Chik Chik Company showed the following balances at the end of its first year: Cash $ 3,000 Prepaid insurance 4,700 Accounts receivable 3,500 Accounts payable 2,800 Notes payable 4,200 Common stock 1,400 Dividends 700 Revenues 22,000 Expenses 17,500 What did Chik Chik Company show as total credits on its trial balance

Answers

Answer 1

Answer: $30,400

Explanation:

Accounts with credit balances are revenue, liabilities and stock or equity.

The credit balances above are:

Accounts payable, Notes payable, common stock, revenues,

= 2,800 + 4,200 + 1,400 + 22,000

= $30,400


Related Questions

a. By how much would government spending have to rise to shift the aggregate demand curve rightward by $25 billion

Answers

Answer: $2.5 billion

Explanation:

You need to first calculate the multiplier.

The multiplier is the amount that shows the effect of an increase in government spending on the aggregate demand of a country.

It is calculated as:

= 1 / ( 1 - MPC)

= 1 / ( 1 - 0.9)

= 10

Increase in aggregate demand = Government spending * multiplier

25 billion = G * 10

G = 25 billion / 10

= $2.5 billion

Brenda, the sales manager of a firm, wants to generate a particular report containing sales analyses of the second and third quarter of the year. She should use a ________ to retrieve the information that she wants from the database. Group of answer choices

Answers

Answer: query

Explanation:

Since Brenda wants to generate a particular report containing sales analyses of the second and third quarter of the year, then she should use a query to get the information.

The query refers to a request that can be used to get data or information from the database table. The data gotten can be in form of graphs, pictorials or complex results, such as trend analyses etc

An investor enters into a short oil futures contract when the futures price is $15.5 per barrel. The contract size of 100 barrels of oil. How much does the investor gain or lose if the oil price at the end of the contract equals $14.0

Answers

Answer:

$150

Explanation:

Calculation to determine How much does the investor gain or lose if the oil price at the end of the contract equals $14.0

Using this formula

Gain or Loss =(Futures price- Ending contract)*Contract size

Let plug in the formula

Gain or Loss=$15.5 per barrel- $14.0* 100 barrels

Gain or Loss=$1.5*100

Gain or Loss=$150

Therefore How much does the investor gain or lose if the oil price at the end of the contract equals $14.0 will be $150

A company's gross profit (or gross margin) was $110,180 and its net sales were $439,300. Its gross margin ratio is: A. 74.9%. B. 8.4%. C. $110,180.00 D. 25.1%. E. $329,120.00

Answers

Answer:

D

Explanation:

Gross profit margin is an example of a profitability ratio.

profitability ratios measures the efficiency with which a company generates profit from its asset

Gross profit margin measures the return on sales

Gross profit margin = gross profit / net sales

$110,180 / $439,300 = 25.1%

Under variable costing, fixed manufacturing overhead is: Multiple Choice applied directly to Work-in-Process Inventory. expensed immediately when incurred. never expensed. treated in the same manner as variable manufacturing overhead.

Answers

Answer: expensed immediately when incurred.

Explanation:

Under variable costing, only variable costs can be apportioned to the product as product costs. This means that fixed costs have to be expensed immediately they are incurred so that they do not feature in the product costs.

It is not a widely used principle as both U.S. GAAP and IFRS don't allow for its use in financial statements. They prefer absorption costing where fixed costs are apportioned to the products created.

Inflation affects the real value of future dollars and can therefore make signing long-term wage and loan agreements seem risky. This illustrates the issue of

Answers

Answer:

future price uncertainty

Explanation:

Inflation is a persistent rise in the general price levels

Types of inflation

demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise

cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect

Shoe leather cost is when people try to spend money immediately so they would not be holding money for a long time. This is because money loses its value in an inflation.

Menu costs are the costs of changing price constantly as a result of inflation, When there is inflation, prices increases regularly. As a result prices needs to be updated regularly.

Kyoko is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In order to swim for an hour, Kyoko must take time away from work, where she earns $11 per hour. This is in addition to paying a $4 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate?
1) The cost of something is what you give up to get it
2) Markets are usually a good way to organize economic activity
3) People usually exploit opportunities to make themselves better off.
4) Trade can make everyone better off

Answers

Answer:

4

Explanation:

A person trades off one activity for the other when in order to carry out an activity one has to give up something

In order for Kyoko to swim, she has to  take time away from work where she earns $11. This is what she trades off

A rational consumer would only trade off an activity for another only if the satisfaction derived would be greater than that of the activity traded off

Calculate the geometric average return earned by an investor over three years if she earned 6% in the first year of an investment, 12% in the second year and 10% in the third year. 9.36% 9.27% 9.30% 9.33%

Answers

Answer:

Calculate the geometric average return earned by an investor over three years if she earned 6% in the first year of an investment, 12% in the second year and 10% in the third year. 9.36% 9.27% 9.30% 9.33%

Explanation:

Calculate the geometric average return earned by an investor over three years if she earned 6% in the first year of an investment, 12% in the second year and 10% in the third year. 9.36% 9.27% 9.30% 9.33%

9.33% is the geometric average return earned by an investor over three years if she earned 6% in the first year of investment, 12% in the second year, and 10% in the third year. The correct option is D.

