Answer:
Ask for a raise
Explanation:
bring in more soybeans
Two alternatives for a construction project are being considered. Both projects have a 5-year life. Alternative A's initial cost is $2,260 and yields $355 annually for 5 years. Alternative B initially costs $5500 and yields $1,250 annually for 5 years. The rate of return on the difference between the alternatives is approximately
Answer:
The rate of return on the difference between the alternatives is approximately 38.12%.
Explanation:
Alternative A's initial cost = $2,260
Alternative A's total yields for 5 years = $355 * 5 = $1,775
Alternative B's initial cost = $5,500
Alternative B's total yields for 5 years = $1,250 * 5 = $6,250
Difference between initial costs of A and B = Alternative B's initial cost - Alternative B's initial cost = $5,500 - $2,260 = $3,240
Difference between total yields for 5 years of A and B = Alternative B's total yields for 5 years - Alternative A's total yields for 5 years = $6,250 - $1,775 = $4,475
Rate of return on the difference between the alternatives = (Difference between total yields for 5 years of A and B - Difference between initial costs of A and B) / Difference between initial costs of A and B = ($4,475 - $3,240) / $3,240 = 0.3812, or 38.12%
Therefore, the rate of return on the difference between the alternatives is approximately 38.12%.
How would you explain to a skeptical bank manager why the socially optimal number of bank robberies is not zero
Answer:
The socially optimal number of bank robberies is not equal zero because due to the presence or the possibility of robberies in Banks, some industries will be sustained and such industries are ; Security agencies and their personnel , Insurance companies, Vault designing and manufacturing firms.
Explanation:
A socially optimal quantity of a good or service is the quantity of a good or service that is beneficial to the society ( i.e. to other industries related directly or indirectly to the good or service )
The socially optimal number of bank robberies is not equal zero because due to the presence or the possibility of robberies in Banks, some industries will be sustained and such industries are ; Security agencies and their personnel , Insurance companies, Vault designing and manufacturing firms.
Hence if the socially optimal number of bank robberies equals zero the aforementioned industries will be out of business
Hayword, Inc. uses weighted-average costing and has two departments and has provided data related to its mixing department for the month of July. The Controller has asked you prepare a cost reconciliation report and provide the related computations. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.
1 Hayword, Inc. uses weighted-average costing and has two departments - mixing and packaging 2 The following information relates to work in the mixing department for the month of July: 4 Work in process, July 1: 5 Units in process 6 Percent completed with respect to materials 7 Percent completed with respect to conversion 8 Cost in the beginning inventory: 9 Materials cost 10 Conversion cost 11 Units started into production during the period 12 Costs added to production during the period 13 Materials cost 14 Conversion cost 15 Work in process, July 31: 16 Units in process 17 Percent completed with respect to materials 18 Percent completed with respect to conversion 19 20 Use the data to answer the following 21 22 1. Compute equivalent units. 23 24 25 26 Units transferred to the next department 27 Ending work in process: 28 Materials 29 Conversion 30 Equivalent units of production 31 300 60% 40% $10,500 $6,750 6,200 $330,912 $406,408 450 40% 30% Mixing Department Equivalent Units of Production Materials Conversion
Answer:
Hayword, Inc.
Cost Reconciliation Report
Costs to be accounted for:
Cost in the beginning inventory $17,250
Units started during the period 737,320
Total cost of production $754,570
Costs accounted for:
Units transferred out $735,680
Ending inventory $18,882
Total assigned costs $$754,562
Difference due to approximations = $8
Explanation:
a) Data and Calculations:
Work in process, July 1:
Units in process = 300
Percent completed with respect to materials = 60%
Percent completed with respect to conversion = 40%
Cost in the beginning inventory:
Materials cost = $10,500
Conversion cost = $6,750
Units started during the period = 6,200
Costs added during the period:
Material costs = $330,912
Conversion costs = $406,408
Work in process, July 31 = 450 units
Percent completed with respect to materials = 40%
Percent completed with respect to conversion 30%
Units
Beginning inventory 300
Units started during the period 6,200
Total units under production 6,500
Ending inventory 450
Units transferred out 6,050
Cost of production:
Materials cost Conversion cost Total
Cost in the beginning inventory $10,500 $6,750 $17,250
Units started during the period 330,912 406,408 737,320
Total cost of production $341,412 $413,158 $754,570
Equivalent Units:
Units Materials Conversion
Units transferred out 6,050 6,050 (100%) 6,050 (100%)
Ending inventory 450 180 (40%) 135 (30%)
Total equivalent units of production 6,230 6,185
Cost per equivalent unit:
Materials Conversion
Total cost of production $341,412 $413,158
Total equivalent units 6,230 6,185
Cost per equivalent unit $54.80 $66.80
Cost assigned to:
Materials Conversion Total
Units transferred out $331,540 $404,140 $735,680
(6,050 * $54.80) (6,050 * $66.80)
Ending inventory 9,864 9,018 $18,882
(180 * $54.80) (135 * $66.80)
Total assigned costs $341,404 $413,158 $754,562
_____ is the quantity of a good or service that people are willing to buy at various prices. Group of answer choices Capacity Market share Market potential Supply Demand
Answer:
Demand
Explanation:
Demand is the total quantity of a good or service that people are willing to buy at various prices
According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.
