The journal entries for the transactions given above will have a debit and a credit effect. A total of two journal entries will be made, one on August 1 with a credit to Accounts Payables, and one on August 11 with a debit to the Accounts Payable for the firm. The journal entries have been made after assuming gross method and perpetual inventory system.
Merchandise inventory Ac. Dr. 60,000
To, accounts payable Ac. 60,000
Accounts payable Ac. Dr. 60,000
To, merchandise inventory(c) 2400
To, cash(c) 57600
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Complete question
prepare journal entries to record each of the following transactions. the company records purchases using the gross method and a perpetual inventory system. august 1 purchased merchandise with an invoice price of $60,000 and credit terms of 3/10, n/30. august 11 paid supplier the amount owed from the august 1 purchase.
the headright system, land lotteries, and the yazoo land fraud were all ways of distributing land in georgia. identify the impact that each method of land distribution had on georgia by placing the description in the correct section of the chart.
The headright gadget presents between 200 and 1,000 acres of land to the heads of households. by giving guys land, they were capable of reap strength. Farmers soon came searching for fertile farmland. Ranchers additionally flocked to Georgia searching for grazing regions for their livestock.
Farm animals are outstanding from other animals using the fact that they're domesticated and raised for meals or money — in case you get wool, milk, meat, or eggs from animals, they may be farm animals.
Livestock, cattle, with the exception of chicken. In Western countries the category encompasses commonly farm animals, sheep, pigs, goats, horses, donkeys, and mules; different animals, which include buffalo, oxen, llamas, or camels, may additionally predominate in the agriculture of other regions.
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as a result of the profits made by colonization, wealthy merchants and officials could afford to purchase paintings like the one you see above. identify and explain one piece of evidence from the painting that proves this is an upper-class family
Casta Paintings had been a chain of artwork created within side the past due 1700s.
The required details for Casta Paintings in given paragraph
They had been painted for the overall public of Spain to reveal them the racial range and combining of the human beings within side the “New World”. Castais a time period which means "lineage" in Spanish and Portuguese and has traditionally been used as a racial and social identifier. In the context of the Spanish Empire within side the Americas it additionally refers to a now-discredited 20th-century theoretical framework which postulated that colonial society operated beneath a hierarchical race-based "caste system". From the outset, colonial Spanish America led to significant intermarriage: unions of Spaniards, Amerindians and Black human beings. Basic combined-race classes that seemed in reliable colonial documentation had been mestizo, normally offspring of a Spaniard and an indigenous person; and mulato, offspring of a Spaniard and a black African.
A plethora of phrases had been used for human beings with combined indigenous, African, and Spanish ancestry in 18th-century casta artwork, however they're now no longer recognized to had been broadly used formally or unofficially within side the Spanish Empire.
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the term and was coined by companies to refer to the process that helps firms keep demand and supply in balance. (enter only one word per blank.)
Companies created the term "sales and operations planning" to describe the procedure that aids businesses in maintaining a balance between supply and demand.
How would you define sales?A sale occurs when a buyer and a seller engage in a business transaction where the seller exchanges money for the sale of physical or intangible products , assets, or services .In a sale, there are at least two other parties. In broader terms, a sale or a contract between two or more parties, like the buyer and seller, can be considered.
What exactly do sales in company mean?Any transaction where money or value is transferred for the right to own an item or access to a service is referred to as a sale in regular commercial operations. Sales in an accounting context refers to a company's revenue from product sales.
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FILL IN THE BLANK. expert that helps you learn core concepts.See AnswerA sporting goods company is considering the introduction of a new fitness tracker. The fixed cost is estimated to be $300,000. The variable cost to produce the product is expected to be between $160 and $240 with a most likely value of $200, and the product will sell for $300. Demand estimates vary widely ranging from 0 to 20,000 units, with 4,000 units being the most likely.What is the expected profit for the base case; i.e., using average values of the demand and cost estimates? (enter in thousands, no comma or $-sign) $ ________Because demand is so uncertain the company has decided to model it as 1,000 times the value of a gamma random variable with α = 2 and β = 3. Construct a simulation model to estimate the mean profit and the probability that the project will result in a loss.Mean profit (round to nearest thousand $) $ _______Probability of a loss (round to nearest %) ________%
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while performing a review of a critical third-party application, an is auditor would be most concerned with discovering:
An IS auditor would be MOST worried with finding: a subpar software escrow agreement when conducting an assessment of a crucial third-party program.
