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During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required: a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period.

Answers

Answer 1

a. The amount of cash collected from receivables is $13,850

b. The amount of uncollectible accounts expense recognized during the period is $150

Account Receivables Recognition

Customers that do not pay Cash immediately after sale are called Account Receivables or Trade Debtors

Recording the Sale

Debit : Account Receivables $14,000

Credit : Sales $14,000

Recognising the uncollectible accounts

Any amounts that become uncollactable are written off and are known as Bad Debts. Bad Debts reduce the value of Account Receivables as follows :

Debit : Bad Debts $150

Credit : Account Receivables $150

Recognition of Cash Payment

The remainder of Debts after Bad Debts are written off are then collected, this reduces the amount of Assets hold up in Trade Debtors and recorded as follows

Debit : Cash $13,850

Credit : Account Receivables $13,850

In conclusion, the amount of cash collected from receivables is $13,850 and the amount of uncollectible accounts expense recognized during the period is $150

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Related Questions

Kitchen Supply Corporation obtained land, a factory, and manufacturing equipment in a lump-sum purchase for $990,000. An appraisal set the value of the land at $592,800, the factory at $421,800, and the equipment at $125,400. Immediately after the purchase, the factory was renovated at a cost of $50,000. At what amount should Kitchen Supply record the factory?

Answers

The amount at which Kitchen Supply Corporation should initially record the Factory immediately after the purchase is $421,800.

However, the Renovation Cost of $50,000 should increase the amount of the Factory to $471,800 ($421,800 + $50,000) immediately after the renovation.

Why is renovation cost capitalized?

The cost of renovation is usually capitalized because the cost needs to be recorded as an asset on the balance sheet, instead of an expense in the income statement.

Thus, the final amount the Factory should be recorded after the renovation is $471,800.

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For each of the following separate situations, prepare he necessary accounting adjustments using the financial statement effects template.

a. Unrecorded depreciation on equipment is $610.
b. On the date for preparing financial statements, an estimated utilities expense of $390 has been incurred, but no utility bill has yet been received or paid.
c. On the first day of the current period, rent for four periods was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to Cash.
d. Nine months ago, The Hartford Financial Services Group sold a one-year policy to a customer and recorded the receipt of the premium by debiting Cash for $624 and crediting Contract Liabilities for $624.
e. At the end of the period, employee wages of $965 have been incurred but not yet paid or recorded.6. At the end of the period, $300 of interest income has been earned but not yet received or recorded.

Answers

Answer:

depreciation expense equipment 610 debit

accumulated depreciation equipment 610 credit

utilities expense 390 debit

utilities payable 390 credit

rent expense 700 debit

prepaid rent 700 credit

insurance expense 468 debit

prepaid insurance 468 credit

wages expense 965 debit

wages payables 965 credit

interest receivables 300 debit

interest revenue 300 credit

Explanation:

2,800 --> four period of rent

2,800 / 4 = 700 per period

(D) insurance calculations

624 for the entire years

expired 9 months in this period

$624 x 9/12 = 468

Short-term investments include: Multiple Choice Investments in land or other assets not used in operations. Noncurrent assets. Securities that management intends to convert to cash within one year or the operating cycle, whichever is longer, and are readily convertible to cash. Stocks not intended to be converted into cash. Bonds not intended to be converted into cash.

Answers

Short term investment refer to Securities that management intends to convert to cash within one year or the operating cycle, whichever is longer, and are readily convertible to cash.

What is Short-term investment?

Short term investment are temporary financial investments that can be converted to cash within a short period of time which can be within 5 years. Some short-term investments are converted to cash after a period of only 3-12 months. Some examples of short-term investments include, money market accounts, high-yield savings accounts, government bonds, and Treasury bills.

Therefore, Short term investment refer to Securities that management intends to convert to cash within one year or the operating cycle, whichever is longer, and are readily convertible to cash.

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The ledger of Pina Colada Corp. on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared.

Debit Credit
Investment in Note Receivable $18,000
Supplies 22,500 Prepaid Rent 5,400
Buildings 210,000
Accumulated DepreciationâBuildings $135,000
Unearned Service Revenue 11,100

An analysis of the companyâs accounts shows the following.

