Wildhorse Co. began operations on January 2, 2020. It employs 13 people who work 8-hour days. Each employee earns 10 paid vacation days annually. Vacation days may be taken after January 10 of the year following the year in which they are earned. The average hourly wage rate was $18 in 2020 and $19.75 in 2021. The average vacation days used by each employee in 2021 was 9. Wildhorse Co. accrues the cost of compensated absences at rates of pay in effect when earned.

Required:
Prepare journal entries to record the transactions related to paid vacation days during 2020 and 2021.

Answers

Answer 1

Answer and Explanation:

The Journal entries are as follows:

On 2020,

Wages expense Dr. $18,720 (13 × 8 hrs × 10 days × $18)

     To vacation wages payable  $18,720

(being the wages expense is recorded)

On 2021

Wages expense Dr $1,638

Vacation wages payable $16,848 (13 × 8 hrs × 9 days × $18)

          To Cash $18,486 (13 × 8 hrs × 9 days × $19.75)

(being cash paid is recorded)

Wages expense Dr. $20,540 (13 × 8 hrs × 10 days × $19.75)

     To vacation wages payable  $20,540

(being the wages expense is recorded)

 


Related Questions

Forte Co., had 3,000 units of work in process on April 1 that were 60% complete. During April, 11,000 units were started and as of April 30, 4,000 units that were 40% complete remained in production. How many units were completed during April

Answers

Answer: 10,000 units

Explanation:

Thw number of units that were completed during April would be calculated as:

= Unit started + Opening work process - Closing work process

= 11000 + 3000 - 4000

= 10,000

2. Efficiency and effectiveness (Connect, Perform) Read the scenario and then complete the sentence with the correct term. Management in Life Your parents are hosting the huge annual family reunion this year, and they have determined that quite a bit of work needs to be done before all the relatives show up. They ask if you will repair the leaking faucets and replace the rec room carpet. They ask your sister to rid the lawn of weeds and reseed the bare patches, and they ask your brother to rent tents, a huge barbeque grill, and other equipment. They want the family to feel comfortable and have fun. To achieve greater , your dad decides to mount speakers around the backyard so people can listen to music streaming from his Rhapsody account. This will be less expensive than hiring a live band. In your first day as a driver for Road-O-Rama Freight, you realize that something just isn’t right. Trucks go out half full, and drivers often get the wrong addresses so freight doesn’t arrive at its destination. When telling a friend about your new job, how would you describe this company’s operations? Both effective and efficient Effective but not efficient Efficient but not effective Neither effective nor efficient

Answers

Answer:

When telling a friend about your new job, how would you describe this company’s operations?

Neither effective nor efficient

Explanation:

The company's operations will be considered effective if they achieve objectives.  But they do not produce the desired results because drivers often get the wrong addresses, making freights not to arrive at their destinations.  Similarly, the company's operations cannot be described as efficient because trucks go out half full with wrong addresses.  This is a waste of time, money, and efforts, and the performance competence of the company is questionable.  Efficient operations accomplish results with the least amount of resources.  Effective operations achieve desired results successfully.

A company issued 8%, 15-year bonds with a face amount of $100 million. The market yield for bonds of similar risk and maturity is 6%. Interest is paid semiannually. At what price did the bonds sell

Answers

Answer:

$119.60 million

Explanation:

The bond price formula provided below is very useful in determining the amount of money received from the bond investors when the bond were issued:

Bond price=face value/(1+r)^n+semiannual coupon*(1-(1+r)^-n/r

face value=$100 million

r=semiannual yield=6%*6/12=3%

n=number of semiannual coupon payments in 15 years=15*2=30

semiannual coupon=face value*coupon rate*6/12=$100million*8%*6/12=$4 million

bond price=$100/(1+3%)^30+$4*(1-(1+3%)^-30/3%

bond price=$100/(1.03)^30+$4*(1-(1.03)^-30/0.03

bond price=$100/2.42726247+$4*(1-0.41198676)/0.03

bond price=$100/2.42726247+$4*0.58801324/0.03

bond price=$41.20+$ 78.40=$119.60 million

 

On November 1, 2018, Taylor signed a one-year contract to provide handyman services on an as-needed basis to King Associates, with the contract to start immediately. King agreed to pay Taylor $5,520 for the one-year period. Taylor is confident that King will pay that amount, but payment is not scheduled to occur until 2019. Taylor should recognize revenue in 2018 in the amount of:_____.
a. $900.
b. $2,700.
c. $0.
d. $5,400.