Who is an auditor?An official change control procedure that oversees and may be able to identify changes to production source and object code should be suggested by an IS auditor.
If the installed software: is not included in the approved software standards document, the IS auditor should be MOST concerned when examining the desktop software compliance of a business. CSA, or control self-assessment, is accurate. CSA is the formal, recorded, collaborative examination of corporate objectives and internal controls. A current communication strategy is one of a disaster recovery plan's most important components.Thus, an IS auditor would be MOST worried with finding: a subpar software escrow agreement when conducting an assessment of a crucial third-party program.
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true or false: the profit margin is the financial gain from a sale after the costs of providing the sold product have been deducted.
The profit margin is the financial gain from a sale after the costs of providing the sold product have been deducted. Thus, the statement is true.
What is the profit margin?Profit margin is the portion of sales that a company keeps after all costs are subtracted. It essentially displays the percentage of each dollar of sales that is kept as profit. A 15% profit margin, for instance, means that a company keeps $0.15 from every dollar of sales produced.
Comparing the firm's operations to those of a best-in-class company, maybe in a different industry, is another way to increase your profit margin. This comparison could point out several operational tweaks that could be done to raise profit margins.
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the idea that an employee should focus exclusively on the job without interference from family responsibilities is called
The idea that an employee should devote themselves exclusively to their job without interference from family responsibilities is called the ideal worker norm.
The ideal employee norm emphasizes firm boundaries between work and family, guided by the idea that devoted full-time staff either don't have outside responsibilities or have somebody to require care of any such responsibilities for them.
Employees who take responsibility for their actions, are dependable, arrive on time, do what they are saying, and do not let the others in their team down are extremely valued staff.
An adult full-time employee within the non-public sector whose wage earnings are adequate to the common wage earnings of such staff. This definition includes manual and non-manual staff, higher-up staff, and social control staff.
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in (fill in the blank) feedback, the receiver communicates that she has clearly received the message and its intentions
In reinforcing feedback, the receiver communicates that she has clearly received the message and its intentions.
What is reinforcing and balancing feedback?By providing reinforcement, we indicate that we want someone to continue displaying a certain favorable behavior. By providing this kind of feedback, we are praising and encouraging such behaviors. Giving this input is something that must not be overlooked. Giving someone bad criticism encourages them to cease doing something.A reinforcing loop is one in which an action produces a consequence that influences the same activity, which influences the progress of this action in either a positive or negative direction. However, progress cannot go on forever. The growth eventually comes to an end when the second sort of feedback enters the picture. The process is known as balancing (opposing changes) feedback.For instance, as a company makes more layoffs, employee confidence falls, which lowers employee productivity and lowers company ROl, ultimately leading to more company layoffs. This diagram is a reinforcing loop because it has two "o" links and two "s" links.Learn more about reinforcing feedback refer to :
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aqurose, a safety equipment manufacturing company, has decided to introduce a 401(k) plan as the defined contribution pension plan of the company. in this case, which of the following is a provision of 401(k) plans that, if introduced, is likely to be the most beneficial to aqurose's employees?
Employees having the option to obtain loans from their 401(k) accounts will be beneficial to aqurose's employees.
What are loans?Loans in finance are the lending of money by one or more individuals, organizations to other individuals, organizations, etc.
The recipient or the borrower incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed.
One of the main activities of financial institutions such as banks and credit card companies is acting as a provider of loans.
There are other institutions which issue debt contracts such as bonds as a typical source of funding.
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when an input seller has market power in the input market, its customers: have the ability to charge a higher price for their products. gain market power in their product markets. may end up paying a higher price for inputs. may earn higher profits.