What is the geometric average return in finance?

The formula for the geometric average return, also known as the geometric mean return, can be used to figure out the average rate of return on an investment that is compounded over a number of time periods. The geometric average return, to put it simply, accounts for compound interest over a number of periods.

Given

Return rate = 6%, 12%, and 10% respectively in years 1, 2, and 3.

The average rate of return = Sum of All year's return / Number of Years

                                             = 6 + 12 + 10 / 3 = 9.33%

The geometric average return is 9.33%

Thus, the ideal selection is option D.

Learn more about the geometric average return here:

https://brainly.com/question/28562900

#SPJ5

How do global logistical systems influence the 4Ps of marketing (price, product, place, and promotion)?

Answers

Answer:

In simple words, Because of customised backing to miniscule distributors, fast motion of components, detecting price levels from resting some other nation like China, providing product lines from one nation to some other nation with the assistance of a representative, internet assistance, and even product promotion, global logistic systems have a significant impact on marketing 4Ps like price, product, place, and promotion.

MC Qu. 116 CWN Company uses a job order costing... CWN Company uses a job order costing system and last period incurred $70,000 of actual overhead and $100,000 of direct labor. CWN estimates that its overhead next period will be $85,000. It also expects to incur $100,000 of direct labor. If CWN bases applied overhead on direct labor cost, its predetermined overhead rate for the next period should be:

Answers

Answer:

85%

Explanation:

With regards to the information above, predetermined overhead will be computed as;

Predetermined overhead = (Estimated overhead / Expected labor cost) × 100

Estimated overhead = $85,000

Expected labor cost = $100,000

Then,

Predetermined overhead = ($85,000 / $100,000) × 100

Predetermined overhead = 85%

Therefore, its predetermined overhead rate for the next period should be 85%

Prime Cost, Conversion Cost, Preparation of Income Statement: Manufacturing Firm Kildeer Company makes easels for artists. During the last calendar year, a total of 32,000 easels were made, and 33,000 were sold for $56 each. The actual unit cost is as follows: Direct materials $13.00 Direct labor 5.00 Variable overhead 8.00 Fixed overhead 16.00 Total unit cost $42.00 The selling expenses consisted of a commission of $1.10 per unit sold and advertising co-payments totaling $93,500. Administrative expenses, all fixed, equaled $176,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was $155,400 for 3,700 easels.Required:1. Calculate the number and the dollar value of easels in ending finished goods inventory.Ending units Dollar amount $FeedbackRemember that cost of goods manufactured increases finished goods inventory.2. Prepare a cost of goods sold statement.Kildeer CompanyStatement of Cost of Goods SoldFor the Year Ended December 31Cost of goods manufactured $Add: Beginning finished goods inventory Cost of goods available for sale $Less: Ending finished goods inventory Cost of goods sold $

Answers

Answer:

Results are below.

Explanation:

First, we need to calculate the unitary production cost:

Direct materials= 13

Direct labor= 5

Variable overhead= 8

Fixed overhead= 16

Total unit cost= $42

Now, the ending inventory in units and cost:

Beginning inventory= 3,700

Production= 32,000

Sales= (33,000)

Ending inventory in units= 2,700

Ending inventory value= 2,700*42= $113,400

Finally, the cost of goods sold:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 155,400 + (32,000*42) - (2,700*42)

COGS= $1,386,000

A real estate attorney employed by a large national clothing store evaluates sites across the United States, searching for ideal locations for new stores. Which type of property is the attorney surveying?

Answers

Answer: Commercial

Explanation:

Commercial property refers to the real estate which is used for business activities. It simply refers to the buildings that are used for business purposes, as well as land that are utilized for the generation of profit.

Since the real estate attorney employed by a large national clothing store evaluates sites across the United States, searching for ideal locations for new stores, the attorney is looking for a commercial property.

