Wildhorse Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022.

1. Purchased a 1-year insurance policy on June 1 for $2,220 cash.
2. Paid $7,020 on August 31 for 5 months’ rent in advance.
3. On September 4, received $3,960 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improved students at a local school.
4. Signed a contract for cleaning services starting December 1 for $1,080 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.)
5. On December 5, received $1,620 in advance from a gaming club. Determined that on December 31, $515 of these games had not yet been played.

Answers

Answer 1

Question Completion:

Prepare the necessary journal entries.

Answer:

Wildhorse Games Inc.

1. June 1: Debit Prepaid Insurance $2,220

Credit Cash $2,220

To record the payment for 1-year insurance policy.

2. August 31: Debit Prepaid Rent $7,020

Credit Cash $7,020

To record the payment for 5 months’ rent in advance.

3. September 4: Debit Cash $3,960

Credit Unearned Game Revenue $3,960

To record cash received in advance to sponsor a game each month for a total of 9 months.

4. November 30: Debit Prepaid Cleaning $2,16

Credit Cash $2,160

To record the payment for cleaning services for two months.

5. December 5: Debit Cash $1,620

Credit Unearned Games Revenue $1,620

Adjustments on December 31:

1. Debit Insurance Expense $1,295

Credit Prepaid Insurance $1,295

To record insurance expense for the period ($2,220 * 7/12).

2. Debit Rent Expense $5,616

Credit Prepaid Rent $5,616

To record rent expense for the period ($7,020 * 4/5).

3. Debit Unearned Games Revenue $1,760

Credit Earned Games Revenue $1,760

To record earned revenue ($3,960 * 4/9).

4. Debit Cleaning Expense $1,080

Credit Prepaid Cleaning $1,080

To record cleaning expense for the period.

5. Debit Unearned Games Revenue $1,105

Credit Earned Games Revenue $1,105

To record earned revenue.

Explanation:

a) Data and Analysis:

1. June 1: Prepaid Insurance $2,220 Cash $2,220 1-year insurance policy

2. August 31: Prepaid Rent $7,020 Cash $7,020 for 5 months’ rent in advance.

3. September 4: Cash $3,960 Unearned Game Revenue $3,960 to sponsor a game each month for a total of 9 months

4. November 30: Prepaid Cleaning $2,160 Cash $2,160

$1,080 per month. Paid for the first 2 months on November 30.

5. December 5: Cash $1,620 Unearned Games Revenue $1,620

Adjustments on December 31:

1. Insurance Expense $1,295 Prepaid Insurance $1,295 ($2,220 * 7/12)

2. Rent Expense $5,616 Prepaid Rent $5,616 ($7,020 * 4/5)

3. Unearned Games Revenue $1,760 Earned Games Revenue $1,760 ($3,960 * 4/9)

4. Cleaning Expense $1,080 Prepaid Cleaning $1,080

5. Unearned Games Revenue $1,105 Earned Games Revenue $1,105


Related Questions

g Find the monthly payment and estimate the remaining balance (to the nearest dollar). Assume interest is on the unpaid balance. 5-year car loan for $9700 at 5%; remaining balance after 4 years.

Answers

Answer:

Monthly payment $102.88

Outstanding balance after year 4 $1,201.76

Explanation:

First and foremost, the car loan amount of $9,700 is the present value of all monthly payments for 5 years as shown below:

PV=monthly payment*(1-(1+r)^-n/r

PV=car loan amount=$9,700

monthly payment=unknown

r=monthly interest rate=5%/12=0.004166667

n=number of monthly payments in 5 years=5*12=60

$9700=monthly payment*(1-(1+0.004166667)^-120/0.004166667

$9700=monthly payment*(1-(1.004166667)^-120/0.004166667

$9700=monthly payment*(1-0.607161016 )/0.004166667

$9700=monthly payment*0.392838984 /0.004166667

$9700=monthly payment*94.28134862

monthly payment=$9700/94.28134862

monthly payment=$102.88  

The outstanding balance after year 4 is the present value of monthly payments for the remaining 1 year(12 months)