Customers may end up paying more for inputs when an input seller has market power in the input market.
Market power is the ability of a firm to influence supply, demand, or both in order to change the price of a product in the marketplace. Such a group possesses the authority that, if used, can raise prices and stifle competition. These people or organizations possess this authority over others as a result of their standing in the community.
A vendor is able to charge a greater price from clients by adding a larger markup when they have market dominance in the market where they offer their goods or services as opposed to when there is competition.
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What does customer retention rate mean?.
The percentage of current customers that continue to be clients after one given time is known as the customer retention rate.
What does retention mean in business?If a business or product does have a high customer retention rate, it means that customers keep utilizing and repurchasing that product or service. Low customer retention refers to the rate at which consumers discontinue utilizing or purchasing a company's goods or services.
What is retention with example?maintaining this or someone's existence, usage, or possession: The preservation of the unpopular tax has been defended by two powerful senators. The firm's expansion has been hampered by the retention of obsolete technologies. heat and water retention.
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as a ba, should you accept being asked to finalize a project business case where you will need to commit to the "most likely case" estimate?
As most likely case is estimated Barium (Ba) has a melting point of 727 °C .The presence of strong metallic bonding in the massive structure of a barium metal results in a greater melting point.
To destroy these metallic bonds, a lot of energy is needed.However, because potassium contains larger atoms than barium, its melting point is lower than that of barium, leading us to the conclusion that potassium has a lower melting point than an atom of barium.Some English industrialists in the 19th century thought that if they could just get every woman in China to shorten her skirt by one inch, the looms of Manchester would spin endlessly. The idea of universal service assumes a fantasy economic and social structure in which people behave in a way that you feel acceptable and have incentives that you find acceptable, much like that romantic calculation. In contrast, universal service entails coercion to ensure conformity.Universal service was never a good idea, and it continues to deteriorate with time.
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suggest an alternative model for the regression equation developed in part (a) to explain as much of the variability in delay as possible
Alternative methods consist of: Fitting a different linear model that includes an additional X variable (s) When a linear model is inappropriate, a nonlinear model should be fitted.
What is regression equation?The usage of linear regression, an extension of linear correlation, is required to predict one variable from another.
In applied statistics, regression analysis is known as the "workhorse." Regression analysis is supported by the majority of software packages, and the math isn't too difficult.
The scatterplot used in correlation is expanded in linear regression by adding a line that best "fits" the data. Linear regression models the linear aspect of the relationship between variables because it is an extension of linear correlation.
The correlation will be close to zero if there is no linear component to the relationship, and the linear regression will have little to no predictive power.
hence, Alternative methods consist of: Fitting a different linear model that includes an additional X variable (s) When a linear model is inappropriate, a nonlinear model should be fitted.
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which of the following includes activities such as manufacturing, research, sales, advertising, and shipping, as well as involving all entities that facilitate product distribution?
Supply-chain management includes activities such as sales, advertising, and shipping, manufacturing, research, as well as involves all entities that facilitate product distribution.
Supply chain management is the management strategy to control the flow of goods and services. Supply chain management includes all processes that transform raw materials into the final working of usable products. Supply chain management involves the active streamlining of supply-side activities of a business so that customer value can be maximized and a competitive advantage in the marketplace can be gained.
Through proper supply chain management businesses can cut excess costs of and deliver products to consumers faster and more efficiently.
"
Complete question is
which of the following includes activities such as manufacturing, research, sales, advertising, and shipping, as well as involving all entities that facilitate product distribution?
supply-chain management
Distribution management
inventory management
None of them
"
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which would you rather work for a transformational or charismatic leader? which style of leader do you strive to become?
One should opt for the transformational leadership vogue over the magnetic leadership vogue any day, which isn't a result of a lack within the personal magnetism department; check up on it this way: you're charismatic: each design is often used.
Their main distinction is focus and audience. Magnetic leaders typically try and build the established order higher, whereas transformational leaders target reworking organizations into the leader's vision.
