How do you actually do this? On there template and save it or make my own template.? So confused.
Scenario
You are a certified public accountant (CPA) who is working with a small bakery to prepare their financial statements for three months of the current
fiscal year. Because the company is a startup and so small, the accounting is done manually in Microsoft Excel. You have been given the accounts
and information you need to prepare their financial statements, but you will need to use the accounting cycle to report accurate information to the
finance department
Prompt
Accrual Basis: In your company accounting workbook, apply the accrual basis of accounting and prepare adjusting entries to ensure accurate
accounting for expenses that lack transactions in the current period. (You may refer to the Company Accounting Workbook Template
Spreadsheet if necessary, but keep in mind that your work for this milestone should be added to the work you completed in your workbook for the
previous milestone.)
Specifically, you must address the following rubric criteria:
• Unadjusted Trial Balance: Prepare the unadjusted trial balance portion of the Trial Balance" tab of the company accounting workbook,
ensuring that the total debits and credits match.
• Adjusting Entries: Prepare the "Adjusting Entries" tab of the company accounting workbook. Ensure that the entries are correctly transferred
to the adjusting entries portion of the Trial Balance" tab.
• Adjusted Trial Balance: Prepare the adjusted trial balance on the "Trial Balance" tab, ensuring that the debit and credit totals match.
Guidelines for Submission
Build on your work from Milestone One to complete the "Trial Balance" and "Adjusting Entries" tabs in your company accounting workbook. This
should be completed and submitted using Microsoft Excel. Please note that there are drop-down menus embedded in the "Accounts" columns as
well as formulas throughout the spreadsheet to help you complete the workbook without accidentally introducing errors.
Answers
Answer:
The answer is in the picture, Thanks
Explanation:
There are different kinds of template. The template workbook adjustment is shown in the image attached.
What is Adjusting entries?This is known to be any kind of alterations or changes that are made to journal entries of which a person has already recorded.
Note that these changes are done so that one can be sure that the numbers a person have recorded are in line or match up with the correct accounting periods. Therefore, the adjustment is shown in the image attached.
Learn more about template adjustment from
https://brainly.com/question/26511117
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Related Questions
acc 450 An engagement in which a CPA firm arranges for a critical review of its practices by another CPA firm is referred to as a(n):
Answers
Answer:
peer review engagement
Explanation:
A peer review refers to the external review done on the periodic basis that represent the quality control system of the firm in accounting & auditing
Also it is an engagement where the CPA firm arranged the critical review by other CPA
So it is a peer review engagement
Hence, the same should be considered
Moung Corporation has a high probability of operating at 40,000 activity hours during the upcoming period, and lower probabilities of operating at 30,000 hours and 50,000 hours. The company's flexible budget revealed the following:______. 30,000 Hours 40.000 Hours 50.000 Hours Variable costs $135,000 $180,000 $225,000 Fixed costs 720,000 720,000 720.000 Moung's flexible-budget formula, where Y is defined as total cost and AH represents activity hours, is:_______.(Round calculations to 2 decimals.):
Y = $4.50AH + $700,000.
Y = $180,000 + $17.50AH.
Y = $925,000.
Y = $22.00AH.
Y = $4.50AH + $23.30AH.
Answers
Answer: Y = $4.50AH + $700,000.
Explanation:
Based on the options given, I believe you meant that the fixed cost is 700000 and not 720000.
Note that the variable cost per activity hour will be:
= 180000/40000
= 4.50 per AH
Fixed Cost = $700,000
Therefore, using Moung's flexible-budget formula, this will be:
Y = bx + a
Y = $4.50 AH + $700,000
The process of gathering and evaluating information to determine whose interests should be emphasized throughout the project is called
Answers
Answer:
whose interests shoud be emphasized throughout the project
Explanation:
Supply-side economists believe that a reduction in the tax rate a. always decrease government tax revenue. b. would decrease consumption. c. provides no incentive for people to work more. d. shifts the aggregate supply curve to the right.
Answers
Answer: D. shifts the aggregate supply curve to the right.
Explanation:
Supply side economics refers to the macroeconomic theory which states that the economic growth in an economy can be improved by the reduction in taxes and decrease in regulations.
Such Economists believe that this is vital as the consumers will benefit as there'll be an increase in the supply of goods from the manufacturers. Also, there'll be reduction in prices due to less taxes being paid. Also, there'll be an increase in employment.
