Correll Company, which operates a mail-order clothing business, is physically located in State L. This year, the firm shipped $18 million of merchandise to customers in State R. State R imposes a 6 percent sales and use tax on the purchase and consumption of retail goods within the state.

Required:
a. Do State R residents who purchased Firm L merchandise owe use tax on their purchases?
b. If State R could legally require Firm L to collect a 6 percent tax on mail-order sales made to residents of the state, how much additional revenue would the state collect? Explain the reasoning behind your answer.

Answers

Answer 1

Answer:

Correll Company

a. Yes State R residents who purchased Firm L (out-of-state) merchandise owe use tax on their purchases.

b. State R would collect $1,080,000 additional revenue ($18 million * 6%) if Correll was required to collect the use tax at the point of sale and then remit the tax collected to State R.

Explanation:

a) Data and Calculations:

Cost of merchandise to customers in State R = $18 million

State R's sales and use tax on the purchase and consumption of retail goods within the state = 6%

Amount that Correll could collect for State R = $1,080,000 ($18 million * 6%)

b) Note that Correll (Firm L) collecting the State R use tax does not affect State R residents' legal liability to pay the use tax.  Unfortunately, not many people actually remit their self-assessed use tax.


Related Questions

An employee earned $1,000 in the first pay period of the current year. How much is the total employer and employee social security taxes on these earnings? (Use the simplified rate shown in illustrations.)

Answers

Answer: $120

Explanation:

The total employer and employee social security taxes is 6% fir the employee and 6% for the employee which then makes up 12%.

Since the employee earned $1,000 in the first pay period of the current year, then the total employer and employee social security taxes on these earnings will be:

= 12% × $1000

= 0.12 × $1000

= $120

A sporting equipment store expects to purchase $8,200 of ski boots in October. The store had $2,800 of ski boots in merchandise inventory at the beginning of October, and expects to have $1,800 of ski boots in merchandise inventory at the end of October to cover part of anticipated November sales. What is the budgeted cost of goods sold for October?
a) $7,000.
b) $9,000.
c) $8,000.
d) $12,000.
e) $11,000.

Answers

Answer:

$9,200

Explanation:

Calculation to determine the budgeted cost of goods sold for October

Using this formula

Budgeted cost of goods sold for October =Cost of ski boots + Inventory at the beginning - Inventory at the end

Let plug in the formula

Budgeted cost of goods sold for October = $2800 + $8200 - $1800

Budgeted cost of goods sold for October= $9200

Therefore the budgeted cost of goods sold for October is $9,200

​Tri-County G&T sells 145,000 MWh per year of electrical power to Boulder at ​$ per​ MWh, has fixed costs of ​$ million per​ year, and has variable costs of ​$ per MWh. If​ Tri-County has MWh of demand from its customers​ (other than​ Boulder), what will​ Tri-County have to charge to break​ even?

Answers

Answer:

$105.85

Explanation:

Given that :

Fixed cost = $83.1 million

Variable cost = $30 / MWh

Number of demand, $1,000,000 MWh

Variable cost to other customers =[(1,000,000 + 145000) * $30) = $34350000

To break even :

Total Cost = Total revenue

(fixed Cost + variable cost) = total revenue

Let amount per MWh required to break even = x (amount sold to other customers)

(83100000 + 34350000) = (145000*80 + 1000000x)

117450000 = 11600000 + 1000000x

117450000 - 11600000 = 1000000x

105850000 = 1000000x

x = 105850000 / 1000000

x = $105.85

Suppose that a small family farm sold its output for $100,000 in a given year. The family spent $25,000 on fuel; $40,000 on seed, fertilizer, and pesticides; and $25,000 on equipment, including maintenance. The family members could have earned $20,000 working at other occupations. What is the family's accounting cost? What is the family's economic cost? Could the family's economic cost ever exceed its accounting cost? Why or why not?

Answers

Answer:

Accounting Cost

Accounting costs refers to the explicit costs which ar the actual costs related to the business venture. In this case that would be:

= Fuel costs + Seed costs  + Equipment

= 25,000 + 40,000 + 25,000

= $90,000

Economic cost

This includes the accounting costs and then adds the implicit costs which are the opportunity costs of choosing the current business venture. In this case it is the $20,000 they could have been making working at other occupations.