So, at higher prices, demand would be lower than at lower prices
Which of the following describes the mission of an organization? a. Who are we? Who will we become? b. What do we stand for and believe in? What standards can be used to evaluate and judge us? c. What is our product or service? d. Who is our customer? e. What is our strategic purpose for operating?
Answer:
a. Who are we? Who will we become?
Explanation:
In Business management, a strategy can be defined as a set of guiding principles, actions and decisions that an organization combines so as to achieve its business goals, attract customers and possess a competitive advantage over its rivals in the industry.
Business strategy sets the overall direction for the business because it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan. The components of a business strategy includes the following;
I. Value.
II. Vision.
III. Mission.
A mission statement is typically a description of the overall goal or purpose for which an organization was established and what it hopes to achieve in the future.
Hence, the question of Who are we? and Who will we become? describes the mission of an organization.
The Engine Division of MurphyMotor Corporation uses 5,000 carburetors per month in its production of automotive engines. It presently buys all of the carburetors it needs from two outside suppliers at an average cost of $100. The Carburetor Division of MurphyMotor Corporation manufactures the exact type of carburetor that the Engine Division requires. The Carburetor Division is presently operating at its capacity of 15,000 units per month and sells all of its output to a foreign car manufacturer at $106 per unit. Its cost structure (on 15,000 units) is: Variable production costs $70 Variable selling costs 10 All fixed costs 10 Assume that the Carburetor Division would not incur any variable selling costs on units that are transferred internally. Refer to MurphyMotor Corporation. If the two divisions agree to transact with one another, corporate profits will:__________:
a. rise by $50,000 per month
b. drop by $30,000 per month
c. rise or fall by an amount that depends on the level of the transfer price
d. rise by $20,000 per month
Answer:
The correct option is d. rise by $20,000 per month.
Explanation:
Since it is assumed that the Carburetor Division would not incur any variable selling costs on units that are transferred internally, this implies that the variable selling costs is NOT relevant to the determination of the transfer price per unit to be used in calculating corporate profit. Therefore, the transfer price per unit can be calculated as follows:
Transfer price per unit = Price to foreign car manufacturer per unit = Price to foreign car manufacturer per unit - Variable selling costs per unit = $106 - $10 = $96
Rise in corporate profit per month = (Average cost per unit from the two outside suppliers - Transfer price per unit) * Number of carburetors used per month = ($100 - $96) * 5,000 = $20,000
This shows that if the two divisions agree to transact with one another, corporate profits will: rise by $20,000 per month.
Therefore, the correct option is d. rise by $20,000 per month.
Your Company is considering a new project that will require $100,000 of new equipment at the start of the project. The equipment will have a depreciable life of 10 years and will be depreciated to a book value of $5,000 using straight-line depreciation. The cost of capital is 14%, and the firm's tax rate is 30%. Estimate the present value of the tax benefits from depreciation.
Answer:
14865.93
Explanation:
Calculation to Estimate the present value of the tax benefits from depreciation.
First step is to calculate the Annual depreciation expense
Annual depreciation expense = [100000 - 5000]/10
Annual depreciation expense = 9500
Second step is to calculate the Tax benefit
Tax benefit = 9500(.30)
Tax benefit = 2850
Now let calculate the PV of tax benefit
Using financial calculator
PMT = 2850
FV = 0
N = 10
i = 14
PV=?