Answers

Answer: 920

Explanation:

Since the transaction took place in November, we should note that revenue should be recognized for 2 months by Taylor.

The amount that Taylor should recognize as revenue in 2018 will be:

= 5520/12 × 2

= 460 × 2

= 920

Don James purchased a new automobile for $21,000. Don made a cash down payment of $5,250 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate.

Required:
Calculate the amount of the required monthly payment.

Answers

Answer:

monthly payment. = $703.24 per month

Explanation:

given data

Cost of auto = $21000

Cash Down payment = $5250

Loan amount = PV = 21000-5250

loan amount = $15,750

time period  = 30 monthly

Rate = 24% pa = 24÷12 = 2% pm

solution

we get here monthly payment that is express as

monthly payment. = [tex]\frac{P\times r\times (1+r)^n}{(1+r)^n-1}[/tex]      ...................1

put here value and we get

monthly payment. = [tex]\frac{15750\times 0.02\times (1+0.02)^{30}}{(1+0.02)^{30}-1}[/tex]

solve it we get

monthly payment. = $703.24 per month

Prepare Krum Co.'s journal entries to record the following transactions involving its short-term investments in available-for-sale debt securities, all of which occurred during the current year. a. On August 1, paid $70,000 cash to purchase Houtte's 11%, six-month debt securities ($70,000 principal), dated August 1. b. On October 30, received a check from Houtte for 90 days' interest on the debt securities in transaction a

Answers

Answer and Explanation:

The journal entries are shown below:

On Aug 1

Short­-term investments $70,000  

        To Cash $70,000

(Being the short term investment is recorded)

Here short term investment is debited as it increased the asset and credited the cash as it decreased the asset

On Oct 30

Cash ($70,000 × 11% × 90 days ÷ 360 days) 1,925  

       To Interest revenue $1,925

(Being the interest revenue is recorded)

here cash is debited as it increased the asset and credited the interest revenue as it also increased the revenue

Here we assume 360 days in a year

Melissa is an unmarried person who earns a salary of $54,000 per year and has $500 of interest income. Her itemized deductions total $2,500. She is able to use a non-refundable credit of $400. She has $5,000 of federal income taxes withheld from her wages. What is the amount of Melissa's REFUND OR TAX DUE FOR 2020

Answers

Answer:

$6150

Explanation:

These are the details of Melissa's income

Salary = $54000

Interest income = 500

Itemized deductions = $ 2500

Non refundable credit = $400

Withheld federal income tax = $5000

We have to calculate the amount of her tax return for year 2020

Taxable income = 54000+500-2500

= $52500

Tax rate 22%

Tax on taxable income = 52500x0.22

= 11550

Minus non refundable credit = 11550-400

Minus federal tax withheld = 11550-400-5000

= $6150

Indiana Co. began a construction project in 2018 with a contract price of $161 million to be received when the project is completed in 2020. During 2018, Indiana incurred $33 million of costs and estimates an additional $89 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed. Suppose that, in 2019, Indiana incurred additional costs of $66 million and estimated an additional $53 million in costs to complete the project. Indiana:________

a. Recognized $3.75 million loss on the project in 2022.
b. Recognized $5.25 million gross profit on the project in 2022.
c. Recognized $7.5 million gross profit on the project in 2022.
d. Recognized $1.5 million loss on the project in 2022.

Answers

Answer:

Recognized $3.75 million loss on the project in 2017.

