Match each term with how related transactions affect the accounting equation. Dividends Expenses Revenues Assets Liabilities Match each of the options above to the items below. Transactions that affect the left side of the accounting equation.Transactions that affect the left side of the accounting equation. Open choices for matching No answer Transactions that increase stockholders' equity.Transactions that increase stockholders' equity. Open choices for matching 1 Transactions that affect the right side of the accounting equation not related to stockholders' equity.Transactions that affect the right side of the accounting equation not related to stockholders' equity. Open choices for matching No answer Transactions that decrease stockholders' equity related to distributions to stockholders.Transactions that decrease stockholders' equity related to distributions to stockholders. Open choices for matching No answer Transactions that decrease stockholders' equity related to cost of generating revenues.

Answers

Answer 1

Answer:

1. Dividends

Correct match: Transactions that decrease stockholders' equity related to distributions to stockholders.

2. Expenses

Correct match: Transaction that decrease stockholders' equity related to cost of generating of generating revenues.

3. Revenues

Correct match: Transactions that increase stockholders' equity.

4. Assets

Correct match:  Transactions that affect the left side of the accounting equation.

5. Liabilities

Correct match:  Transactions that affect the right side of the accounting equation not related to stockholders' equity.


Related Questions

On January 1, 2020, Marigold Corp. purchased a machine costing $355000. The machine is in the MACRS 5-year recovery class for tax purposes and has an estimated $74000 salvage value at the end of its economic life. It's based on half year convention. Assuming the company uses the general MACRS approach, the amount of MACRS deduction for tax purposes for the year 2020 is

Answers

Answer:

$71,000

Explanation:

Note: The MARCS Table is attached below

Depreciation for 2020 = Cost*Rate%

Depreciation for 2020 = $355000*20%

Depreciation for 2020 = $71,000.

Note: MACRS depreciation disregards the salvage value and depreciates the asset to zero over the life of the asset.

Classify each of the following costs as a direct cost or an indirect​ cost, assuming that the cost object is the Juniors Department​ (clothing and accessories for teenage and young​ women) in the Stow​ Kohl's department store.​ (Kohl's is a chain of department stores and has stores located across the United​ States.) a. Juniors Department sales clerks ▼ b. Cost of Juniors clothing c. Cost of hangers used to display the clothing in the store d. Electricity for the building e. Cost of radio advertising for the store f. Juniors clothing buyers' salaries (these buyers buy for all the Juniors Departments of Kohl's stores)

Answers

Answer:

The correct answers are:

a - Direct cost

b - direct cost

c - indirect cost

d - indirect cost

e - indirect cost

f - direct cost

Explanation:

On the one hand, the term of "direct cost" in the field of management and accounting refers to the type of cost that is directly associated with the production of a good in particular. So that basically means that a direct cost of a product is something that was extremely necessary to use in the production of it or in the other case it could not have been made.

On the other hand, the term of "indirect cost" refers to the whole opposite concept, meaning that the indirect cost will be those who can not be directly associated with a product or its production but instead it is implicated actually with a whole other activites in the company, such is the case of the electricity of the building.

In 2020, Ryan files as head of household and has taxable income of $122,500. None of his taxable income consists of capital gains or qualified dividends. Using the tax rate schedule, his tax liability rounded to the nearest dollar, totals $______.

Answers

Answer: 22,038, 22,037, or 22,036

Explanation:

Taxable liability of Ryan is $22,154

Given:

Household and taxable income = $122,500

Find:

Taxable liability

Computation:

Household and taxable income of Ryan is $122,500

So,

Ryan falls [$84,201 - $160,700] tax range

So,

Taxable liability = 12,962 + (122,500 - 84200) × 24%

Taxable liability = 12,962 + (122,500 - 84200) × 0.24

Taxable liability = 12,962 + (38,300) × 0.24

Taxable liability = 12,962 + 9,192

Taxable liability = $22,154

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Manufacturing activities consist of materials, production, and sales activities. The materials activity consists of the purchase and issuance of materials to production. The production activity consists of converting materials into finished goods. At this stage in the process, the materials, labor, and overhead costs have been incurred and the schedule of cost of goods manufactured is prepared. The sales activity consists of selling some or all of finished goods available for sale. At this stage, the cost of goods sold is determined.