During the financial crisis, banks excess reserves [beyond what is required by regulatory reserve requirements] exploded. If the Federal Reserve Bank of New York purchased $1 billion in U.S. Treasury Bills in this environment and the reserve requirement is 20%, then the change in the total money supply will be approximately:
Answers
Answer:
an increase of a bit less than $5 billion.
Explanation:
When the Federal reserve purchases treasury bill, it is known as an expansionary monetary policy
Expansionary monetary policy : these are polices taken in order to increase money supply. When money supply increases, aggregate demand increases. reducing interest rate and open market purchase are ways of carrying out expansionary monetary policy
Change in the total value of money supply is determined by the money multiplier
Money multiplier = amount purchased / reserve ratio
Reserve ratio is the percentage of deposits that is required of commercial banks to keep as reserves. The lower the ratio, the higher the increase in money supply
1 billion / 0.2 = $5 billion
there would be an increase of about 5 billion in money supply
Fox Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the period, the Corporation estimated manufacturing overhead would be $18,000 and direct labor-hours would be 15,000. The actual figures were $19,500 for manufacturing overhead and 16,000 direct labor-hours. The cost records for the period will show:
Answers
Answer:
See below
Explanation:
Given the information above, we will calculate the predetermined overhead rate first.
Predetermined overhead rate = Estimated manufacturing overhead / Estimated direct labor
= $18,000 / 15,000
= $1.2
Then,
Manufacturing overhead = Predetermined overhead rate × Actual direct labor hours
= $1.2 × 16,000
= $19,200
Then,
Cost records for the period = Manufacturing overhead - Actual manufacturing overhead
= $19,200 - $19,500
= $300 over applied
Synovec Company is growing quickly. Dividends are expected to grow at a rate of 30 percent for the next three years, with the growth rate falling off to a constant 4 percent thereafter. If the required return is 10 percent, and the company just paid a dividend of $2.65, what is the current share price
Answers
Answer:
$87.03
Explanation:
Calculation to determine the current share price
First step is to calculate p1
p1= $2.65(1+.30)^3(1+.04) / (.10 - .04)
p1= $2.65(1.30)^3(1.04) / (.10 - .04)
p1=6.054932/.06
p1=100.92
Now let calculate the Current price
p0= [$2.65(1.30) / 1.10] +[$2.65(1.30)^2 / 1.10^2] + [$2.65(1.30)^3 / 1.10^3] + [$100.92/ 1.10^3]
p0=3.1318+4.4782/1.21+5.82205/1.331+$100.92/1.331+
p0=3.1318+3.700992+4.37419+75.82
p0=$87.03
Therefore the current share price is $87.03
If a company is using past email responses as a segmentation strategy, the best approach for individuals who have not responded to multiple email offers is to:_________
a. offer them free merchandise if they place an offer
b. offer free shipping on any order
c. send an email inquiry requesting an update on their contact information
d. drop them from the email list
Answers
Answer: a. offer them free merchandise if they place an offer
Explanation:
When a customer is not replying via email, the best way to get them to be responsive again is to offer them some form of special that would allow them to make savings on a purchase of goods.
One such method would be by offering them free merchandise if they make an offer. Chances are that they would become responsive so as to take advantage of this offer.
ou own a portfolio that is 30 percent invested in Stock X, 20 percent in Stock Y, and 50 percent in Stock Z. The expected returns on these three stocks are 11 percent, 17 percent, and 13 percent, respectively. What is the expected return on the portfolio
Answers
Answer:
The expected return on the portfolio is:
= 13.2%
Explanation:
a) Data and Calculations:
Portfolio
Stock Percentage Expected Weighted
Holding Returns Returns
Stock X 30% 11% 3.3%
Stock Y 20% 17% 3.4%
Stock Z 50% 13% 6.5%
Total 100% 13.2%
b) The expected return on the portfolio is the addition of the weighted returns from each investment. The weighted returns are obtained by multiplying the percentage holding of each stock with its expected returns.
