investments (long-term) 266,000
Land 299,000
Buildings $305,000
Less: Accumulated
depreciation (55000) 250,000
Goodwill 216,000 $1,031,000
Total assets $1,627,300
Accounts payable $202,000
Salaries and wages payable 27,000
Current Liabilities $229,000
Mortgage payable 236,000
Total liabilities $465,000
Common stock $420,300
Retained earnings 742,000
Total stockholders' equity $1,162,300
Total liabilities and stockholders' equity $1,627,300
The difference between Sheffield Corporation's current assets and the current liabilities is known as the working capital. It is the excess between these two parameters.
Which of the following statements about the minimum
wage is false?
Select one:
O
The minimum wage makes covered workers who
keep their jobs worse off.
The minimum wage makes employers of covered
workers worse off.
The minimum wage covers about 5-10% of
Canadian workers.
O
The minimum wage creates some small amount of
unemployment among covered workers.
Answer:
Some workers are better off and some are worse off.
Explanation:
If the government raises minimum wages, the cost of hiring labour increases and as a result, some firms would lay off some workers especially those that are low skilled labours.
As a result some would lose their jobs while others would benefit from the increased wages
What is the variance in the number of orders? Product Analysis: Lamb Rack; Portion size = 12oz (EP); yield = 85% Opening Inventory (lbs.) 100 Ending Inventory (lbs.) 110 Purchases (lbs.) 200 # Sold 200 Meal selling price $18.95 Purchase cost (lbs.) $11.00
Answer:
Explanation:
From the information given:
The number of portion size that can be gotten from one pound = 16/12
= 1.33
Given that the yield is 85%, therefore, the actual portions can now be:
= 1.33 × 0.85
= 1.133
However, the average meat used = Purchase + opening inventory - ending inventory
the average meat used = 200 + 100 - 110 = 190
The number of orders from 190 lbs = 1.133 × 190 = 215.27
The number of orders from 190 lbs = 215.27
The real purchases = 200
Thus; variance = 200 - 215.27
variance = -15.27
Thus, approximately 15 orders are found to be lesser.
Devon forgets to pay his credit card bill for three months. Which of the following statements is TRUE?
1. A Late Payment fee will not be charged to his account.
2. A Balance Transfer fee will be charged to his account.
3. His A.P.R. (interest rate) will rise to 30.24% until he pays back the amount he owes.
4. His A.P.R. (interest rate) will rise to 30.24% and stay there until he makes six consecutive minimum payments.
Answer:
his apr will rise to 30.24
Explanation:
His A.P.R. (interest rate) will rise to 30.24% until he pays back the amount he owes is the statement is true. Hence, option C is correct.
What is interest rate?An interest rate is the amount of interest that is payable each period stated as a proportion of the amount lent, deposited, or borrowed called the principal sum.
An interest rate is a fee that a lender assesses to a borrower; it is calculated as a percentage of the principal, or the loaned amount. The annual percentage rate, or APR, is typically used to express the interest rate on a loan.
Interest rates are one of the main pillars of the American economic system. They affect borrowing costs, savings yields, and greatly contribute to the overall return on many different types of assets. Additionally, some interest rates provide insight about forthcoming financial market and economic activity.
Thus, option C is correct.
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The Skysong Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Skysong has decided to locate a new factory in the Panama City area. Skysong will either buy or lease a site depending upon which is more advantageous. The site location committee has narrowed down the available sites to the following three very similar buildings that will meet their needs. Building A: Purchase for a cash price of $620,000, useful life 27 years. Building B: Lease for 27 years with annual lease payments of $71,170 being made at the beginning of the year. Building C: Purchase for $657,500 cash. This building is larger than needed; however, the excess space can be sublet for 27 years at a net annual rental of $6,200. Rental payments will be received at the end of each year. The Skysong Inc. has no aversion to being a landlord. Click here to view factor tables In which building would you recommend that The Skysong Inc. locate, assuming a 11% cost of funds
Answer:
Building C
Explanation:
Building A: Purchase for a cash price of $620,000, useful life 27 years.