Hence
PV = 14865.93
Therefore the present value of the tax benefits from depreciation is 14865.93
Choose all the scenarios below that would cause a decrease in the supply of labor in the agricultural industry.
a. More women are entering the workforce in all industries in the United States.
b. As the population in the United States ages, fewer workers have the physical ability to work in the industry.
c. As the economy expands, so does the need for janitors and cleaning staff employees, causing the wage for nonskilled workers in the cleaning industry to rise.
d. Due to global warming, working conditions on farms have become undesirable for more and more people.
e. The adoption of strict immigration laws reduces the number of legal and illegal immigrants in the United States.
f. There is an increase in the use of biofuels in the United States, which drives up the demand for corn and soybean crops.
g. The government passed a new plan to provide government-funded health care for all workers in the agricultural industry.
h. New machinery is replacing workers in the harvesting of crops.
Answer:
b. As the population in the United States ages, fewer workers have the physical ability to work in the industry.d. Due to global warming, working conditions on farms have become undesirable for more and more people.e. The adoption of strict immigration laws reduces the number of legal and illegal immigrants in the United States.h. New machinery is replacing workers in the harvesting of crops.Explanation:
With workers getting older and being unable to be as productive as they used to be, they will have to drop out of industries that require physical strength including farming. This will therefore reduce people working in agriculture.
With global warming having made working in the fields much more harsh, people are avoiding careers that would keep them outdoors including farming which has led to a drop in the labor supply for agriculture.
A significant portion of workers in agriculture are immigrants so when immigration laws limit the number of immigrants coming in, labor supply in agriculture will reduce.
New machinery reduces the need for workers in agriculture so the more they are bought, the less workers are needed. This will therefore directly reduce the number of people working in agriculture.
Tyra loves to shop at her favorite store, Dollar Barrel, where she can find hundreds of items priced at exactly $1. Tyra has to spend and is thinking of going on a shopping spree at Dollar Barrel, but she is also thinking of investing her money.
a. Suppose the expected rate of inflation is % (so next year, everything at Dollar Barrel will cost $1.01) and Tyra can earn on money that she invests. Approximately what real rate of interest could Tyra earn if she invests her money? How many items can she buy at Dollar Barrel today, and how many can she buy a year from now if she invests her money and goes shopping later? What is the percentage increase in Tyra's purchasing power if she waits a year to go shopping? Compare your answer to the approximate real interest rate on Tyra's investment.
b. Now suppose that the expected inflation rate is % and Tyra can earn % on money that she invests over the year. What is the approximate real rate of interest that Tyra will earn? Calculate the number of items that Tyra could buy next year from Dollar Barrel if she invests her money? What is the percentage increase in her purchasing power if she waits a year to go shopping? Relate your answer back to Tyra's real rate of return.
Answer:
$40 will go towards Margaret shopping spree
Explanation:
A company purchased land for its natural resources at a cost of $1,500,000. It expects to mine 2,000,000 tons of ore from this land. The residual value of the land is estimated to be $250,000. What is the amount of depletion per ton of ore
Answer:
$0.625
Explanation:
Depletion expense per ton of ore = (Cost of the asset - Salvage value) / Number of units
Depletion expense per ton of ore = ($1500000 - $250000) / 2000000
Depletion expense per ton of ore = $1250000 / 2000000 units
Depletion expense per ton of ore = $0.625
So, the amount of depletion expenses per ton of ore is $0.625.
Determine: SHOW ALL WORK a. Predetermined factory overhead rate. $ b. Determine the factory overhead applied assume the actual direct labor hours for Job 50 was. 20000 and for J0b 51 was 24000 . $ c. Determine the balance in the factory overhead account assuming that the actual cost
Answer:
Note See complete question as attached as picture below
a. Predetermined factory overhead rate = Estimated factory overhead cost / Direct labr hours
Predetermined factory overhead rate = $1,750,000 / 500,000 hours
Predetermined factory overhead rate = $3.50 per direct labor hours
b. Particulars Amount
Job 50 (20,000*3.50) $70,000
Job 51 (24,000*3.50) $84,000
Factory overhead applied $154,000
c. Balance in factory overhead = $154,000 - $153,000
Balance in factory overhead = $1,000
d. Over-applied factory overhead = $1,000
In a closed economy, public saving is the amount of a. income that households have left after paying for taxes and consumption. b. spending that the government undertakes in excess of the taxes it collects. c. income that businesses have left after paying for the factors of production. d. tax revenue that the government has left after paying for its spending.
Answer:
In a closed economy, public saving is the amount of
d. tax revenue that the government has left after paying for its spending.
Explanation:
Public saving or budget surplus in a closed economy describes the excess of government revenue (obtained through taxation of individuals and businesses in the economy) and government expenditures on goods and services. In an open economy, transfers are deducted before arriving at the public saving. In all economies, the addition of private (individual and business) and public savings result to national investments.
