Answer:
Debit Cash $1,114
Credit Sales $1,114
Debit Cost of merchandise sold $779
Credit Merchandise inventory $779
Explanation:
Based on the information given the correct journal entry(is):
Debit Cash $1,114
Credit Sales $1,114
Debit Cost of merchandise sold $779
Credit Merchandise inventory $779
Boston Railroad decided to use the high-low method and operating data from the past six months to estimate the fixed and variable components of transportation costs. The activity base used by Boston Railroad is a measure of railroad operating activity, termed "gross-ton miles," which is the total number of tons multiplied by the miles moved. Transportation Costs Gross-Ton Miles January $1,454,100 323,000 February 1,621,300 361,000 March 1,145,800 234,000 April 1,554,400 350,000 May 1,303,700 281,000 June 1,671,400 380,000 Determine the variable cost per gross-ton mile and the fixed cost. Variable cost (Round to two decimal places.) $fill in the blank 1 per gross-ton mile Total fixed cost $fill in the blank 2
Answer:
Results are below.
Explanation:
Giving the following information:
Transportation Costs Gross-Ton Miles
January $1,454,100 323,000
February 1,621,300 361,000
March 1,145,800 234,000
April 1,554,400 350,000
May 1,303,700 281,000
June 1,671,400 380,000
To calculate the variable and fixed cost under the high-low method, we need to use the following formulas:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (1,671,400 - 1,145,800) / (380,000 - 234,000)
Variable cost per unit= $3.6
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 1,671,400 - (3.6*380,000)
Fixed costs= $303,400
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 1,145,800 - (3.6*234,000)
Fixed costs= $303,400
A company is designing a product layout for a new product. It plans to use this production line eight hours a day in order to meet projected demand of 480 units per day. The tasks necessary to produce this product are:
Answer:
1. The correct option is C. 54.
2. The correct option is E. 60.
3. The correct option is A. 3.
4. The correct option is E. 90%.
5. The correct option is E. y.
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
A company is designing a product layout for a new product. It plans to use this production line eight hours a day in order to meet projected demand of 480 units per day. The tasks necessary to produce this product:
Task Time (sec) Immediate Predecessor
u 30 none
v 30 u
w 6 u
x 12 w
y 54 x
z 30 v, y
1. Without regard to demand, what is the minimum possible cycle time (in seconds) for this situation?
A. 162
B. 72
C. 54
D. 12
E. 60
2. If the company desires that output rate equal demand, what is the desired cycle time (in seconds)?
A. 162
B. 72
C. 54
D. 12
E. 60
3. If the company desires that output rate equal demand, what is the minimum number of workstations needed?
A. 3
B. 4
C. 5
D. 6
E. 7
4. If the company desires that output rate equal demand, what would be the efficiency of this line with the minimum number of workstations?
A. 100%
B. 92.5%
C. 75%
D. 87.5%
E. 90%
5. If the company desires that output rate equal demand, what is the last task performed at the second workstation in the balance which uses the minimum number of workstations?
A. u
B. v
C. w
D. x
E. y
The explanation of the answers is now provided as follows:
1. Without regard to demand, what is the minimum possible cycle time (in seconds) for this situation?
The minimum cycle time is equal to the maximum task time. From the data in the question, it can be seen that the maximum task time is 54. Therefore, the correct option is C. 54. That is, the minimum possible cycle time (in seconds) for this situation is 54.
2. If the company desires that output rate equal demand, what is the desired cycle time (in seconds)?
Desired cycle time (in seconds) = Demand rate / Number of hours per days = 480 / 8 = 60
Therefore, the correct option is E. 60.
3. If the company desires that output rate equal demand, what is the minimum number of workstations needed?
Total task time = 30 + 30 + 6 + 12 + 54 + 30 = 162
Minimum possible cycle time = 54
Therefore, we have:
Minimum number of workstations needed = Total task time / Minimum possible cycle time = 162 / 54 = 3
Therefore, the correct option is A. 3.