1. The investment in the notes receivable earns interest at a rate of 12% per year.
2. Supplies on hand at the end of the month totaled $17,600.
3. The balance in Prepaid Rent represents 4 months of rent costs.
4. Employees were owed $2,800 related to unpaid salaries and wages.
5. Depreciation on buildings is $6,360 per year.
6. During the month, the company satisfied obligations worth $4,500 related to the Unearned Services Revenue.
7. Unpaid maintenance and repairs costs were $2,100.

Required:
Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly.

Answers

Answer: See attachment

Explanation:

The adjusting entries at July 31 assuming that adjusting entries are made monthly has been attached.

N.B:

Interest receivable:

= 18000 × 12% × 1/12

= 18000 × 0.12 × 1/12

= 180

Supplies expenses:

= 22500 - 17600

= 4900

Rent expense:

= 5400/4

= 1350

Depreciation expense:

= 6360/12

= 530

Precision Camera Services started the year with total assets of $80,000 and total liabilities of $40,000. The revenues and the expenses for the year amounted to $140,000 and $60,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $55,000. What is the amount of stockholders' equity at the end of the year?

Answers

Answer:

$65,000

Explanation:

Stockholder's equity is the net value of a company's asset. It is the remaining value of a company asset after adjusting for retained earnings and liabilities.

For Precision Camera Services.

Current year additions to stakeholder equity will be the retained earnings.

Retained earning is revenues- expenses - dividends paid out

=$140,000 - $60,000 - $55,000

=$25,000

Stockholders equity : Assets + retained earning - liabilities

=$80,000 + $25,000 - $40,000

=$105,000- $40,000

=$65,000

List A List B 1. Interest a. First cash flow occurs one period after agreement begins 2. Monetary asset b. The rate at which money will actually grow during a year 3. Compound interest c. First cash flow occurs on the first day of the agreement 4. Simple interest d. The amount of money that a dollar will grow to 5. Annuity e. Amount of money paid/received in excess of amount borrowed/lent 6. Present value of a single amount f. Obligation to pay a sum of cash, the amount of which is fixed 7. Annuity due g. Money can be invested today and grow to a larger amount 8. Future value of a single amount h. No fixed dollar amount attached 9. Ordinary annuity i. Computed by multiplying an invested amount by the interest rate 10. Effective rate or yield j. Interest calculated on invested amount plus accumulated interest 11. Nonmonetary asset k. A series of equal-sized cash flows 12. Time value of money l. Amount of money required today that is equivalent to a given future amount 13. Monetary liability m. Claim to receive a fixed amount of money

Answers

Answer:

1. List A: Interest

List B: e. Amount of money paid/received in excess of amount borrowed/lent

2. List A: Monetary asset

List B: m. Claim to receive a fixed amount of money

3. List A: Compound interest

List B: j. Interest calculated on invested amount plus accumulated interest

4. List A: Simple interest

List B: i. Computed by multiplying an invested amount by the interest rate

5. List A: Annuity

List B: k. A series of equal-sized cash flows

6. List A: Present value of a single amount

List B: l. Amount of money required today that is equivalent to a given future amount

7. List A: Annuity due

List B: c. First cash flow occurs on the first day of the agreement

8. List A: Future value of a single amount

List B: d. The amount of money that a dollar will grow to

9. List A: Ordinary annuity

List B: a. First cash flow occurs one period after agreement begins

10. List A: Effective rate or yield

List B: b. The rate at which money will actually grow during a year

11. List A: Nonmonetary asset

List B: h. No fixed dollar amount attached

12. List A: Time value of money

List B: g. Money can be invested today and grow to a larger amount

13. List A: Monetary liability

f. Obligation to pay a sum of cash, the amount of which is fixed

.......is the body of elected official whose duty is to make the laws of the country

Answers

Answer:

The lagislative body gives out laws for the country

Forget this question exists

Answers

Answer: yay

Explanation:

When setting prices of products, businesses want to make sure they can
cover their costs and make

Answers

Answer:

profit

Explanation:

their costs and make some profit

It’s profit, cover their costs and make a profit

Wagner Industrial Motors, which is currently operating at full capacity, has sales of $2,350, current assets of $690, current liabilities of $380, net fixed assets of $1,540, and a 5 percent profit margin. The firm has no long-term debt and does not plan on acquiring any. The firm does not pay any dividends. Sales are expected to increase by 10 percent next year. If all assets, short-term liabilities, and costs vary directly with sales, how much additional equity financing is required for next year? Compute current total equity, projected assets, liabilities, change in equity, additional equity funding, and answer the following two questions:

Answers

Answer:

The required financial needed would be "$55.75". The further explanation is given below.