= Accounting cost + Salary foregone

= 90,000 + 20,000

= $110,000

Economic costs will always be higher than Accounting costs because they include both the accounting costs and opportunity costs.

a)What are the expected returns and standard deviations of a portfolio consisting of:1.100 percent in stock A

Answers

Answer:

12%

1.00

Explanation:

Note that the expected return on stock A which is 12% is missing from the question as well as the standard deviation of A which is 1.00

The expected return from stock A with 100% of funds(total amount of investment) invested in stock A is the percentage invested in A multiplied by the expected return of stock  A shown thus:

expected return=100%*12%

portfolio expected return=12%

portfolio standard deviation(if 100% invested in A)=1.00*100%

Somerset Computer Company has been purchasing carrying cases for its portable computers at a purchase price of $62 per unit. The company, which is currently operating below full capacity, charges factory overhead to production at the rate of 45% of direct labor cost. The unit costs to produce comparable carrying cases are expected to be as follows:

Direct materials $8.00
Direct labor 12.00
Factory overhead (40% of direct labor) 4.80
Total cost per unit $24.80

If Somerset Computer Company manufactures the carrying cases, fixed factory overhead costs will not increase and variable factory overhead costs associated with the cases are expected to be 25% of the direct labor costs.

Required:
Prepare a differential analysis dated April 30 to determine whether the company should make (Alternative 1) or buy (Alternative 2) the carrying case.

Answers

Answer:

Somerset Computer Company

Differential Analysis dated April 30:

                                                 Make                  Buy      

                                            Alternative 1    Alternative 2    Difference

Variable cost per unit           $23.00                $62.00           $39.00

Explanation:

a) Data and Calculations:

Purchase price per portable computer carrying case = $62

Unit cost of production:

Direct materials                                     $8.00

Direct labor                                            12.00

Factory overhead (40% of direct labor) 4.80

Total cost per unit                              $24.80

Unit cost of production, with overhead broken into fixed and variable:

Direct materials                                     $8.00

Direct labor                                            12.00

Factory overhead

Fixed overhead                                       1.80

Variable overhead                                 3.00

Total cost per unit                             $24.80

b) With a net gain of $39 per unit, the company should make the unit (Alternative 1) instead of buying it (Alternative 2).

Soft Lumber has bonds, preferred stock and common stock as its capital components. _____________ is the right most apt to be granted to its preferred shareholders.

Answers

Answer: right to share in company profits prior to other shareholders

Explanation:

The preferred shareholders are paid their dividends before dividends are paid to other common shareholders. The preferred stock also gives no voting rights to the shareholders.

Preferred shareholders are known to have priority over the income of a company right to share in company profits prior to other shareholders.

Madison Corporation sells three products (M, N, and O) in the following mix: 3:1:2. Unit price and cost data are: M N OUnit sales price$12 $10 $11Unit variable costs 9 8 9Total fixed costs are $585,000. The selling price per composite unit for the current sales mix (rounded to the nearest cent) is:

Answers

Answer:

Selling price per composite unit= $11.3

Explanation:

Giving the following information:

Madison Corporation sells three products (M, N, and O) in the following mix: 3:1:2.

Unit price and cost data are: M N OUnit sales price$12 $10 $11

First, we need to calculate the sales proportion for each product:

M= 3/6= 0.5

N= 1/6= 0.17

O= 2/6= 0.33

Now, the selling price per composite unit:

Selling price per composite unit= (0.5*12) + (0.17*10) + (0.33*11)

Selling price per composite unit= $11.3

Question 4 James Bennett also allocates wealth between youth and old age. He has no cash currently (in his youth), but will inherit $3000 in his old age. He can lend and borrow at the bank at 18% (that is, lending $1 in youth will give him $1.18 in old age). He has an investment opportunity that costs $12,000 now in his youth and has a payoff of $15,000 in his old age. This is the only investment opportunity available to him. What is the most he can consume in his youth

Answers

James Bennet needs us to locate investment opportunities for him.

James divides his fortune between youth and old age, as is shown to us. He is currently cashless.

He has access to bank borrowing and lending at 18%.

Some investment opportunities are presented to him.

Investing is the act of placing money into a bank, a piece of property, or a company.

Savings can also take the form of investments.

The most he should spend while still young is $15,254.23.

