Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, Jones Architects completed the following transactions: Transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $30,000. Purchased used automobile for $20,000, paying $4,500 cash and giving a note payable for the remainder. Paid April rent for office and workroom, $3,000. Paid cash for supplies, $1,440. Purchased office and computer equipment on account, $6,000. Paid cash for annual insurance policies on automobile and equipment, $2,000. Received cash from a client for plans delivered, $7,500. Paid cash to creditors on account, $1,740. Paid cash for miscellaneous expenses, $375. Received invoice for blueprint service, due in May, $1,000. Recorded fees earned on plans delivered, payment to be received in May, $5,200. Paid salary of assistant, $1,600. Paid cash for miscellaneous expenses, $810. Paid installment due on note payable, $240. Paid gas, oil, and repairs on automobile for April, $390.

Required:
Record the above transactions in T accounts.

Answer:

Jones Architects

T-accounts:

Cash

Account Titles               Debit      Credit

Common Stock,       $30,000

Automobile                                 $4,500

Rent expense                             $3,000

Supplies                                      $1,440

Prepaid Insurance                     $2,000

Service Revenue       $7,500

Accounts Payable                      $1,740

Miscellaneous expenses,            $375

Salary Expense                         $1,600

Miscellaneous expenses,            $810

Note payable,                              $240

Automobile expense                  $390

Common Stock

Account Titles               Debit      Credit

Cash                                           $30,000

Note payable

Account Titles               Debit      Credit

Automobile                                $15,500

Cash                              $240

Automobile

Account Titles               Debit      Credit

Cash                             $4,500

Note payable             $15,500

Rent expense

Account Titles               Debit      Credit

Cash                             $3,000

Supplies

Account Titles               Debit      Credit

Cash                             $1,440

Office and computer equipment

Account Titles               Debit      Credit

Accounts Payable      $6,000

Accounts Payable

Account Titles               Debit      Credit

Office and computer equipment $6,000

Cash                            $1,740

Blueprint expense                        $1,000

Prepaid Insurance

Account Titles               Debit      Credit

Cash                             $2,000

Service Revenue

Account Titles               Debit      Credit

Cash                                              $7,500

Accounts receivable                    $5,200

Miscellaneous expenses

Account Titles               Debit      Credit

Cash                               $375

Cash                               $810

Blueprint expense

Account Titles               Debit      Credit

Accounts payable        $1,000

Accounts Receivable

Account Titles               Debit      Credit

Service Revenue        $5,200

Salary Expense

Account Titles               Debit      Credit

Cash                              $1,600

Automobile expense

Account Titles               Debit      Credit

Cash                               $390

Explanation:

a) Data and Analysis:

Cash $30,000 Common Stock, $30,000

Automobile $20,000 Cash $4,500 Note payable $15,500

Rent expense $3,000 Cash $3,000

Supplies $1,440 Cash $1,440

Office and computer equipment $6,000 Accounts Payable $6,000

Prepaid Insurance $2,000 Cash $2,000

Cash $7,500 Service Revenue $7,500

Accounts Payable $1,740 Cash $1,740

Miscellaneous expenses, $375 Cash $375

Blueprint expense $1,000 Accounts payable $1,000

Accounts receivable $5,200 Service Revenue $5,200

Salary Expense $1,600 Cash $1,600

Miscellaneous expenses, $810 Cash $810

Note payable, $240 Cash $240

Automobile expense $390 Cash $390

The focus on establishing relationships with all customers has given way to a more targeted effort to seek higher-value customers.
A. True
B. False

On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business:
Nov. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $27,100.
1Paid rent for period of November 1 to end of month, $3,300.
6Purchased office equipment on account, $12,840.
8Purchased a truck for $30,500 paying $7,000 cash and giving a note payable for the remainder.
10Purchased supplies for cash, $1,740.
12Received cash for job completed, $7,500.
15Paid annual premiums on property and casualty insurance, $2,300.
23Recorded jobs completed on account and sent invoices to customers, $12,410.
24Received an invoice for truck expenses, to be paid in November, $1,400.
Enter the following transactions on Page 2 of the two-column journal:Nov. 29 Paid utilities expense, $4,500. 29 Paid miscellaneous expenses, $1,000. 30 Received cash from customers on account, $9,000. 30 Paid wages of employees, $6,800. 30 Paid creditor a portion of the amount owed for equipment purchased on November 6, $3,000. 30 Paid dividends, $2,500. how it do Journal

ohn and Lisa form a partnership to operate a restaurant. Lisa signs a two-year lease on a space for the restaurant without consulting John. Under the legal concept of ________, John and the partnership are responsible for this lease, although it was only signed by Lisa.