PV=$102.88*(1-(1+0.004166667)^-12/0.004166667

PV=$102.88*(1-(1.004166667)^-12/0.004166667

PV=$102.88*(1-0.951328238 )/0.004166667

PV=$102.88*0.048671762 /0.004166667

PV=$1,201.76

A small business owner visits his bank to ask for a loan. The owner states that she can repay a loan at $1,500 per month for the next 3 years and then $500 per month for three years after that. If the bank is charging customers 10 percent APR, how much would it be willing to lend the business owner?

Answers

Answer:

The bank will be willing to lend $ 28,800 to the business owner.

Explanation:

Given that a small business owner visits his bank to ask for a loan, and the owner states that she can repay a loan at $ 1,500 per month for the next 3 years and then $ 500 per month for three years after that, since the bank is charging customers 10 percent APR, to determine how much the business owner would be willing to lend the following calculation must be performed:

1500 x 12 x 3 + 500 x 12 x 3 = X

18000 x 3 + 6000 x 3 = X

54000 + 18000 = X

72000 = X

10 x 6 = 60

100 - 60 = 40

100 = 72000

40 = X

40 x 72000/100 = X

28800 = X

Therefore, the bank will be willing to lend $ 28,800 to the business owner.

On January 1, Parson Freight Company issues 7.0%, 10-year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0% and the bond selling price was $4,194,222. The bond issuance should be recorded as:

Answers

Answer: Debit Cash $4,194,222; Debit Discount on bonds payable $305,778; Credit Bonds payable $4,500,000

Explanation:

Based on the information given in the question, the journal entry will be prepared as follows:

Debit Cash $4,194,222

Debit Discount on bonds payable $305,778

Credit Bonds payable $4,500,000

Note that the discount on Bonds Payable was calculated as:

= $4,500,000 - $4,194,222

= $305,778

Your friend Lorenzo is trying to decide on a career path. He has narrowed down his search to two choices. Before he selects a major, he wants to know more about the two careers and the skills needed for each profession. What advice would you give Lorenzo

Answers

Answer:

Interview someone in each of your chosen fields.

Explanation:

In the context, my friend Lorenzo wants advice from me regarding career choices. He has somehow researched and narrowed down the choices to two  choices. Lorenzo wants to know more about the major and the skills required for each of the profession.

I would suggest him to interview someone experience person in this field and get insights from him. It will provide Lorenzo a better understanding of the major selection and it will also create a blueprints of the future paths.

Is scented candle harmful to dogs?

Answers

Answer:

Scented candles are not harmful to dogs for normal use, but high concentrations in a confined space for a long time would have an impact on the dog's sense of smell.

Because the candles you use will cause a lot of burnt smoke which is harmful to dogs. And aromatherapy ingredients contain a lot of chemical substances. If the windows are opened, it will be ok, if not the more chemical substances accumulate, the more it will be harmful to dogs, or even to the health of people.

Here are several ways to avoid the harm caused by aromatherapy to dogs:

Do not ignite the two types of aromatherapy in a short time or at the same time, to avoid the two types of aromatherapy, which are mutually ineffective and produce toxic gas.

Try not to light candles in a closed bedroom when you sleep.

Keep air circulation.

Keep all kinds of aromatherapy out of reach of dogs.

Use Home Lights scented candles in the right way.

Explanation:

https://hlcandles.com/

Use the following information: a. Beginning cash balance on March 1, $72,000. b. Cash receipts from sales, $300,000. c. Budgeted cash payments for direct materials, $140,000. d. Budgeted cash payments for direct labor, $80,000. e. Other budgeted cash expenses, $45,000. Cash repayment of bank loan, $20,000.Prepare a cash budget for the month ended on March 31 for Gado Company. The budget should show expected cash receipts and cash payments for the month of March and the balance expected on March 31.