Because of magnetic leaders' intense commitment to their work, they have an inclination to evoke sturdy emotions from their followers and groups. This encourages devotion, action, and robust problem-solving skills. Magnetic management and leadership vogue are comparable to transformational leadership.
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After reading the given descriptions, please place the correct label by the quadrant on the graph that best describes each person's position in the market for loanable funds. a. Jolien decides not to take out a loan to fund expanding her grocery store because she projects it will only earn a return of 4% b. Osi closely follows the market for United States Treasury Bonds. He is willing to invest in them anytime the rate of return is 5% or higher, and sees that this is the case. c. in order to open a new car wash facility expected to return 13%, Julius secures a loan. d. John will shift his stock investments to corporate bonds when they return at least 10%.
Jolien decides not to take out loan to the fund expanding her grocery store because she projects it will only earn return of 4% best describes each person's position in market for the loanable funds.
What is loanable funds doctrine?The loanable funds concept is an interest rate market hypothesis in economics. This method holds that the availability and demand of loanable funds are what determine the interest rate. Loanable funds refers to all types of credit, including loans, bonds, and savings accounts. The loanable funds doctrine adds bank credit to the traditional approach, which based the interest rate only on saving and investment. The total amount of credit services in an economy may exceed private savings due to the banking sector's capacity to create credit out of thin air. The creation or destruction of fiat money and credit also has an impact on the equilibrium interest rate, in addition to saving and investing tendencies.
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which of the following is an example of monetary policy? a) a rise in short-term interest rates b) a new bridge being built by the government
A rise in short-term interest rates is an example of monetary policy
A country's central bank uses a variety of instruments known as monetary policy to regulate the total amount of money in circulation, foster economic expansion, and implement measures like adjusting interest rates and altering bank reserve requirements.
The Federal Reserve commonly uses three strategies for monetary policy including reserve requirements, the discount rate, and open market operations. Additional goals of monetary policy typically include supporting GDP stability, achieving and maintaining low unemployment, and upholding predictable exchange rates with other currencies.
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Which of the following is not a characteristic of oligopoly?A. firms have no control over their priceB. firms may sell a differentiated productC. firms have market powerD. firms may sell a standardized productE. the market contains a few large products
The following statement "firms have no control over their price" is not a characteristic of oligopoly,
A market structure known as an oligopoly occurs when a few large sellers or manufacturers control a sizable portion of a market or an entire sector. Oligopolies frequently arise from the goal to maximize profits, which can result in corporate collaboration. As a result, there is less competition, higher consumer prices, and lower employee compensation.
Numerous industries, including civil aviation, power providers, telecommunications companies, rail freight markets, food processing, funeral services, sugar refining, beer production, pulp and paper manufacture, and automobile manufacturing, have been identified as oligopolistic.
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Currently, GreenCut Lawn mowers produces all of its riding lawn mower transmissions in-house. Annual costs for producing these 45,000 transmissions are detailed below:
Instead of making its own transmissions, GreenCut is considering buying them from a supplier at a cost of $30 each. Based on incremental analysis, GreenCut should
purchase the transmissions only if it can also find a way to reduce its fixed overhead by at least $75,000.
GreenCut is thinking about purchasing $30 apiece transmissions from a supplier rather than manufacturing its own.
What is incremental cost principle ?According to the incremental principle, a decision is profitable if revenue increases more than costs, costs decrease more than revenues, some revenues increase more than others decrease, and some costs decrease more than some increase.
What distinguishes incremental cost and differential cost from one another?Although the terms incremental cost and differential cost are interchangeable, incremental cost is used to describe cost changes brought on by modifications to ongoing business operations.
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lisa, inc., manufactures golf clubs in three models. for the year, the big bear line has a net loss of $3,500 from sales $201,000, variable costs $174,000, and fixed costs $30,500. if the big bear line is eliminated, $19,400 of fixed costs will remain. prepare an analysis showing whether the big bear line should be eliminated.