An order for 140 units of Product A has been placed. There are currently 20 units of Product A on hand. Each Product A requires 3 units of Component B. There are 40 units of Component B on hand. What are the net requirements for Component B

Answers

Answer:

Order for unit B = 440

Explanation:

Given:

Order for unit A = 140 units

Units A in hand = 20 units

Units B in hand = 40 units

1 unit A required 3 units of B

Find:

Order for unit B

Computation:

Total unit of A = 140 + 20

Total unit of A = 160 units

Total unit B required = 160 x 3

Total unit B required = 480

Order for unit B = Total unit B required - Units B in hand

Order for unit B = 480 - 40

Order for unit B = 440

Turner's has $3.8 million in net working capital. The firm has fixed assets with a book value of $48.6 million and a market value of $54.2 million. Martin amp; Sons is buying Turner’s for $61.5 million in cash. The acquisition will be recorded using the purchase accounting method. What is the amount of goodwill that Martin amp; Sons will record on its balance sheet as a result of this acquisition?

a. $0
b.$3.5 million
c. $6.6 million
d. $7.2 million
e. $9.1 million

Answers

B. 3.5 million.
You’re welcome, wasn’t sure if you needed an explanation.

brooks is babysitting this summer while she is home from college. she puts the money in the bank every week. this illustrates one of the advantages of money over bartering, which is

Answers

Answer:

it can be stored overtime

Explanation:

Penelope withdraws $4,115.23 at the end of a five-year investment yielding 4% interest, compounded annually. How much did Penelope originally deposit

Answers

Answer:

$3,382.42

Explanation:

The amount originally deposited by Penelope (PV) can be determined using a Financial calculator as follows :

FV = $4,115.23

PMT = $0

N = 5

I = 4 %

P/YR  = 1

PV = ?

The PV is $3,382.42

thus,

Penelope originally deposited $3,382.42

On September 15, Jerome, Inc., paid $8,900 to make a long-term investment in available-for-sale securities by purchasing notes of Topper, Inc.
Complete the necessary journal entry.

Answers

Answer and Explanation:

The journal entry is shown below:

Long term investment - AFS $8,900

    To Cash $8,900

(Being cash paid is recorded)

here long term investment is debited as it increased the assets and credited the cash as it decreased the assets  

Answer:

Date                  Account Title                                          Debit             Credit

Sept. 15             Investment in Available For Sale        $8,900

                         Security

                         Cash                                                                             $8,900

Cash will be credited to recognize that it reduced on account of it being used to pay for the investment. The investment will be treated as an asset so it will be debited to recognize that it is an increase.

Bottum Corporation, a manufacturing Corporation, has provided data concerning its operations for May. The beginning balance in the raw materials account was $22,500 and the ending balance was $41,000. Raw materials purchases during the month totaled $68,000. Manufacturing overhead cost incurred during the month was $113,500, of which $2,500 consisted of raw materials classified as indirect materials. The direct materials cost for May was:

Answers

Answer:

the direct material cost is $47,000

Explanation:

The computation of the direct material cost is shown below:

= Opening balance + purchase made - indirect material - closing balance

= $22,500 + $68,000 - $2,500 - $41,000

= $47,000

hence, the direct material cost is $47,000

The same should be considered and relevant too

process which is followed to monitor the movement of stock in a company

Answers

Answer:

it known as stock control

True or false: A traditional costing system uses more cause-and-effect relationships in tracing costs than does an activity-based cost allocation system.

Answers

Answer: False

Explanation:

Activity based costing us when the activities of an organisation is classified. After the classification, the costs that are related to those activities will then be traced to the activities.

It should be noted that an activity-based costing system utilizes more cause-and-effect relationships when tracing costs than a traditional cost allocation system.

Therefore, the statement that's givenn in the question is false.

A network externality occurs when: Select one: A. there is production cost savings from being networked with suppliers B. the usefulness of a good is affected by how many others use the good C. the usefulness of a good is affected by celebrities who use the good D. there is production cost savings from being networked with buyers. Clear my choice Previous page

Answers

Answer:

B

Explanation:

The petty cash fund of the Brooks Agency is established at $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.
Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry.
______________ a. Fund amount is being reduced.
_____________ b. Fund amount is being increased.
_______________ c. Fund is being eliminated.
_______________ d. Fund is being established.

Answers

Answer:

(a) Debit Petty cash account for $150; and Credit Bank for $150.

(b) Debit Petty cash account for $122; and Credit Bank for $122.

The correct options are:

a. Fund amount is being reduced.

c. Fund is being eliminated.

Explanation:

(a) Prepare journal entries to record establishment of the fund.

The journal entry will look as follows:

Details                                      Debit ($)          Credit ($)  

Petty cash account                     150

Bank                                                                        150

(To record petty cash fund establishment.)                    

(b) Prepare journal entries to record reimbursement of the fund at the end of the current period.

Since the fund contained $28 at the end of the current period, we have:

Amount to reimburse = entertainment + postage + printing = $70 + $30 + $22 = $122

The journal entry will now look as follows:

Details                                      Debit ($)          Credit ($)  

Petty cash account                      122

Bank                                                                      122

(To record petty cash fund reimbursement.)                      

c. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry.