Answers

Answer:

the budget of the pines is 8 to them b sqare the 4 in you get 12,500

Explanation:

Answer:

no clue

Explanation:

have a good day:)))

If a company spends $80 million to build facility space sufficient to hold 5 million pairs of footwear-making equipment at a site in Latin America, then the company's annual depreciation costs for this facility space will be

Answers

Answer: $8,000,000

Explanation:

From the question given, the cost of the building facility is $80 million. Also, it should be noted that the default rate for depreciation is given as 10%, therefore, the company's annual depreciation costs for this facility space will be:

= Depreciation rate × Cost of building

= 10% × $80,000,000

= 0.1 × $80,000,000

= $8,000,000

Forner, Inc., manufactures and sells two products: Product Z1 and Product Z8. The company has an activity-based costing system with the following activity cost pools, activity measures, and expected activity:
Estimated Expected Activity
Activity Cost Pools Activity Measures Overhead Cost Product Z1 Product Z8 Total
Labor-related DLHs $112,190 600 2,000 2,600
Machine setups setups 40,440 500 700 1,200
Order size MHs 609,770 3,000 3,200 6,200
$762,400
The activity rate for the Machine Setups activity cost pool under activity-based costing is closest to:
$203.26 per setup
$190.55 per setup
$122.97 per setup
$33.70 per setup

Answers

Answer:

Machine setups= $33.7 per setup

Explanation:

Giving the following information:

Activity Cost Pools Activity Measures Overhead Cost Product Z1 Product Z8 Total

Machine setups setups 40,440 500 700 1,200

To calculate the activity rate for Machine setup, we need to use the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Machine setups= 40,440 / 1,200

Machine setups= $33.7 per setup

Good afternoon. Kindly assist on the following please. Assignment due by 4:30pm Mike bookshop had the following structure. Share capital 500000 ordinary shares of $1 each. 300000 10% preference of $1 each. Reserves Share premium 200 000 General reserves 100 000 Retained earnings 400 000 8% debenture 100 000 During the year the following transaction took place. 01 January issue of 200 000 $1 ordinary shares at$1,20 and 100 000 preference shares at $2 each. 01 June a 1 for 4 right issue at a premium of $0,10c each per share. 01 December 1 for 5 bonus shares fully paid. All shares issued during the year qualified for bonus and the company wishes to leave the reserves in their flexible form. Required. Balance sheet extract.​

Answers

Answer:

Mike Bookshop

Balance Sheet Extract as at December 31

Share capital:

1,050,000 ordinary shares of $1 each    $1,050,000

400,000 10% preference of $1 each           400,000

Total share capital                                   $1,450,000

Reserves:

Share premium                                            357,500

General reserves                                         100,000

Retained earnings                                      225,000

Total reserves                                          $682,500

8% debenture                                           $100,000

Explanation:

a) Data and Analysis:

Share capital:

500000 ordinary shares of $1 each.

300000 10% preference of $1 each.

Reserves:

Share premium 200 000

General reserves 100 000

Retained earnings 400 000

8% debenture 100 000

During the year the following transaction took place.

01 January Cash $240,000 Ordinary share capital $200 000 Share Premium $40,000

$1 ordinary shares at$1.20 and

01 January Cash $200,000 Preferred share capital $100 000 Share Premium $100,000

01 June Cash $192,500 Ordinary share capital $175,000 Share Premium $17,500

a 1 for 4 right issue at a premium of $0.10c each per share.

01 December Retained Earnings $175,000 Ordinary share capital $175,000

1 for 5 bonus shares fully paid.