From the list below, select the items that are classified as a materials activity.

a. Raw materials used
b. Raw materials beginning inventory
c. Raw materials purchases
d. Work in process beginning inventory
e. Goods manufactured
f. Direct labor used
g. Factor overhead used

Answers

Answer:

a. Raw materials used

b. Raw materials beginning inventory

c. Raw materials purchases

Explanation:

Note: The materials activity consists of the purchase and issuance of materials to production

Thus, the items that are classified as a materials activity are :Raw materials used, Raw materials beginning inventory and Raw materials purchases

Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Assume Longmire uses a perpetual inventory system.

Required:
Prepare the related journal entries for Longmire & Sons.

Answers

Answer:

April 18

Dr Account receivable 500,000

Cr Cash 500,000

April 18

Dr Cost of goods sold 400,000

Cr Merchandize inventory 400,000

May 22

Dr Sales return and allowance 9,000

Cr Account receivable 9,000

May 22

Dr Merchandize inventory 7,200

Cr Cost of goods sold 7,200

Explanation:

Preparation of the related journal entries for Longmire & Sons.

Based on the information given the related journal entries for Longmire & Sons will be :

April 18

Dr Account receivable 500,000

Cr Cash 500,000

(Being to record credit sales)

April 18

Dr Cost of goods sold 400,000

Cr Merchandize inventory 400,000

(Being to Record cost of goods sold)

May 22

Dr Sales return and allowance 9,000

Cr Account receivable 9,000

(Being to record goods return)

May 22

Dr Merchandize inventory 7,200

Cr Cost of goods sold 7,200

(Being to Record cost of goods return)

In 2008, Betserai was a 10-year-old quintrillionaire living in Bulawayo, Zimbabwe. He was literally rolling in money. In fact, Betserai has so much money that he decided to make kites out of billion dollar bills instead of putting the money into the bank to earn interest. None of Betserai's friends bothered to save their money, either. Rupert was Betserai's American pen pal and heard of Betserai's story and was extremely confused. He was taught that Zimbabwe was one of the poorer countries in the world, or at the least substantially poorer than the United States. Which statement best explains this phenomenon?
A. A country's wealth is based on the amount of money in circulation.
B. Zimbabwe was in the midst of an incredible economic boom, substantially increasing the wealth of all its citizens.
C. Rapid rises in price levels made the Zimbabwean dollar near worthless in terms of purchasing power.
D. All of these statements could explain what happened in Zimbabwe in 2008.

Answers

Answer:

C. Rapid rises in price levels made the Zimbabwean dollar near worthless in terms of purchasing power.

Explanation:

As in the given situation it is mentioned that 10 year old boy has the bill of billion dollar this represented that the country really printed the bill of billion dollar. It means that the attempt is to be done in order to print a currenct note of higher denomination that also represent that the country would increased such level also at the same time a big amount is required to purchased the goods and services.

Also the high denomination values would not consist of actual value as they have purchasing power i.e. negligible

Which action invalidates the contract Kyle signed?
a.
Kyle missed his monthly payment.
b.
Kyle split the missing payment into three equal parts.
c.
Kyle did not notify his bank with his intention to split up the missing payment.
d.
Kyle did not add one-third of the missing payment to the next three monthly payments.

ITS C Promise

Answers

Answer:

It is C I just got it correct

The action that invalidates the contract Kyle signed is: c. Kyle did not notify his bank with his intention to split up the missing payment.

What is a contract?

Contract is simply a written agreement between two or more people.

Kyle was suppose to inform the bank about his plan of splitting the missing payment into three installment because of his inability to make his payment for the month.