Explanation:

Calculation for what Indiana Co. Recognized

First step is to calculate the Percentage of contract is completed in 2019

Percentage of contract is completed in 2019=($33 million+$66 million )/($33 million+$66 million + $53 million)

Percentage of contract is completed in 2019=$96 million/$149 million

Percentage of contract is completed in 2019=0.64429*100

Percentage of contract is completed in 2019=64.43%

Second step is to calculate The estimated gross profit

Estimated gross profit=$161 million-$149 million

Estimated gross profit=$12 million

Fourth step is to calculate gross profit to date

Gross profit to date=64.43%*161=103.7

gross profit to date=33 million / (33 + 89 million) * 161 million

gross profit to date=33 million/122 million* 161 million

gross profit to date=43.54

= $44.01 million in revenue in 2021 (4)

Now let calculate the amount recognized

Baxter Inc. has a target capital structure of $30 million debt, $15 million preferred stock, and $55 million common equity. The company's after-tax cost of debt is 7%, its cost of preferred stock is 11%, its cost of retained earnings is 15%, and its cost of new common stock is 16%. The company stock has a beta of 1.5 and the company's marginal tax rate is 35%. What is the company's weighted average cost of capital if retained earnings are used to fund the common equity portion

Answers

Answer:

12%

Explanation:

Weighted Average Cost of Capital = Weight of Equity * Cost of Equity + Weight of Preferred Stock * Cost of Preferred Stock + Weight of Debt * Cost of Debt

Particluars                Weights (given)          Cost             Weights*Cost

Common stock           55% or 0.55               16%                  = 8.8 %

Debt                            30 % or 0.30              7% (after tax)   = 2.1 %

Preferred Stock           15 % or 0.15               7.15 % =             1.0725 %

                                         WACC                                               12 %

As you sit at your desk on your first day back after a rejuvenating vacation to the Caribbean, you bring your mind back to your work as the head of a beverage bottling plant. You have a lot of work to catch up on, and need to prioritize what is most important to address today. Because recent environmental changes have led to new competitors entering your industry you analyze the new environment and identify new strategies and goals to present to your boss. Which of the following basic management functions did you just engage in?
a. Leading
b. Planning
c. Organizing
d. Controlling

Answers

Answer:

d. Controlling

Explanation:

Analyzing the information above, it is correct to say that the manager is exercising the management function of controlling, which is the step of coordinating the activities of an organization and adapting them to the current business environment so that the objectives and goals set in the planning are achieved. Controlling is analyzing, defining, comparing, correcting errors, monitoring all the processes of the integrated system that makes up the organization so that the organizational flow and strategies are carried out in a way that is aligned with the organizational and effective purpose.

DRK, Inc., has just sold 100,000 shares in an initial public offering. The underwriter’s explicit fees were $60,000. The offering price for the shares was $40, but immediately upon issue, the share price jumped to $44. a. What is the total cost to DRK of the equity issue? b. Is the entire cost of the underwriting a source of profit to the underwriters? multiple choice Yes No

Answers

Answer: a. $460,000 ; b. No

Explanation:

a. What is the total cost to DRK of the equity issue?

First, we calculate the implicit cost per share which will be:

= $44 - $40 = $4.

Therefore, the total implicit cost will be:

= $4 × 100,000

= $400,000

Therefore, total cost to DRK of the equity issue will be:

= Implicit cost + Explicit cost

= $400,000 + $60,000

= $460,000

b. Is the entire cost of the underwriting a source of profit to the underwriters?

No. The entire cost of the underwriting would not be a source of profit to the underwriters. This is because the cost of underpricing isn't included.

True or false: small server sections are more typical in fast service operations

Answers

Answer:

False

Explanation:

Bigger Servers are more typical than Small ones *for fast operations* because it has more sections,

On October 1, 2018, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business:
Oct. 1 Jay transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $32,800.
4 Paid rent for period of October 4 to end of month, $3,180.
10 Purchased a used truck for $27,000, paying $3,000 cash and giving a note payable for the remainder.
13 Purchased equipment on account, $12,790.
14 Purchased supplies for cash, $2,200.
15 Paid annual premiums on property and casualty insurance, $4,920.
15 Received cash for job completed, $13,780.
Enter the following transactions on Page 2 of the two-column journal:

21 Paid creditor a portion of the amount owed for equipment purchased on October 13, $4,560.
24 Recorded jobs completed on account and sent invoices to customers, $15,680.
26 Received an invoice for truck expenses, to be paid in November, $1,440.
27 Paid utilities expense, $1,640.
27 Paid miscellaneous expenses, $590.
29 Received cash from customers on account, $6,560.
30 Paid wages of employees, $4,360.
31 Paid dividends, $3,640.
Required:
1. Journalize and insert the posting references for each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. For a compound transaction, if an amount box does not require an entry, leave it blank.
11 Cash 31 Common Stock
12 Accounts Receivable 33 Dividends
13 Supplies 41 Fees Earned
14 Prepaid Insurance 51 Wages Expense
16 Equipment 53 Rent Expense
18 Truck 54 Utilities Expense
21 Notes Payable 55 Truck Expense
22 Accounts Payable 59 Miscellaneous Expense

Answers

Answer:

Pioneer Designs

Journal Entries:

Date     Account Titles               Debit       Credit

Oct. 1    11 Cash                       $32,800

            31 Common Stock                       $32,800

To record the transfer of cash for common stock.

Oct. 4  53 Rent Expense          $3,180

           11 Cash                                         $3,180

To record the payment of October rent.

Oct. 10 18 Truck                    $27,000

            11 Cash                                         $3,000

            21 Notes Payable                      $24,000

To record the purchase of truck for cash and with a note for the remainder.

Oct. 13  16 Equipment          $12,790

            22 Accounts Payable                   $12,790

To record the purchase of equipment on account.

Oct. 14 13 Supplies               $2,200

            11 Cash                                          $2,200

To record the purchase of supplies for cash.

Oct. 15 14 Prepaid Insurance  $4,920

            11 Cash                                          $4,920

To record the prepayment of annual insurance premium.

Oct. 15 11 Cash                       $13,780

           41 Fees Earned                            $13,780

To record the receipt of cash for job completed.

Page 2:

Oct. 21  22 Accounts Payable   $4,560

             11  Cash                                         $4,560

To record the part-payment on account.

Oct. 24 12 Accounts Receivable $15,680

            41 Fees Earned                               $15,680

To record the jobs completed and billed to customers.

Oct. 26 55 Truck Expense    $1,440

            22  Accounts Payable                      $1,440

To record the receipt of invoice for truck expenses.

Oct. 27 54 Utilities Expense  $1,640

             11 Cash                                       $1,640

To record the payment of utilities expense.

Oct 27  59 Miscellaneous Expense $590

             11 Cash                                           $590

To record the payment of miscellaneous expense.

Oct. 29  11 Cash                  $6,560

              12 Accounts Receivable              $6,560

To record the receipt of cash from customers on account.

Oct. 30   51 Wages Expense  $4,360

              11 Cash                                           $4,360

To record the payment of wages.

Oct. 31  33 Dividends          $3,640

             11 Cash                                           $3,640

To record the payment of dividends to stockholders.

Explanation:

a) Data and Calculations:

Chart of accounts:

11 Cash

12 Accounts Receivable

13 Supplies

14 Prepaid Insurance

16 Equipment

18 Truck

21 Notes Payable

22 Accounts Payable

31 Common Stock

33 Dividends

41 Fees Earned

51 Wages Expense

53 Rent Expense

54 Utilities Expense

55 Truck Expense

59 Miscellaneous Expense

b) Journal entries are used to record business transactions as they occur on a daily basis.  They show the accounts involved in each transaction and the ones to be debited and the ones to be credited as the case may be.

Toro, S.A., which is based in Mexico, enters into a contract for the purchase of portable livestock fencing from United Fencing Company, which is based in the United States. This contract is governed by a. the United Nations Convention on Contracts for the International Sale of Goods. b. Mexican law. c. the provisions in the laws of both countries that are similar. d. the Uniform Commercial Code.

Answers

Answer:

A) the United Nations Convention on Contracts for the International Sale of Goods.

Explanation:

From the question we are informed about Toro, S.A., which is based in Mexico, enters into a contract for the purchase of portable livestock fencing from United Fencing Company, which is based in the United States. In this case, This contract is governed by the United Nations Convention on Contracts for the International Sale of Goods. The United Nations Convention on Contracts for the International Sale of Goods can as well be regarded as

"Vienna Convention" this body is a

a multilateral treaty which was set up to bring about uniform framework as well as international commerce is concerned.

