Answer:
The primary difference between a company's mission statement and the company's strategic vision is that:______.
B. a mission statement typically concerns a company's present business scope and purpose, whereas a strategic vision sets forth "where we are going and why."
Explanation:
Typically, a mission statement discusses the present business scope and purpose, dealing with how to please customers and what the organization does. On the other hand, a strategic vision shows the organization's direction, focusing on its tomorrow and what the organization wants to become.
Tip Top Painting Company has the following production data for March: Beginning work in process inventory, 2,000 units that are 30% complete for conversion costs Units completed and transferred out, 44,000 Units in ending work in process inventory, 9,000 that are 80% complete for conversion costs Materials are added only at the beginning of the process. What is the equivalent units of production during May for direct materials if the FIFO method is used?
Answer: 51000 units
Explanation:
The equivalent units of production during May for direct materials if the FIFO method is used will be calculated thus:
Units completed and transferred out = 44,000 Units
Less: Beginning work in process inventory = 2,000
Balance = 42000
Then, the Equivalent units of materials will be:
Balance = 42000
Add: Units in ending work in process inventory = 9,000
Equivalent units of materials = 51,000 units
Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), and uncollectible accounts expense is estimated at 2% of sales. If sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is:______.a. $12,500.b. $11,500.c. $12,000.d. None of these answers are correct.
Answer:
$12,000
Explanation:
Calculation to determine what the amount of the adjusting entry to record the provision for doubtful accounts is
Using this formula
Provision for doubtful accounts =Sales *Uncollectible accounts expense estimated percentage of sales
Let plug in the formula
Provision for doubtful accounts = 2% × $600,000
Provision for doubtful accounts=$12,000
Therefore the amount of the adjusting entry to record the provision for doubtful accounts is $12,000
Given direct material cost of $10, direct labor cost of $15, direct-labor based overhead of $12 and Activity-Based Costing overhead of $16, the total cost of the product using Activity-Based costing is $___________ . (Enter your answer as a whole number.)
Answer:
Total cost of product using the Activity-Based costing
Particulars Amount
Material cost $10
Labor cost $15
Overheads cost under ABC $16
Total cost of product $41
Productivity measures Group of answer choices the changes in real wealth caused by price level changes the amount of capital goods used per worker. per-unit production costs. real output per unit of input.
Answer:
The correct answer is the last option: Real output per unit of input.
Explanation:
To begin with, in the microeconomics and business management field the concept known as "productivity" refers to the measurement related to the efficiency of production of goods or services and it is most commonly expressed as a ratio of an aggregate output to a single input so therefore that this index is very important to the companies and the governments in order to understand how the production can improve and more important how can evolve regarding the machinery and the inputs that either the business or the government.
Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2018 fiscal year was $1,269,000. Depreciation expense of $159,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash:
Increase in accounts receivable $152,000
Decrease in inventories 108,000
Decrease in prepaid expenses 62,000
Decrease in salaries payable 30,000
Increase in income taxes payable 44,000
Required:
Prepare the cash flows from operating activities for 2018.
Answer:
Cash flows from operating activities for 2016
Particulars Amount
Net income $1,269,000
Adjustments
Depreciation expense $159,000
Increase in accounts receivable -$152,000
Decrease in inventories $108,000
Decrease in prepaid expenses $62,000
Decrease in salaries payable -$30,000
Increase in income taxes payable $44,000 $32,000
Net cash inflow from operations $1,460,000
Determine the amount of long-term debt for ABC Co. using the following balance sheet information: cash balance of $24,733, accounts payable of $95,119, common stock of $400,875, retained earnings of $500,644, inventory of $206,573, other assets equal to $76,981, net plant and equipment of $707,919, short-term notes payable of $30,000, and accounts receivable of $142,431.
Answer:
$131,999
Explanation:
i. Total Assets = Cash + Inventory + Accounts receivable + Other Assets + Net plant and Equipment
Total Assets = $24,733 + $206,573 + $142,431 + $76,981 + $707,919
Total Assets = $1,158,637
ii. Current liabilities = Accounts payable + Short term debt
Current liabilities = $95,119 + $30,000
Current liabilities = $125,119
iii. Common stock = $400,875
iv. Retained Earnings = $500,644
Long term debt = Total Assets - [Common stock + Retained earnings + Current liabilities]
Long term debt = $1,158,637 - [$400,875 + $500,644 + $125,119]
Long term debt = $1,158,637 - $1,026,638
Long term debt = $131,999
You are in desperate need for cash to pay your water bill so you head to the check-cashing store down the street. They offer to lend you $200 now but you must leave a postdated check of $212 to be cashed in 7 days. What is the effective annual rate of this short-term loan?