Which set of items appears on the loan estimate
does the business generate sufficient profits
Answer:
Yes.
Explanation:
Yes, the business generate sufficient profits which provides benefits to the owner as well as to the country because the money that the business produce is used for running of state or country. The profit that the business earned by a company enhance the economy of the country by selling of goods or providing services and this money is used for the welfare and prosperity of people.
The estimated factory overhead cost for a Co. is $1750000 for the year. Direct labor hours are estimated to be 500000. Determine: SHOW ALL WORK a. Predetermined factory overhead rate. $ b. Determine the factory overhead applied assume the actual direct labor hours for Job 50 was. 20000 and for J0b 51 was 24000 . c. Determine the balance in the factory overhead account assuming that the actual cost incurred was $153000. d. Over or under-applied
Answer:
Results are below.
Explanation:
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 1,750,000 / 500,000
Predetermined manufacturing overhead rate= $3.5 per direct labor hour
Now, we can allocate overhead to Job 50 and 51:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Job 50:
Allocated MOH= 3.5*20,000
Allocated MOH= $70,000
Job 51:
Allocated MOH= 3.5*24,000
Allocated MOH= $84,000
Finally, the under/over applied overhead:
(We weren't provided with enough information)
Under/over applied overhead= real overhead - allocated overhead
g Required: 1. Compute the throughput time. (Round your answer to 1 decimal place.) 2. Compute the manufacturing cycle efficiency (MCE) for the quarter. (Round your percentage answer to nearest whole percent.) 3. What percentage of the throughput time was spent in non–value-added activities? (Round your percentage answer to nearest whole percent.) 4. Compute the delivery cycle time. (Round your intermediate calculations and final answer to 1 decimal place.) 5. If by using Lean Production all queue time during production is eliminated, what will be the new MCE? (Do not round intermediate calculations. Round your percentage answer to 1 decimal place.)
Answer:
Note The full question is attached as picture below
1. Throughput time = Process + Inspection + Move + Move time
Throughput time = 2.7 + 0.3 + 1.0 + 5.0
Throughput time = 9.0 days
2. Manufacturing cycle efficiency = Value added time / Throughput time
Manufacturing cycle efficiency = 2.7 / 9.0
Manufacturing cycle efficiency = 0.30
Manufacturing cycle efficiency = 30%
3. Non value added throughput time = 100% - 30%
Non value added throughput time = 70%
4. Delivery cycle time = Wait time + Throughput time
Delivery cycle time = 14.0 + 9.0
Delivery cycle time = 23 days
5. New Manufacturing cycle efficiency = Value added time / Throughput time
New Manufacturing cycle efficiency = 2.7 / 4
New Manufacturing cycle efficiency = 0.675
New Manufacturing cycle efficiency = 67.5%
The retained earnings balance was $22,900 on January 1. Net income for the year was $18,100. If retained earnings had a credit balance of $23,800 after closing entries were made for the year, and if additional stock of $5,200 was issued during the year, what was the amount of dividends declared during the year
Answer:
$17,200
Explanation:
Calculation to determine what was the amount of dividends declared during the year
Beginning retained earnings + Net income - Dividends = Ending retained earnings.
$22,900 + $18,100 - Dividends = $23,800
Dividends=$41,000-$23,800
Dividends = $17,200
Therefore the amount of dividends declared during the year is $17,200
In order to produce a new product, a firm must lease equipment at a cost of $100,000 per year. The managers feel that they can sell 50,000 units per year at a price of $75. What is the highest variable cost that will allow the firm to at least break even on this project
Answer:
$73 = unitary variable cost
Explanation:
To calculate the unitary variable cost that will yield the break-even point, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
50,000= 100,000 / (75 - unitary variable cost)
3,750,000 - 50,000unitary variable cost= 100,000
3,650,000 = 50,000unitary variable cost
$73 = unitary variable cost
The Taylor Rule specifies that the federal funds rate target should be equal to:_________ a) equilibrium federal funds rate + inflation rate +1 b) interest rate - expected inflation rate. c) 1.5 (inflation rate) + 0.5 (GDP gap) + 1. d) 0.5 (inflation rate) +1.5 (GDP gap) + 1
Answer:A
Explanation:The Taylor Rule specifies that the federal funds rate target should be equal to O equilibrium federal funds rate + inflation rate +1 interest rate - expected inflation rate. 1.5 (inflation rate) + 0.5 (GDP gap) + 1. 0.5 (inflation rate) +1.5 (GDP gap) + 1
Younes Inc. manufactures industrial components. One of its products, which is used in the construction of industrial air conditioners, is known as P06. Data concerning this product are given below: Per Unit Selling price $ 220 Direct materials $ 38 Direct labor $ 1 Variable manufacturing overhead $ 8 Fixed manufacturing overhead $ 16 Variable selling expense $ 4 Fixed selling and administrative expense $ 16 The above per unit data are based on annual production of 4,000 units of the component. Assume that direct labor is a variable cost. What is the current contribution margin per unit for component P06 based on its selling price of $220 and its annual production of 4,000 units
Answer:
Contribution margin= $169
Explanation:
First, we need to calculate the total unitary variable cost:
total unitary variable cost= direct material + direct labor + variable overhead + variable selling expense
total unitary variable cost= 38 + 1 + 8 + 4
total unitary variable cost= $51
Now, the contribution margin:
Contribution margin= 220 - 51
Contribution margin= $169
When using email to request action, the subject line should be as vague as possible.