Ordinary share capital:

Beginning balance         $500,000

January 1 issue                 200,000

June 1 rights issue            175,000

Dec. 1 bonus issue            175,000

Ending balance           $1,050,000  

Preferred share capital:

Beginning balance          $300,000

January 1 issue                  100,000

Ending balance              $400,000

Share Premium:

Beginning balance        $200,000

January 1 issues               140,000

June 1 rights issue             17,500

Ending balance            $357,500

General reserves         $100,000

Retained Earnings:

Beginning balance      $400,000

Dec. 1 Bonus issue        (175,000)

Ending balance          $225,000

Wasilko Corporation produces and sells one product The budgeted selling price per unit is $114. Budgeted unit sales for February is 9,900 units. Each unit of finished goods requires 6 pounds of raw materials. The raw materials cost $4.00 per pound. The direct labor wage rate is $24.00 per hour. Each unit of finished goods requires 2.4 direct labor-hours. Manufacturing overhead is entirely variable and is $9.00 per direct labor-hour. The variable selling and administrative expense per unit sold is $1.60. The fixed selling and administrative expense per month is $70,000. The estimated net operating income (loss) for February is closest to:

Answers

Answer: $21,080

Explanation:

First calculate the contribution margin per unit

= Sales - Variable costs

= Selling price - Raw materials - Direct labor cost - Manufacturing overhead - Variable selling and administrative expense

= 114 - (6 * 4) - (2.4 * 24) - (9 * 2.4) - 1.60

= $9.20

The Contribution margin is:

= 9.20 * 9,900 units

= $91,080

Net operating income = Contribution margin - fixed cost

= 91,080 - 70,000

= $21,080

Firm A has a 21 percent marginal tax rate, and Firm Z has a 28 percent marginal tax rate. Firm A owns a controlling interest in Firm Z. The owners of Firm A decide to incur a $9,500 deductible expense that will benefit both firms.

Required:
Compute the after-tax cost of the expense assuming that:
a. Firm A incurs the expense
b. Firm Z incurs the expense

Answers

Answer:

a. $7,505

b.$6,840

Explanation:

a. Computation for the after-tax cost of the expense assuming that Firm A incurs the expense

Using this formula

After-tax cost = Deductible Expense - (Firm A Marginal tax rate* Deductible Expense)

Let plug in the formula

After-tax cost = ($9,500 - ($21%*9500)

After-tax cost = ($9,500 - $1,995)

After-tax cost=$7,505

Therefore the after-tax cost of the expense assuming that Firm A incurs the expense is $7,505

B. Computation for the after-tax cost of the expense assuming that Firm Z incurs the expense

Using this formula

After-tax cost = Deductible Expense - (Firm Z Marginal tax rate*Deductible Expense)

Let plug in the formula

After-tax cost =$9,500 -(28%*$9500)

After-tax cost =($9,500 - $2,660 )

After-tax cost=$6,840

Therefore the after-tax cost of the expense assuming that Firm Z incurs the expense is $6,840

On whom the trade bill drawn ?​

Answers

The bill of exchange is drawn by the seller of the goods and is accepted by the buyer.

The country of Bolivia had a Gross Domestic Product of $79 billion in 2016 and a population of 11 million people, the GDP per capita would be ________.

Answers

Answer:

The GDP per capita of country of Bolivia would be $7,181.82.

Explanation:

GDP Per capita refers to a measure that calculates a country's economic output per person by dividing its GDP by its population.

Therefore, we have:

GDP per capita = GDP / Population = $79 billion / 11 million = $79,000,000,000 / $11,000,000 = $7,181.82

Therefore, the GDP per capita of country of Bolivia would be $7,181.82.

Which of the following is a major difference between a budget constraint and production possibilities frontier?

a. A production possibilities frontier conveys the relative prices of the two goods, whereas a budget constraint accounts for diminishing returns.
b. A production possibilities frontier is usually straight, whereas a budget constraint is typically curved.
c. A budget constraint typically has a constant slope, whereas the slope of a production possibilities frontier is usually different at various points.
d. There is no difference. They convey the same information.