Answer:
1969.6%
Explanation:
The computation of the effective annual rate is given below;
Given that
It is been charged $12 for $200 loan for 7 days
So for 7 days,
the nominal interest rate is is
= 12 ÷ 200 × 100
= 6%
Now
(1+r) = (1+0.06)^{52}
(1+r) = 20.696
r = 19.696
= 1969.6%
Refer to Exhibit 15-5. Assume that the economy starts out in short-run equilibrium. An economist who believes that the economy is not self-regulating would assert that the government should use _________________ fiscal policy to close the existing ___________________ gap.
Answer: b. Contractionary; Inflationary gap
Explanation:
If the economy starts out at the short-run, the GDP would be higher than the GDP if we were using the Long Run Aggregate Supply Curve which shows what the potential GDP is.
This means that the Actual GDP is higher than the potential GDP and when this happens there will be an inflationary gap because prices will be higher than they should be as the economy is overheated.
In order to close this inflationary gap, the government should embark on contractionary fiscal policies that would reduce economic activity and bring GDP down to the potential level.
A firm sells two products, Regular and Ultra. For every unit of Regular the firm sells, two units of Ultra are sold. The firm's total fixed costs are $1,536,000. Selling prices and cost information for both products follow. What is the firm's break-even point in units of Regular and Ultra?
Answer:
regular - 32,000
ultra - 64,000
Explanation:
Please find the remaining part of this question in the attached image
Breakeven quantity are the number of units produced and sold at which net income is zero
Breakeven quantity = fixed cost / price – variable cost per unit
Contribution margin :
Regular = 22 - 8 = 14
Ultra = 25 - 8 = 17
weighted contribution margin = (1/3 x 14) + (2/3 x 17) = 16
Firms breakeven = $1,536,000 / $16 = 96,000
Regular's breakeven = 1/3 x 96,000 = 32,000
Ultra's breakeven = 2/3 x 96,000 = 64,000
Martha works as a window dresser in her hometown of Victoria BC. She charges $16.72/h and it takes her 5 hours to finish the window display at a local department store. How much will her gross pay be for the job
Answer:
Her gross pay for the job will be $ 83.6.
Explanation:
Given that Martha works as a window dresser in her hometown of Victoria BC, and she charges $ 16.72 / h and it takes her 5 hours to finish the window display at a local department store, to determine how much will her gross pay be for the job the following calculation must be performed:
16.72 x 5 = X
83.6 = X
Therefore, her gross pay for the job will be $ 83.6.
Bluebean Inc. produces two lines of coffee cups: espresso coffee cups and travel coffee mugs. The unit cost information is shown here. The company uses a traditional volume-based costing system and believes that the number of labor hours is the appropriate cost driver
Activity Cost Pool Espresso Coffee Cups Travel Coffee Mugs
Selling price $20 $25
Direct materials $6 $8
Direct labor $2 $5
Units produced 10,000 units 4,000 units
Direct labor hours 10,000 hours 6,000 hours
Estimated total overhead costs $80,000
Item Espresso coffee cups Travel coffee mugs
Pre-determined overhead rate
Total manufacturing overhead allocated
Manufacturing cost per unit
Gross profit unit
Answer:
Results are below.
Explanation:
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 80,000 / (10,000 + 6,000)
Predetermined manufacturing overhead rate= $5 per direct labor hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Espresso coffee cups= 5*10,000= 50,000
Travel coffee mugs= 5*6,000= 30,000
In unitary bases:
Espresso coffee cups= 50,000/10,000= 5
Travel coffee mugs= 30,000/4,000= 7.5
Finally, the total unitary cost and the gross profit per unit:
Espresso coffee cups:
Total unitary cost= 6 + 2 + 5= $13
Gross profit= 20 - 13= $7
Travel coffee mugs:
Total unitary cost= 8 + 5 + 7.5= $20.5
Gross profit= 25 - 20.5= $4.5
Many experts believe that marketing is the most important function in a company. Discuss the reasons this is a true statement. Discuss the reasons this is not a true statement.
Solution :
Marketing is considered as an important function in a company.
Marketing is an important function in any organization as it allows the business to maintain a long-lasting and an ever-present relationships with the audience. It increase the brand value and generates revenue for the organization.