This calculation is displayed.

The future value is the present value times 1.18.

Future worth = $15,000 + $3,000

= $ 18,000

Therefore, the present value is equal to $18,000 divided by 1.18.

= $ 15, 254.23.

The value that represents today's value is referred to as present value.

Consequently, we might infer that the greatest amount is $15,254.23 that he can spend during his childhood.

Learn more about  present value here

https://brainly.com/question/26039180

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Which of the following food borne illness has a preventative vaccine

A. E.coli
B.norovirus
C. Hep. A
D. Shigella

Answers

Answer:

C. Hep. A

Explanation:

From the available options, Hep. A is preventable with a vaccine. The vaccine was created in 1995. It is administered to individuals in two seperate doses and usually done with a time span of 6 months between dose. Having both doses administered helps prevent the individuals from the Hep. A virus long term. Like most vaccines, this one has a 95% effectiveness for preventing the virus from affecting the individual's body.

When you retire, you wish to have $3 million in your retirement account. You decided to add $2,000 every quarter to your retirement account and invest to generate annualized return of 8% from your investment, how many years do you think it will take to have $3 million in the account

Answers

Answer:

43.35 years

Explanation:

Use the following formula to determine the number of years

Future Value of Annuity = Periodic Annuity x ( 1 + Periodic Interest rate )^numbers of periods ) - 1 / Periodic Interest rate

Where

Future Value of Annuity = $3 million = $3,000,000

Periodic Annuity = $2,000 per quarter

Periodic Interest rate = Interest rate x Quarterly fraction = 8%  x 3/12 = 2%

Numbers of periods = n = ?

Placing values in the formula

$3,000,000 = $2,000 x ( 1 + 2% )^n ) - 1 / 2%

$3,000,000 / $2,000 = ( 1 + 2% )^n ) - 1 / 2%

1,500 =  ( 1.02 )^n ) - 1 / 2%

1,500 x 2% = ( 1.02 )^n ) - 1

30 = ( 1.02 )^n ) - 1

30 + 1 = 1.02^n

31 = 1.02^n

Log 31 = n log 1.02

n = Log 31 / Log1.02

n = 173.41

Now calculat ethe nUmbers of years as follow

Numbers of years = n x 3/12

Numbers of years = 173.41 x 3/12

Numbers of years = 43.35 years

Meyer Company reported the following for its recent year of operation:

From Income Statement:

Depreciation Expense $1,000
Loss on the Sale of Equipment (3,000)

From the comparative balance sheet:
Beginning balance, equipment $12,500
Ending balance, equipment 8,000
Beginning balance, accumulated depreciation 2,000
Ending balance, accumulated depreciation 2,600

No new equipment was purchased during the year. What was the selling price of the equipment?

Answers

Answer:

$900

Explanation:

Calculation to determine the selling price of the equipment

First step

Cost of equipment sold = Beginning balance - Ending balance

Cost of equipment sold=$12,500-$8,000

Cost of equipment sold=$4,500

Second step

Ending balance= Beginning balance + Depreciation expense - Accumulated depreciation on equipment sold

Ending balance=$2,000+$1,000-$600

Ending balance=$2,400

Third step

Book value = Cost of equipment sold - Accumulated depreciation on equipment sold

Book value=$4,500-$600

Book value=$3,900

Now let determine the selling price of the equipment

Selling price=$3,000-$3,900

Selling price=$900

Therefore the selling price of the equipment.is $900

Suppose you entered a contract to buy your friend's iPad. Without your knowledge, it was malfunctioning at the time you bought it, and it died soon after you started using it. Your friend had recently removed a large number of applications from the iPad that were not working. Although he honestly thought the problem was with the applications and not the iPad itself, he failed to tell you about the problem. You reasonably concluded, based on your inspection of all of the current applications on the iPad, that it was functioning properly. Can you rescind the contract to buy the iPad?

a. Yes, due to fraud.
b. Yes, due to innocent misrepresentation.
c. Yes, due to mutual mistake.
d. Yes, due to undue influence.
e. No, the latent malfunction was not material, because the iPad was functioning when you bought it.

Answers

Answer:

Can you rescind the contract to buy the iPad?

b. Yes, due to innocent misrepresentation.

Explanation:

You can rescind the contract without damages or you claim damages based on the loss that you have already incurred for the contract.  An innocent misrepresentation occurs when the misrepresentation is not fraudulent nor negligent.  Therefore, you can rescind the contract or affirm it. But if the misrepresentation is fraudulent or negligent, you can rescind the contract as well as claim damages.

bRamapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly. Data for the products and departments are listed below. Product Number of Units Direct Labor Hours Per Unit Machine Hours Per Unit Blinks 1,048 4 7 Dinks 2,236 5 6 All of the machine hours take place in the Fabrication department, which has an estimated overhead of $82,200. All of the labor hours take place in the Assembly department, which has an estimated total overhead of $102,000. Ramapo Company uses a single plantwide overhead rate to apply all factory overhead costs based on direct labor hours. The factory overhead allocated per unit of Dinks is

Answers

Answer:

Ramapo Company

The factory overhead allocated per unit of Dinks is:

= $56.94.

Explanation:

a) Data and Calculations:

Product   Number of Units    Direct Labor         Machine

                                            Hours Per Unit   Hours Per Unit

Blinks                1,048                   4                           7

Dinks               2,236                   5                           6

                                      Fabrication      Assembly

Estimated overhead       $82,200       $102,000

Machine hours:

Blinks                              7,336

Dinks                              13,416

Total machines hours  20,752

Direct Labor hours:

Blinks                                                          4,192

Dinks                                                          11,180

Total machines hours                              15,372

Total factory overhead         Blinks          Dinks

Fabrication department    $29,058      $53,142

Assembly department          27,816        74,184

Total allocated overhead  $56,874   $127,326

Units produced                       1,048        2,236

Factory overhead per unit  $54.27      $56.94 ($127,326/2,236)

Money markets trade securities that: _______________

I. mature in one year or less.
II. have little chance of loss of principal.
III. must be guaranteed by the federal government.

a. I and III only
b. I only
c. I and II only
d. I, II, and III

Answers

The answer is d because d
A: I and II only is the correct answer

8794979666++++45626563.

Answers

Added, the answer is 8,840,606,229. Was this even the question? Looks like it was just spam lol

Stacy Cool wants to invest her money to earn at least 14%. A friend who is interested in investments has suggested her to buy a bond issued by the Buckeye Bravo Company that will mature in seven years. It has a face value of $1,000, pays an annual coupon of $110, and currently sells for $950. Should she buy this bond

Answers

Answer:

no

the yield to maturity is 12% which is less than 14%

Explanation:

To determine if Stacy should buy the bond, determine the yield to maturity of the bond

yield to maturity can be determined using a financial calculator

Cash flow in year 0 = -950

Cash flow in year 1 - 6 = 110

Cash flow in year 7 = 110 + 1000

YTM = 12.1%

The YTM is less than the minimum return she wants. So, she should not buy the bond

To determine YTM using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.  

To determine YTM using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.  

How much does international trade affect you personally?

Answers

Answer:

maybe a lot for me ok

maybe you

Han Products manufactures 29,000 units of part S-6 each year for use on its production line. At this level of activity, the cost per unit for part S-6 is:

Direct materials $3.70
Direct labor 12.00
Variable manufacturing overhead 2.30
Fixed manufacturing overhead 9.00
Total cost per part $27.00

An outside supplier has offered to sell 29,000 units of part S-6 each year to Han Products for $23 per part. If Han Products accepts this offer, the facilities now being used to manufacture part S-6 could be rented to another company at an annual rental of $79,000. However, Han Products has determined that two-thirds of the fixed manufacturing overhead being applied to part S-6 would continue even if part S-6 were purchased from the outside supplier.

Required:
What is the financial advantage (disadvantage) of accepting the outside supplier’s offer?

Answers

Answer:

Financial advantage of accepting supplier's offer = $21,000

Explanation:

Relevant costs saved by outsourcing production:

Direct materials $3.70

Direct labor $12.00

Variable manufacturing overhead $2.30

Fixed manufacturing overhead $9.00 * 1/3 = $3

Total cost per part $21.00

Total savings per year = $21 * 29,000 = $609,000

Additional rental income = $79,000

Total = $688,000

Cost of purchasing 29,000 parts = $23 * 29,000 = $667,000

Financial advantage of accepting supplier's offer = $21,000

Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 21 $ 71 $ 1,491 March 28 Purchase 31 77 2,387 August 22 Purchase 42 81 3,402 October 14 Purchase 47 87 4,089 Goods Available for Sale 141 $ 11,369 The company sold 47 units on May 1 and 42 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. FIFO LIFO Weighted Average

Answers

Answer:  

FIFO LIFO WEIGHTED AVERAGE  

Ending inventory   4494 3878 4193  

Cost of Goods Sold   6875 7491 7176  

Explanation:

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO          

RECIEPTS   COST OF GOODS SOLD   BALANCE  

DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $

balance   21 71 1491 21 71 1491    

Purchasse          

28-Mar 31 77 2387 31 77 2387    

22-Aug 42 81 3402 37 81 2997 5 81 405

14-Oct 47 87 4089    47 87 4089

TOTAL 141  11369 89  6875 52  4494

         

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO          

RECIEPTS   COST OF GOODS SOLD   BALANCE  

DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $

balance   21 71 1491    21 71 1491

Purchasse          

28-Mar 31 77 2387    31 77 2387

22-Aug 42 81 3402 42 81 3402    

14-Oct 47 87 4089 47 87 4089    

TOTAL 141  11369 89  7491 52  3878

         

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE          

RECIEPTS   COST OF GOODS SOLD   BALANCE  

DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $

balance   21 71 1491      

Purchasse          

28-Mar 31 77 2387      

22-Aug 42 81 3402      

14-Oct 47 87 4089      

TOTAL 141 80.63 11369 89 80.63 7176 52 80.63 4193

         

Well Water Inc. wants to produce and sell a new flavored water. In order to penetrate the market, the product will have to sell at $2.00 per 12 oz. bottle. The following data has been collected:

Annual sales......................................................50,000 bottles
Projected selling and administrative costs.....$8,000
Desired profit.....................................................$80,000

The target cost per bottle is:__________

Answers

Answer:

The answer is "0.4".

Explanation:

[tex]\\\to \text{Total Cost of Goods Sold = Sales revenue - Desired profit}[/tex]

                                              [tex]= (2\times 50,000) - 80,000\\\\= 1,00,000 - 80,000\\\\= 20,000[/tex]

Calculating the target cost per bottle:

[tex]= \frac{\text{Total cost of goods sold}}{ \text{units sold}}\\\\= \frac{20,000}{50,000}\\\\= \frac{2}{5}\\\\= 0.4[/tex]

A lender uses these tools to help prequalify you for a mortgage

Answers

Answer:

Following are the summary of tools/documents that are used by lenders to pre-qualify their customers for a mortgage :

1. Tax returns, W-2s, and 1099s are examples of income as well as employment records.

2. Bank, pension, and brokerage accounts property declarations

3. Settlements on your obligations on a regular basis as well as any real estate debt statements.

4. Rent deposits, divorce, insolvency, and repossession records are all kept on file.

Dunbar sold 640 units of inventory during the month. Ending inventory assuming weighted-average cost would be: (Round weighted-average unit cost to 4 decimal places and final answer to the nearest dollar amount.)

Answers

Answer:

$428.13

Explanation:

Note The missing word have been attached as picture below

Weighted average cost per unit = [(450*$2.18) + (370*$2.62)] / (450 + 370)

Weighted average cost per unit = ($981 + $969.4) / 820

Weighted average cost per unit = $1950.4 / 820

Weighted average cost per unit = 2.378536585365854

Weighted average cost per unit = $2.3785

Ending inventory unit = 450 + 370 - 640

Ending inventory unit = 180

Value of ending inventory = $2.3785 * 180 units

Value of ending inventory = $428.13

Andrews Corporation has income from operations of $240,000. In addition, it received interest income of $24,000 and received dividend income of $29,500 from another corporation. Finally, it paid $11,800 of interest income to its bondholders and paid $45,000 of dividends to its common stockholders. The firm's federal tax rate is 21%. What is the firm's federal income tax

Answers

Answer: $54,820.50

Explanation:

Federal income tax = Taxable income * tax rate

Taxable income = Income from operations + Interest income received + Dividend income received - Interest income paid