Failing to call the bank before sending the check of the amount of  $1,600 as his three installment payment has invalidates the contract Kyle signed.

Inconclusion the action that invalidates the contract Kyle signed is: c. Kyle did not notify his bank with his intention to split up the missing payment.

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A Student table and an Address table contain one linked record. What kind of table relationship do these tables
demonstrate?
a. one-to-one
b. one-to-many
c. many-to-many
d. many-to-none

Answers

A.

I not sure though

Answer:

A.)

Explanation:

hope this helps

Pina Colada Corp. issued 22000 shares of $1 par common stock for $40 per share during 2022. The company paid dividends of $53000 and issued long-term notes payable of $484000 during the year. What amount of cash flows from financing activities will be reported on the statement of cash flows

Answers

Answer:

Net cash flows from financing activities $1,311,000.

Explanation:

The computation of the amount that would be reported on the financing activities of the cash flow statement is as follows:

Issue of common stock(22,000 shares × $40) $880,000

Less: payment of dividend ($53,000)

Add: Issue of the long term note payable $484,000

Net cash flows from financing activities $1,311,000.

In 2019, Martin had two employers during the year. Both employers withheld Social Security tax from his wages in the amounts of $4,314.05 and $4,274.75. What amount can Martin claim as a credit against his income tax when he files his income tax return

Answers

Answer:

$1241.80

Explanation:

From the given information:

the social security taxes withheld by both employers are $4314.05 and $4274.75 respectively.

Let's recall that the maximum amount the IRS can also withhold from wages is $7347.00.

Therefore;

the required amount that can be claimed as a credit is:

= $4,314.05 +  $4,274.75 - $7347.00

= $1241.80

Answer:

$349

Explanation:

1) 4,314.05 + 4,274.75 = 8,588.80

2) Social security withheld max: 132,900 * 6.2% = 8,239.80

3) 8,588.80 - 8,239.80 = 349

Tirri Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 7.50 Direct labor $ 3.85 Variable manufacturing overhead $ 1.55 Fixed manufacturing overhead $ 24,400 Sales commissions $ 1.05 Variable administrative expense $ 0.60 Fixed selling and administrative expense $ 8,800 If the selling price is $28.10 per unit, the contribution margin per unit sold is closest to:

Answers

Answer:

$13.55

Explanation:

The contribution margin per unit is computed as;

= Selling price - (Direct materials + Direct labor + Variable manufacturing overhead + Sales commission + Variable administrative expense)

= $28.10 - ($7.50 + $3.85 + $1.55 + $1.05 + $0.60)

= $28.10 - $14.55

= $13.55

Therefore , the contribution margin per unit is $13.55

Blue Dog Manufacturing Corp. just reported a net income of $7,000,000, and its current stock price is $23.00 per share. Blue Dog is forecasting an increase of 25% for its net income next year, but it also expects it will have to issue 1,900,000 new shares of stock (raising its shares outstanding from 5,500,000 shares to 7,400,000 shares).

Required:
If Blue Dog’s forecast turns out to be correct and its price-to-earnings (P/E) ratio does not change, what does management expect its stock price to be one year from now?

Answers

Answer:

$21.41

Explanation:

The computation of the stock price one year from now is as follows:

As we know that

Earnings per share = Earnings after tax ÷  Number of shares

= $7,000,000 ÷  5,500,000 shares

= $1.27 per share  

And,

P/E ratio = Current price per share ÷ Earnings per share

= $23 ÷ $1.27

= 18.11

Next Year:

Earnings after tax is

= $7,000,000 ×  1.25

= $8,750,000

Now  

Earnings per share = Earnings after tax ÷  Number of shares

= $8,750,000 ÷  7,400,000 shares

= $1.18 per share  

And,

P/E ratio = Current price per share ÷ Earnings per share

18.11 = Current price per share ÷ $1.18

So, the current price per share is

= $1.18 × 18.11

= $21.41

Suppose a city block was going to be used for a parking lot in both New York City and a small town. The opportunity cost would be multiple choice 2 lower in New York City because the alternative uses of the city block are more varied. lower in a small city because the alternative uses of the city block are more varied. greater in New York City because the alternative uses of the city block are more valuable. greater in a small city because the alternative uses of the city block are more valuable.