Explanation:

The given values are:

Current assets

= $690

Fixed assets

= $1540

Project assets = (Current assets + Fixed assets) × 1.10

= [tex](690+1540)\times 1.10[/tex]

= [tex]2453[/tex] ($)

Projected liabilities = [tex]380\times 1.10[/tex]

= [tex]418[/tex] ($)

Current equity = Current assets + Fixed assets + Current liabilities

= [tex]690+1540-380[/tex]

= [tex]1850[/tex] ($)

Increased project in retaired earnings will be:

= [tex]2350\times 5 \ percent\times 1.10[/tex]

= [tex]129.25[/tex] ($)

Now,

Equity financial needed = Projected assets - Project liabilities - current equity - Projected increase

= [tex]2453-481-1850-129.25[/tex]

= [tex]55.75[/tex] ($)

n outside supplier has offered to produce this Item and sell it to the company for $15.80 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including direct labor, can be avoided. The special equipment used to make the Item was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company. If the outside supplier's offer were accepted, only $26,000 of these allocated general overhead costs would be avoided. If management decides to buy Item I51 from the outside supplier rather than to continue making the Item, what would be the annual impact on the company's overall net operating income

Answers

Answer:

- $119,800(declines).

(Kindly note the negative sign).

Explanation:

So, we have the following parameters or data ir information that is going to help us in solving this particular Question or problem;

(1). ..."produce this Item and sell it to the company for $15.80 each."

(2). "The special equipment used to make the Item was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company."

(3). "If the outside supplier's offer were accepted, only $26,000 of these allocated general overhead costs would be avoided".

The relevant cost for Direct Material = 21,600.

The relevant cost for direct labour = 39,600.

The relevant cost for Variable manufacturing overhead = 59,400.

The relevant cost for Supervisor’s salary = 18,000.

Therefore, the total for ''Buy'' = $284,400.

Also, the total for net changes in operating income= - $284,400.

This give us the net changes in operating income to decline $199,800(that is - $119,800).

CALCULATION THAT GIVES THE VALUE FOR THE NET CHANGES IN OPERATING INCOME =

(-) [ {18,000 × 15.80 } - { (1.2 + 2.2 + 3.3 + 1) × 18,000 units} - 26,000 ]

Answer please
What is the name for an assessment of what you own and what you owe?

A.a personal balance sheet
B.a cash flow statement
C.a personal budget
D.a budget variance

Answers

Answer:

A. Personal Balance Sheet/Statement

The Acmeville Metropolitan Bus Service currently charges $0.99$0.99 for an all-day ticket, and has an average of 433433 riders a day. The bus company is not earning a profit, but according to their contract with the city, they cannot cut the number of buses on the road. They must therefore find a way to increase revenues. The bus company is considering increasing the ticket price to $ 1.11.1 . The marketing department's studies indicate this price increase would reduce usage to 169169 riders per day. Calculate the absolute value of the price elasticity of demand for bus tickets using the simple percentage change method. Round your answer to one decimal place.

Answers

Answer:

PED = 5.49

Explanation:

current price = $0.99 per ticket

average daily tickets sold = 433

average daily revenue = $428.67

if the company increases the price to $1.10, then average daily tickets will be only 169. Average daily revenue will drop to $185.90

price elasticity of demand (PED) = % change in quantity demanded / % change in price

PED = [(169 - 433)/433] / [(1.1 - 0.99)/0.99] = -0.6097 / 0.1111 = -5.49 or |5.49| in absolute terms

the price of tickets is very elastic, meaning that a 1% change in price will result in a much higher proportional change in quantity demanded

name five specific actions or behaviors that you believe would show what a person's most important value are?

Answers

1 hard working 2 kind 3 respectful 4 works well with outhers 5 intelligent

The most vital traits for a person to possess are intelligence, kindness, hard work, and respect for others.

Explain about the hard work?