General Manufacturing expects to have 40,000 pounds of raw materials inventory on hand on June 30, the end of the current year. The company has budgeted the following production for the first four months of the coming year:
Production (units)
July 100,000
August 120,000
September 150,000
October 110,000
General Manufacturing desires each month's ending raw materials inventory to be 20% of the following month's production needs. A finished unit requires two pounds of raw materials. General Manufacturing's budgeted purchases of materials for September is:
a. 60,000 lbs.
b. 248,000 lbs.
c. 228,000 lbs.
d. 284,000 lbs.
e. 300,000 lbs.

Answers

Answer:

d. 284,000 lbs.

Explanation:

The computation of the budgeted purchase of material for the september month is as follows

= Raw material needed for production + closing stock - opening stock

= (150,000 × 2) + (110,000 × 2 × 20%) - 60,000

= 300,000 + 44,000 - 60,000

= 284,000 lbs

Hence, the budgeted purchase of material for the september month is 284,000 lbs

You have decided to invest $15,000 in a money market fund that pays you interest at the annual rate of 6% and compounds interests monthly. Your plan is to take out your money in a year and pay taxes on the interest earned. If the corresponding tax rate is 20%, how much money in total will you expect to receive in a year after paying taxes.

Answers

Answer:

$15,869.66

Explanation:

The formula for determining the future value of the amount invested is :

FV = PV x (1 + r / m)^mn

FV = Future value  

PV = Present value  

R = interest rate  

N = number of years

m = number of compounding

$15,000 x (1+ 0.06/12)^12 = $15,925.17

Interest earned = future value - present value

$15,925.17 - $15,000 = $925.17

Tax paid on interest earned = 0.06 x  $925.17 = $55.51

Interest after taxes = $925.17 - $55.51 = $869.66

Total amount expected = $15,000 + $869.66 = $15,869.66

19. What are conflicting responsibilities? Why do conflicts arise in professions?​

Answers

Because you will always have conflicts

Answer:  being in the military

Explanation:  reason is, because if your in the military you get to miss out on holidays , birthdays and even extra time with family and thats a big problem

Return to questionItem 4 Required information Skip to question Retained earnings at the beginning of the period was $300. During the period, Kilgore Company earned revenue of $1,100 and incurred expenses of $400. Assuming dividends paid to stockholders were $200, the ending balance in retained earnings must have been:

Answers

Answer:

$800

Explanation:

The first task here is to determine the amount of net income recognized in the year which is the earned revenue minus incurred expenses as shown thus:

net income=earned revenue-incurred expenses

earned revenue= $1,100

incurred expenses=$400

net income=$1,100-$400=$700

retained earnings for the period=net income-dividends paid

dividends paid=$200

retained earnings for the period=$700-$200=$500

ending balance of retained earnings=beginning retained earnings+retained earnings for the period

beginning retained earnings=$300

ending balance of retained earnings=$300+$500=$800

Suppose that a task in a project has the following time estimates: to optimistic completion time 11 weeks tm most likely completion time 14 weeks tp pessimistic completion time 23 weeks Compute the expected task variance. The task expected task variance is weeks. (Enter your response rounded to two decimal places.)

Answers

Answer:

6 weeks

Explanation:

Optimistic Completion Time  -  11 weeks

Most likely completion time   -   14 weeks

Pessimistic completion time   -   23 weeks

Compute the expected task variance in weeks. Recall that Variance is a measure of dispersion - a measure that shows the distance or spread between or among values of a variable.

Expected Variance is the average of the variance values.

First,

the variance between optimistic CT and most likely CT is (14 - 11) = 3 weeks

Second,

the variance between pessimistic CT and most likely CT is (23 - 14) = 9 weeks

The expected variance is the average of these two values and that's (3 + 9)/2 = 12/2  = 6 weeks

So the expected variance from the mean completion time of 14 weeks is 6 weeks before or 6 weeks after. This accommodates both the optimist and the pessimist.

During a meeting with a potential customer, you are asked to explain the difference between two different types of systems that your company is developing. Although you feel confident that you correctly explained the systems, after the meeting you realize that you inadvertently confused some of the characteristics, and partly described a third system that the customer had not even asked about. The systems are still prototypes and there is no publicly available information about them, so it is unlikely that the potential customer will realize that you confused the systems and are not up-to-date on your company's products. What should you do?