Question 7 options:
True
False
Answer:
False
Explanation:
When using an email to request an action the subject line should be brief but specific. Leaving a vague subject line can often confuse another, however, making the subject line too lengthy and specific defeats the purpose. The best subject lines are brief but give a general idea of what the email contains.
Answer:
False
Explanation:
To email someone to request action, you can't be vague or you might not get what you exactly want from that person.
Sandhill Inc. acquired 10% of the 420,000 shares of common stock of Schuberger Corporation at a total cost of $15 per share on June 17, 2020. On September 3, Schuberger declared and paid a $120,000 dividend. On December 31, Schuberger reported net income of $512,000 for the year. (b) Wen Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker’s 112,000 outstanding shares of common stock at a cost of $18 per share on January 1, 2017. On May 15, Hunsaker declared and paid a cash dividend of $112,000. On December 31, Hunsaker reported net income of $212,000 for the year.
Required:
Prepare all necessary journal entries for 2017 for (a) Edelman and (b) Wen.
Answer:Please see explantion colmn for answers
Explanation:
A) Journal entry for Edelman
Date Account Titles and explanation Debit Credit
June 17 Stock investment $630,000
Cash $630,000
Calculation
Stock Investment =420,000 x $15 x 10% = $630,000
Date Account Titles and explanation Debit Credit
Sept 3 Cash $12,000
Dividend revenue $12,000
Calculation
Dividend revenue =$120,000 x 10% =$12,000
Date Account Titles and explanation Debit Credit
Dec 31 Stock investment $51,200
Investment revenue $51,200
Calculation
Investment Revenue =(512,000 x 10%) = 51,200
B) Journal entry for Wen
Date Account Titles and explanation Debit Credit
Jan 1 Stock investment $604,800
Cash $604,800
Calculation
Stock Investment =112,000 x $18 x 30% = $604,800
Date Account Titles and explanation Debit Credit
May 15 Cash $33,600
Dividend revenue $33,600
Calculation
Dividend revenue =112,000 x 30% = $33,600
Date Account Titles and explanation Debit Credit
Dec 31 Stock investment $63,600
Investment revenue $63,600
Calculation
Stock Investment =212,000 x 30% = $63,600
On the first day of the fiscal year, Hawthorne Company obtained an $88,000, 7-year, 5% installment note from Sea Side Bank. The note requires annual payments of $15,208, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $4,400 and principal repayment of $10,808. The journal entry Hawthorne would record to make the first annual payment due on the note would include a Group of answer choices debit to cash for $15,208 credit to notes payable for $10,808 debit to interest expense for $4,400 debit to notes payable for $15,208
Answer:
Debit to interest expense for $4400
Explanation:
Based on the information given we were told that the FIRST PAYMENT consists of INTEREST of the amount of $4,400 which means that The Appropriate journal entry Hawthorne would record to make the FIRST ANNUAL PAYMENT due on the note would include a DEBIT TO INTEREST EXPENSE FOR $4400.
Debit to interest expense for $4400
Vanessa and Martin file a joint return for 2020. They have one child age 12. They have combined AGI of $202,000. What is their maximum permitted contribution to a Coverdell Education Savings Account for 2019?
a. $0.
b. $800.
c. $1,200.
d. $2,000.
Answer:
Their maximum permitted contribution to a Coverdell Education Savings Account for 2019 is $1,200 that is Option c.
Explanation:
[tex]=\frac{202000-190000}{30000} \\= 0.40(2000)[/tex]
= $800 is disallowed.