A hardworking young lady who is consistently, frequently, or habitually engaged in intense and arduous work. Our pupils must be very dedicated and hardworking. They work a lot of hours.

A person is said to be hardworking if they take their task very seriously and complete it quickly and effectively. Example 1: A hardworking individual is someone who works two jobs to support his family and himself.

We learn discipline, commitment, and determination via hard effort. It is unquestionably significant because we can only accomplish our life's objectives via perseverance. We must all work hard as a result.

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During the staff meeting, the performance of BJ is discussed. BJ works hard but received a poor customer rating, and the manager is told to “figure it out” or fire BJ. Which of the following would be the best approach to try to improve BJ’s performance?

Answers

Answer:

Explanation:

Hi is the hard worker

so, he is the best

Providing him with 360-degree feedback from customers, co-workers and managers to give him insight into how his behavior is perceived will help improve his performance.

What is a 360-degree feedback?

A 360-degree feedback refers to a process that allows employees to receive feedback from the people who work around them.

In conclusion, the feedback will let him know how to improve on his work performance.

Answers

According to Percy Barnevik, CEO of ABB Asea Brown Boveri, as a global manager, you must think globally and act locally. For him, an organization must combine global scale and global technology while adapting to a local market.

What is an internationalization strategy?

It is a process by which companies implement their business in another country, through various ways, such as exporting a product and setting up factories in a foreign country.

The objective of internationalization is to achieve competitive and profitable advantages in a new market.

Therefore, despite the risks of internationalization, according to Percy Barnevik, an organization must adapt to the market, legislation and preferences of local consumers, using its best resources to be well positioned globally.

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The managers of Loyola Corp. recently had a meeting to discuss new opportunities in Europe as a result of the recent integration among Eastern European countries. They decided not to penetrate new markets because of their present focus on expanding market share in the United States. Loyola's financial managers have developed forecasts for earnings based on the 12 percent market share (defined here as its percentage of total European sales) that Loyola currently has in Eastern Europe.

Required:
a. Is 12 percent an appropriate estimate for next year's Eastern European market share?
b. If not, does it likely overestimate or underestimate the actual Eastern European market share next year?

Answers

Answer:

a. Is 12 percent an appropriate estimate for next year's Eastern European market share?

No its not, because Loyola is probably not the only company considering expanding its operations over eastern Europe. As more companies start operating there, Loyola's market share will decrease due to increased competition.

b. If not, does it likely overestimate or underestimate the actual Eastern European market share next year?

Loyola's future market share is overestimated because:

Loyola is not willing to expand their operations and it is basically focusing on their domestic operations (in the US)other companies expand their operations and an aggressive market strategy will make them gain market share, which means that Loyola's market share will start to shrink

a. What two elements must exist before a person can be held liable for a crime?
b. What defenses might be raised by criminal defendants to avoid liability for criminal acts?

c. John Law, a local police officer, is sitting outside an AM/PM around Midnight. He is eating a protein bar and drinking an energy drink when he observed a man walking up to the entrance of the AM/PM. The man then walked away from the entrance and met up with another individual on a street corner while repeatedly walking up and down the same street. The men would periodically peer into the AM/PM window and then talk some more. The men also spoke to a third man whom they eventually followed up the street. The officer believed that the men were "casing" the store for a potential robbery. The officer decided to approach the men for questioning, and given the nature of the behavior the officer decided to perform a quick search of the men before questioning. A quick frisking of one of the men, Jake, produced a concealed weapon and Jake was charged with carrying a concealed weapon, a felony.

Jake, hires a lawyer and fights the charges against him. He believes that his greatest argument is that the officer did not have probably cause to search and seize the firearm. Do you agree or disagree? Within your answer, please discuss whether the search was lawful or unlawful. In other words, did the search violate Jake’s 4th Amendment rights?