Marketing is not considered as an important function in a company.
Besides marketing there are other function as well which are important for an organization. The human resource department is an important function which maintains the relationship between the employees and the management. It works for the welfare of its employees which is considered as asset to the organization.
Also attention should be given to manufacture a good product seeing the demand in the market that can be easily available and usable by the customer. More research should be done to develop a product that is best for its consumers.
How does a parent perform the functions of organizing in management?
Answer:
I'll assume that the term "parent" here means parent in the conventional term as in father, mother, and children.
With this in mind, parents have the responsibility of organising the family which include their children and the affairs of the house.
Therefore, a parent performs the functions of organizing in management by:
1. Guiding their wards in management principles
2. Educating them in what they should and shouldn't do.
Costs: Costs in beginning Work in Process - Direct Materials: $58,000. Costs in beginning Work in Process - Conversion: $63,850. Costs incurred in February - Direct Materials: $388,250. Costs incurred in February - Conversion: $614,150. Calculate the cost per equivalent unit of materials.
Answer: $2.05 per unit
Explanation:
First find out the Equivalent units for materials:
= Units started and completed + Ending work in process
= 180,000 + 37,500
= 217,500 units
Find out total cost of materials:
= Costs in beginning Work in Process for materials + Cost incurred in February
= 58,000 + 388,250
= $446,250
Cost per equivalent unit:
= Total costs / Equivalent units
= 446,250 / 217,500
= $2.05 per unit
Gabriele Enterprises has bonds on the market making annual payments, with nine years to maturity, a par value of $1,000, and selling for $978. At this price, the bonds yield 7.4 percent. What must the coupon rate be on the bonds
Answer:
7.06%
Explanation:
The computation of the coupon rate is given below:
Given that
FV is $1,000
PV is $978
NPER is 9
RATE is 7.4%
The formula is given below:
=PMT(RATE,NPER,-PV,FV,TYPE)
After applying the above formula, the PMT is $70.57
Now the coupon rate is
= $70.57 ÷ $1,000
= 7.06%
Warby Parker, an online retailer for prescription eyewear, offers a free, try-on at home program for its customers. Customers browse frames on Warby Parker’s website and select five pairs they would like to try on before buying—or not. Warby Parker handles all the shipping costs and provides all the return packaging. This relates to the________ of its products. Multiple Choice
a. relative advantage
b. complexity
c. observability
d. compatibility
e. trialability
Answer:
e. trialability
Explanation:
Trialability is the ability to give an idea, process, product, or system a trial before making a final decision.
It indicates the degree to which a product or innovation can be experimented by the customer before they finally buy.
Warby Parker has leveraged on this strategy by allowing customers browse frames on Warby Parker’s website and select five pairs they would like to try on before buying—or not. Warby Parker handles all the shipping costs and provides all the return packaging
The ACogs-153 company has provided the following data for the month of May: Inventories: Beginning Ending Work in process $ 24,000 $ 19,000 Finished goods $ 53,000 $ 57,000 Additional information: Direct materials $ 64,000 Direct labor cost $ 94,000 Manufacturing overhead cost incurred $ 70,000 Manufacturing overhead cost applied to Work in Process $ 68,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The company's adjusted cost of goods sold (that is, cost of goods sold adjusted for underapplied or overapplied overhead) for May is:
Answer:
$209,000
Explanation:
Schedule of Cost of goods manufactured
Particulars Amount
Direct materials $64,000
Direct labor cost $94,000
Manuf. overhead cost applied to WIP $68,000
Total manufacturing costs $226,000
Add: WIP Inventory, Beginning $24,000
Less: WIP Inventory, Ending $19,000
Cost of goods manufactured $231,000
Add: Beginning Finished goods $53,000
Less: Ending Finished goods $57,000
Unadjusted cost of goods sold $207,000
Add: Underapplied manuf. overhead $2,000 ($70,000-$68,000)
Adjusted cost of goods sold $209,000
In 2020, Wild Corporation reported a net loss of $70,000. Wild's only net income adjustments were depreciation expense $81,000, and increase in accounts receivable $8,100. Compute Wild's net cash provided (used) by operating activities.
Answer:
$2,900
Explanation:
Computation for Wild's net cash provided (used) by operating activities.