4. If the company desires that output rate equal demand, what would be the efficiency of this line with the minimum number of workstations?
Line efficiency = Total task time / (Minimum number of workstations needed * Desired cycle time) = 162 / (3 * 60) = 162 / 180 = 0.90, or 90%
Therefore, the correct option is E. 90%.
5. If the company desires that output rate equal demand, what is the last task performed at the second workstation in the balance which uses the minimum number of workstations?
The last task should be the one has the longest task time. From the data table in the question, it can be observed that y is the task that has the longest task time. This implies y is the task to perform last.
Therefore, the correct option is E. y.
An educational software company wants to compare the effectiveness of teaching about supply and demand curves between computer animation presentations and textbook presentation. The company tests the economic knowledge of a number of first-year college students, then randomly divides them into two groups. One group uses the animation and the other studies the text. The company retests all the students and compares the increase in economic understanding between the two groups. Is the study described above an experiment? Why or why not?
Answer:
Yes, this is often an experiment. the corporate assigned students to either the animation or the text, instead of watching post hoc ergo propter hoc data.
Explanation:
The explanatory variables are the pre-test data and therefore the assignment to a given group. The responding variable is that the post-test data.
From the theoretical research on commodity economics and the market, please suggest the necessary solutions for investors to stand firm in the market? Why?
Answer:
23
Explanation:
If a business adopts a low-cost strategy, it should build a supply chain with ________. Question 43 options: 1) product development skills 2) modular design in products 3) fast transportation 4) buffer stock 5) minimized inventory
Answer:
5) minimized inventory
Explanation:
If a company adopts a low-cost strategy, it must build a supply chain with minimized inventory, which configures that the company is adopting a just-in-time management strategy, which is an administration system whose philosophy is a production system according to demand, avoiding wasted stock and, consequently, unnecessary costs.
If a business adopts a low-cost strategy, it should build a supply chain with 5)minimized inventory.
What is a low-cost strategy?
A pricing strategy in which an employer offers a surprisingly low rate to stimulate the call for and benefit marketplace proportion.
How would you select the right supply chain strategy?Awareness on whether or not your organization offerings a client base that wishes immediate transport of product, or one wherein customers keep in mind that a lead time regularly accompanies their buy order. understand the effect of competition and whether or not maintaining safety stock is important to remain income.
Learn more about low-cost strategy here: https://brainly.com/question/27961763
#SPJ2
What is the process of managing costs
Henry, a new human resources coordinator, has been asked to calculate the past month's turnover rate. He has divided the number of people who have left the company during that month (11) by the number of employees hired
(10), and then multiplied that by 100. But the number he
has come up with, 110 percent, is way too high and
doesn't make any sense. What should have Henry done
to avoid his error?
He should have multiplied the cost to
terminate by the cost per hire.
He should have multiplied by 10, not 100.
He should have divided the number of
employees hired by the cost to hire them.
He should have divided the number of people
who have left the company by the average
number of employees that month.
Answer:
he should have multiplied by 10, not 100
Explanation:
what are the four characteristics of bussiness negotiation
Answer: ability to express thoughts precisely
integrity is the most important characteristics
having a listening skill
voluntary communication where no one is forced to have this negotiation
Explanation:
Samir is a self-employed marketing consultant. He had no income from January through March 2020. His April through December 2020 income subject to SE tax is $55,000.
Samir's SE tax for 2020 is $7,771 [$55,000 x 0.9235 x 0.153 = $7,771]. Samir may reduce his estimated tax payments by how much? Hint: USE Form Schedule SE to help you find the answer.
Answer:
$3,886
Explanation:
Since SELF EMPLOYMENT TAX is 15.3% of your wages which is why the Internal Revenue Service (IRS) make it possible for you to deduct your employer equal portion of your self employment taxes that the employer pays during the year which is 7.65% Calculated as (15.3%/2) which therefore means that Samir may reduce his ESTIMATED TAX PAYMENTS by $3,886 [$55,000 x 0.9235 x 0.0765 = $3,886] while the remaining 7.65%( 15.3% -7.65%) are not deductible because they correspond to employee taxes.