The following data are from the financial statements of the Riverton Company.
Current assets $55,000
Total liabilities $95,000
Total assets 125,000
Net income 18,000
Current liabilities 25,000
Sales 275,000

Universal Travel Inc. borrowed $498,000 on November 1, 2021, and signed a 12-month note bearing interest at 7%. 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

A structure that organizes worldwide operations primarily based on function and secondarily on product is called: a global area division. a global functional division. a multinational matrix structure. a global product division.

Kuley plans to retire in 8 years with $263,700 in her account, which has an annual return of 8.17 percent. If she receives annual payments of X, with her first payment of X received in 8 years and her last payment of X received in 15 years, then what is X, the amount of each payment

Juniper Design Ltd. of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of $430,000 on sales of $1,300,000. The companyâs average operating assets for the year were $1,500,000 and its minimum required rate of return was 10%.
Required:Compute the companyâs residual income for the year.Average Operating Assets-Net Operating Income-Minimum required return-Residual income-

A justification for job training programs is that they improve worker productivity. Suppose that you are asked to evaluate whether more job training makes workers more productive. However, rather than having data on individual workers, you have access to data on manufacturing firms in Ohio. In particular, for each firm, you have information on hours of job training per worker (training) and number of non-defective items produced per worker (output).

Required:
a. Carefully state the ceteris paribus thought experiment underlying this policy question.
b. Does it seem likely that a firm’s decision to train its workers will be independent ofworker characteristics? What are some of those measurable and unmeasurable workercharacteristics?
c. Name a factor other than worker characteristics that can affect worker productivity.
d. If you find a positive correlation between output and training, would you haveconvincingly established that job training makes workers more productive? Explain.

how to assess a peers written assignment​

Parker & Stone, Inc., is looking at setting up a new manufacturing plant in South Park to produce garden tools. The company bought some land 5 years ago for $9,639,708 in anticipation of using it as a warehouse and distribution site, but the company has since decided to rent these facilities from a competitor instead. If the land were sold today, the company would net $3,650,288. An engineer was hired to study the land at a cost of $810,081, and her conclusion was that the land can support the new manufacturing facility. The company wants to build its new manufacturing plant on this land; the plant will cost $6,880,840 million to build, and the site requires $529,656 worth of grading before it is suitable for construction. What is the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project?

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $9,138. FICA tax for Social Security is 6.2% on the first $128,400 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1,516.27. What is the amount of the employer's payroll taxes expenses for this employee

A debit: Multiple Choice Always decreases an account. Is the left-hand side of a T-account. Is the right-hand side of a T-account. Is not needed to record a transaction. Always increases an account.

Identify and explainthe benefits and problems associated with high economic growth

Cyclical unemployment arises when:______.
a. the agriculture sector completes the cycle of planting, cultivating, and harvesting the nation's food supply.
b. labor unions strike for higher wages.
c. the business cycle enters an expansionary phase.
d. business activity in the macroeconomy declines.

Suppose a chair manufacturer finds that the marginal rate of technical substitution​ (MRTS) of capital for labor in her production process is substantially than the ratio of the wage rate for​ assembly-line labor​ (w) to the rental rate on machinery​ (r). How should she alter her use of labor and capital to minimize the cost of​ production? Holding output​ constant, the chair manufacturer should use ▼ less more labor and ▼ more less capital.

How are changes in U.S. demographics affecting the workplace relative to demographic changes in our traditional competitors

A firm is evaluating the performance of two managers running a summer training program. One manager is in a large division with over 100 trainees, while the other is in a small division with only 15 trainees. What is one principle the firm should use in its evaluation

Hardy Company manufactures a single product by a continuous process involving two production departments. The records indicate that $140,000 of direct materials were issued to and $200,000 of direct labor was incurred by Department 1 in the manufacture of the product. The factory overhead rate is $25 per machine hour; machine hours were 5,000 in Department 1. Work in process inventory in the department at the beginning of the period totaled $35,000; and work in process inventory at the end of the period was $25,000.
The transfer of production costs to Department 2.
Instructions:
Prepare entries to record (a) The flow of costs into Department 1 for (1) direct materials (2) direct labor (3) overhead (b) The transfer of production costs to Department 2.