The correct options are:

a. Fund amount is being reduced.

c. Fund is being eliminated.

This is because they both in indicate outflows from the petty cash fund.

A local electricity-generating company has a monopoly that is protected by an entry barrier that takes the form of A) control of a key raw material.

Answers

Answer:

economies of scale

Explanation:

Here are the options

control of a key raw material

a perfectly inelastic demand curve

legal monopoly

economies of scale

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

For local electricity-generating companies, as output increases, cost per unit falls. This is known as economies of scale

A foreign company (whose sales will not affect Benjamin's market) offers to buy 3,000 units at $6.40 per unit. In addition to variable manufacturing costs, selling these units would increase fixed overhead by $500 and selling and administrative costs by $200. If Benjamin accepts the offer, its profits will:

Answers

Answer:

Increase by $18,500

Explanation:

Data and Calculation

Sales                         $19,200

Less Expenses             $700

Net Income              $18,500

If Benjamin accepts the offer, its profits will: increase by $18,500

In deciding who should chair the wellness committee, several members identified Ian, a tall, handsome 40-ish staff accountant with a lively sense of humor, as someone who would do a good job. It is possible that the committee members were operating under which leadership approach?

a. Traits approach
b. Situational approach
c. Functional approach
d. Relational approach

Answers

Answer:

a. Traits approach

Explanation:

It is correct to state that the committee members were operating under the leadership traits approach, which corresponds to the collective perception of an individual's personality through their personal characteristics that are outstanding and that make them stand out among other individuals.

As in the case of Ian, who was perceived by many members as a person with a lively sense of humor, as someone who would do a good job.

The secret to effective sales is to have a

unique selling proposition.

good personality.

memorized pitch.

fantastic product.

Answers

Answer:

unique selling proposition.

Explanation:

Marketing can be defined as the process of developing promotional techniques and sales strategies by a firm, so as to enhance the availability of goods and services to meet the needs of the end users or consumers through advertising and market research. Thus, it comprises of all the activities such as, identifying, anticipating set of medium and processes for creating, promoting, delivering, and exchanging goods and services that has value for customers. It typically, involves understanding customer needs, building and maintaining healthy relationships with them in order to scale up your business.

Generally, the secret to effective sales is to have a unique selling proposition that makes consumers patronize you.

If the price of an airline ticket from SFO to LAS were to increase by 10%, from $100 to $110 roundtrip, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Triple Sevens from rooms per night to rooms per night. Because the cross-price elasticity of demand is

Answers

Answer:

Quantity demanded declined to 250 rooms per night from 300 rooms per night.

Cross price elasticity of demand is negative.

Explanation:

Cross price Elasticity of demand = [change in quantity demand/ current demand] / [ % change in price]

Cross price elasticity of demand = {[300 - 250] / 300 } / 10

Cross price elasticity of demand is = -1.6

Ramblin’ Randy’s Dude Ranch’s daily total cost of accommodating overnight guests is given by TC = 100 + 5 Q. On the basis of this information, the average fixed cost, when there are 25 overnight guests, is:

Answers

Answer: 4

Explanation:

The average fixed cost is calculated as:

= Fixed cost / output

Since total cost is given as TC = 100 + 5Q, the fixed cost in this case is 100 as.it doesn't depend on output. In this case, 5Q is the variable cost.

Since average fixed cost is calculated as:

= Fixed cost / output

= 100 / 25

= 4

Therefore, the average fixed cost is 4

Jack asked Jill to marry​ him, and she has accepted under one​ condition: Jack must buy her a new ​$ ​Rolls-Royce Phantom. Jack currently has ​$ that he may invest. He has found a mutual fund with an expected annual return of ​% in which he will place the money. How long will it take Jack to win​ Jill's hand in​ marriage?

Answers

Answer: 47.8 years

Explanation:

Jack is trying to make up to $330,000 from $50,680 at a rate of 4%.

The relevant formula is the future value formula as Jack is trying to get to a certain amount in future:

330,000 = 50,680 * ( 1 + 4%) ^ number of years

1.04 ^ number of years = 330,000 / 50,680

1.04 ^ N = 6.51144435674822

Use the natural logarithm:

N * In (1.04) = In (6.51144435674822)

N * 0.039220713153281 = 1.873561299007586979

N = 1.873561299007586979 / 0.039220713153281

= 47.8 years

Which of the following is NOT one of the components of a firm's business model?
A. strategic resources
B. the industry competitors
C. core strategy
D. customer interface
E. partnership network

Answers

Answer: the industry competitors

Explanation:

A business model simply refers to the strategy that a company will use in making profit and achieving its goals.

The components of the business model of a company include the strategic resources, core strategy, partnership network, and the customer interface.

It should be noted that the industry competitors isn't among the components.

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