Answers

Explanation:

A. The elements are:

-The person must have committed an act that is prohibited

-The act must have been committed with intent

The defenses include

-Self defense

- under duress

- insanity

- necessity

C officer john law had a good and enough cause to search Jake and seize his firearm since his movement was suspicious. It was midnight and he was about a shop in a strange manner and he was even talking to someone else. Such actions is enough to get an officer at alert. It seemed like jake and the man were planning on how to commit a crime. A search on the man even revealed a weapon. 4th amendment gives a protection to peoples privacy and immunity from unnecessary search and seizures. But the amendment does not say a probable cause like the officer had done was illegal. This search was reasonable and very legal. Jakes rights were not violated.

g Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: Provided $91,000 of services on account. Collected $72,000 cash from accounts receivable. Paid $36,000 of salaries expense for the year. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $ 7,800 0.01 0-30 4,500 0.05 31-60 2,000 0.10 61-90 2,200 0.20 Over 90 days 2,500 0.50 Required a. Record the above transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1

Answers

Answer:

Provided $91,000 of services on account.

Collected $72,000 cash from accounts receivable.

Paid $36,000 of salaries expense for the year.

Adjusted the accounts using the following information from an accounts receivable aging schedule:

Number of days Amount % Likely to be uncollectible $

Current $7,800 0.01 $78

0-30 $4,500 0.05 $225

31-60 $2,000 0.10 $200

61-90 $2,200 0.20 $440

Over 90 $2,500 0.50 $1,250

totals $19,000 $2,193

a) Provided $91,000 of services on account.

Dr Accounts receivable 91,000

Cr Service revenue 91,000

Collected $72,000 cash from accounts receivable.

Dr Cash 72,000

Cr Accounts receivable 72,000

Paid $36,000 of salaries expense for the year.

Dr Wages expense 36,000

Cr Cash 36,000

Allowance for doubtful accounts

Dr Bad debt expense 2,193

Cr Allowance for doubtful accounts 2,193

Cash

debit credit

72,000

36,000

Accounts receivable

debit credit

91,000

72,000

19,000

Allowance for doubtful accounts

debit credit

2,193

Service revenue

debit credit

91,000

Wages expense

debit credit

36,000

Bad debt expense

debit credit

2,193

b) Vulcan Service Co.

Income Statement

For the year ended December 31, year 1

Revenue $91,000

Expenses:

Wages expense $36,000

Bad debt expense $2,193 ($38,193)

Net income $52,807

c) net realizable value of accounts receivable = $19,000 - $2,193 = $16,807

Big Red Machines, a startup, has come up with a new product and has seen significant customer demand. Due to reinvestment in the firm (100% plowback ratio) Big Red Machines will pay no dividends in the first 2 years. Beginning in the 3rd through 6th years, the firm expects to pay $1.50, $1.60, and $1.75 In the 6th year, the firm should see stable growth rates and thus begin a divided which grows at 3% per year. You plan to graduate 1 year from now, and hope to invest in Big Red Machines at that time. The expected rate of return is 8% What is the value of Big Red Machine's stock one year from today

Answers

Answer:

The correct answer is "$ 30.34".

Explanation:

The value of the stock can be computed by the following formula:

⇒ [tex]\frac{Dividend \ in \ year \ 3}{(1 + Required \ return \ rate)2} + \frac{Dividend \ in \ year \ 4}{(1 + Required \ return \ rate)3} + \frac{Dividend \ in \ year \ 5}{(1 + Required \ return \ rate) 4 } + \frac{1}{(1 + Required \ return \ rate)4 }\times [\frac{( Dividend \ in \ year \ 5 (1 + Growth \ rate)} {( Required \ return \ rate - Growth \ rate)}][/tex]

On putting the values, we get

⇒ [tex]\frac{1.50}{1.08^2} + \frac{1.60}{1.08^3} + \frac{1.75}{1.08^4 } + \frac{1}{1.08^4} \times [ \frac{( 1.75\times 1.03)}{(0.08 - 0.03)}][/tex]

⇒ [tex]\frac{1.50}{1.08^2 } + \frac{1.60}{ 1.08^3 } + \frac{37.80}{ 1.08^4 }[/tex]

⇒ [tex]30.34[/tex] ($)

Trident Manufacturing Company's treasurer identified the following cash flows during this year as significant. The company repaid existing debt of $25 million, while raising additional debt capital of $75 million. It also repurchased stock in the open markets for a total of $20 million and paid $25 million dividends to its shareholders. What is the net cash provided by (used in) financing activities? (net cash provided by financing are positive cash flows, and net cash used in financing are negative cash flows). Group of answer choices -$5 million -$30 million $5 million $30 million

Answers

Answer:

Net cash flows from financing activities = $5 million

Explanation:

Net cash flows from finance = Raising additional debt capital - Repaid debt - Repurchased - Dividends

Net cash flows from finance = $75 million - $25 million - $20 million - $25 million

Net cash flows from finance = $75 million - 70 million

Net cash flows from financing activities = $5 million

Outsourced industrial production in less-developed countries often relies on female labor because:.