Net income adjustments $81,000
Less increase in accounts receivable ($8,100)
$72,900
Less reported net loss $70,000
Net cash provided (used) by operating activities $2,900
($72,900-$70,000)
Therefore net cash provided (used) by operating activities will be $2,900
A company with excess capacity must decide between scrapping or reworking units that do not pass inspection. The company has 19,000 defective units that cost $5.30 per unit to manufacture. The units can be a) sold as is for $2.50 each, or b) reworked for $4.80 each and then sold for the full price of $7.80 each. What is the incremental income from selling the units as scrap and reworking and selling the units
Answer:
If the company reworks the units, income will increase by $9,500 (57,000 - 47,500).
Explanation:
Giving the following information:
Sell as-is:
Selling price= $2.5
Rework:
Selling price= $7.8
Incremental unitary cost= $4.8
We need to determine the impact of each option on the income:
Sell as-is:
Effect on income= 2.5*19,000= $47,500 increase
Rework:
Effect on income= 19,000*(7.8 - 4.8)
Effect on income= $57,000 increase
If the company reworks the units, income will increase by $9,500 (57,000 - 47,500).
Currently, the unit selling price of a product is $350, the unit variable cost is $290, and the total fixed costs are $780,000. A proposal is being evaluated to increase the unit selling price to $390.
Required:
a. Compute the current break-even sales (units).
b. Compute the anticipated break-even sales (units), assuming that the unit selling price is increased to the proposed $390, and all costs remain constant.
Solution :
a). [tex]\text{The contribution margin per unit = }[/tex][tex]\text{selling price per unit - variable cost per unit}[/tex]
= $ 350 - $ 290
= $60
The current break even sales = [tex]$\frac{\text{fixed cost}}{\text{contribution margin per unit}}$[/tex]
[tex]$=\frac{780,000}{60}$[/tex]
= 13,000 units
Therefore, the current break-even sales (units) = 13,000 units
b). The Contribution Margin Ratio = Selling Price Per Unit - Variable Cost Per Unit
= $390 - $290
= $ 100
[tex]$\text{Break even sales}=\frac{\text{fixed cost}}{\text{contribution margin per unit}}$[/tex]
[tex]$=\frac{780,000}{100}$[/tex]
= 7,800 units.
So, the answer is 7800 units.
A firm wants to sponsor an engineering lab. This requires $2.5M to construct the lab, $1.2M to equip it, and $600,000 every 5 years for new equipment. What is the required endowment if the university will earn 6% interest on funds
Answer:
$5.47M
Explanation:
The required endowment from the sponsor is the total costs required immediately plus the present value of the new equipment that needs to be purchased every five years as shown thus:
Immediate costs=cost of lab construction+cost of equipping the lab
Immediate costs=$2.5M+$1.2M
Immediate costs=$3.7M
Present value of every 5 years equipment cost=cost/(1+interest)^n-1
interest rate=6%
n=5 years(the frequency of incurring the cost)
PV=$0.60M/(1+6%)^5-1
PV=$0.60M/0.33822558
PV=$1.77M
required endowment =$3.70M+$1.77M
required endowment =$5.47M
Revising for clarity is an important revision task. Clear messages are immediately understood and appreciated. To improve the clarity of your message, keep your sentences short and simple, and dump trite business phrases.
Which of the following sentences employ the KISS formula? Check all that apply.
We are processing your request to the best of our abilities.
Our company is pleased to have processed your request.
Your request is noteworthy and has been processed through the correct channels.
Your request has been processed.
The trite business phrase as per your request can be revised as .
Determine which revision of each the following sentences provides the most clarity.
I would like to take this opportunity to inform you that the changes to your account will post soon.
As per your verbal instruction, changes to your account will post on Tuesday.
I am taking this opportunity to inform you that changes to your account will post on Tuesday.
The changes to your account will post on Tuesday.
Pursuant to your request, the sales managers will be a ubiquitous presence in case they are needed.
Every effort will be made for sales managers to be available if needed.
Sales managers are available if needed.
Per your request, the sales managers should be an omnipresent presence if needed.
Which sentence provides the most clarity?
Mary, from human resources, would like to explain the changes with reference to your employee benefits.
Mary, from human resources, will explain the changes to your employee benefits.
In accordance with company policy, the human resources associate would like to codify the new employee benefits information.
Answer:
ANSWERS TO PART A: Sentence 2 and Sentence 4
ANSWER TO PART B: Sentence 3
ANSWER TO PART C: Sentence 3
ANSWER TO PART D: Sentence 2
Explanation:
In Part A, which of the sentences employs the Keep It Short & Simple formula?