Answers

Answer:

c

Explanation:

The Production possibilities frontiers is a curve that shows the various combination of two goods a company can produce when all its resources are fully utilised.  

The PPF is concave to the origin. This means that as more quantities of a product is produced, the fewer resources it has available to produce another good. As a result, less of the other product would be produced. So, the opportunity cost of producing a good increase as more and more of that good is produced.  

So, the PPF exhibits diminishing return. The slope of the PPF is different at different points. this makes the PPF a curve

the budget constraint is a straight line that shows the various combinations of goods a consumer can consume given her income. the budget constraint is a straight line because the slope is constant at each point on the curve

Also, the slope of the budget constraint is the relative prices of the two goods

"Rogue Corp. has sales of​ $4,250,000; the​ firm's cost of goods sold is​ $2,500,000; and its total operating expenses are​ $600,000. The​ firm's interest expense is​ $250,000, and the corporate tax rate is​ 40%. What is​ Rogue's tax​ liability"

Answers

Answer:

$360,000

Explanation:

Calculation to determine Rogue's tax​ liability

Step 1 is to calculate the gross profit

Using this formula

Gross profit=Sales - Cost of Goods Sold

Let plug in the formula

Gross profit=$4,250,000-$2,500,000

Gross profit=$1,750,000

Step 2 is to calculate operating income

Using this formula

Operating income=Gross Profit -Total operating expenses

Let plug in the formula

Operating income=$1,750,000-$600,000

Operating income=$1,150,000

Step 3 is to calculate the EBT

Using this formula

EBT=Operating income - Interest expense

Let plug in the formula

EBT=$1,150,000-$250,000

EBT=$900,000

Now let calculate the Tax liability

Using this formula

Tax liability=EBT x Corp Tax

Let plug in the formula

Tax liability=$900,000*$40%

Tax Liability=$360,000

Therefore Rogue's tax​ liability is $360,000

2018

Feb. 2 Recorded credit sales of $97,000. Ignore Cost of Goods Sold.
Nov. 1 Loaned $18,000 to Jess Price, an executive with the company, on a one-year, 7% note.
Dec. 31 Accrued interest revenue on the Price note. 2019
Nov. 1 Collected the maturity value of the Price note.

Required:
Journalize the entries.

Answers

Answer:

Feb 6

Dr Account receivable $97,000

Cr Sales revenue $97,000

Jul 1

Dr Notes receivable $18,000

Cr Cash $18,000

Dec 31

Dr Interest receivable $630

Cr Interest revenue $630

July 1

Dr Cash $19,260

Cr Notes receivable $18,000

Cr Interest receivable $630

Cr Interest revenue $630

(To record collection)

Explanation:

Preparation of the journal entries

Feb 6

Dr Account receivable $97,000

Cr Sales revenue $97,000

(To credit sales)

Jul 1

Dr Notes receivable $18,000

Cr Cash $18,000

(To record loan given)

Dec 31

Dr Interest receivable ($18000*7%*6/12) $630

Cr Interest revenue $630

(To record accrued interest)

July 1

Dr Cash $19,260

($18,000+$630+630)

Cr Notes receivable $18,000

Cr Interest receivable $630

Cr Interest revenue $630

(To record collection)

Concord Company has recently tried to improve its analysis for its manufacturing process. Units started into production equaled 18900 and ending work in process equaled 1000 units. Concord had no beginning work in process inventory. Conversion costs are applied uniformly throughout production, and all materials are applied at the beginning of the process. How much is the materials cost per unit if ending work in process was 30% complete and total materials costs equaled $86940

Answers

Answer:

the material cost per unit is $4.60 per unit

Explanation:

The computation of the material cost per unit is shown below:

= Total material cost ÷ equivalent units of material

= $86,940 ÷ (18,900 - 1,000) × 100% + 1,000 × 100%

= $86,940 ÷ (17,900 + 1,000)

= $86,940 ÷ 18,900

= $4.60 per unit

Hence, the material cost per unit is $4.60 per unit

The same should be considered and relevant

The Wood Valley Dairy makes cheese to supply to stores in its area. The dairy can make 250 pounds of cheese per day (365 days per year), and the demand at area stores is 180 pounds per day. Each time the dairy makes cheese, it costs $125 to set up the production process. The annual cost of carrying a pound of cheese in a refrigerated storage area is $12. Determine the optimal order size and the minimum total annual inventory cost.