When Job 117 was completed, direct materials totaled $13,116; direct labor, $22,560; and factory overhead, $16,788. A total of 2,186 units were produced at a per-unit cost of a.$35,676 b.$24 c.$52,464 d.$2,186
Answers
Answer:
Unitary cost= $24
Explanation:
Giving the following information:
Total direct material= $13,116
Direct labor= $22,560
Factory overhead= $16,788
Number of units= 2,186
First, we need to calculate the total cost:
Total cost= 13,116 + 22,560 + 16,788
Total cost= $52,464
Now, the unitary cost:
Unitary cost= total cost / number of units
Unitary cost= 52,464 / 2,186
Unitary cost= $24
The burden of a tax is shared by producers and consumers. Under what conditions will consumers pay most of the tax? Under what conditions will producers pay most of it? A. It depends on who is legally obligated to pay the tax. Typically producers are required to pay the tax and therefore bear most of the burden. B. If demand is relatively more elastic than supply, producers will pay more of the tax. C. It depends on who is legally obligated to pay the tax. Typically consumers are required to pay the tax and therefore bear most of the burden. D. If demand is relatively less elastic than supply, producers will pay more of the tax.
Answers
Answer:
B
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
Price elasticity of demand = midpoint change in quantity demanded / midpoint change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases
Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.
If demand is more elastic than supply, if price is increased as a result of tax, demand would fall more than supply. As a result, producers would bear more tax burden
The University Store, Incorporated is the major bookseller for four nearby colleges. An income statement for the first quarter of the year is presented below: University Store, Incorporated Income Statement For the Quarter Ended March 31 Sales $ 800,000 Cost of goods sold 560,000 Gross margin 240,000 Selling and administrative expenses: Selling $ 100,000 Administrative 110,000 210,000 Net operating income $ 30,000 On average, a book sells for $40.00. Variable selling expenses are $3.00 per book; the remaining selling expenses are fixed. The variable administrative expenses are 5% of sales; the remainder of the administrative expenses are fixed.The contribution margin for the University Store for the first quarter is: A) $660,000 B) $700,000 C) $180,000 D) $140,000
Answers
Answer:
The University Store
The contribution margin for the University Store for the first quarter is:
= D) $140,000
Explanation:
a) Data and Calculations:
University Store,
Incorporated Income Statement
For the Quarter Ended March 31
Sales $ 800,000
Cost of goods sold 560,000
Gross margin 240,000
Selling and administrative expenses:
Selling $ 100,000
Administrative 110,000 210,000
Net operating income $ 30,000
Selling price per book = $40.00
Variable selling expenses per book = $3.00
Variable administrative expenses = 5% of sales
Sales Revenue $800,000
Cost of goods sold 560,000
Selling expense 60,000
Admin. expense 40,000
Total variable costs 660,000
Contribution margin 140,000
Blume Corporation leases equipment for a ten-month period. The entire related lease payment is due at the end of the ten-month period. The journal entry to recognize the monthly accrual related to the lease will include a debit to:
Answers
Answer: d. short-term lease expense.
Explanation:
The debit has to go to an expense account to recognize that a lease expense is being incurred. The relevant account would be a short-term lease expense account because the lease is a short term lease as it is to last for less than a year.
The credit will go to an accrued lease account to recognize that it is a current liability because liabilities are credited when they increase.
An organization implements an information system to optimize its supply chain. The system helps the organization decrease wastage. Hence, the system provides a competitive advantage to the organization. Here, the information system helped the organization achieve competitive advantage by
Answers
Answer:
Reducing cost
Explanation:
Competitive advantage is defined as the edge a firm has over others that results in greater profits.
It can be as a result of technology, price, cost reduction, or quality.
In the given scenario where an organization implements an information system to optimize its supply chain by decreasing wastage, it is reducing its cost as a way of gaining competitive advantage over other companies.
The accountant for Sysco Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year $ 819,000 Net income for the year 230,000 Cash dividends declared for the year 42,000 Retained earnings balance at the end of the year 1,007,000 Cash dividends payable at the beginning of the year 10,000 Cash dividends payable at the end of the year 11,000 What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows
Answers
Answer: $41000
Explanation:
The amount of cash dividends paid that should be reported in the financing section of the statement of cash flows will be calculated thus:
Beginning dividend = $10000
Add: Dividend declared = $42000
Less: Ending dividend payable = $11000
Cash dividend paid = $41000
Increasing returns to scale in production means:____.A. more thanâ 10% as much of all inputs are required to increase outputâ 10%. B. isoquants must be linear. C. less than twice as much of all inputs are required to double output. D. more than twice as much of only one input is required to double output.