So, $1200 is allowed.
Monroe Minerals Company purchased a copper mine for $122,000,000. The mine was expected to produce 50,000 tons of copper over its useful life. During Year 1, the company extracted 6,400 tons of copper. The copper was sold for $4,900 per ton. Assume that the company incurred $8,540,000 in operating expenses during Year 1. Based on this information, how much net income would Monroe report in Year 1?
Answer:
Your answer is given below:
Explanation:
Depletion cost per ton
= 122,000,000/50,000 tons = 2,440 per ton
Cost of copper sold = 6,400 tons*2,440 = 15,616,000
Sales = 6,400 tons*4,900 = 31,360,000
Net income = Sales - Cost of copper sold - Operating expenses
= 31,360,000 - 15,616,000 - 8,540,000
= $7,204,000
plz help me i cant fail this class
When coins were jfirst used, they only had an image on one side. Why did coins start to have images on two sides?
Answer:
The coins have images on both sides because the coin issuers, or seigniors, wanted to see their faces on the coins.
Coins start to have images on two sides because the coin issuers, or seigniors, wanted to see their faces on the coins.
When and why were coins used as money?People traded products and services before money was created. The Mesopotamian people did not invent the shekel, which is regarded as the first known form of money, until roughly 5,000 years ago. Printed coins were used to pay troops, it was approximately 650–600 B.C. when gold and silver coins first appeared. The first real coins were struck in the prehistoric kingdoms of Lydia and Ionia and were made of electrum, a mineral composed primarily of gold and at least 20 percent silver.
The Lydians started minting gold coins in the period between 560 and 546 BC after learning how to separate the gold from the silver in electrum. Coins are significant historical primary sources. They communicate king names together with their titles, images, locations, dates, dynasties, accomplishments, and logos.
Learn more about coins here:
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The trial balance of Beautiful Tots Child Care does not balance.
BEAUTIFUL TOTS CHILD CARE
Trial Balance August 31, 2018
Balance
Account Title Debit Credit
Cash 7,900
Accounts Receivable 6,700
Office Supplies 1,000
Prepaid Insurance 300
Equipment 91,500
Accounts Payable 3,400
Notes Payable 45,000
Common stock 57,000
Dividends 5000
Service Revenue 12,350
Salaries Expense 4,400
Rent Expense 750
Total 117,550 S117,750
The following errors are detected:
a. Cash is understated by $1,500.
b. A $4,100 debit to Accounts Receivable was posted as a credit.
c. A $1,400 purchase of office supplies on account was neither journalized nor posted.
d. Equipment was incorrectly transferred from the ledger as $91,500. It should have been transferred as $83,000.
e. Salaries Expense is overstated by $700.
f. A $300 cash payment for advertising expense was neither journalized nor posted.
g. A $200 cash dividend was incorrectly journalized as $2,000.
h. Service Revenue was understated by $4,100.
i. A 12-month insurance policy was posted as a $1,900 credit to Prepaid Insurance.
Cash was posted correctly.
Prepare the corrected trial balance as of August 31, 2018. Journal entries are not required.
Answer:
Corrected Trial Balance
Particulars Debit Credit
Cash $10,900
Account receivable $14900 (6700+8200)
Office supplies $2400 (1000+1400)
Prepaid insurance $4100 (300+3800)
Equipment $83000
Account payable $4800 (3400+1400)
Notes payable $45000
Trumball common stock $57000
Trumball dividend $3200 (5000+200-2000)
Service revenue $16450 (12350+4100)
Salaries expense $3700 (4400-700)
Rent expense $750
Advertising expense $300
Total $123,250 $123,250
mike has $200 in his wallet. He pays a cell phone bill of $89.50. Then he earns $125 shoveling driveways. From mike lends $15 to friend. That night he gets $20 in a card for his birthday. How much money does he have now?
Answer:
$240.50
Explanation:
200-89.50 = 110.50
110.50+125 = 235.50
235.50-15 = 220.50
220.50 + 20 = 240.50
Preferred stock issued in exchange for land would be reported in the statement of cash flows in Group of answer choices the cash flows from financing activities section the cash flows from investing activities section a separate schedule the cash flows from operating activities section
Answer: a separate schedule
Explanation:
Preferred stock, are referred to as the shares of the stock of a company whereby the dividends are paid out to the preference shareholders before the common stock dividends are issued.
It should be noted that the preferred stock which is issued in exchange for the land will be reported in the statement of cash flows in a separate schedule.