Answers

Answer: 1. 1170 units

2. $14039

Explanation:

The optimal order size will be:

= ✓2AO/C

where,

A = Annual demand = 180 × 365 days = 65,700

O = Ordering cost = 125

C = Carrying cost = 12

EOQ = ✓(2AO/C)

= ✓(2 × 65700 × 125/12)

= ✓ 1368750

= 1170 units

Therefore, the optimal order size is 1170 units.

2. The minimum total annual inventory cost will be calculated as:

C = (Q /2)(H) +(D/Q)(S)

where,

Q = 1170 pounds

H = holding cost = $12

D = annual demand = 65,700

S =set up cost = $125

Therefore, the minimum total annual inventory cost will be:

C = (Q /2)(H) +(D/Q)(S)

C = {(1170) /2] × 12} + {(65,700 /1170) × 125}

= 7020 +7019

= 14,039

Therefore, the minimum total annual inventory cost is $14,039.

Chicotti Company has 6,000 units in beginning work in process, 30% complete as to conversion costs, 75,000 units transferred out to finished goods, and 2,000 units in ending work in process 20% complete as to conversion costs. The beginning and ending inventory is fully complete as to materials costs. How much are equivalent units for materials if the FIFO method is used

Answers

Answer:

71,000

Explanation:

Calculation to determine How much are equivalent units for materials if the FIFO method is used

Using this formula

Equivalent units for materials=(Units transferred out to Finished goods + Units in ending work in process – Units in beginning work in process)

Let plug in the formula

Equivalent units for materials=75,000 + 2,000 – 6,000

Equivalent units for materials= 71,000

Therefore the equivalent units for materials if the FIFO method is used will be 71,000

Short-term investments are intended to be converted into cash within the longer of one year or the operating cycle of the business, and are readily convertible to cash. True or False

Answers

Answer:

True

Explanation:

The reasons why many companies invest in other companies includes

1. Due to excess cash not needed immediately, so invested to earn additional income to use for operations

2. Long- term strategic reasons etc

The criteria for a current asset is that the investment must be liquid and be able to convert to cash within one year (or become a long-term investment).

Short-term investments

This is a current assets. It is also called marketable securities. This is a form of an investments made in marketable securities that can be converted easily to cash which a company plans to hold for 1 year or less than one year.

The 3 categories of short-term investments. They includes:

1. Trading securities

2. available-for-sale securities

3. Held to maturity investment.

Examples of cash equivalents include all of the following EXCEPT U.S. Treasury bills. notes issued by major corporations. money market funds. long-term notes receivable.

Answers

Answer:

long-term notes receivable.

Explanation:

Cash equivalents can be regarded as total cash value that is available on hand, this encompass items that has similarities with cash and must be regarded as current assets. cash or cash equivalents of a company can be seen at top line of the balance sheet.

Examples of cash equivalents are;

✓Treasury bills

✓notes issued by major corporations. ✓money market funds.

Oceanic, a venture capital firm, has the opportunity to invest in one of two firms that are in the process of globalizing. Macmillan, an air-conditioner manufacturer, faces intense pressure from its home market. Rent a Swag, a dog-toy manufacturer, has encountered little competition in its country of origin. In which company should Oceanic invest?

a. Macmillan, because air conditioners cost more to ship than dog toys do
b. Macmillan, because firms that face stiff competition at home tend to do better abroad
c. Rent a Swag, because firms that face little or no competition at home tend to do better abroad
d. Rent a Swag, because dog toys cost less to ship than air conditioners do

Answers

Answer: B. Macmillan, because firms that face stiff competition at home tend to do better abroad

Explanation:

Following the information given, it can be deduced that Oceanic should invest in Macmillan, because firms that face stiff competition at home tend to do better abroad.