Answers
Answer:
C. less than twice as much of all inputs are required to double output.
Explanation:
If there is an increase return to scale in the production so this represent that when the output is increased and it is more in the proportion so there is an increase in inputs
So that means it should be lower than the twice and maximum of all input that are needed to double output
Therefore the option c is correct
Your home insurance provides for replacement value for personal property losses. A microwave is stolen. It cost $258 two years ago and has an expected life of six years. A comparable microwave costs $366 today. What amount will the insurance company pay
Answers
Answer: $366
Explanation:
Replacement Cost Coverage refers to the valuation methods for the establishment of the value of an insured property which is used in knowing the amount that an insurer will
have to pay in case there is a loss and in such case, the insurance company will have to pay the costs at the present price to replace the damaged product.
Since the comparable microwave costs $366 today, therefore the insurance company will pay $366.
Perteet Corporation's relevant range of activity is 6,600 units to 13,000 units. When it produces and sells 9,800 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 7.30 Direct labor $ 3.70 Variable manufacturing overhead $ 1.80 Fixed manufacturing overhead $ 3.10 Fixed selling expense $ 0.70 Fixed administrative expense $ 0.40 Sales commissions $ 0.50 Variable administrative expense $ 0.55 If 7,300 units are produced, the total amount of manufacturing overhead cost is closest to:
Answers
Answer:
Total overhead cost= $43,520
Explanation:
Giving the following information:
Variable manufacturing overhead $ 1.80
Fixed manufacturing overhead $ 3.10
First, we need to calculate the total fixed overhead:
Total fixed overhead= 3.1*9,800 = $30,380
Now, the total overhead cost for 7,300 units:
Total variable overhead= 7,300*1.8= 13,140
Total fixed overhead= 30,380
Total overhead cost= $43,520
BMW is planning to make a big push into markets around the world with its MINI brand. If BMW has valuable know-how that cannot be protected with a licensing contract and also faces high transportation costs, BMW should
Answers
The tragedy of the commons results when ___________. A. people are excluded from public goods. B. too many public goods are provided. C. common pool resources are overused. D. common pool resources are underused.
Answers
Answer:
c
Explanation:
Tragedy of commons occur when a public good is been overused because it is publicly available at little or no cost
You own a stock portfolio invested 30 percent in Stock Q, 25 percent in Stock R, 25 percent in Stock S, and 20 percent in Stock T. The betas for these four stocks are .80, 1.18, 1.19, and 1.36, respectively. What is the portfolio beta
Answers
Answer:
The Portfolio beta is 1.1045
Explanation:
The computation of the portfolio beta is given below:
Stock Beta Investment (Weight) Weighted Beta
Stock Q 0.8 0.3 0.2400
Stock R 1.18 0.25 0.2950
Stock S 1.19 0.25 0.2975
Stock T 1.36 0.2 0.2720
Portfolio beta 1.1045
A good speaker in the Group discussion is the one who is always :
1. Loud
2.Loud and aggressive
3. Calm and composed
4. strong and powerful
5. confident and assertive
Answers
Answer:
5. confident and assertive
a) The market for automobile tires after the price of rubber increases. b) The market for a hardcover book in which the publisher overestimated demand, charging more than the equilibrium price. (Instead of a shift, indicate the quantity of the shortage or surplus of the book.) c) The market for a normal consumer good after a significant rise in average income. d) The market for infant cribs after a significant decline in the birth rate. For the following three parts, answer each question completely, directly, and succinctly. e) If the demand for a good decreases, ceteris paribus, what will happen to the equilibrium price
Answers
Answer:
Decreases.
Explanation:
If the demand for a good decreases and all other things are equal then there will be decrease in equilibrium price because there is a direct relationship between demand and equilibrium price. In direct relationship, if one increases the other automatically increases and vice versa so same is the case with demand and equilibrium price. As demand increases the equilibrium price will also increases and vice versa.
Use the following selected information from Wheeler, LLC to determine the 2017 and 2016 common size percentages for cost of goods sold using Net sales as the base.
2017 2016
Net sales $522,200 $423,400
Cost of goods sold 219,400 135,440
Operating expenses 79,990 $77,090
Net earnings 40,420 28,670
a. 42.0% for 2017 and 32.0% for 2016.
b. 7.7% for 2017 and 6.8% for 2016.
c. 123.3% for 2017 and 100.0% for 2016.
d. 57.3% for 2017 and 50.2% for 2016.
e. 174.4% for 2017 and 199.2% for 2016.