Answers

The reason why female labor is relied on in less-developed countries is that females are paid less than males.

Why is female labor more sought after?

Countries that outsource production to less developed countries, do so to increase their profit margins by reducing labor cost.

One way to further reduce this labor cost is to hire women because the inequality in developing countries has led to a situation where women are paid less than men.

Find out more on issues in developing countries at https://brainly.com/question/1166105.

On August 1, 20Y5, Rafael Masey established Planet Realty, which completed the following transactions during the month:

a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business, $17,500.
b. Purchased supplies on account, $2,300.
c. Earned fees, receiving cash, $13,300.
d. Paid rent on office and equipment for the month, $3,000.
e. Paid creditor on account, $1,150.
f. Withdrew cash for personal use, $1,800.
g. Paid automobile expenses (including rental charge) for month, $1,500, and miscellaneous expenses, $400.
h. Paid office salaries, $2,800.
i. Determined that the cost of supplies used was $1,050.

Required:
Journal Entries and Trial Balance

Answers

Answer:

a. Dr Cash 17,500

Cr Common Stock 17,500

b. Dr Supplies 2,300

Cr Account payable 2,300

c. Dr Cash 13,300

Cr Sales commission 13,300

d. Dr Rent expense 3,000

Cr Cash 3,000

e. Dr Account payable 1,150

Cr Cash 1,150

f. Dr Dividend 1,800

Cr Cash 1,800

g. Dr Automobile expense 1,500

Dr Miscellaneous expense 400

Cr Cash 1,900

h. Dr Salaries expense 2,800

Cr Cash 2,800

I. Dr Supplies expense 1,050

Cr Supplies 1,050

Explanation:

Preparation of Journal entries

a. Based on the information given we were told that the amount of $17,500 was transferred from a personal bank account to an account that is to be used for business which means that the Journal entry will be:

Dr Cash 17,500

Cr Common Stock 17,500

b. Based on the information given we were told that Purchased supplies on account was the amount of $2,300 which means that the Journal entry will be:

Dr Supplies 2,300

Cr Account payable 2,300

c. Based on the information given we were told that they Earned fees receiving cash of $13,300 which means that the Journal entry will be:

Dr Cash 13,300

Cr Sales commission 13,300

d. Based on the information given we were told they Paid rent on office and equipment of the amount of $3,000 which means that the Journal entry will be:

Dr Rent expense 3,000

Cr Cash 3,000

e. Based on the information given we were told that they Paid creditor on account for the amount $1,150 which means that the Journal entry will be:

Dr Account payable 1,150

Cr Cash 1,150

f. Based on the information given we were told that they Withdrew cash for personal use of the amount of $1,800 which means that the Journal entry will be:

Dr Dividend 1,800

Cr Cash 1,800

g. Based on the information given we were told that they paid automobile expenses which include rental charge for month, costing $1,500, and miscellaneous expenses costing $400 which means that the Journal entry will be:

Dr Automobile expense 1,500

Dr Miscellaneous expense 400

Cr Cash 1,900

h. Based on the information given we were told that they Paid office salaries of the amount of $2,800 which means that the Journal entry will be:

Dr Salaries expense 2,800

Cr Cash 2,800

i. Based on the information given we were told that the cost of supplies used was the amount of $1,050 which means that the Journal entry will be:

Dr Supplies expense 1,050

Cr Supplies 1,050

Culver Architects incorporated as licensed architects on April 1, 2022. During the first month of the operation of the business, these events and transactions occurred:

Apr. 1 Stockholders invested $26,910 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $561 per week, payable monthly.
2 Paid office rent for the month $1,345.
3 Purchased architectural supplies on account from Burmingham Company $1,943.
10 Completed blueprints on a carport and billed client $2,840 for services.
11 Received $1,046 cash advance from M. Jason to design a new home.
20 Received $4,186 cash for services completed and delivered to S. Melvin.
30 Paid secretary-receptionist for the month $2,244.
30 Paid $448 to Burmingham Company for accounts payable due.

Requied:
Journalize the transactions

Answers

Answer:

April 1 Stockholders invested $26,910 cash in exchange for common stock of the corporation.

Dr Cash 26,910

Cr Common stock 26,910

April 1 Hired a secretary-receptionist at a salary of $561 per week, payable monthly.

no journal entry required

April 2 Paid office rent for the month $1,345.

Dr Rent expense 1,345

Cr Cash 1,345

April 3 Purchased architectural supplies on account from Burmingham Company $1,943.

Dr Supplies 1,943

Cr Accounts payable 1,943

April 10 Completed blueprints on a carport and billed client $2,840 for services.

Dr Accounts receivable 2,840

Cr Service revenue 2,840

April 11 Received $1,046 cash advance from M. Jason to design a new home.

Dr Cash 1,046

Cr Unearned revenues 1,046

April 20 Received $4,186 cash for services completed and delivered to S. Melvin.

Dr Cash 4,186

Cr Service revenue 4,186

April 30 Paid secretary-receptionist for the month $2,244.

Dr Wages expense 2,244

Cr Cash 2,244

April 30 Paid $448 to Burmingham Company for accounts payable due.

Dr Accounts payable 448

Cr Cash 448

Why do different customers and service staff respond very differently to the same service environment?

Answers

Answer:

Most of them usually get paid for fake products which the consumer might not know is fake

The table below lists the CPI and wage values for the United States from different decades.

a. Complete the table by computing the real income for each year shown in the table

Instructions: Round your answers to two decimal places.

(Table in the picture. If you could provide me with a formula and an example I can do it on my own after that. Thanks :) )

Instructions: Enter the year using all four numbers (yyyy).

b. Of the years listed above, the paycheck of the average worker was highest in

c. Of the years listed above, the purchasing power of the average worker was highest in

Answers

The average real wage given the CPI and Nominal wages in:

1967 is $21,188.62

1977 is $22,407.58

1987 is $22,935.74

1997 is $23,163.24

2007 is $23,973.95

2013 is $22,455.79

The paycheck of the average worker was highest in 2013.

The purchasing power of the average worker was highest in 2007.

What is the consumer price index?

The consumer price index measures the changes in price of a basket of good. It is used to measure inflation.

Real wages = nominal wages / cpi

Real wage in 2013 = 52,322 / 2.33 = $22,455.79

Purchasing power is the highest when the real wage is the highest.

To learn more about, consumer price index, please check: https://brainly.com/question/26382640

You have an idea for a company that sources fruits from local farms and makes fresh juices on a daily basis. You want to start a subscription-based service in which households within a 100-mile radius subscribe to your plan and receive two gallons of freshly squeezed juice (for example, cherry juice, apple juice, lemonade) twice a week. As you think about starting your business, you ask yourself: Am I being responsive to the customer? Is it innovative? Can I offer a quality product? After asking these questions, review and identify which question you forgot to ask that would give you a sustainable advantage.

Answers

Explanation:

This issue is related to the VRIO model, which is an analytical technique to help a company evaluate its organizational resources and make them effective and competitive in the market. The acronym VRIO stands for Value, Rarity, Imitability and Organization, which together form the necessary points for business improvement.

Analyzing the question, it is possible to see that the company focused on issues related to value, rarity and organization, so the question that should be asked to achieve a sustainable advantage is the question related to imitability, which could be: It is difficult to imitate the product at the cost of the resource or capacity?

Eagle Co. manufactures bentwood chairs and tables. Wood for both products is steam-bent in the same process, but different types of wood are used for each product. Thus, materials cost is identified separately to each product. One production cycle uses 20 board feet. Labor cost is identified to the process as a whole, as is overhead cost. Data for the month of July follow:

Chairs Tables
Direct material cost per board foot $3.60 $4.20
Number of parts formed per production cycle (20 board feet) 10 8
Actual operating hours in July 120 380
Parts produced during July 4,000 9,000
Budgeted annual conversion cost:
Labor $150,000
Utilities 125,000
Depreciation 65,000
Other overhead 50,000
Total $390,000

Budgeted annual operating hours for steam-bending 5,200

Required:
a. Compute July's predetermined rate for the steam-bending process.
b. Compute July's direct material costs for chairs and tables.
c. Compute conversion costs to be applied to chairs and tables in July. In your calculations, round the per unit amount to two decimal places and use in subsequent computations.
d. Journalize the following entries:

1. Assignment of direct materials to chairs and tables.
2. Application of conversion costs to chairs and tables.
3. The transfer of completed chairs and tables to the Finishing Department. All of July's production was completed in July

Answers

Answer:

A. $75

B. Direct material costs for Chairs = $28,800

Direct material costs for Tables= $94,500

C. Conversion costs for Chairs = $9,000

Conversion costs for Tables = $28,530

D1. Dr Work in process-chairs 28,800

Dr Work in process-tables 94,500

Cr Materials 123,300

D2. Dr Work in process-chairs 9,000

Dr Work in process-tables 28,530

Cr Conversion costs applied 37,530

D3. Dr Finished Goods-Chairs 37,800

Cr Finished Goods- Tables 123,030

Dr Work in process 37,800

Cr Work in process 123,030

Explanation:

a. Computation of July's predetermined rate

Steam-bending process predetermined rate=

390,000 / 5,200

Steam-bending process predetermined rate= $75

b. Computation for July's direct material costs for both chairs and tables.

Direct material costs for Chairs= 3.60 x 20 / 10 Direct material costs for Chairs= 7.20

Direct material costs for Chairs=7.20x 4,000

Direct material costs for Chairs = $28,800

Direct material costs for Tables=4.20 x 20 / 8

Direct material costs for Tables= 10.50

Direct material costs for Tables=10.50 x 9,000 Direct material costs for Tables= $94,500

c. Computation for conversion costs to be applied to chairs and tables in July

Conversion costs for Chairs: 75 x 120 / 4,000

Conversion costs for Chairs = 2.25

Conversion costs for Chairs=2.25 x 4,000

Conversion costs for Chairs = $9,000

Conversion costs for Tables= 75 x 380/9,000

Conversion costs for Tables =3.17

Conversion costs for Tables=3.17x 9,000

Conversion costs for Tables = $28,530

D1. Preparation of Journal entry for the Assignment of direct materials to chairs and tables.

Dr Work in process-chairs 28,800

Dr Work in process-tables 94,500

Cr Materials 123,300

(94,500+28,800)

D2. Preparation of Journal entry for the Application of conversion costs to chairs and tables.

Dr Work in process-chairs 9,000

Dr Work in process-tables 28,530

Cr Conversion costs applied 37,530

(28,530+9,000)

D3. Preparation of the Journal entry for the Th transfer of completed chairs and tables to the Finishing Department

Dr Finished Goods-Chairs 37,800

(28,800+9,000)

Cr Finished Goods- Tables 123,030

(94,500+28,530=123,030)

Dr Work in process 37,800

(28,800+9,000)

Cr Work in process 123,030

(94,500+28,530=123,030)

The following information was obtained from Galena Company’s comparative balance sheets. Assume that Galena Company’s 2016 income statement showed depreciation expense of $8,000, a gain on sale of investments of $9,000, and net income of $45,000. Calculate the net cash flow from operating activities using the indirect method.

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,000 $9,000
Accounts receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $44,000 $35,000
Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $55,000 $49,000
Prepaid rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,000 $8,000
Long-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21,000 $34,000
Plant assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000 $106,000
Accumulated depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $40,000 $32,000
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,000 $20,000
Income tax payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,000 $6,000
Common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $121,000 $92,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $106,000 $91,000

Answers

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,000 $9,000

Accounts receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $44,000 $35,000

Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $55,000 $49,000

Prepaid rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,000 $8,000

Long-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21,000 $34,000

Plant assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000 $106,000

Accumulated depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $40,000 $32,000

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,000 $20,000

Income tax payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,000 $6,000

Common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $121,000 $92,000

Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $106,000 $91,000The following information was obtained from Galena Company’s comparative balance sheets. Assume that Galena Company’s 2016 income statement showed depreciation expense of $8,000, a gain on sale of investments of $9,000, and net income of $45,000. Calculate the net cash flow from operating activities using the indirect method.