Answers

Answer:

c. The opportunity cost would be greater in New York City because the alternative uses of the block are more valuable.

Explanation:

Value of piece of land would be much higher in New York City in comparison to a small town.

This means that if a piece of land is used for parking lot in the New York City then the alternative use of such land would be more valuable in comparison to the utilization of similar piece of land in a small town.

Higher the value of alternative uses, higher would be the opportunity cost. So, the opportunity cost would be greater in New York City because the alternative uses of the block are more valuable.

Esquire Company needs to acquire a molding machine to be used in its manufacturing process. Two types of machines that would be appropriate are presently on the market. The company has determined the following:

Machine A could be purchased for $60,500. It will last 10 years with annual maintenance costs of $2,100 per year. After 10 years the machine can be sold for $6,050.
Machine B could be purchased for $55,000. It also will last 10 years and will require maintenance costs of $8,400 in year three, $10,500 in year six, and $12,600 in year eight. After 10 years, the machine will have no salvage value.

Required:
Assume an interest rate of 8% properly reflects the time value of money in this situation and that maintenance costs are paid at the end of each year.

Answers

Answer:

Esquire should purchase Machine A.

Explanation:

Note: The requirement of this question is not complete. The complete requirement is therefore presented before answering the question as follows:

Required:

Assume an interest rate of 8% properly reflects the time value of money in this situation and that maintenance costs are paid at the end of each year. Ignore income tax considerations.

Calculate the present value of Machine A & Machine B. Which machine Esquire should purchase? (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)

Explanation of the answer is now given as follows:

Note: See the attached excel file for the calculations of the present value of Machine A & Machine B.

In the attached excel file, the following is used:

Discounting factor = 1 / (1 + r)^n ……………………………. (1)

Where:

r = interest rate = 8%, or 0.08

n = the year in focus

From part 1 of the attached excel file, we have:

Net present value of Machine A = -$71,788.85

From part 2 of the attached excel file, we have:

Net present value of Machine B = -$75,092.36

Since the Net present value of Machine A of -$71,788.85 is less than the Net present value of Machine B of -$75,092.36, Esquire should purchase Machine A.

In Marubeni America Corp. v. United States, the federal appellate court ruled that the Nissan Pathfinder was, for tariff classification purposes a motor vehicle for the transport of passengers. The classification of goods is significant because: Question 16 options: A) the fair value will vary depending on the classification B) the subsidy will vary depending on the classification C) the tariffs will vary depending on the classification D) the dumping duty will vary depending on the classification

Answers

Answer: the tariffs will vary depending on the classification.

Explanation:

Tariff is a form of tax that is usually imposed on the imports that are brought from other countries to a particular country.

With regards to information provided in the question, the classification of goods is significant because the tariffs will vary depending on the classification.

The following data pertains to Lam Co.'s manufacturing operations: Inventories 4/1 4/30 Direct Materials $ 18,000 $ 15,000 Work in Process 9,000 6,000 Finished Goods 27,000 36,000 Additional information for the month of April: Direct materials purchased $ 32,000 Direct labor 30,000 Direct labor rate per hour 10.00 Factor overhead incurred 40,000 Overhead is applied at $12 per direct labor hour. For the month of April, conversion cost incurred was:

Answers

Answer: $65000

Explanation:

For the month of April, the conversion cost that was incurred would be calculated as:

Beginning inventory of Direct Materials = $18000

Add: Purchase = $32000

Total cost of Direct Materials available = $50000

Less: Ending inventory of Direct Material = $15000

Therefore, Direct material used:

= $50000 - $15000 = $35000

Add: Direct labor = $30000

Conversion cost incurred = $35000 + $30000 = $65000

he accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $418 Fees Earned $2,221 Accounts Receivable 765 Insurance Expense 411 Prepaid Insurance 4,395 Land 1,763 Cash 1,386 Wages Expense 735 Drawing 301 Capital 7,117 Total assets are

Answers

Answer:

See below

Explanation:

With regards to the above,

Total assets = $765 + $4,395 + $1,763 + $1,386

Analyze the role individual team members and leaders play in ensuring or detracting from team success. In the analysis, considering the advantages and disadvantages of the team effectiveness model (Exhibit 7.2). For example, what would be some of the effective and ineffective individual and leadership behaviors regarding team environmental, design, process, and effectiveness practices

Answers

The correct answer to this open question is the following.

Unfortunately, you did not attach the team effectiveness model (Exhibit 7.2). You did not a link or picture of it.

However, trying to help you, we can comment on the following model.

We are going to use the Katzenbach and Smith Team Model.

This team effectiveness model has three important components at the base of the pyramid: collective work product, commitment, and personal growth.

From there, the next level indicates the specific goals of the team, the ground rules, the common approach, and the meaningful purpose of the team.

Going up the pyramid we have the Skills and Accountability.

In the Skills, the authors include interpersonal skills, technical skills, and problem-solving abilities. Regarding Accountability, the authors include mutual and personal accountability.

At the very top of the pyramid, we have the performance results.

This model helps to establish the foundation of the role individual team members and leaders play in ensuring team success.

For this to happen, leaders have to set the example of the n¿behavior they like to observe on team members. On the other hand, setting that example, team members are expected to follow through with the goals and expectations, following high standards of performance to accomplish goals.

If Ralph rides the bus to work which is considered an inferior good/service. After Ralph applies for and accepts a new management job at twice his old salary he starts to make changes. Based on what you have learned about changes in income and consumer choices, what will most likely happen to Ralph’s use of public transportation? Group of answer choices Ralph would discontinue riding the bus and switch to riding his bike. Ralph would discontinue riding the bus and purchase a car. It will decrease since Ralph will ask his boss if he can telework to avoid the long commute. Ralph would continue riding the bus.

Answers

Answer:

Ralph would discontinue riding the bus and purchase a car.

Explanation:

As in the question it is mentioned that Ralph rides the bus when he go to work this represent an inferior good or a service but when he accept a new management job where his salary is doubled so he begins to make the changes

The change is that as the income rises, so the consumption would fall so he would prefer the more expensive option i.e to purchase a car

A- Ralph would discontinue riding the bus and switch to riding his bike after he gets a new management job and his salary is doubled as compared to the old payroll of Ralph.

Ralph is a rational consumer who will like to upgrade his lifestyle only when his salary reaches a level that he can spend extra part of his disposable income.

Ralph would continue riding his bike for numerous reasons one of them being that he would want to save the time of commute between his accommodation and his workplace,

Ralph will also be able to save time for himself when he reaches home as he can depart at his own comfortable times and this will lead to him eventually spending on own's happiness for Ralph.

Ralph will also end up saving money even after commuting through bike as he knows that his salary is doubled from the previous salary. This will hence not cost as much to him than he would proportionately save.

Hence, the correct option is A that Ralph will stop riding bus and use bike to commute.