= 240,000 + 24,000 + (30% * 29,500) - 11,800

= $261,050

Federal income tax = 261,050 * 21%

= $54,820.50

Note: Only 30% of Dividends received are taxable

Fruit Computer Company makes a fruit themed computer. Variable costs are $220 per unit, and fixed costs are $32,000 per month. Fruit Computer Company sells 500 units per month at a sales price of $300. The company believes that it can increase the price if the computer quality is upgraded. If so, the variable cost will increase to $240 per unit, and the fixed costs will rise by 50%. The CEO wishes to increase the company's operating income by 25%. Which sales price level would give the desired results

Answers

Answer:

Fruit Computer Company

The sales price level that would give the desired results is:

= $356 per unit

Explanation:

a) Data and Calculations:

Variable costs per unit = $220

Fixed costs per month = $32,000

Monthly sales units = 500 units

Selling price per unit = $300

                                  Before Change   After Change

Sales revenue                $150,000       $178,000 ($168,000 + $10,000)

Variable costs                   110,000         120,000

Fixed costs                        32,000           48,000

Total costs                     $142,000       $168,000

Operating income            $8,000          $10,000 ($8,000 * 1.25)

The sales price level that would give the desired results is $356 ($178,000/500).  This represents an increase of 18.7% ($56/$300 * 100).

Suppose you buy some stock in the Alpha Corporation at a price of $45.95 per share. 410 days later you sell the stock for $48.27. During this period you received a per share dividend of $1.20. What is your annualized return on this investment

Answers

Answer: 6.79%

Explanation:

The holding period return is:

= (Current price - Cost price + Dividend) / Cost price

= (48.27 - 45.95 + 1.20) / 45.95

= 7.66%

The annualized return is:

= ( ( 1 + holding period return) ^ number of days in a year/ number of days stock was held - 1)

= ( ( 1 + 7.66%) ³⁶⁵ / ⁴¹⁰ - 1)

= 6.79%

Kiwi Plc sold an antique painting which had been purchased inJanuary 1996 for £21,000. It was sold for £4,200 in January 2021. The proceeds were received net of auction fees of £650. What is Kiwi Plc's allowable loss?​

Answers

Answer:

$17,450

Explanation:

The antique painting that was bought in January 1996 was sold for $21,000

It was sold for 4,200 in January 2021

It received a net auction fee of 650

Therefore the allowable loss can be calculated as follows

= 21,000-4200+650

= 17,450

Hence the allowable loss is $17,450

Question 4
Which of the following is an example of an asset?
A. Repairs and Maintenance

B. Accounts Receivable

C. Accounts Payable
D. GST Collected

Answers

Answer:

Accounts Receivable

Explanation:

A is an expense, C and D are liabilities

Investors with 30 per cent of the voting stock of a corporation, interested in a seat on the board of directors, had better have __________ voting privileges. a. straight b. cumulative c. proxy d. limited

Answers

Answer:

B)cumulative

Explanation:

A select list of transactions for Goals​ follows:
For each​ transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting​ entries: deferred​ expense, deferred​ revenue, accrued​ expense, and accrued revenue.
Apr. 1 Paid six months of rent, $4,800.
10 Received $1,200 from customer for six month service contract that began April 1.
Apr. 15 Purchased a computer for $1,000.
Apr. 18 Purchased $300 of office supplies on account.
Apr. 30 Work performed but not yet billed to customer, $500
Apr. 30 Employees earned $600 in salaries that will be paid May 2.

Answers

Answer:

Goals

Identification of Needed Adjusting Entry:

Transaction                                                          Adjusting Entry Type

Apr. 1 Paid six months of rent, $4,800.              Deferred expense

Apr. 10 Received $1,200 from customer for      Deferred revenue

six month service contract that began April 1.

Apr. 15 Purchased a computer for $1,000.        Deferred expense

Apr. 18 Purchased $300 of office

supplies on account.                                          Accrued expense

Apr. 30 Work performed but not yet

billed to customer, $500                                   Accrued revenue

Apr. 30 Employees earned $600 in                  Accrued expense

salaries that will be paid May 2.

Explanation:

Four types of adjusting​ entries:

Goal's deferred​ expense refers to an expense that Goal will incur in future periods but already paid for.

Goal's deferred​ revenue includes its revenue received in advance of service.

Goal's accrued​ expense refers to an expense that has been incurred but not yet paid for.

Goal's accrued revenue includes revenue that has been earned but not yet received.

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