The positive outcome of a company's revenues and gains less its expenses and losses is called net income. Net loss is the name given to a poor outcome.
What is net income?Net earnings is another name for net income. The income statement of the company contains information about how net income was determined.Income tax expense related to the items listed in an ordinary U.S. corporation's income statement is included in net income. Since the owners of a sole proprietorship, partnership, or Subchapter S corporation are accountable for the business's income tax, these entities' net income does not include income tax expense.Net income's impact on the balance sheet
A corporation's retained earnings, which are a component of stockholders' equity, rise when its net income is positive. Stockholders' equity and retained earnings will decline as a result of a net loss.A sole proprietorship's net profit will result in an increase in the owner's capital account, which is a component of owner's equity. In the event of a net loss, the owner's capital account and owner's equity will decline.To Learn more About net income refer to:
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before you begin preparing your report, you need to determine the primary audience, as well as the secondary audience, if applicable, for your report. of the following, which is the most appropriate assessment of your audience(s)?
Before you begin preparing your report, you need to determine the primary audience, as well as the secondary audience, if applicable, for your report. the most appropriate assessment of your audience would see The main target of your report as Sam Chee since he requested it. There is no secondary audience since he will be the lone receiver.
What is the audience?Generally, An audience is a group of people who take part in a show or who come into contact with a piece of art, literature, theater, music, video games, or academics in any medium.
Audiences can also be thought of as groups of individuals. Depending on the kind of art being experienced, audience members may take part in a variety of ways.
The primary audience for your report, as well as the secondary audience for your report (if applicable), needs to be identified before you even begin the process of preparing it.
Considering that Sam Chee is the one who requested your report, the most accurate evaluation of your audience would identify him as the primary recipient of your work. Because he is the only one who will get the information, there is no secondary audience.
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CQ
Before you begin preparing your report, you need to determine the primary audience, as well as the secondary audience, if applicable, for you report.
Of the following, which is the most appropriate assessment of your audience(s)?
you have $5000 toward the purchase of a small boat that will cost $6000. how long will it take the $5000 to grow to $6000 if it is invested at 5% compounded monthly? solve algebraically. round to the nearest hundredth.
If $5000 is invested at 5% compounded monthly, it will take 3.7368 years for it to grow to $6,000.
What does the term monthly compound mean?Compound monthly refers to a loan's interest rate, which is charged in installments each month and added to the principle. For instance, if a $1,000 loan has a 12% annual interest rate compounded monthly, it will accrue 1% interest in the first month and become $1,010.
How is monthly compound interest determined?Using the formula for monthly compound interest, the compound interest per month is calculated. Compound interest is calculated as follows: CI = P(1 + (r/12)). 12t - P, where t is the time, P is the principle sum, and r is the interest rate expressed as a decimal.
A = P[tex](1 + \frac{R}{100} )^{n}[/tex]
6000= 5000 [tex](1 + \frac{5}{100} )^{n}[/tex]
[tex]\frac{6}{5}[/tex] = [tex](1 + \frac{5}{100} )^{n}[/tex]
[tex](\frac{21}{20} )^{n}[/tex] = [tex]\frac{6}{5}[/tex]
[tex](1.05)^{n}[/tex]= [tex]\frac{6}{5}[/tex]
n log(1.05)= log 6 - log 5
n= [tex]\frac{log 6 - log 5}{log (1.05)}[/tex]
n= [tex]\frac{0.079181}{0.021189}[/tex]
n= 3.7368 years
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FILL IN THE BLANK. Punjab is a 20-year-old student who emigrated here from India but now is aU.S. citizen. When he tries to get a credit card, the worker on the phone tellshim that they will not give him a credit card because he was born in Indiaand he is too young. In this situation, _________________
He is very young and was born in India. The credit card issuer did nothing illegal in this case.
Describe credit using an example.In essence, when a bank lends money to a customer, it credits the borrower with funds that must be repaid at a later time. Credit can also refer to a decrease in one's debt in other circumstances. Consider a scenario where someone owes his card company $1,000 in total but only pays one $300 transaction to the merchant.