Therefore he may reduce his ESTIMATED TAX PAYMENTS by $3,886.
BPO Services is in the business of digitizing information from forms that are filled out by hand. In 2006, a big client gave BPO a distribution of the forms that it digitized in house last year, and BPO estimated how much it would cost to digitize each form.
Form Type Mix of Forms Form Cost
A 0.2 $0.40
B 0.2 $0.20
C 0.2 $0.20
D 0.2 $0.80
E 0.2 $0.40
a. The expected cost of digitizing a form is $_______ .
b. Suppose that after the agreement, the client sends an equal mix of forms of types D and E only. The expected digitization cost per form of the forms sent by the client is $________ . This leads to an expected loss of $_______ per form for BPO.
answered - expert verified
changing role of women in the past 25 year
relating to joint families . nuclear families
women as a bread earner of the family.
changes in the requirement trend of mixers.
washing machines , micro wave and standard
of living
SEE ANSWERS
expert ithegrhrhrrhhehrhhrhrgegrgrhrhbbenehehhe
Answer:
hloooooooooooooooooooooooooooooooo
What are the process of microeconomics?
Answer:
Microeconomics is the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production. Individual actors are often grouped into microeconomic subgroups, such as buyers, sellers, and business owners.
Explanation:
Each firm embraces objectives that management believes will make the firm more successful.
a. True
b. False
Answer:
a. True
Explanation:
Organizational objectives and goals are defined by strategic planning, which is a document that contains the organizational mission and values, as well as the action plans that the company must implement over a period of time to achieve its objectives and goals and be a profitable company and competitive in the market.
Therefore, the administration of each company will define what are its market objectives that will make it more successful and positioned in the long term.
On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available:
Beginning inventory, January 1: $5000
Net sales: $79,000
Net purchases: $77,000
The company's gross margin ratio is 20%. Using the gross profit method, the estimated ending inventory value would be:_____.
A) $18,800.
B) $82,000.
C) $15,800.
D) $63,200.
E) $15,400.
Duval Co. issues four-year bonds with a $100,000 par value
on January 1, 2019, at a price of $95,952. The annual contract rate is 7%, and interest is paid semiannually on June 30 and December 31.
1. Prepare a straight-line amortization table like Exhibit 14.7 for these bonds.
2. Prepare journal entries to record the first two interest payments.
3. Prepare the journal entry for maturity of the bonds on December 31, 2022 (assume semiannual interest is already recorded).
Answer:
Duval Co.
Journal Entries to record the first two interest payments:
June 30, 2019:
Debit Interest expense $4,006
Credit Cash payment $3,500
Credit Amortization of discounts $506
To record the first interest payment.
December 31, 2019:
Debit Interest expense $4,006
Credit Cash payment $3,500
Credit Amortization of discounts $506
To record the second interest payment.
December 31, 2022:
Debit Bonds Payable $100,000
Credit Cash $100,000
To record the payment on maturity of the bonds.
Explanation:
a) Data and Calculations:
Face value of bonds = $100,000
Price of the bonds = $95,952
Discounts = $4,048
Period of bonds = 4 years
Coupon rate = 7%
Semi-annual amortization of discounts = $506 ($4,048/8)
June 30:
Cash payment = $3,500 ($100,000 * 3.5%)
Amortization of discounts $506
Interest expense = $4,006
December 31:
Cash payment = $3,500 ($100,000 * 3.5%)
Amortization of discounts $506
Interest expense = $4,006
Cost of Goods Sold, Cost of Goods Manufactured
Glenville Company has the following information for April:
Cost of direct materials used in production $41,000
Direct labor 47,000
Factory overhead 20,000
Work in process inventory, April 1 34,000
Work in process inventory, April 30 27,000
Finished goods inventory, April 1 24,000
Finished goods inventory, April 30 18,000
a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured.
b. For April, determine the cost of goods sold. Using the data given, prepare a statement of Cost of Goods Sold.