Answers
Answer:
a. 42.0% for 2017 and 32.0% for 2016
Explanation:
Common size % for cost of goods sold = Cost of goods sold/Net sales
For 2017
= $219,400 / $522,200
= 0.4201456
= 42%
For 2016
= $135,440 / $423,400
= 0.31988663
= 31.99%
The following labor standards have been established for a particular product: Standard labor-hours per unit of output 8.7 hours Standard labor rate $12.50 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 6,500 hours Actual total labor cost $78,650 Actual output 900 units What is the labor efficiency variance for the month
Answers
Answer:
the labor efficiency variance for the month is $16,625 favorable
Explanation:
The computation of the labor efficiency variance for the month is given below:
= Standard labor rate × (actual hours - actual output × standard hours per unit)
= $12.5 × (6,500 hours - 900 units × 8.7 hours)
= $16,625 Favorable
Hence, the labor efficiency variance for the month is $16,625 favorable
The same is relevant
Under U.S. GAAP, liabilities payable within one year can be excluded from current liabilities only if: A) The business intends to refinance the obligations on a long-term basis. B) The business has the demonstrated ability to refinance the obligations on a long-term basis. C) Both a and b. D) Liabilities payable within one year always must be classified as current liabilities.
Answers
Answer: C) Both a and b.
Explanation:
Liabilities that are payable in a year must always be treated as current liabilities. If a company wants to treat them as long term liabilities that go over a year, they will have to convert them to long term liabilities.
To do that they would have to refinance the payable on a long term basis. They will be able to convert this payables to long term if they not only intend to refinance, but are able to do so as well. This means that if they are unable to acquire the required funding, they won't be able to convert this to a long term payable.
1. Journalize the transaction on 1. 2. Journalize the adjusting entry needed on 31 to accrue interest revenue. Round to the nearest dollar. 3. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar.
Answers
Answer and Explanation:
The journal entries are shown below;
1.
Note Receivable-J. Brown $36500
To Accounts Receivable-J. Brown $36,500
(Being Accepted Note Receivable is recorded)
2. Interest Receivable $90 ($36,500 × 3% × 30 ÷ 365)
To Interest Revenue $90
(Being Accrued interest earned is recorded)
3. Cash 36860
To Interest Receivable $90
To Interest Revenue $270 ($36,500 × 3% × 90 ÷ 365)
To Note Receivable-J. Brown $36,500
(Being Collected note receivable plus interest is recorded)
You expect to receive $5,400 two years from now, $6,300 three years from now, and $10,900 six years from now. What is the future value of these cash flows seven years from now if the interest rate is 7.4 percent, compounded annually
Answers
Answer:
Total FV= $27,805.2
Explanation:
Giving the following information:
You expect to receive $5,400 two years from now, $6,300 three years from now, and $10,900 six years from now.
Interest rate= 7.4%
To calculate the Future Value, we need to use the following formula:
FV= Cf*(1 + i)^n
Cf1= 5,400*(1.074^5)= 7,716.41
Cf2= 6,300*(1.074^4)= 8,382.19
Cf3= 10,900*1.074= 11,706.6
Total FV= $27,805.2
"ng liquidity) Aylward Inc. currently has $ in current assets and $ in current liabilities. The company's managers want to increase the firm's inventory, which will be financed by a short-term note with the bank. What level of inventories can the firm carry without its current ratio falling belo"
Answers
Answer: $209,500
Explanation:
Current ratio = Current assets / Current liabilities
They plan to increase current assets by increasing inventory. They plan to do this by using a short term note which is a current liability. Both the numerator and the denominator will therefore increase.
Assume the maximum inventory increase to be:
2.20 = (2,161,000 + x) / (868,000 + x)
2.20 * 868,000 + x = 2,161,000 + x
1,909,600 + 2.20x = 2,161,000
2.20x - x = 2,161,000 - 1,909,600
1.20x = 251,400
x = 251,400 / 1.2
x = $209,500
Equivalent Units of Materials Cost The Filling Department of Eve Cosmetics Company had 4,500 ounces in beginning work in process inventory (90% complete). During the period, 74,900 ounces were completed. The ending work in process inventory was 3,700 ounces (40% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process? fill in the blank 1 units
Answers
Answer: 74,100 units
Explanation:
If the materials are added at the beginning of the process then the opening work in process inventory would need to be deducted from the completed inventory for the period. Also there would be no need to multiply the units by their completion level because they are assumed to be at 100% completion because materials were added at the very beginning.
Total equivalent units for direct materials is:
= (Completed units - Opening inventory) + Closing work in process
= (74,900 - 4,500) + 3,700
= 74,100 units