Describe credit and debit.While a debit record shows a transfer of money to the account, a credit entry shows a promi from account. Cash goes between accounts that have been debited and debited throughout each transaction.
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Characteristics of process operations include: (Check all that apply.)
a. low product flexibility.
b. identical units
c. high product flexibility.
d. heterogeneous products and services.
e. low volume production.
f. high volume production.
Characteristics of process operations include
high volume productionlow product flexibilityWhat are the Characteristics?Characteristics refer to any feature or trait of any object which provides any information about the concept. These are unique in nature and makes difference from one another.
Process operations include repeated procedures, uniform goods and services, large production volumes, little product flexibility, and high standardization. It enhances an organization's reputation.
For each procedure, expenses are accumulated over the course of operations. In the last step of production, costs are transferred to the final products.
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which of the answer choices correctly ranks, from lowest risk to highest risk, the following methods of foreign market entry?
Ranks, from lowest risk to highest risk, the following methods of foreign market entry.
Indirect export , Franchising , Product joint venture , foreign direct investment
The methods by which a business can expand its services into a non-domestic market are known as foreign market entry modes in international trade. Market entry modes primarily fall into two categories: equity and non-equity. Contractual agreements and export fall under the category of non-equity modes.
Markets outside of a company's home country are referred to as foreign markets. Dealing with various linguistic and cultural barriers as well as legal and administrative requirements is part of selling in foreign markets. Businesses that want to enter a new market must thoroughly investigate the potential opportunities and develop a market entry strategy.
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On January 1, 2022, the ledger of Oriole Company contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $44,100 8,200 20,600 During January, the following selected transactions occurred. Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, 518,000 note. 5 Sold merchandise for cash totaling $5,936, which includes 6% sales taxes. 12 Performed services for customers who had made advance payments of $11,700. (Credit Service Revenue.) 14 Paid state treasurer's department for sales taxes collected in December 2021, $8,200. 20 Sold 660 units of a new product on credit at 550 per unit, plus 6% sales tax. During January, the company's employees eamed wages of $98,000. Withholdings related to these wages were $7,497 for Social Security (FICA), $5,229 for federal income tax, and $1,569 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31. Joumalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to nearest whole dollar amount, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Journalize the adjusting entries at January 31 for the outstanding note payable and for salaries and wages expense and payroll tax expense. (Credit accou Debit Credit Date Account Titles and Explanation Jan. 31 (To record the interest on outstanding notes payable.) Jan. 31 (To record payroll and withholding taxes.) Jan. 31 (To record employer's payroll taxes.) SHOW LIST OF ACCOUNTS Prepare the current liabilities section of the balance sheet at January 31, 2022. Assume no change in Accounts Payable. ORIOLE COMPANY Balance Sheet (Partial)
The preparation of the journal entries is as follows:
Journal Entries for January Transactions:Date Account Titles and Explanation Debit Credit
Jan. 1, 2022: Cash $518,000