Answer and Explanation:
a. The preparation of the statement of Cost of Goods Manufactured is presented below:
Work in process inventory, April 1 34,000
Add:
Cost of direct materials used in production $41,000
Direct labor 47,000
Factory overhead 20,000
Less:
Work in process inventory, April 30 27,000
Cost of goods manufactured $115,000
b. The preparation of the statement of Cost of Goods Sold is presented below:
Finished goods inventory, April 1 24,000
Add: cost of goods manufactured $115,000
Less: Finished goods inventory, April 30 18,000
Cost of goods sold $121,000
503,000 on November 1, 2021, and signed a 12-month note bearing interest at 8%. Interest is payable in full at maturity on October 31, 2022. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2021, in the amount of
Answer:
$6,707
Explanation:
Calculation to determine what Universal Travel Inc. should report interest payable at December 31, 2021,
Interest payable at Dec 31,2021= 503,000 * 8% * 2 months/12 months
Interest payable at Dec 31,2021= $6706.6
Interest payable at Dec 31,2021= $6707 Approximately)
(November 1 - December 31 = 2 months)
Therefore Universal Travel Inc. should report interest payable at December 31, 2021, in the amount of $6,707
Indy Company has the following data for one of its manufacturing plants:
Maximum units produced in a quarter (3-month period): 250,000 units
Actual units produced in a quarter (3-month period): 204,000 units
Productive hours in one quarter: 25,000 hours
Actual cycle time: 7.35 minutes
Theoretical cycle time: 6 minutes
Required:
1. Calculate the amount of processing time and the amount of nonprocessing time. If required, round your answers to two decimal places.
Processing time minutes
Nonprocessing time minutes
2. Calculate the MCE. If required, round your answer to nearest whole number. %
Answer:
1. Processing time:
Processing time = Theoretical time
Processing time is there for 6 minutes
Non processing time = Actual cycle time - processing time
= 7.35 - 6
= 1.35 minutes
2. Manufacturing Cycle Efficiency (MCE):
= Processing time / Actual cycle time
= 6 / 7.35
= 81.6%
When Matt has an income of $2,000, he consumes 30 units of good A and 50 units of good B. After Matt's income increases to $3,000, he consumes 25 units of good A and 95 units of good B. Which of the following statements is correct?
a. Both goods A and B are normal goods.
b. Both goods A and B are inferior goods.
c. Good A is a normal good, and good B is an inferior good.
d. Good A is an inferior good, and good B is a normal good.
Answer:
onoooooo seeeeeeeeeeeeeeeeeeeeeeeeeeeeee
When Matt has an income of $2,000, he consumes 30 units of good A and 50 units of good B. After Matt's income increases to $3,000, he consumes 25 units of good A and 95 units of good B. Good A is a normal good, and good B is an inferior good is the correct statement. Option C is the correct answer.
A normal good is a type of good for which demand increases as income increases. In this scenario, as Matt's income increases from $2,000 to $3,000, his consumption of good A decreases from 30 units to 25 units. This indicates an inverse relationship between his income and the quantity of good A consumed, suggesting that good A is a normal good. Option C is the correct answer.
On the other hand, an inferior good is a type of good for which demand decreases as income increases. In this case, as Matt's income increases, his consumption of good B increases from 50 units to 95 units. This suggests a positive relationship between his income and the quantity of good B consumed, indicating that good B is an inferior good.
Learn more about Income here:
https://brainly.com/question/30157678
#SPJ2
If you had to recommend one product, which product would you recommend they create? Underline or highlight your answer:
● Organic Bloom Shampoo.
● Moisturizing Black Soap Shampoo with Dandruff Control.
● Coconut Protein Shampoo and Conditioner.
Answer:
the second option
Explanation:
my dandruff is pretty bad
Moisturizing Black soap Shampoo with Black dandruffs Ultimate control is what I would seriously recommend. A lot of people are getting dandruffs and lices more nowadays, so the product would be very fitting for the demand.