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The chart below gives prices and output information for the country of Utopia. Use this information to calculate real and nominal GDP for both years. Use 2001 as the base year.
Year 2000 2001
Price Quantity Price Quantity
Ice Cream $7.00 600 $3.00 400
Blue Jeans $70.00 20 $20.00 90
Laptops $300.00 5 $300.00 5
2000 nominal GDP = $_________
2001 nominal GDP = $_________
2000 real GDP = $_________
2001 real GDP = $_________

Answers

Answer and Explanation:

The computation is shown below:

As we know that

Nominal GDP = Sum of (Present Year Price × Present Year Quantity)

And,  

Real GDP = Sum of (Base Year Price × Present Year Quantity)

Now

(a) Nominal GDP, 2000 is

= $[(7 × 600) + (70 × 20) + (300 × 5)]

= $4,200 + $1,400 + $1,500

= $7,100

(b) Nominal GDP, 2001 is

= $[(3 × 400) + (20 × 90) + (300 × 5)]

= ($1,200 + $1,800 + $1,500)

= $4,500

(c) Real GDP, 2000 is

= $[(3 × 600) + (20 × 20) + (300 × 5)]

= $1,800 + $400 + 1,500

= $3,700

(d) Real GDP, 2001 is

= $[(3 × 400) + (20 × 90) + (300 × 5)]

= $1,200 + $1,800 + $1,500

= $4,500

Stephenson Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the CFO's back-up computer data.

Cost of Goods Sold $380,000
Work-in-Process Inventory, Beginning 30,000
Work-in-Process Inventory, Ending 40,000
Selling and Administrative Expense 50,000
Finished Goods Inventory, Ending 15,000
Finished Goods Inventory, Beginning ?
Direct Materials Purchased 171,000
Factory Overhead Applied 112,000
Operating Income 22,000
Direct Materials Inventory, Beginning 18,000
Direct Materials Inventory, Ending 6,000
Cost of Goods Manufactured 340,000
Direct Labor 55,000

The CFO of Stephenson Company has asked you to recalculate the following accounts and report to him by week's end.

What should be the amount of direct materials used?

a. $208,400
b. $405,500
c. $440,800
d. $201,500

Answers

Answer:

Direct material used= $183,000

Explanation:

Giving the following information:

Direct Materials Purchased 171,000

Direct Materials Inventory, Beginning 18,000

Direct Materials Inventory, Ending 6,000

To calculate the direct material used, we need to use the following formula:

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 18,000 + 171,000 - 6,000

Direct material used= $183,000

Prove:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 30,000 + 183,000 + 55,000 + 112,000 - 40,000

cost of goods manufactured= $340,000

Kenny, Inc., is looking at setting up a new manufacturing plant in South Park. The company bought some land six years ago for $7.7 million in anticipation of using it as a warehouse and distribution site, but the company has since decided to rent facilities elsewhere. The land would net $10.5 million if it were sold today. The company now wants to build its new manufacturing plant on this land; the plant will cost $21.7 million to build, and the site requires $920,000 worth of grading before it is suitable for construction. What is the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project

Answers

Answer:

$33,120,000

Explanation:

Calculation for What is the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project

Using this formula

Proper Cash Flow Amount = (Expected Cost of Selling + Cost of Building Manufacturing Plant + Cost of Grading)

Let plug in the formula

Proper Cash Flow Amount = ($10,500,000 + $21,700,000 + $920,000)

Proper Cash Flow Amount = $33,120,000

Therefore the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project will be $33,120,000

Nichols Fruits leased farm equipment from King Machinery on January 1, 2021. The present value of the lease payments discounted at 10% was $40 million. Ten annual lease payments of $6 million are due at the beginning of each year beginning January 1, 2021. King had constructed the equipment recently for $33 million. With this lease agreement, control is considered to be transferred to the lessee at the beginning of the lease. What amount of interest revenue from the lease should King report in its 2021 income statement?
A. $3.4 million.
B. $6.0 million.
C. $17.0 million.
D. $10.4 million.