Building B: Lease for 27 years with annual lease payments of $71,170 being made at the beginning of the year.
Building C: Purchase for $657,500 cash. This building is larger than needed; however, the excess space can be sublet for 27 years at a net annual rental of $6,200. Rental payments will be received at the end of each year.
11% cost of funds
we must determine the present value of each option:
Building A's present value = $620,000Building B's present value = $71,170 x 9.48806 (PV annuity due factor, 11%, 27 periods) = $375,265.23Building C's present value = $657,500 - [$6,200 x 8.5478 (PV ordinary annuity factor, 11%, 27 periods) = $657,500 - $52,996.36 = $604,503.64 (LOWEST PV)A sales rep is on a phone call with a prospect who likes to control the conversation. The constant interruptions make it hard for the rep to find out the prospect's pain points and to pitch. What should the rep do first
The sales rep on a phone call with a prospect controlling the conversation should do the following first:
a) Ask the prospect what she hopes to get out of the call to encourage her to re-focus.Why does a phone call with a prospect matter?The phone call should be used to pitch the firm's products and services to meet the prospect's pain points.
To make the phone call successful, the sales rep should take these steps:
Develop a clear goal for the sales call.Ask relevant questions, giving the prospect more opportunity to talk.Discover the prospect's pain points.Utilize every opportunity to pitch the firm's brand.Answer Options:a) Ask the prospect what she hopes to get out of the call to encourage her to re-focus
b) Tell the prospect that to work together well, she needs to follow the rep's call structure
c) Incorporate what the prospect says into his talking points when there's an opening
d) Offer to set up an in-person appointment to discuss the sales process in more detail
Thus, the first action of the sales rep in such a situation is Option A.
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how can I create a new business?
Find a business idea. Which is the easiest business to start?
Write a business plan. A strong business plan can help you prepare for every aspect of your business.
Choose a Name.
Create a Brand.
Build a Website.
Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 500,000 shares of $6.00 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the following balances: Common stock, $6 par, 500,000 shares authorized 55,000 shares issued and outstanding $ 330,000 Paid-in capital in excess of par - common 440,000 $ 770,000 Retained earnings 1,400,000 Total Stockholders' Equity $ 2,170,000 On December 31, Year 1, Gilligan decides to issue a 5% stock dividend. At the time of issue, the market price of the stock was $22 per share. How will the issuance of the stock dividend affect the financial statements
Answer: Decrease the retained earnings account by $60500, increase the common stock account by $16500 and increase paid in capital in excess of par-common account by $44000.
Explanation:
From the scenario above, the issuance of the stock dividend affect the financial statements in the following way:
The retained earnings account is going to reduce by:
= 55,000 shares × $22 × 5%
= 55,000 × $22 × 0.05
= $60500
Also, the common stock account will increase by:
= 55,000 shares × $6 × 5%
= 55,000 shares × $6 × 0.05
= $16500
Lastly, there'll be an increase in the paid in capital in excess of par common account by
= $60500 – $16500
= $44000
Diego Company manufactures one product that is sold for $73 per unit in two geographic regions—the East and West regions. The following information pertains to the company’s first year of operations in which it produced 56,000 units and sold 51,000 units. Variable costs per unit: Manufacturing: Direct materials $ 24 Direct labor $ 16 Variable manufacturing overhead $ 2 Variable selling and administrative $ 3 Fixed costs per year: Fixed manufacturing overhead $ 784,000 Fixed selling and administrative expense $ 672,000 The company sold 38,000 units in the East region and 13,000 units in the West region. It determined that $300,000 of its fixed selling and administrative expense is traceable to the West region, $250,000 is traceable to the East region, and the remaining $122,000 is a common fixed expense. The company will continue to incur the total amount of its fixed manufacturing overhead costs as long as it continues to produce any amount of its only product. Foundational 6-10 10. What would have been the company’s variable costing net operating income (loss) if it had produced and sold 51,000 units? You do not need to perform any calculations to answer this question.