Notes Payable $518,000
(To record borrowing on notes payable for 4 months at 5%.)Jan. 5, 2022: Cash $5,936
Sales Taxes Payable $336
Sales Revenue $5,600
(To record the sale of merchandise for cash.)Jan.. 12, 2022: Unearned Service Revenue $11,700
Service Revenue $11,7004
(To record the performance of services for customers.)Jan. 14, 2022: Sales Taxes Payable $8,200
Cash $8,200
(To record the payment of sales taxes collected in December.)Jan. 20, 2022: Accounts Receivable $384,780
Sales Taxes Payable $21,780
Sales Revenue $363,000
(To record the sale of 660 units at $550 per unit, plus 6% sales tax.)Adjusting Journal Entries:Date Account Titles and Explanation Debit Credit
Jan. 31, 2022: Interest Expense $2,158
Interest Payable $2,158
(To record the interest on outstanding notes payable.)Jan. 31, 2022: Wages Expense $98,000
Wages Payable $98,000
(To record the wages expenses accrued.)Jan. 31, 2022: Wages Expense $14,295
Payroll Taxes Payable $14,295
(To record payroll and withholding taxes.)Jan. 31, 2022: Payroll Taxes Expense $7,497
Payroll Taxes Payable $7,497
(To record employer's payroll taxes.)2. The preparation of the current liabilities section of the balance sheet at January 31, 2022, is as follows:
Liability Accounts:Accounts Payable $44,100
Sales Taxes Payable 22,116
Unearned Service Revenue 8,900
Notes Payable 518,000
Wages Payable 98,000
Payroll Taxes Payable 21,792
Interest Payable 2,158
Total current liabilities $715,066
Transactions Analysis:Liability Accounts:
Accounts Payable $44,100
Sales Taxes Payable 8,200
Unearned Service Revenue 20,600
Jan. 1, 2022: Cash $518,000 Notes Payable $518,000 4-month, 5%
Jan. 5, 2022: Cash $5,936 Sales Taxes Payable $336 Sales Revenue $5,600
Jan.. 12, 2022: Unearned Service Revenue $11,700 Service Revenue $11,700
Jan. 14, 2022: Sales Taxes Payable $8,200 Cash $8,200
Jan. 20, 2022: Accounts Receivable $384,780 Sales Taxes Payable $21,780 Sales Revenue $363,000
Jan. 31, 2022: Wages Expense $98,000 Wages Payable $98,000
Jan. 31, 2022: Wages Expense $14,295 Payroll Taxes Payable $14,295
Jan. 31, 2022: Payroll Taxes Expense $7,497 Payroll Taxes Payable $7,497
Jan. 31, 2022: Interest Expense $2,158 Interest Payable $2,158
Liability Accounts:Accounts Payable $44,100
Sales Taxes Payable 22,116 (8,200 + 336 -8,200 + 21,780)
Unearned Service Revenue 8,900 (20,600 - 11,700)
Notes Payable $518,000
Wages Payable $98,000
Payroll Taxes Payable $21,792 ($14,295 + 7,497)
Interest Payable $2,158
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The statement from Jackson County Bank on December 31 showed a balance of $28,044. A comparison of the bank statement with the Cash account revealed the following facts
. 1. The bank collected a note receivable of $2,300 for Fullerton Company on December 15.
2. The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January.
3. Checks outstanding on December 31 totaled $1,100.
4. On December 31, the bank statement showed an NSF charge of $640 for a check received by the company from L. Bryan, a customer, on account. Prepare a bank reconciliation as of December 31 based on the available information.
(Hint: The cash balance per books is $27,884. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List items that increase cash balance first. Reconcile cash balance per bank first.)
please help (highly appreciated).
An entity's bank account and its financial records are compared in a bank reconciliation statement, which is a summary of banking and business activity. In the statement, the deposits, withdrawals, and other transactions affecting a particular time period are listed.
A bank reconciliation statement is what?Almost every organization produces a bank reconciliation statement at a specific period. A statement that compares the cash balance to the bank balance is necessary. We need to make adjustments for checks that are overdue, deposited but uncollected, deposited directly into the bank, NSF checks, etc.