Khloe Company imports gift items from overseas and sells them to gift shops and department stores throughout the United States. Khloe Company provided the following information:
a. The October 31 balance in the cash account is $53,817.
b. All sales are on account. Sales in September were $950,000 and in October were $1,240,000.
c. November sales are expected to be $2,145,000.
d. In Khloe's experience, 70 percent of sales are collected in the month of sale and 28 percent are collected in the month following sale. The remaining credit sales are uncollectible.
e. Khloe purchases all merchandise on account. Purchases in September were $750,000 and in October were $980,000. November purchases are expected to be $2,000,000 as Khloe prepares for the Christmas buying season. Fifteen percent of purchases are paid in the month of purchase, while the remainder is paid in the month following the purchase month.
f. Khloe Company has nine employees who are paid a total of $48,000 per month. Due to timing issues, about 90 percent of total wages are paid in the month earned and the remaining 10 percent are paid in the following month.
g. Rent for Office and warehouse space is $12,300 paid monthly in cash.
h. Utilities average $6,100 per month and are paid in cash.
e. In November, Khloe expects to pay employment taxes of $6,625.
f. Since Khloe imports product from overseas, customs duty and shipping to the central location
g. Of 30 percent Of current monthly purchase cost must be paid in the month of purchase.
h. Other cash expenses for November are expected to be $41,500.
Required:
a. Prepare a cash budget for Khloe Company for the month of November.
b. What if Khloe faced a customs duty and shipping percentage of 35 percent How would that affect the November cash budget?
Answer:
Khloe Company
a. Khloe Company
Cash Budget for the month of November:
Beginning cash balance $53,817
Cash collections 2,269,120
Cash available $2,322,937
Cash payments:
Purchases $1,133,000
Wages 48,000
Rent expense 12,300
Utilities expense 6,100
Employment taxes 6,625
Customs duty and shipping 600,000
Other expenses 41,500
Total cash payments $1,847,525
Ending cash balance $475,412
b) The ending cash balance will be reduced by $100,000 from $475,412 to $375,412, with the total payments increased to $1,947,525.
Explanation:
a) Data and Calculations:
October 31 cash balance = $53,817
September October November
Sales on account $950,000 $1,240,000 $2,145,000
Cash collections:
70% month of sale $1,501,500
28% month following 767,620
2% uncollectible
Total cash collections for sales $2,269,120
September October November
Credit Purchases $750,000 $980,000 $2,000,000
Cash payments:
15% month of purchase $300,000
85% month following 833,000
Total cash payment for purchases $1,133,000
September October November
Wages Expense $48,000 $48,000 $48,000
Cash payment for wages:
90% month earned $43,200
10% month following 4,800
Total cash payment for wages $48,000
Other monthly cash payments:
Rent expense $12,300
Utilities expense $61,00
Employment taxes $6,625
Customs duty and shipping = $600,000 ($2,000,000 * 30%)
Other expenses $41,500
If customs duty and shipping were 35%
Customs duty and shipping = $700,000 ($2,000,000 * 35%)
A company purchases and uses 40000 gallons of materials for which they paid $3 a gallon. The materials price variance was $90000 favorable. What is the standard price per gallon?