Answer:
Net operating income= (28,000)
Explanation:
Giving the following information:
Selling price per unit= $73
Total unitary variable production cost= (24 + 16 + 2 + 3)= $45
Fixed manufacturing overhead $ 784,000
Fixed selling and administrative expense $ 672,000
Under the variable costing method, the fixed manufacturing overhead is a period cost instead of a product cost.
Variable costing income statement:
Sales= 73*51,000= 3,723,000
Total variable cost= 51,000*45= (2,295,000)
Contribution margin= 1,428,000
Fixed manufacturing overhead= (784,000)
Fixed selling and administrative expense= (672,000)
Net operating income= (28,000)
10 . From a Keynesian point of view, which is more likely to cause a recession: aggregate demand or aggregate supply, and why
According to the Keynesian perspective, the one more likely to cause a recession is Aggregate demand.
Why is Aggregate demand more likely to cause a recession?Keynes believes that a recession is more likely to occur as a result of aggregate demand.
He posited that a recession could happen when there is insufficient aggregate demand which leads to prices falling thereby creating a recession.
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To reduce costs and the environmental impact of commuting, your software company decides to close a number of offices and enable staff to work from home. However, the senior management team who introduced the policy is unaware that your team is using agile methods, which rely on the co-location of teams and pair programming.
Required:
Discuss the difficulties that this new policy might cause and how you might get around these problems?
Answer:
The problem with this new policy and solutions on how to tackle them have been given in two separate headings below.
Explanation:
Problems of the introduced new policy
Major difficulty faced with the teams, who rely on agile methods, is that they won't be able to conduct face to face meetings. This might create communication gap, slow decision makings, resolving & detecting errors and lack of team building.
Solutions with regard to the new policy
These above mentioned issues can tackled by merging some of the offices already running with those that have been closed down.
Another way is to set up communication mechanism online by providing all the required equipment such as webcams, microphones, laptops, video calling software (such as Zoom, Microsoft Teams etc.) and internet. Moreover, if there is issue of background noise such as some employees might have children and no such quiet place is available in the house then setting up room for attending meetings can also be provided.
Fill in the blanks to explain why it can be bad for a company to have too much labor.
A company can take advantage of_______ , as the_______of the first group of workers will increase, but at a certain point it will decline. At this point, __________ will continue to increase, but marginal product will diminish with each additional worker. Eventually there will be too many workers and not enough _______ to keep them busy, inevitably slowing down production and reducing output.
Answer:
A company can take advantage of THE LAW OF DIMINISHING RETURNS, as the MARGINAL PRODUCT of the first group of workers will increase, but at a certain point it will decline. At this point, TOTAL OUTPUT will continue to increase, but marginal product will diminish with each additional worker. Eventually there will be too many workers and not enough PRODUCTION FACTORS to keep them busy, inevitably slowing down production and reducing output.
Explanation:
I'm not sure about the exact words, but the basic idea should be the same even if you use other words with similar meaning.
This paragraph describes the law of marginal returns. In simple words, if you start with one worker, his/her productivity will generally be low. As you start to add more workers, both total output and productivity increases (due to synergy between workers). But at some point, there are too many workers, and too few resources, e.g. to many chefs inside a kitchen. At that point, since there are too many workers, instead of working well, they will start to complicate each other's performance. This will result in a decline of productivity, even if total output continues to increase.
The correct words to fill the given blanks would be as follows:
The law of Diminishing Returns
Marginal Product
Total Output
Production factors
What is the law of Diminishing Returns?The law of Diminishing Returns states that after the optimum productive ability is reached, the addition of a particular input while others being will influence its efficiency to fall.
This is the cause that the marginal product generated after every additional input would cause a fall after reaching the optimum level.
The reason behind this would be that resources would fall short to keep the inputs engaged all the time.