The fact that Macmillan, which is an air-conditioner manufacturer, faces intense pressure from its home market will have resulted in the company making quality sure conditioners in order to sustain the pressure and have an edge over its local competitors. Therefore, the company will do better abroad as a result of this.

The correct option is B.

odson Company manufactures a product with a standard direct labor cost of 2.3 hours of labor per unit at $10.60 per hour. Last month, 170 units were produced using 90 hours at $11.60 per hour. What was the company's labor quantity variance

Answers

Answer:

Direct labor time (efficiency) variance= $3,190.6 favorable

Explanation:

To calculate the direct labor quantity variance, we need to use the following formula:

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Direct labor time (efficiency) variance= (391 - 90)*10.6

Direct labor time (efficiency) variance= $3,190.6 favorable

Standard quantity= 2.3*170= 391

XYZ produces a single product and has provided the following data for its most recent month of operations:

Number of units produced 6,400
Variable costs per unit:
Direct materials $72
Direct labor $80
Variable manufacturing overhead $10
Variable selling and administrative expense $12
Fixed costs:
Fixed manufacturing overhead $224,000
Fixed selling and administrative expense $288,000

There were no beginning or ending inventories. The absorption costing unit product cost was: ____________-

Answers

Answer: $197

Explanation:

With absorption costing, the fixed manufacturing costs are absorbed by the products which means that the product cost will include fixed costs related to manufacturing.

The absorption costing unit product cost is therefore:

= Direct materials + Direct Labor + Variable manufacturing overhead + Fixed manufacturing Overhead per unit

Fixed manufacturing overhead per unit is:

= 224,000 / 6,400 units

= $35 per unit

Absorption cost unit product cost = 72 + 80 + 10 + 35

= $197

On December 31, the trial balance of Cubico Company included the following accounts with debit balances: Prepaid Advertising $1,500 Advertising Expense 5,400 If it is determined that the cost of advertising applicable to future periods is $3,300, the correct adjusting entry would:_____.
A. Debit Advertising Expense $1,800; credit Prepaid Advertising $1,800.
B. Debit Prepaid Advertising $1,800; credit Advertising Expense $1,800.
C. Debit Prepaid Advertising $3,300; credit Advertising Expense $3,300.
D. Debit Advertising Expense $3,300; credit Prepaid Advertising $3,300.

Answers

Answer:

Cubico Company

The correct adjusting entry would be:

B. Debit Prepaid Advertising $1,800; credit Advertising Expense $1,800.

Explanation:

a) Data and Calculations:

Debit balances on December 31:

repaid Advertising $1,500

Advertising Expense 5,400

Determined future advertising cost = $3,300

The correct adjusting entry would be:

B. Debit Prepaid Advertising $1,800; credit Advertising Expense $1,800.

This will increase the prepaid advertising by $1,800 to $3,300 ($1,500 + $1,800) and reduce the advertising expense by $1,800 to $3,600 ($5,400 - $1,800).