We start by labelling the sentences and then selecting the right answers.
Remember the rules are that the sentences must not be long and complex and also must not contain trite business phrases.
1. We are processing your request to the best of our abilities.
2. Our company is pleased to have processed your request.
3. Your request is noteworthy and has been processed through the correct channels.
4. Your request has been processed.
PART B: Which sentence provides the most clarity?
1. I would like to take this opportunity to inform you that the changes to your account will post soon.
2. As per your verbal instruction, changes to your account will post on Tuesday.
3. I am taking this opportunity to inform you that changes to your account will post on Tuesday.
4. The changes to your account will post on Tuesday.
PART C: Which sentence provides the most clarity?
1. Pursuant to your request, the sales managers will be a ubiquitous presence in case they are needed.
2. Every effort will be made for sales managers to be available if needed.
3. Sales managers are available if needed.
4. Per your request, the sales managers should be an omnipresent presence if needed.
PART D: Which sentence provides the most clarity?
1. Mary, from human resources, would like to explain the changes with reference to your employee benefits.
2. Mary, from human resources, will explain the changes to your employee benefits.
3. In accordance with company policy, the human resources associate would like to codify the new employee benefits information.
Perimeter Realty Co. pays weekly salaries of $16,400 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Wednesday and (b) on Thursday. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Answer and Explanation:
The journal entries are shown below:
a.
Salaries expense $9,840 (16400 ÷ 5 × 3)
To Salaries payable $9,840
(Being salaries expense is recorded)
Here salaries expense is debited as it increased the expense and credited the salaries payable as it increased the liability
b.
Salaries expense $13,120 (16400 ÷ 5 × 4)
To Salaries payable $13,120
(Being salaries expense is recorded)
Here salaries expense is debited as it increased the expense and credited the salaries payable as it increased the liability
Cavy Company estimates that the factory overhead for the following year will be $1,470,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for the month of April for all of the jobs were 4,780.
Required:
Prepare the journal entry to apply factory overhead.
Answer and Explanation:
The journal entry to record the factory overhead is given below:
Predetermined Overhead rate is
= Estimated overhead ÷ Estimated machine hours
= $1,470,000 ÷ 40,000
= $36.75 per mh
Now journal entry is
Work in Process $175,665
To Factory Overhead $175,665 (4780 × 36.75)
(Being the factory overhead applied is recorded)
Here work in process is debited as it increased the assets and credited the factory overhead as it decreased the expense
The third party who checks annual financial statements to ensure that they are prepared according to Ceterally Accepted Accounting Principles (GAAP) and verifies that the information reported is reliable is the :__________.
A) NYSE Enforcement Board
B) Accounting Standards Board
C) Securities and Exchange Commission (SEC)
D) auditor
Answer:
auditor
Explanation:
Auditors check the financial statements to ensure they are in compliance with GAAP (Generally Accepted Accounting Principles)
Mrs. Dill is planning on baking cakes for a summer festival. In order to do this, she needs to spend $15 on new equipment to bake the cakes, plus she estimates that it will cost her 5 cents for every cake that she bakes. If x is the number of cakes that she makes, what is the cost function C(x)?a. C(x) = 15 + 0.5x.b. C(x) =15 + 5x.c. C(x) = 5 + 15x.d. C(x) = 15 +0.05x.
Answer: d. C(x) = 15 +0.05x.
Explanation:
The Cost function for the cake will be the sum of the fixed and variable costs that Mrs. Dill will incur per cake baked.
Fixed cost = $15
Total Variable cost = Number of cakes baked * variable cost per cake
= x * 5 cents
= x * 5 cents / 100 cents in a dollar
= 0.05x
Cost function is therefore:
= 15 + 0.05x
Suppose that American firms claim that protectionism in Canada is on the rise as the Canadian government attempts to protect its infant industries. This protectionism will cause the greatest harm to Group of answer choices
Answer:
manufacturers who export to Canada.
Explanation:
From the question we are informed about an American firms claim that uses protectionism in Canada is on the rise as the Canadian government attempts to protect its infant industries. This protectionism will cause the greatest harm to manufacturers who export to Canada.
Protectionism can be regarded as economic policy that is used in restriction of imports from other countries using some methods and measures, these measures could be tariffs on imported goods as well as import quotas and some government regulations. This is usually create economic crises such as Great Depression.