Answers

Answer:

A. $3.4 million

Explanation:

Calculation for What amount of interest revenue from the lease should King report in its 2021 income statement

Interest revenue = 10% * [$40 - $6])

Interest revenue = 10% *$34

Interest revenue = $3.4 million

Therefore the amount of interest revenue from the lease that King should report in its 2021 income statement will be $3.4 million

During January, Year 2, Geo entered into the following transactions: Paid $728 on account for utilities that were used during December, Year 1. Purchased $488 of supplies for cash. Signed a rental agreement for office space and paid $6,100 in advance for six months of rent beginning February 1, Year 2. Purchased $21,000 of new equipment, signing a promissory note. Provided $32,500 of services. $16,000 was received in cash and $16,500 was provided on credit. Paid workers $7,400 for work done in January. Required: Prepare journal entries for each of the following January activities, and post results to the relevant T-accounts. Compute the ending balance of each T-account. Beginning balances have been entered.

Answers

Answer:

Geo

1. Journal Entries:

1. Debit Utilities Payable $728

Credit Cash $728

To record the payment of utilities on account.

2. Debit Supplies $488

Credit Cash $488

To record the purchase of supplies for cash.

3. Debit Prepaid Rent $6,100

Credit Cash $6,100

To record the prepayment of rent for 6 six months.

4. Debit Equipment $21,000

Credit Note Payable $21,000

To record the purchase of equipment on account.

5. Debit Cash $16,000

Debit Accounts Receivable $16,500

Credit Services Revenue $32,500

To record the rendering of services for cash and on account.

6. Debit Salaries Expense $7,400

Credit Cash $7,400

To record the payment of salaries for January.

2. T-accounts:

Utilities Payable

Accounts Titles       Debit        Credit

Cash                        $728

Cash

Accounts Titles       Debit        Credit

Utilities payable                       $728

Supplies                                     488

Prepaid Rent                           6,100

Service Revenue  $16,000

Salaries Expense                   7,400

Supplies

Accounts Titles       Debit        Credit

Cash                       $488

Prepaid Rent

Accounts Titles       Debit        Credit

Cash                    $6,100

Equipment

Accounts Titles       Debit        Credit

Note Payable        $21,000

Note Payable

Accounts Titles       Debit        Credit

Equipment                             $21,000

Accounts Receivable

Accounts Titles       Debit        Credit

Service Revenue $16,500

Services Revenue

Accounts Titles            Debit        Credit

Cash                          $16,000

Accounts Receivable 16,500

Salaries Expense

Accounts Titles       Debit        Credit

Cash                      $7,400

Explanation:

Since the beginning balances were not supplied, the T-accounts are not balanced at the end of the period.  Journal entries were prepared to record the daily business transactions for the first time in the accounting system.  The entries showed the accounts to be debited and credited respectively.

It is know that employees are the weakest link in the information security chain. How can companies deal with problems associated with the weakest link?

Answers

Answer:

the answer is below

Explanation:

The weakest links are those through whom hackers can gain access to the company's system security. The employees are considered the weakest links.

The company can deal with this problem by:

1. Training these employees on cyber security. The employees have to know what cyber security looks like and how not to fall victims.

2. The company can go further to create a new authentication system such as the multifactor authentication.

3. Employees should be made to know how harmful it could be to the company if they shared the company's security details with outsiders.

4. Employees should be refrained from downloading apps that are risky or leaving devices in the open. There should also be a judicial system where penalties would be awarded to defaulters

A country has constant opportunity cost of production. If they devote all of their resources to the production of blankets they can produce a total of 284 per week. If they devote all of their resources to the production of t-shirts they can produce a total of 612 shirts per week. What is the opportunity cost of producing 1 blanket

Answers

Answer:

2.15 shirts

Explanation:

Opportunity cost or implicit is the cost of the next best option forgone when one alternative is chosen over other alternatives

By producing one more blanket, the country would be forgoing the opportunity to produce one more shirt.

opportunity cost of producing 1 blanket = 612 shirts / 284 = 2.15 shirts

Derek will deposit $9,359.00 per year for 18.00 years into an account that earns 4.00%, The first deposit is made next year. He has $18,418.00 in his account today. How much will be in the account 49.00 years from today

Answers

Answer:

FV= $904,322.05

Explanation:

First, we will calculate the future value of the 18 deposits 19 years from now. Also the value of the $18,418 19 years from now.