Suppose that France and Denmark both produce oil and olives. Frances’s opportunity cost of producing a crate of olives is 4 barrels of oil, while Denmark’s opportunity cost of producing a crate of olives is 7 barrels of oil.
By comparing the opportunity cost of producing olives in the two countries, you can tell that _______has a comparative advantage in the production of olives and ______has a comparative advantage in the production of oil.
Suppose that France and Denmark consider trading olives and oil with each other. France can gain from specialization and trade as long as it receives more than _____ of oil for each crate of olives it exports to Denmark. Similarly, Denmark can gain from trade as long as it receives more than _____ of olives for each barrel of oil it exports to France.
Based on your answer to the last question, which of the following terms of trade (that is, price of olives in terms of oil) would allow both Denmark and France to gain from trade?
A__ 6 barrels of oil per crate of olives
B__ 3 barrels of oil per crate of olives
C__ 5 barrels of oil per crate of olives
D__ 8 barrels of oil per crate of olives

Answers

Answer: See explanation

Explanation:

Based on the information given in the question, one can deduce that while (France) has a comparative advantage in the production of olives, it should be noted that on the other hand, (Denmark) has a comparative advantage in the production of oil.

If France and Denmark consider trading olives and oil with each other, then France can gain from specialization and trade as long as it receives more than (4) of oil for each crate of olives it exports to Denmark while on the other hand, Denmark can gain from trade as long as it gets more than (1/7) crate of olives for each barrel of oil it exports to France.

The terms of trade that would allow both Denmark and France to gain from trade include:

• 6 barrels of oil per crate of olives.

• 5 barrels of oil per crate of olives.

When the price of paintings is set at $500, the local art gallery supplies 20 paintings per week. When the price of paintings increases to $750, the gallery supplies 25 paintings. Calculate the price elasticity of supply using the mid-point formula. Instructions: Round your answer to two decimal places. If you are entering a negative number be sure to include a negative sign (-) in front of that number. The price elasticity of supply is: .

Answers

Answer:

the  price elasticity of supply is 0.555

Explanation:

The computation of the price elasticity of supply is given below:

= Percentage change in quantity supplied ÷ percentage change in price

= (25 - 20) ÷ (25 + 20) ÷ 2 ÷ (750 - 500) ÷ (750 + 500) ÷ 2

= 5 ÷45 ÷ 250 ÷ 125

= 0.555

Hence, the  price elasticity of supply is 0.555

The same is relevant

Select the market segment that looks the most promising?
1. Luxury trenfollowers
Segment size 5,000(5%)
Growth rate 7%

2. School children
Segment size 35,000 (35%)
Growth rate 1%

3. University students
Segment size 24,099(24%)
Growth rate 5%

4. Outdoor enthusiasts
Segment size 14,000 (14%)
Growth rate 5%

5. Urban commuters
Segment size 20,000 (20%)
Growth rate 3%

Answers

Answer:

Luxury Trend followers

Explanation:

The consider which market segment shows the most or higest level of promise, we may have to the growth rate of each segment, which is the percentage change in earnings or revenue over a specific period of time. From the data given, the market segment with the greatest growth rate is the trend followers segment with a growth rate of 7%

Luxury trend followers : 7%

School children : 1%

University students : 5%

Outdoor enthusiasts : 5%

Urban Commuters : 3%

Selected accounts with a credit amount omitted are as follows: Work in Process Apr. 1 Balance 7,500 Apr. 30 Goods finished X 30 Direct materials 60,000 30 Direct labor 191,000 30 Factory overhead 57,300 Finished Goods Apr. 1 Balance 13,500 30 Goods finished 307,300 What was the balance of Work in Process as of April 30? a.$307,300 b.$13,500 c.$57,300 d.$8,500

Answers

Answer:

the balance in work in process in april 30 is $8,200

Explanation:

The computation of the balance in work in process in april 30 is as follows:

Balance of Work in Process as of April 30 is

= Apr 1 Balance + Direct material + direct labor + overhead - goods finished

= $7,500 + $60,000 + $191,000 + $57,000 - $307,300

= $8,200

Hence, the balance in work in process in april 30 is $8,200

This is the answer but the same is not provided in the given options

The two most important goals for government policy involve a​ trade-off between​ __________ and​ __________. A. big​ government; small government. B. ​taxation; government spending. C. direct​ regulation; indirect regulation. D. ​equity; efficiency.

Answers

Answer:

D

Explanation:

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