Answers

Answer:

First, update your knowledge of the company's product (especially at this development stage).  The purpose is for a demonstration of general knowledge and not for you to provide all the technical details to the potential customers.  So, try to stick to the claims about the product's performance and not the details.

Secondarily, request for the documentation of research and development activities.  This will provide some literature for the sales and marketing efforts to be effective.  Study the available data about the product development, customer requirements, and lifecycle.

Explanation:

In marketing newly developed products, the marketing personnel should bear in mind that effective communication of value to the potential customers is what is required at the initial stage, without too much details.  The effort should be to convince customers of the value of the products under development.

3. You are considering investing in a startup company called Minions Technologies. After careful analysis, you determine that Minions will be able to generate $100,000 in cash flow at the end of each year for the first 5 years. Then, Minions will generate cash flow of $400,000 at the end of the 6th year, after which it will grow at 11% per year forever. Using a discount rate of 18%, what is the amount you would be willing to invest

Answers

Answer:

$2,810,467

Explanation:

we need to determine the enterprise value of Minions Technologies

first, the terminal value at year 5 = $400,000 / (18% - 11%) = $5,714,286

then we must find the present value of all future cash flows, including the terminal value

PV of 5 five cash flows = $100,000 x 3.127 (PV annuity factor, 18%, 5 periods) = $312,700

PV of terminal value = $5,714,286 / 1.18⁵ = $2,497,767

total enterprise value = $2,810,467

Why couldn't your friends change the amount spent on education and family care?

Answers

Answer:   is this a real question ???

Explanation:

Multinational, Inc. has recently closed several of plants in the United States and is planning to move the work of those plants to facilities in developing countries in the Pacific Rim. The employees of Multinational, Inc. have never been unionized. Zachary Bowman thinks it would be a good idea for him and his fellow employees to unionize. What is the first step that Mr. Bowman should take to begin the unionization process

Answers

Answer:

Build an organization committee

Explanation:

In simple words, the first step of unionization will be forming a committee if the union which will give it a face and formal identity. It will help to gather the individual, who are in favor of the notion in subject, in a more efficient and effective manner.

The formation of committee can also gather the ideas and problems and can also act legally.

A firm with a net income of $30,000 and weighted average actual shares outstanding of 15,000 for the year also had the following two securities outstanding the entire year: (1) 2,000 options to purchase one share of stock for $12 per share. The average share price during the year was $20, (2) cumulative convertible preferred stock with an annual dividend commitment of $4,500. Total common shares issued on conversion are 2,900. Compute diluted EPS for this firm.

Answers

Answer:

$1.68

Explanation:

Diluted EPS = Earnings Attributable to Potential Ordinary Shareholders ÷ Weighted Average Number Ordinary Shareholders plus Potential Voting Rights

where,

Earnings Attributable to Potential Ordinary Shareholders = $30,000

and

Weighted Average Number Ordinary Shareholders plus Potential Voting Rights

Weighted average actual shares outstanding    = 15,000

Plus Potential voting rights of 2,000 options      =          1

Plus Potential voting right of  preferred stock     = 2,900

Total                                                                        = 17,901

therefore,

Diluted EPS = $30,000 ÷ 17,901

                    = $1.68

NEED HELP ASAP
There 22 Question

Answers

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East Corp. manufactures stereo systems that carry a two-year warranty against defects. Based on past experience, warranty costs are estimated at 4% of sales for the warranty period. During 2005, stereo system sales totaled $3,000,000, and warranty costs of $67,500 were incurred. In its income statement for the year ended December 31, 2005, East should report warranty expense of:

Answers

Answer:

$52,500

Explanation:

The cost associated with repair or replacement of a product incase it foes not function after its purchase is termed warranty. It is debited to the warranty expense account and credited to warranty to the warranty liability account

Total sales for the year $3,000,000

Warranty estimated basis 4%

Estimated warranty = $3,000,000 × 4% = $120,000

Warranty cost incurred $67,500

Balance to be recorded for the year

= $120,000 - $67,500

= $52,500

A company purchased $10,700 of merchandise on June 15 with terms of 2/10, n/45, and FOB shipping point. The freight charge, $850, was added to the invoice amount. On June 20, it returned $1360 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals:______

a. $10,003.
b. $9,224.
c. $11,550.
d. $11,210.
e. $11,11Ο.