A business purchases equipment by paying in cash and issuing a note payable of . Which of the following occurs? A. Cash is credited for , Equipment is credited for , and Notes Payable is debited for . B. Cash is credited for , Equipment is debited for , and Notes Payable is credited for . C. Cash is debited for , Equipment is debited for , and Notes Payable is credited for . D. Cash is debited for , Equipment is credited for , and Notes Payable is debited for .
Answer: Cash is credited for, Equipment is debited for and Notes Payable is credited for.
Explanation:
Let's assume the business purchases equipment by paying $5000 in cash and then issued a note payable of $15000.
Then, the journal entry will be:
Debit Equipment $20000
Credit Cash ($20000 - $15000)=$5000
Credit Note payable $15000
A pure monopoly without competitors: Group of answer choices Faces a perfectly elastic demand curve for its product. Cannot influence the price of its
Answer:
d
Explanation:
Here is the complete question
A pure monopoly firm
Select one:
a. faces a perfectly elastic demand curve for its product.
b. will always be able to earn more profit when it raises price.
c. will always earn economic profit, no matter what the level of demand for its product.
d. can influence the price of its product by controlling output
A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.
An example of a monopoly is a utility company
A natural monopoly occurs due to the high start-up costs or a large economies of scale.
Natural monopolies are usually the only company providing a service in a particular region
Characteristics of natural monopolies
1. they have a large fixed cost
2. The firms have a low marginal cost
3. They occur naturally through the free market. It does not occur by government regulation or any other force
The demand curve for a pure monopoly is usually inelastic.
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
A monopoly can can influence the price of its product by controlling output
A monopoly will not always earn economic profit no matter the level of output
1. Prepare a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Post these entries to both the general ledger and the accounts receivable ledger. General Ledger Accounts Receivable Sales End.Bal End.Bal Accounts Receivable Subsidiary Ledger Ski Shop Sales Returns and Allowances End.Bal Welcome Enterprises Zia Natara End.Bal End.Bal Vail Company recorded the following selected transactions during November Current Year Debit Credit 5,238 Date General Journal Nov. 5 Accounts Receivable-Ski Shop Sales 5,238 10 Accounts Receivable-Welcome Enterprises 2,780 Sales 2,780 13 Accounts Receivable-Zia Natara 1,630 Sales 1,630 21 Sales Returns and Allowances 421 Accounts Receivable-Zia Natara 421 30 Accounts Receivable-Ski Shop 5,796 Sales 5,796
2 . Prepare a schedule of accounts receivable VAIL COMPANY Schedule of Accounts Receivable November 30, Current Year Total
Answer:
Vail Company
1. T-accounts:
a. General Ledger
Accounts Receivable
Date Account Titles Debit Credit
Nov. 5 Sales 5,238
Nov. 10 Sales 2,780
Nov. 13 Sales 1,630
Nov. 21 Sales Returns and Allowances 421
Nov. 30 Sales 5,796
Nov. 30 Balance 15,0232
Sales
Date Account Titles Debit Credit
Nov. 5 Accounts Receivable-Ski Shop 5,238
Nov. 10 Accounts Receivable-
Welcome Enterprises 2,780
Nov. 13 Accounts Receivable-Zia Natara 1,630
Nov. 30 Accounts Receivable-Ski Shop 5,796
Nov. 30 Balances 15,444
Sales Returns and Allowances
Date Account Titles Debit Credit
Nov. 21 Accounts Receivable-Zia Natara 421
b. Accounts Receivable Ledger:
Ski Shop
Date Account Titles Debit Credit
Nov. 5 Sales 5,238
Welcome Enterprises
Date Account Titles Debit Credit
Nov. 10 Sales 2,780
Zia Natara
Date Account Titles Debit Credit
Nov. 13 Sales 1,630
Nov. 21 Sales Returns and Allowances 421
Ski Shop
Date Account Titles Debit Credit
Nov. 30 Sales 5,796
Explanation:
a) Data and Analysis:
Nov. 5 Accounts Receivable-Ski Shop 5,238
Sales 5,238
Nov. 10 Accounts Receivable-Welcome Enterprises 2,780
Sales 2,780
Nov. 13 Accounts Receivable-Zia Natara 1,630
Sales 1,630
Nov. 21 Sales Returns and Allowances 421
Accounts Receivable-Zia Natara 421
Nov. 30 Accounts Receivable-Ski Shop 5,796
Sales 5,796