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

Use the following selected balance sheet and income statement information for Caroline Supply Co. (in millions) to compute asset turnover (AT) to the nearest hundredth of a percent.
Operating profit before tax Earnings without interest expense (EWI) Average total assets Sales Tax rate on operating profit
$58,300 $93,400 $360,600 $1,135,420 35%

Winner Corporation acquired 80 percent of the common shares and 70 percent of the preferred shares of First Corporation at underlying book value on January 1, 20X9. At that date, the fair value of the noncontrolling interest in First's common stock was equal to 20 percent of the book value of its common stock. First's balance sheet at the time of acquisition contained the following balances:
Total Assets $600,000 Total Liabilities $90,000
Preferred Stock 100,000
Common Stock 150,000
Retained Earnings 260,000
Total Assets $600,000 Total Liabilities and
Equities $600,000
The preferred shares are cumulative and have a 10 percent annual dividend rate and are four years in arrears on January 1, 20X9. All of the $5 par value preferred shares are callable at $6 per share. During 20X9, Shovel reported net income of $100,000 and paid no dividends.
Required information
Based on the preceding information, what is First's contribution to consolidated net income for 20X9?
a. $80,000
b. $100,000
c. $90,000
d. $50,000

Changes in the products for which a nation has a comparative advantage create sectoral shocks leading to an increase in frictional unemployment. a. True b. False

Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost, Unit Cost On August 1, Cairle Company's work-in-process inventory consisted of three jobs with the following costs: Job 70 Job 71 Job 72 Direct materials $1,600 $2,000 $850 Direct labor 1,900 1,300 900 Applied overhead 1,425 975 675 During August, four more jobs were started. Information on costs added to the seven jobs during the month is as follows: Job 70 Job 71 Job 72 Job 73 Job 74 Job 75 Job 76
Direct materials $800 $1,235 $3,550 $5,000 $300 $560 $80 Direct labor 1,000 1,400 2,200 1,800 600 860 172
Before the end of August, Jobs 70, 72, 73, and 75 were completed. On August 31, Jobs 72 and 75 were sold.
Required:
1. Calculate the predetermined overhead rate based on direct labor cost.
% of direct labor cost.
2. Calculate the ending balance for each job as of August 31.
Ending Balance
Job 70 $
Job 71 $
Job 72 $
Job 73 $
Job 74 $
Job 75 $
Job 76 $
3. Calculate the ending balance of Work in Process as of August 31.
$
4. Calculate the cost of goods sold for August.
$
5. Assuming that Cairle prices its jobs at cost plus 20 percent, calculate Cairle’s sales revenue for August.

Ajax Inc. was formed on April 25 and elected a calendar year for tax purposes. Ajax paid $13,200 to the attorney who drew up the articles of incorporation and $7,100 to the CPA who advised the corporation concerning the accounting and tax implications of its organization. Ajax began business operations on July 15. To what extent can Ajax deduct its $20,300 organizational costs on its first tax return

Westside Plumbing and Heating Company is offered a contract for$100,000 to provide plumbing for a new building. The labor and equip-ment costs are calculated to be $60,000 for fulfilling the contract. West-side has materials in its inventory to complete the job. The raw ma-terials initially cost the firm $50,000; however the material prices havedeclined in the interim and now cost only $37,500. Thus if thefirmchose not to accept the contract and sells the materials, they wouldincur a loss of $12,500. Material prices are not expected to go up inthe future. Should Westside accept the contract. Explain your answer.

Avery Company has two divisions, Polk and Bishop. Polk produces an item that Bishop could use in its production. Bishop currently is purchasing 26,000 units from an outside supplier for $16 per unit. Polk is currently operating at less than its full capacity of 630,000 units and has variable costs of $9 per unit. The full cost to manufacture the unit is $12. Polk currently sells 460,000 units at a selling price of $18 per unit.
a. What will be the effect on Avery Company’s operating profit if the transfer is made internally?
b. What is the minimum transfer price from Polk’s perspective?
c. What is the maximum transfer price from Bishop’s perspective?

What is the present value of an investment that will pay $2,000 at the end of the year when interest is compounded annually at 5.10%

Martinez Company's ending inventory includes the following items. Product Units Cost per Unit Market per Unit Helmets 30 $ 58 $ 62 Bats 23 112 80 Shoes 44 103 99 Uniforms 48 44 44 Compute the lower of cost or market for ending inventory applied separately to each product.

An educational institution has total direct labor and material costs of $1964 per student. Its fixed costs are $352,800. Total revenues for the year were $1,800,000. It had 800 students in the past year. How many students should they accept in the next year to break even assuming the variable cost margins are equal to this year, and assuming fixed costs are to increase by $19,000 due to increased rent for expansion? (round to the nearest whole number).