Answer:
the standard price per gallon is $5.25
Explanation:
the computation of the standard price per gallon is given below;
Materials Price Variance = Actual Quantity × (Standard Price - Actual Price)
$90,000 = 40,000 × (Standard Price - $3)
$2.25 = Standard Price - $3
Standard Price = $5.25
Hence, the standard price per gallon is $5.25
The same should be considered
Blackwell, Inc. has a $125,000 liability it must pay five years from today. The company is opening a savings account so that the entire amount will be available when this debt needs to be paid. The plan is to make an initial deposit today and then deposit an additional $30,000 each year for the next three years, starting one year from today. The account pays a 5 percent rate of return. How much does the firm need to deposit today
Answer:
Initial investment= $23,838.78
Explanation:
Giving the following information:
Future Value (FV)= $125,000
Number of periods (n)= 5
Interest rate (i)= 5%
First, we need to calculate the future value of the three deposits using the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {30,000*[(1.05^3) - 1]} / 0.05
FV= $94,575
Difference= 125,000 - 94,575= $30,425
Now, the initial investment today:
FV= PV*(1 + i)^n
Isolating PV:
PV= FV / (1 + i)^n
PV= 30,425 / (1.05^5)
PV= $23,838.78
Roger is hired by an international HR consulting firm as its Outplacement Counselor. Prior to receiving extensive training on the company's copyrighted techniques and programs, Roger is asked to agree in his employment contract that he will not work as a trainer for a rival outplacement company in a specified list of states for a period of one year from the time he quits or his employment will be terminated. This best exemplifies a _____. Group of answer choices
Answer: noncompeted clause
Explanation:
A non-compete agreement simply refers to the legal agreement which specifies that an employee of a particular company must not enter into competition with the employer when the employee doesn't.woek with the company anymore or when the employment period is over.
According to the non-compete agreement, the employee is also prohibited from revealing secrets or proprietary information or secrets to other parties.
Dennis Rodman has a $5,000 debt balance on his Visa card that charges 10. 7 percent compounded monthly. Dennis's current minimum monthly payment is 5 perent of his debt balance, which is $250.
How many months (round up) will it take Dennis to pay off his credit card if he pays the current minimum payment of $250 at the end of each month?
How many months will it take Dennis to pay off his credit card?
Answer: 22.13 months
Explanation:
The number of months that it will take Dennis to pay off his credit card will be calculated thus:
Balance amount = $5000
Monthly payment = $250
Interest rate = 10.7%/12 = 0.89%
The number of months will be:
= NPER(0.89, -250, 5000, 0).
= 22.13 months
Denny Corporation is considering replacing a technologically obsolete machine with a new state-of-the-art numerically controlled machine. The new machine would cost $130,000 and would have a ten-year useful life. Unfortunately, the new machine would have no salvage value. The new machine would cost $16,000 per year to operate and maintain, but would save $46,000 per year in labor and other costs. The old machine can be sold now for scrap for $13,000. The simple rate of return on the new machine is closest to (Ignore income taxes.):
Answer:
The simple rate of return on the new machine is closest to 14.53%.
Explanation:
Assuming a straight-line depreciation method, we have:
Annual deprecation = Cost of the new machine / Useful life = $130,000 / 10 = $13,000
Net annual benefit = Annual saving - Annual operating and maintenance cost - Annual deprecation = $46,000 - $16,000 - $13,000 = $17,000
Net investment = Cost of the new machine - Scrap value of the old machine = $130,000 - $13,000 = $117,000
Simple rate of return on the new machine = Net annual benefit / Net investment = $17,000 / $117,000 = 0.1453, or 14.53%
Therefore, the simple rate of return on the new machine is closest to 14.53%.