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It’s been a crazy couple days at the car lot. Jerry, a potential customer, had been to the lot four times this week and said he would be coming in today to finally sign a contract on a top model Corvette, but his wife just called and told you that he had a heart attack and died on his way to the dealership. While you were taking the call and dealing with the grieving widow, a teenage boy came in with $5,000 cash and said he wanted the Chevy out front. Still on the phone, you quickly took the cash, had him sign the papers, and gave him the keys. Thinking that the widow would want to move forward with her husband’s agreement, you mail her a sales slip. Still flustered from the phone call, you realize that you still have an elderly lady in the lobby. She has been there for several hours, but still hasn’t made up her mind if she even wants to buy a car. In a previous conversation that you had with her, she said that she shouldn’t be making such large decisions until her dementia subsides. You tell her, "you need to buy car, you’ve been here too long not to buy a car. Here, sign these papers and take these keys." She reluctantly signs the papers, takes the keys, and drives off in the car. Of the contracts you made today, which ones are voidable, void, and enforceable?
Answer:
In the clarification segment below, the definition including its concern is mentioned.
Explanation:
The following definition of a contract is:
"A purchase contract is a legitimate contract. These are meant to sell or purchase goods as well as products services again for purpose of trading a commodity or service. For a negotiated (price) compensation or sum of money received or offered to pay.
"Legally, void requires not contractual."
Voidable becomes a contract or action that is legitimate but may be canceled in the contract by either of several parties.
"A contract constitutionally binding upon the sides being valid and binding."
The following are the most important integration strategy:
Void: Verbal deal involving Jerry, a prospective buyer who planned to buy a project runway Corvette but expired of a heart condition-Void as when the deal was verbal even though there was no thought or money transfer. Besides, financial agreements and billing information have not yet been developed.Voidable: If the boy wishes to break the deal, a contract for a young boy obtaining a Chevy besides $5000 remains voidable because he's under the age of eighteen years, he is not technically permitted to agree as well as the contract becomes voidable.Voidable: The circumstance of a lady buying a property (car), and therefore by suggesting that she took too long to make a choice, you forced her to start making decisions. She sells the car and advises you that she has psychosis become voidable if you have influenced her and therefore can sign court papers, although, in this situation, the seller manipulated her to make those decisions and therefore can argue that the seller forced her.
A resource-based strategy:
a. is often based on cross-department combinations of intellectual capital and expertise.
b. uses a company's valuable and rare resources and competitive capabilities to deliver value to customers that rivals have difficulty matching.
c. is typically based on a stand-alone resource strength such as technological expertise.
d. refers to a company's most efficiently executed value-chain activity.
e. uses industry key success factors to provide a company with a core competence that rivals cannot effectively imitate.
Answer:
b. uses a company's valuable and rare resources and competitive capabilities to deliver value to customers that rivals have difficulty matching.
Explanation:
Resources refers to competitive and valuable assets, organizational processes, capabilities, information, attributes, and knowledge that are acquired, owned and controlled by an organization. These resources are classified into two (2) main categories;
1. Tangible resources: these are physical assets such as equipments, financial assets, plants, raw materials, inventory etc that are owned and controlled by an organization.
2. Intangible resources: these are assets that are abstract in nature such as knowledge, customer loyalty, skills, experience, stakeholders, patent, culture, buyer recognition etc.
Hence, a resource-based strategy uses a company's valuable and rare resources and competitive capabilities to deliver value to customers that rivals have difficulty matching. This ultimately implies that, resource-based strategy avails a company the ability or opportunity to use their tangible and intangible assets to provide finished goods and services to meet the needs or wants of customers, as well as creating a competitive advantage over rivals in the same industry.
BlackBerry, a one-time leader in secure cell phones, lost its edge. Without significant upgrades or innovation, the company quickly lost market share to iPhones and Android devices. The company attempted to imitate these advances with the Blackberry Storm product, which flopped. Blackberry was criticized as trying to leverage capabilities beyond its core competencies. Which of the following tools should Blackberry use to regain a scope of its core competencies and determine potential sources of competitive advantage
a. External environmental analysis
b. Competitor analysis
c. Industry analysis
d. Value chain analysis
Answer: d. Value chain analysis
Explanation:
The Value Chain analysis by Michael Porter has become a very integral analysis tool for companies as they aim to improve their sales and production efficiency.