Answers

Answer:

a. $10,003.

Explanation:

The terms of 2/10, n/45 means that there is a 2% discount if the payment is made within 10 days of the sales date and rhe net credit period is 45 days.

Calculate total invoice value

Total Invoice value = Merchandise value + Freight Charges = $10,700 + $850 = $11,550

As the payment is made on June 24 within the discount period, the discount will be availed

Discount = ( Purchases made - Returns ) x 2% = ( $10,700 - $1,360 ) x 2% = $186.80 = $187

Now the Amount paid

Amount Paid = Invoice value - Return - Discount avaialed = $11,550 - $1360 - 187 = $10,003

Marcus was offered a job as a senior manager by Super Corp. The offer, which was made over the phone, was for a three-year contract for $120,000 salary per year. Marcus orally accepted, there was no writing. The state in which Marcus was offered the job requires that such contracts be in writing. Marcus quit his current job, which paid $75,000 a year, and headed to the state where Super Corp was headquartered. When he arrived, the director at Super Corp who had originally offered him the job said that they were revoking and that there was no contract, as Marcus never signed an employment agreement. If Marcus sues Super Corp, what is the likely result

Answers

,Answer:

-Marcus is owed something by Super Corp because he relied reasonably and to his detriment on Super Corp's offer.

Explanation:

Employment contracts can be written, oral, or implied and each of these are binding to some extent.

In the given instance it is required that employment should be written in the state where Super Corp operates.

So Marcus will not be able to compel them to give him a job as the offer was made and accepted orally.

However the offer resulted in him quitting his current job, which paid $75,000 a year, and heading to the state where Super Corp was headquartered.

He relied on the offer to his detriment of losing his current job, so Super Corp owes him for the damages incurred

Following are transactions for Valdez Services, a company owned by Brina Valdez. Brina Valdez invested $27,300 cash in the company in exchange for common stock. The company provided services to a client and immediately received $840 cash. The company received $13,700 cash from a client in advance for services to be provided next year. The company received $2,100 cash from a client in partial payment of accounts receivable. 1. Prepare general journal entries for the above transactions of Valdez Services. 2. Listed below are three reasons why a transaction would not yield a revenue. Match each of the reasons to the transaction it properly describes.

Answers

Answer:

No     General Journal           Debit      Credit

1.        Cash                            $27,300  

               Capital, Brina Valdez             $27,300

          (To record investment)

2.       Cash                              $840  

                 Service revenue                    $840

          (To record service revenue)  

3.        Cash                              $13,700

                 Unearned service revenue    $13,700

           (To record unearned service revenue)  

4         Cash                               $2,100

                  Accounts receivable              $2,100

          (To record cash collection from accounts receivable)

2.

In the context of using information technologies for a competitive advantage, which statement is true of a top-line strategy? a. It focuses on generating new revenue by offering new products and services. b. It focuses on improving efficiency by reducing overall costs. c. It focuses on helping different market segments achieve technological advancement. d. It focuses on refining operations by using latest technologies.

Answers

Answer:

a. It focuses on generating new revenue by offering new products and services.

Explanation:

An information system or technology can be defined as a set of components or computer systems, which is used to collect, store, and process data, as well as dissemination of information, knowledge, and distribution of digital products. Thus, an information system or technology interacts with its environment by receiving data in its raw forms and information in a usable format.

Information technology is an integral part of human life because individuals, organizations, and institutions rely on information technologies in order to perform their duties, functions or tasks and to manage their operations effectively. For example, all organizations make use of information systems for supply chain management, process financial accounts, manage their workforce, and as a marketing channels to reach their customers or potential customers.

Additionally, an information system comprises of five (5) main components;

1. Hardware.

2. Software.

3. Database.

4. Human resources.

5. Telecommunications.

Hence, in the context of using information technologies for a competitive advantage over rivals in the industry, the statement which is true of a top-line strategy is that, it focuses on generating new revenue by offering new products and services. The top-line strategy ensures that the company continues to generate gross revenue or sales.

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