FV= {A*[(1+i)^n-1]}/i

A= annual deposit= 9,359

n= 18

i= 0.04

FV= {9,359*[(1.04^18) - 1]} / 0.04

FV= $240,015.42

FV= PV*(1+i)^n

FV= 18,418*(1.04^19)

FV= $38,803.95

Total FV= 240,015.42 + 38,803.95= $278,819.37

Finally, the value of the account for the remaining 30 years:

FV= 278,819.37*(1.04^30)

FV= $904,322.05

Compare and by converting their income statements to common size. Martinez Rojo Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . $10,900 $19,536 Cost of goods sold. . . . . . . . . . . . . . . . . . 6,660 14,203 Other expense. . . . . . . . . . . . . . . . . . . 3,564 4,356 Net income. . . . . . . . . . . . . . . . . . . . . . . . . $676 $977 Which company earns more net​ income? Which​ company's net income is a higher percentage of its net​ sales?

Answers

Answer:

a. Rojo

b. Martinez

Explanation:

When converting the income statement to common size, everything is made a percentage of net sales.

                                                             Martinez                            Rojo

Net Sales                                                100%                              100%

Cost of goods sold                                (61.1% )                           ( 72.7%)

Other expenses                                     (32.7% )                         ( 22.3%)

Net Income                                               6.2%                             5.0%

Working

                                                           Martinez                             Rojo

Cost of goods                                 6,660/10,900                   14,203/19,536

Other expenses                              3,564/10,900                     4,365/19,536

Net income                                      676/10,900                         977/19,536                                

a. Company with more Net income

= Rojo

b. Company with higher net income as percentage of net sales

= Martinez

Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows:

Beginning work in process, 12,000 units, 60% completed $62,400
From Department A, 55,000 units started this period
Direct materials added 115,500
Direct labor incurred 384,916
Factory overhead incurred 138,000

During March, all direct materials were transferred from Department A, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Inventories are costed by the first-in, first-out method.

Required:
Prepare a cost of production report for March.

Answers

Solution :

 Particulars                                                         Direct materials   Conversions

Cost per equivalent unit              

Total costs for month March in Department B          115500              522915

Total equivalent units                                                   55000              58000

Cost per equivalent unit                                                 2.10               9.0158

So, total conversion cost for March in the Department B

= 384915 + 138000

= $ 522915

Costs charged to production:

                                                 Direct Materials    Conversion      Total cost

                                                Costs                        costs            

Inventory in process, March 1                                                              62400

Cost incurred in March                                                                         638415

Total costs accounted by the department                                          700815

Therefore, the cost incurred in March = 115500 + 384915 + 138000

                                                                = $ 638415

Data pertaining to the postretirement health care benefit plan of Danielson Delivery Service include the following for the current calendar year: Service cost $ 150,000 APBO, January 1 $ 800,000 Plan assets (fair value), January 1 $ 80,000 Prior service cost (current year amortization, $2,000) $ 90,000 Retiree benefits paid (end of year) $ 90,000 Net gain (current year amortization, $1,000) $ 92,000 Contribution to health care fund (end of year) $ 85,000 Return on plan assets (actual and expected) 10 % Discount rate 8 % Required: 1. Determine Danielson's postretirement benefit expense for the current year.

Answers

Answer: $‭207,00‬

Explanation:

Postretirement benefit for the year is:

= Service cost + Interest cost + Amortization of prior service cost - Return on plant assets - Amortization of net gain

Interest cost = Discount rate *  Actual Projected benefit obligation (APBO)

= 8% * 800,000

= $64,000

Return on plant assets = Return on plan assets (actual and expected)* Plan assets

= 10% * 80,000

= $8,000

Postretirement benefit = 150,000 + 64,000 + 2,000 - 8,000 - 1,000

= $‭207,000‬

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