Value Chain Analysis works by a company looking inwards to find out the activities it engages in to enable it sell the products that it does. They will look at what sets them apart from other competitors which is their competitive advantage and core competencies.
Using this they will know which activities to embark on and which to avoid or improve upon to enable them maintain profitability. Blackberry needs to do a Value Chain Analysis to regain a scope of its core competencies and determine potential sources of competitive advantage.
A situation in which a partnerships breaks up completely is called
a family limited partnership
a dissociation
a dissolution
an LLC
Answer:
a dissolution
Explanation:
The term dissolution means breaking or tearing apart. When a business partnership break completely, it is regarded to have undergone a dissolution. The partnership as a business ceases to exist. All contractual obligations among the partners are terminated.
Partnerships can dissolve for various reasons and under different circumstances. Upon dissolution, partners will share the assets and liabilities as per the partnership agreement, or equally in the absence of an agreement.
Kate has a very unusual auditing situation. An unusual transaction has created a situation where following GAAP seems problematic. Kate needs advice. Which of the following is true as Kate considers how to handle the situation?
a. Circumstances justifying departure from GAAP do not include new legislation or evolution of a new business form.
b. To depart from GAAP, all Kate need to is describe the departure, its approximate effects, and the reasons why compliance with GAAP would mislead.
c. To depart from GAAP, all Kate need do is demonstrate that following GAAP would mislead investors.
d. To depart from GAAP, Kate need both demonstrate that following GAAP would mislead investors, and describe the departure, its approximate effects, and the reasons why compliance would mislead.
Answer:
b. To depart from GAAP, all Kate needs to do is to describe the departure, its approximate effects, and the reasons why compliance with GAAP would mislead.
Explanation:
The Code of Professional Conduct known as Rule 203 of the AICPA states that "a member should not approve any statements that do not follow Generally Accepted Accounting Principles ( GAAP)." However, it makes one exception. It permits the auditor to issue a statement explaining the reasons for the departure.
Additional information about the company follows: a.Hubs require $29 in direct materials per unit, and Sprockets require $12. b.The direct labor wage rate is $10 per hour. c.Hubs are more complex to manufacture than Sprockets and they require special equipment. d.The ABC system has the following activity cost pools: Estimated Activity Activity Cost Pool (Activity Measure) Overhead Cost Hubs Sprockets Total Machine setups (number of setups) $ 27,945 115 92 207 Special processing (machine-hours) $ 236,500 4,300 0 4,300 General factory (organization-sustaining) $ 74,000 NA NA NA Required: 1. Compute the activity rate for each activity cost pool. 2. Determine the unit product cost of each product according to the ABC system.
Answer:
Results are below.
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
Machine setups= 27,945/207= $135 per set up
Special processing= 236,500/4,300= $55 per machine hour
Now, we can allocate costs to each product:
Hubs:
Machine setups= 135*115= $15,525
Special processing= 55*4,300= $236,500
Total= $252,025
Sprockets:
Machine setups= 135*92= $12,420
We weren't provided with enough information to calculate the unitary cost. Information regarding direct labor hours and the number of units is missing.
Beginning inventory (30% complete as to Material B and 60% complete for conversion) 700 units
Started this cycle 2,000 units
Ending inventory (50% complete as to Material B and 80% complete for conversion) 500 units
Beginning inventory costs:
Material A $14,270
Material B 5,950
Conversion 5,640
Current Period costs:
Material A $40,000
Material B 70,000
Conversion 98,100
Material A is added at the start of production, while Material B is added uniformly throughout the process.
Refer to Saturn Corporation Assuming a FIFO method of process costing, compute EUP units for Materials A and B.
Based on the FIFO method, the quantity of materials and the ending work in process, the EUP materials are:
Material A - 2,000 units.Material B - 2,240 units. What are the Equivalent Units of Production (EUP)?The EUP for Material A is:
= Beginning work in process + United started and completed + Ending Work in process
= 0 + 2,000 + 0
= 2,000 units
The EUP for Material B is:
= Beginning work in process + United started and completed + Ending Work in process
= (700 x 70%) + 1,500 + 250
= 2,240 units
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PLEASE HELP WITH THIS
This lesson examines many concepts, including opportunity costs. For this discussion, you will write a brief scenario that describes opportunity costs.