1 Cash a/c Dr. 2120
To Notes receivable 2120
(being notes receivable collected)
2 Account receivable a/c Dr. 641
To Cash 641
(being NSF recorded)
3 Depreciation expenses Dr. 148
To Accumulated Dep 148
(being Depreciation recorded)
4 Insurance expense a/c Dr. 425
To Prepaid insurance 425
(being Insurance expense recorded)
5 Income tax expenses a/c Dr. 241
To Income tax payable 241
(being income tax payable)
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For the four basic configurations that follow, assume that the market is demanding product that must be processed by both Resource X and Resource Y for Cases I, II, and III. For Case IV, both resources supply separate but dependent markets; that is, the number of units of output from both X and Y must be equal. Plans are being made to produce a product that requires 38 minutes on Resource X and 28 minutes on Resource Y. Assume that there is only one of each of these resources and that market demand is 1,500 units per month. Case I Case II X Y Market Y X Market Case III Case IV Market Market Market Market Assembly a. How many hours of production time would you schedule for X and Y, assuming unlimited storage? Resources X (hours) Y (hours) Casel Case II Case III Case IV b. What would happen if Y is also scheduled for the same production hours of X? Case 1 Case II Case III Case IV
If there is only one of each of these resources and that market demand is 1,500 units per month then:
(A)
Case 1:
Hours to be scheduled = Number of units required x Required time on resource
Hence, for X, Hours to be scheduled = 1200 x 32 = 38,400 minutes = 38400 / 60 = 640 hours
For Y, Hours to be scheduled = 1200 x 22 = 26,400 minutes = 440 hours
CASE 2:
A similar time as CASE 1 will be required:
Hence,
For Y, Hours to be scheduled = 1200 x 22 = 26,400 minutes = 440 hours
For X, Hours to be scheduled = 1200 x 32 = 38,400 minutes = 38400 / 60 = 640 hours
CASE 3:
X and Y will be produced in parallel and will be assembled, Hence,
Time scheduled for X = 1200 x 32 / 60 = 640 hours
Time Scheduled for Y = 1200 x 22 / 60 = 440 Hours
Case 4:
Both products are sent to the market separately. However, The time scheduled for both of them will be the same in this case also:
Time scheduled for X = 1200 x 32 / 60 = 640 hours
Time Scheduled for Y = 1200 x 22 / 60 = 440 Hours
(B)
When Y is resourced with the same number of hours as X,
Units of X produced = 640 x 60 / 32 = 1200 units
Units of Y produced = 640 x 60 / 22 = 1745.45 units = 1745 units
CASE 1: There will be no change except additional units of Y will be added to the inventory.
CASE 2: Work in process Inventory between X and Y will increase as Y takes Less time. X will be the bottleneck.
CASE 3: As the process is being performed in Parallel, the number of tools or machines required will increase which is a major constraint. Also, work in process inventory between Y and Assembly will be encountered.
CASE 4: It will increase productivity and an increase in the number of finished goods will be encountered. However, the number of tools required will be more because X and Y are being produced in Parallel.
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ssume that you are considering the purchase of a stock which will pay dividends of $4.50 during the next year. further assume that you will be able to sell the stock for $85.00 one year from today and that your required rate of return is 15 percent. how much would you be willing to pay for the stock today
A stock is a type of security that denotes a small percentage of ownership in a business. Buying stock in a company entitles you to a fractional ownership interest in it known as a share.
Investors buy shares of firms they believe will increase in value. In that case, the value of the company's shares rises as well. After then, the stock can be sold for a profit. As a result of your participation in the company's profits, you are referred to as a shareholder.
A stock market exchange, such as the New York Stock Exchange or the Nasdaq, is how publicly traded corporations sell their stock. According to the SEC, corporations can raise money by offering stock to pay off debt, introduce new goods, or expand their operations.
In the given question, the price of the stock today will be equivalent to the present cash flows from that stock and the computation for the same is shown below:
Price of stock = Present value of cash flows
= 4.5 / (1 + 0.15)^1 + 85 / (1 + 0.15)^1
= $77.83
Therefore, The value of the stock today will be $77.83.
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Is it better to get fixed or variable mortgage?.
Yes, it is better to get fixed or variable mortgage.
A variable-rate mortgage fluctuates depending on the prime rate of your financial institution. The prime rates vary mainly according to the key interest rate issued by the Bank of Canada. Variable-rate mortgages are adjusted each month to reflect these fluctuations. Not necessarily. A variable rate mortgage is a type of home loan in which the interest rate is not fixed.
A variable rate mortgage is a type of home loan in which the interest rate is not fixed. Instead, interest payments will be adjusted at a level above a specific benchmark or reference rate, such as the Prime Rate. Lenders can offer borrowers variable rate interest over the life of a mortgage loan. They can also offer a hybrid adjustable-rate mortgage (ARM), which includes both an initial fixed period followed by a variable rate that resets periodically thereafter.
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