Randel Manufacturing has five activity cost pools and two products (a budget tape vacuum and a deluxe tape vacuum). Information is presented below:
Cost Drivers by Product Activity Cost Pool Ordering and Receiving Machine Setup Machinine Assembly Inspection Cost Driver Estimated Overhead Budget Deluxe $130,000 Orders Setups Machine hours Parts 400 400 150,000 100,000 600 297,000 500 1,000,000 600,000 1,200,000 800,000 300,000 550 450
Compute the overhead cost per unit for each product. Production is 700,000 units of Budget and 200,000 units of Deluxe. (Round overhead cost per unit to 2 decimal places, eg. 12.25 and cost assigned to O decimal places, eg. 2,500)
Overhead cost per unit
Budget S per unit
Deluxe $ per unit
Answer:
Randel Manufacturing
Overhead cost per unit
Budget $2.81 per unit
Deluxe $6.80 per unit
Explanation:
a) Data and Calculations:
Cost Drivers by Product
Activity Cost Pool Cost Driver Estimated Budget Deluxe
Overhead
Ordering and Receiving Orders $130,000 600 400
Machine Setup Setups 297,000 500 400
Machining Machine hours 1,000,000 150,000 100,000
Assembly Parts 1,600,000 1,200,000 800,000
Inspection Inspections 300,000 550 450
Cost Pool Overhead Rates
Ordering and Receiving $130 ($130,000/1,000) per order
Machine Setup $330 ($297,000/900) per setup
Machining $4 ($1,000,000/250,000) per machine hour
Assembly $0.80 ($1,600,000/2,000,000) per part
Inspection $300 ($300,000/1,000) per inspection
Estimated Rates Budget Deluxe
Overhead
Ordering and Receiving $130 $78,000 $52,000
Machine Setup $330 165,000 132,000
Machining $4 600,000 400,000
Assembly $0.80 960,000 640,000
Inspection $300 165,000 135,000
Total overhead costs $1,968,000 $1,359,000
Production units 700,000 200,000
Overhead per unit $2.81 $6.80
Altoon Manufacturing's records were partially destroyed in a flood. The company does not know what sales have been for the year, but it does know all sales were on account. Also, the beginning accounts receivable balance was $19,000, and its accounts receivable balance at the time of the flood was $25,000. From the beginning of the year until the flood, cash collections from credit customers were $158,000. Given this information, what are Altoon Manufacturing's sales for the year until the flood?
a. $164,000
b. $114,000
c. $202,000
d. $209,000
e. $189,000
Answer:
a. $164,000
Explanation:
The computation of the Altoon Manufacturing's sales for the year until the flood is given below:
= Cash collections + ending receivables - opening receivables
= $158,000 + $25,000 - $19,000
= $164,000
hence, the Altoon Manufacturing's sales for the year until the flood is $164,000
Therefore the first option is correct
During a risk brainstorming session a team member identifies a risk. This particular risk does not seem to belong to any of the categories in you Risk Breakdown Structure (RBS). How should you respond
Answer:
Record it in the risk register, discuss potential responses and make a note to update the RBS.
Explanation:
Risk management is the process by which the management of an organisation identifies, assessed, and controls threats that may affect the company's capital or earnings.
The risks can be as a result of natural disasters, management error, financial uncertainty, or accidents.
In the given instance if a risk is not on any of the categories in you Risk Breakdown Structure (RBS), there is need to record it in the risk register, discuss potential responses and make a note to update the RBS.
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company's fiscal year-end.
Accounts Debits Credits
Cash $ 10,300
Accounts Receivable 9,500
Supplies 2,000
Prepaid Rent 7,200
Equipment 90,000
Accumulated Depreciation $ 12,000
Accounts Payable 7,700
Salaries Payable 0
Interest Payable 0
Utilities Payable 0
Notes Payable 20,000
Common Stock 45,000
Retained Earnings 19,000
Service Revenue 42,200
Salaries Expense 24,500
Interest Expense 0
Rent Expense 0
Supplies Expense 0
Utilities Expense 2,400
Depreciation Expense 0
Totals $ 145,900 $ 145,900
Information necessary to prepare the year-end adjusting entries appears below.
a. Depreciation of equipment for the year is $6,000.
b. Accrued salaries at year-end should be $2,100.
c. Crimson Tide borrows $20,000 on September 1, 2018. The principal is due to be repaid in four years. Interest is payable each August 31 at an annual rate of 12%.
d. Unused supplies at year-end total $700. Crimson Tide debits Supplies at the time supplies are purchased.
e. Crimson Tide opens a second studio by paying for one year of rent in advance on April 1, 2018, for $7,200 ($600 per month) debiting Prepaid Rent.
f. Unpaid utilities for December total $200.
Required:
1) Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts.
2) prepare an adjusted trial balance.
3a ) prepare an income statement for the year end december 31,2018.
3b) prepare a statement of sharholders equity for the year ended decmber 31,2018.
3c) prepare a classified balance sheet for the year ended december 31, 2018.
4) record the closing entries.
5) prepare a post-closing trial balance.
Answer:
asdasd sadad asd asdas 2 212 313135 54 554 dsa asd sad asa sd
Explanation:
