Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2018 (the end of its fiscal year). Wildhorse Co. Trial balance December 31, 2018


Debit Credit
Cash $8,200
Accounts Receivable 14,800
Supplies 13,300
Prepaid Rent 1,600
Equipment 19,200
Accounts Payable $15,900
Common Stock 31,000
Retained Earnings 10,200
$57,100 $57,100

Summarized transactions for January 2019 were as follows.

1. Advertising costs, paid in cash, $1,160.
2. Additional supplies acquired on account $4,460.
3. Miscellaneous expenses, paid in cash, $2,180.
4. Cash collected from customers in payment of accounts receivable $12,130.
5. Cash paid to creditors for accounts payable due $12,570.
6. Repair services performed during January: for cash $6,860; on account $9,040.
7. Wages for January, paid in cash, $2,500.
8. Dividends during January were $2,520.

Required:
a. Post the journal entries to the accounts in the ledger.
b. Prepare a trial balance as of January 31, 2019.

Answer:

a)

1. Advertising costs, paid in cash, $1,160.

Dr Advertising expense 1,160

    Cr Cash 1,160

2. Additional supplies acquired on account $4,460.

Dr Supplies 4,460

    Cr Accounts payable 4,460

3. Miscellaneous expenses, paid in cash, $2,180.

Dr Miscellaneous expenses 2,180

    Cr Cash 2,180

4. Cash collected from customers in payment of accounts receivable $12,130.

Dr Cash 12,130

    Cr Accounts receivable 12,130

5. Cash paid to creditors for accounts payable due $12,570.

Dr Accounts payable 12,750

    Cr Cash 12,750

6. Repair services performed during January: for cash $6,860; on account $9,040.

Dr Cash 6,860

Dr Accounts receivable 9,040

    Cr Service revenue 15,900

7. Wages for January, paid in cash, $2,500.

Dr Wages expense 2,500

   Cr Cash 2,500

8. Dividends during January were $2,520.

Dr Dividends 2,520

    Cr Cash 2,520

b)

                                                Debit             Credit

Cash                                     $6,080

Accounts Receivable           $11,710

Supplies                              $17,760

Prepaid Rent                        $1,600

Equipment                          $19,200

Accounts Payable                                        $7,610

Common Stock                                          $31,000

Retained Earnings                                     $10,200

Service revenue                                        $15,900

Advertising expense           $1,160

Miscellaneous expenses    $2,180

Wages expense                 $2,500

Dividends                          $2,520                          

TOTALS                             $64,710           $64,710

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $6,500 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $900. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $12,300 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $500 allowance toward the $12,300 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

At Haddon, Inc., the office workers are employed for a 40-hour workweek and are paid on either an annual, monthly, or hourly basis. All office workers are entitled to overtime pay for all hours worked beyond 40 each workweek at 1.5 times the regular hourly rates. Company records show the following information for the week ended December 26, 20--. Employee Salary Hrs. WorkedCumulative Taxable Wages as of Last Pay Period (12/19/--) OFFICEKing, M.$135,200.00 per year40$132,600.00 Manera, E.$6,500.00 per month40$76,500.00 Tate, S.$3,900.00 per month48$45,900.00 Yee, L.$12.50 per hour44.5$27,675.13 PLANTDiaz, R.$12.50 per hour48$14,778.96 Zagst, J.$14.50 per hour52$24,703.02 On the form below, calculate for each worker: (a) regular earnings, (b) overtime earnings, (c) total regular and overtime earnings, (d) FICA taxable wages, (e) FICA taxes to be withheld, and (f) net pay for the week ended December 26, 20--. Assume that there are 52 weekly payrolls in 20--. Also, determine the total where indicated.

Flounder Corp. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 100 $5 $ 500 12 Purchases 385 6 2,310 23 Purchases 200 7 1,400 30 Inventory 230 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $enter a weighted-average unit cost in dollars eTextbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount

I learned that before application of shampoo it is important to​

Tookies Tacos’ next annual dividend will be $4.26 a share and all later dividends are expected to increase by 4.4 percent annually. What is the rate of return if this stock is currently selling for $48.74 a share?

Whipple Corp. just issued 325,000 bonds with a coupon rate of 6.29 percent paid semiannually that mature in 30 years. The bonds have a YTM of 6.73 percent and have a par value of $2,000. How much money was raised from the sale of the bonds? (Round your intermediate calculations to two decimal places and final answer to the nearest whole dollar amount.)

National orthopedics company issued 8% bonds dated january 1 with a face amount of 750000 on january 1 2021 the bonds mature on devember 21 2024 for bonds of similar risk and maturity the market rield was 10% interest is paid semiannually on june 30 and december 31 deteremine the price of the bonds at january 1 2021.

Required:
a. Prepare the journal entry to record their issuance by nation on january 1 2021.
b. Prepare an amortization schedule that determines interest a the effective rate each period.
c. Determine the price of the bonds at January 1, 2021.
d. Prepare the appropriate journal entries at maturity on December 31, 2021.

Duerr Company makes a $79,000, 30-day, 12% cash loan to Ryan Co. The note and interest to be collected at maturity is:

In its first month of operations, Concord Corporation made three purchases of merchandise in the following sequence: (1) 650 units at $4, (2) 750 units at $6, and (3) 850 units at $7. Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost $enter an average unit cost in dollars eTextbook and Media List of Accounts Compute the cost of the ending inventory under the average-cost method, assuming there are 550 units on hand at the end of the period. (Round answer to 0 decimal places, e.g. 125.) The cost of the ending inventory $enter the cost of the ending inventory in dollars

2. Which is NOT an activity that requires training?
A ) Using ladders
B ) Using power tools
C ) Walking up and down stairs
D ) Working on catwalks and grids

Snow Cap Company has a unit selling price of $250, variable costs per unit of $170, and fixed costs of $160,000. Compute the break-even point in units using (a) the mathematical equation and (b) unit contribution margin.

Kevin’s Bacon Company Inc. has earnings of $7 million with 2,500,000 shares outstanding before a public distribution. Eight hundred thousand shares will be included in the sale, of which 500,000 are new corporate shares, and 300,000 are shares currently owned by Ann Fry, the founder and CEO. The 300,000 shares that Ann is selling are referred to as a secondary offering and all proceeds will go to her. The net price from the offering will be $18.50 and the corporate proceeds are expected to produce $1.4 million in corporate earnings. a. What were the corporation’s earnings per share before the offering? (Do not round intermediate calculations and round your answer to 2 decimal places.)

The two most common types of fraud impacting financial statements are:___________

a. corruption and fraudulent financial reporting.
b. misappropriation of assets and embezzlement.
c. fraudulent financial reporting and e-commerce fraud.
d. fraudulent financial reporting and misappropriation of assets.

Suppose that each week Fiona buys 16 peaches and 4 apples at her local farmer's market. Both kinds of fruit cost $1 each. From this we can infer that:



multiple choice
The law of diminishing marginal utility does not hold for Fiona.
Fiona is not maximizing her utility.
If Fiona is maximizing her utility, then her marginal utility from the 16th peach she buys must be equal to her marginal utility from the 4th apple she buys.
If Fiona is maximizing her utility, then her marginal utility from the 16th peach she buys must be greater than her marginal utility from the 4th apple she buys.

he operations manager for the Blue Moon Brewing Co. produces two beers: Lite (L) and Dark (D). Two of his resources are constrained: production time, which is limited to 8 hours (480 minutes) per day; and malt extract (one of his ingredients), of which he can get only 675 gallons each day. To produce a keg of Lite beer requires 2 minutes of time and 5 gallons of malt extract, while each keg of Dark beer needs 4 minutes of time and 3 gallons of malt extract. Profits for Lite beer are $3.00 per keg, and profits for Dark beer are $2.00 per keg. For the production combination of 135 Lite and 0 Dark, which resource is slack (not fully used)?

how will food delivery like deliveroo engage with local community​

Swifty Corporation was started on April 1 by R. S. Francis and associates. The following selected events and transactions occurred during April. Apr. 1 Stockholders invested $49,800 cash in the business in exchange for common stock. 4 Purchased land costing $30,500 for cash. 8 Incurred advertising expense of $1,510 on account. 11 Paid salaries to employees $1,380. 12 Hired park manager at a salary of $4,600 per month, effective May 1. 13 Paid $1,620 cash for a one-year insurance policy. 17 Declared and paid a $1,810 cash dividend. 20 Received $6,200 in cash for admission fees. 25 Sold 113 coupon books for $51 each. Each book contains 10 coupons that entitle the holder to one admission to the park. 30 Received $9,000 in cash admission fees. 30 Paid $530 on balance owed for advertising incurred on April 8. Swifty uses the following accounts: Cash, Prepaid Insurance, Land, Accounts Payable, Unearned Service Revenue, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense.Required:Journalize the April transactions.

Harbour Company makes two models of electronic tablets, the Home and the Work. Basic production information follows:

Home Work
Direct materials cost per unit $38 $72
Direct labor cost per unit 23 40
Sales price per unit 359 573
Expected production per month 620 units 490 units

Harbour has monthly overhead of $180,660, which is divided into the following cost pools:

Setup costs $80,840
Quality control 68,620
Maintenance 31,200
Total $180,660

The company has also compiled the following information about the chosen cost drivers:

Home Work Total
Number of setups 41 53 94
Number of inspections 320 410 730
Number of machine hours 1,200 1,400 2,600

Required:
a. Suppose Harbour uses a traditional costing system with machine hours as the cost driver. Determine the amount of overhead assigned to each product line.
b. Calculate the production cost per unit for each of Harbour's products under a traditional costing system.
c. Calculate Harbour's gross margin per unit for each product under the traditional costing system.

Tech Engineering in TN is making a product for the overseas market. The following cost data for the product has been compiled. Item Cost Selling price $167 Materials and purchased parts $25/unit Direct Labor 2 hrs at $20 per hour Fixed Cost $1,400,000 If the overhead expenses are charged at 80 % of labor cost, determine the manufacturing cost per unit.

What are some Drawbacks of business Debt?​

A local barnes and noble paid a 79.00 net price for each hardbound atlas. The publisher offered a 10% trade discount. What was the list price?

The ______ is a corporate planning tool in which the corporation is viewed as a portfolio of business units.

Explain how integrity affects different stakeholder groups​

Assessing the quality of reported earnings using cash flow data. Prior to the dominance of Netflix, Blockbuster was the leading movie rental company in the U.S. In 1989, Lee J. Seidler, a senior analyst with Bear Stearns & Co., issued a research report critical of Blockbuster’s earnings. Mr. Seidler observed that although Blockbuster’s 1988 net income was $15.5 million and its cash flow from operating activities was $48.4 million, his review of the firm’s cash flow data revealed that Blockbuster’s purchases of new videocassette rental inventory had been classified as an "investing activity" rather than as "operating activity" on the company’s statement of cash flows. Presented below is selected financial statement for Blockbuster (in millions of dollars): Blockbuster Cash Flow 1988 1987 Net Income $15.5 $4.09 Cash Flow from Operations 48.3 10.3 Purchases of videocassettes rental inventory (51.3) (14.3) Do you agree with Blockbuster’s decision to classify its videocassette inventory purchases as an "investing activity"? Why or Why not? How does Blockbuster’s cash flow classification of its video inventory purchases affect its cash flow from operations? In general, discuss how the statement of cash flow data can be used to help evaluate a company’s reported earnings?

What are the differences between psychodynamie and psychounalytic
theories of personality?

The founder of Alchemy Products Inc. discovered a way to turn gold into lead and patented this new technology. He then formed a corporation and invested $200,000 in setting up a production plant. He believes that he could sell his patent for $50 million. a. What is the book value of the firm? (Enter your answer in dollars.) b. What is the market value of the firm? (Enter your answer in dollars not in millions.) c. If there are 2 million shares of stock in the new corporation, what is the book value per share? (Round your answer to 2 decimal places.) d. What is the price per share? (Round your answer to 2 decimal places.)

What are the things that you need to change for you to be a better person​??

A self-driving car designer and a luxury automobile company partner together to develop a luxury, fully autonomous vehicle. By joining together, these companies can

The table below shows the annual change in the average nominal wage and inflation rate since 2008.


a. Compute the percentage change in real income for each year shown in the table.


Instructions: In part a, round your answers to two decimal places. In parts b and c, enter your answers as a whole number. If entering a negative number, include a minus sign.


(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 :) )


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

of the six years.


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

of the six years.


d. The average real income of households can increase (Click to select)

A woman worked part-time as a clerk at a drug store. She worked mostly on weekdays from 5 PM to 9 PM, but was occasionally given other shifts. Due to glaucoma, she eventually lost all sight in her left eye. She had no difficulty performing her job, but she did experience problems getting to work. She asked to be given a "day shifts only" schedule because of the danger of driving home at night and the complete unavailability of public transportation. Her supervisor said that she would not be given the schedule she requested because that would not be fair to the storeâs other employees. The woman provided a doctorâs note recommending that she not drive during evening hours, but the store did not change its position. Her union representative met with store officials and reported that he "got nowhere." Other attempts to arrange meetings involving the woman fell through. She received rides from family members and did not miss any work following the denial of her request. However, it became too difficult to continue to arrange rides and she quit.

Required:
Did the store fail to reasonably accommodate this employee? Why or why not?