For example:
After working weekends for the past three years, Janet has saved $7,000. Her goal is to buy a new 90-inch HD television. Before she buys the TV, she is offered an opportunity to travel with her best friend to Australia and New Zealand. The trip will cost about $7,000.
Janet’s opportunity costs are either missing out on purchasing a new television (if she chooses to travel) or forgoing her plan to purchase a television (if she travels abroad).
Now, write your own scenario that illustrates opportunity costs.
Answer:
She wait more for opportuniti cost
Explanation:
because he have no amount to go for trip in new Zealand
Opportunity costs can be referred to or considered as such cost that is undergone by an individual in order to sacrifice another monetary engagement that such individual would have achieved upon its usage in such scenario.
What is the significance of opportunity cost?In the condition given above, the opportunity cost for Janet is such that she sacrificed her trip to Australia and New Zealand for purchasing a 90-inch HD Television that costs her around $7,000.
An example of opportunity cost can be explained with an example of purchasing a house as against renting or leasing a house and using the left money for investment to gain better monetary returns over a period of long-run.
Therefore, the significance regarding a scenario of opportunity cost has been aforementioned.
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Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31.
Additional Information Items:
a. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired.
b. An inventory count shows that teaching supplies costing $2,800 are available at year-end 2015.
c. Annual depreciation on the equipment is $13,200.
d. Annual depreciation on the professional library is $7,200.
e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,500, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2016.
f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)
g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
h. The balance in the Prepaid Rent account represents rent for December.
Debit Credit
Cash 34,000
Accounts receivable 0
Teaching supplies 8,000
Prepaid insurance 12,000
Prepaid rent 3,000
Professional library 35,000
Accumulated depreciation—Professional library 10,000
Equipment 80,000
Accumulated depreciation—Equipment 15,000
Accounts payable 26,000
Salaries payable 0
Unearned training fees 12,500
Common stock 10,000
Retained earnings 80,000
Dividends 50,000
Tuition fees earned 123,900
Training fees earned 40,000
Depreciation expense—Professional library 0
Depreciation expense—Equipment 0
Salaries expense 50,000
Insurance expense 0
Rent expense 33,000
Teaching supplies expense 0
Advertising expense 6,000
Utilities expense 6,400
Totals 317,400 317,400
Required:
Prepare the adjusting entries, adjusted trial balance, and financial statements of above entries.
Answer:
a. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired.
Dr Insurance expense 2,400
Cr Prepaid insurance 2,400
b. An inventory count shows that teaching supplies costing $2,800 are available at year-end.
Dr Teaching supplies expense 5,200
Cr Teaching supplies 5,200
c. Annual depreciation on the equipment is $13,200.
Dr Depreciation expense 13,200
Cr Accumulated depreciation: equipment 13,200
d. Annual depreciation on the professional library is $7,200.
Dr Depreciation expense 7,200
Cr Accumulated depreciation: professional library 7,200
e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,500, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2016.
Dr Unearned training fees 5,000
Cr Training fees earned 5,000
f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)
Dr Accounts receivable 4,500
Cr Tuition fees earned 4,500
g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
Dr Salaries expense 400
Cr Salaries payable 400
h. The balance in the Prepaid Rent account represents rent for December.
Dr Rent expense 3,000
Cr Prepaid rent 3,000
Wells Technical Institute (WTI)
Adjusted Trial Balance
Debit Credit
Cash $34,000
Accounts receivable $4,500
Prepaid rent $0
Teaching supplies $2,800
Prepaid insurance $9,600
Professional library $35,000
Accumulated depreciation: $10,000
Professional library
Equipment $80,000
Accumulated depreciation: $22,200
Equipment
Accounts payable $39,200
Salaries payable $400
Unearned training fees $7,500
Common stock $10,000
Retained earnings $80,000
Dividends $50,000
Tuition fees earned $128,400
Training fees earned $45,000
Depreciation expense: $7,200
Professional library
Depreciation expense: $13,200
Equipment
Salaries expense $50,400
Insurance expense $2,400
Rent expense $36,000
Teaching supplies expense $5,200
Advertising expense $6,000
Utilities expense $6,400
Totals $342,700 $342,700
Wells Technical Institute (WTI)
Income Statement
For the year ended December 31, 2016
Revenue:
Tuition fees earned $128,400Training fees earned $45,000 $173,400Operating expenses:
Depreciation expense $20,400Salaries expense $50,400Insurance expense $2,400Rent expense $36,000Teaching supplies expense $5,200Advertising expense $6,000Utilities expense $6,400 ($126,800)Operating income $46,600
Wells Technical Institute (WTI)
Balance Sheet
For the year ended December 31, 2016
Assets:
Cash $34,000
Accounts receivable $4,500
Teaching supplies $2,800
Prepaid insurance $9,600
Professional library, net $25,000
Equipment, net $57,800
Total assets $133,700
Liabilities:
Accounts payable $39,200
Salaries payable $400
Unearned training fees $7,500
Total liabilities $47,100
Stockholders' Equity:
Common stock $10,000
Retained earnings $76,600
Total stockholders' Equity $86,600
Total liabilities and equity $133,700
Wells Technical Institute (WTI)
Statement of Retained Earnings
For the year ended December 31, 2016
Beginning balance January 1, 2016 $80,000
Net income $46,600
Subtotal $126,600
Dividends ($50,000)
Ending balance December 31, 2016 $76,600
Do you have a course for Economics?
Answer:
no I don't. have a course for economics
eBookPrintReferences Check my work Check My Work button is now enabledItem 180Item 180 Ouelette Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces and sells 5,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $5.25 Direct labor $4.05 Variable manufacturing overhead $1.30 Fixed manufacturing overhead $3.00 Fixed selling expense $0.70 Fixed administrative expense $0.40 Sales commissions $0.50 Variable administrative expense $0.45 If 6,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to:
Answer:
$22,800
Explanation:
Calculation for the total amount of indirect manufacturing cost incurred
First step is to find the fixed manufacturing overhead portion
Fixed manufacturing overhead portion=$3.00 *5000 units
Fixed manufacturing overhead portion =$15,000
Second step is to calculate the indirect manufacturing cost if 6,000 units are produced using this formula
Indirect manufacturing cost =Fixed manufacturing overhead portion
+ Variable portion
Let plug in the formula
Indirect manufacturing cost=$15,000 + ($1.30*6,000 units)
Indirect manufacturing cost=$15,000+$7,800
Indirect manufacturing cost=$22,800
Therefore the total amount of indirect manufacturing cost incurred is closest to $22,800
opportunities and threat in safaricom
Answer:
what do you mean
Explanation:
Workers in Peru collect cochineal bugs used to dye certain United States food items red. Market activities such as this one can best be described as:
Question options :
A) cooperative, voluntary, and undirected.
B) chaotic and primitive.
C) directed and uncooperative.
D) orderly, involuntary, and centrally directed.
Answer :
A) cooperative, voluntary, and undirected.
Explanation:
Here dying goods with cochineal bugs are not regulatory requirements or as required by law but are voluntarily accepted as the norm and practice in the market of these goods. These activities may however be required by market associations or cooperative groups who come together to protect the interest of their trade such as particular food items.
should busisses be banned from selling harmful products to improve the health of the population? Five arguements for your answer
Yes, businesses should be banned from selling harmful products to improve the health of the population and these are because:
It could lead to serious health complications.It could lead to the death of people.It is an unethical practice.It could enncourage addiction.It breaks many safety laws.What are Harmful Practises?This refers to the use of unethical procedures which are injurious and dangerous to people.
Hence, we can categorically state that companies which sell harmful products to their customers should be banned and prosecuted to the full extent of the law if they are found of breaking of any law.
Read more about harmful practices here:
https://brainly.com/question/1347209
Federal tax-deferred employee benefits are: