Business

This is a partial adjusted trial balance of Pharoah Company. PHAROAH COMPANY Adjusted Trial Balance January 31, 2022 Debit Credit Supplies $760 Prepaid Insurance 1,620 Salaries and Wages Payable $1,080 Unearned Service Revenue 780 Supplies Expense 870 Insurance Expense 540 Salaries and Wages Expense 1,770 Service Revenue 4,350 Prepare the closing entries at January 31, 2022. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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Scranton, Inc. reports net income of $232,000 for the year ended December 31. It also reports $88,600 depreciation expense and a $5,100 gain on the sale of equipment. Its comparative balance sheet reveals a $35,900 decrease in accounts receivable, a $15,950 increase in accounts payable, and a $12,650 decrease in wages payable. Calculate the cash provided (used) in operating activities using the indirect method.
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How do you be a gym leader?
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Dinklage Corp. has 9 million shares of common stock outstanding. The current share price is $69, and the book value per share is $8. The company also has two bond issues outstanding. The first bond issue has a face value of $70 million, a coupon rate of 6 percent, and sells for 94 percent of par. The second issue has a face value of $55 million, a coupon rate of 5 percent, and sells for 106 percent of par. The first issue matures in 24 years, the second in 9 years.Suppose the most recent dividend was $4.25 and the dividend growth rate is 4.4 percent. Assume that the overall cost of debt is the weighted average of that implied by the two outstanding debt issues. Both bonds make semiannual payments. The tax rate is 25 percent. What is the companys WACC? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
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One reason that businesspersons may find it difficult to comply with the law is because a. there are so many loopholes in the law. b. business ethicists give conflicting views on what constitutes ethical business behavior. c. gray areas in the law make it difficult to tell how the law will be applied to a specific business situation. d. businesspersons, as a general rule, do not take the time to learn about the laws governing their activities
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Willie sometimes feels uncertain that he has made the right decision when he spends money or agrees toactivities with his friends. He knows that you learned about the decision-making process and has asked youabout the process. You know that he now pays for gas so a friend will drive him to and from school. To helphim learn about the decision-making process, explain what to do for each of the six decision-makingstages to help him consider the alternatives to getting a ride every day. Stages 1, 5, and 6 are alreadyprovided for you. (6 pts.)
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Net income was $469,000. Issued common stock for $76,000 cash. Paid cash dividend of $14,000. Paid $115,000 cash to settle a note payable at its $115,000 maturity value. Paid $124,000 cash to acquire its treasury stock. Purchased equipment for $90,000 cash. Use the above information to determine this company's cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.)
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What is the difference between change in quantity supplied and change in supply?
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Misty and John formed the MJ Partnership. Misty contributed $50,000 of cash in exchange for her 50% interest in the partnership capital and profits. During the first year of partnership operations, the following events occurred: the partnership had a net taxable income of $20,000; Misty received a distribution of $12,000 cash from the partnership; and Misty had a 50% share in the partnership's $60,000 of recourse liabilities on the last day of the partnership year. Misty's adjusted basis for her partnership interest at year end is:
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Consider the oil-producing countries of A, B, and C. Each has a marginal cost of zero. World demand is given by Q = 1430 - P. Suppose the three countries form a cartel, and that none of them has an incentive to deviate from the cartel. By how many units lower is the total output of oil under the cartel relative to the Cournot solution?
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We learned in class that Starbucks uses its baristas as front line brand ambassadors. This is an example of ________________? A.top management not doing their jobs B.Inverted Organization Structure C.Management by Objectives MBO D.Giving uneducated employees too much responsibility
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Using these data from the comparative balance sheet of Sunta Fe Spice Company, perform horizontal analysis. (Round percentages to 0 decimal place, e.g. 17%.) Increase or (Decrease)December 31, 2017 December 31, 2016 Increase or (Decrease) Amount Percentage Accounts receivable $ 375,000 $ 300,000 $ __________ ___________ %Inventory 780,000 600,000 ____________ ___________ %Total assets 3,220,000 2,800,000 __________ __________ %
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A law firm received $1600 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause:
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Can somebody help me with my homework question please
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The Collins Company uses predetermined overhead rates to apply manufacturing overhead to jobs. The predetermined overhead rate is based on machine hours in Dept. A and labor cost in Dept. B. At the beginning of the year, the company made the following estimates: Dept A Dept B Direct labor cost $65,000 $42,000 Manufacturing overhead $91,000 $48,000 Direct labor-hours 8,000 10,000 Machine-hours 3,000 12,000 What predetermined overhead rates would be used in Dept A and Dept B, respectively
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What is macroeconomics?
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oyanty:10. A plan for the optimal use of promotional elements such as advertising, public relations, personal selling, salespromotion, and social media-is known as aa. promotional strategyb. competitive advantagec. marketing mixd. promotional mix
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QS 21-17B Computing unit cost under absorption costing LO P5 Vijay Company reports the following information regarding its production costs. Direct materials $ 10.60 per unit Direct labor $ 20.60 per unit Overhead costs for the year Variable overhead $ 10.60 per unit Fixed overhead $ 223,600 Units produced 26,000 units Compute its product cost per unit under absorption costing. (Round your final answer to 2 decimal places.)
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Smith Dentistry opened on June 1, 2016. The following transactions occurred during June 1. Issued common stock to owners in exchange for $18,000 cash. 2. Purchased $4,500 of equipment, paying $1,350 cash and signing a promissory note for $3,150. 3. Received $8,100 in cash for dental services performed in June. 4. Purchased $1,350 of supplies on account, all of the supplies were used in June. 5. Provided dental services on account in the amount of $14,400. 6. Paid $675 on account 7. Paid $2,700 to employees for work performed during June. 8. Received a bill for utilities for June of $3,050, the bill remains unpaid. What is the amount of total revenue to be reported on the income statement for the month of June? Multiple Choice a. $22,500 b. $8,100 c. $40,500 d. $26,100
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Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receivable: Estimated credit sales for August $ 220,000 Actual credit sales for July $ 167,000 Estimated collections in August for credit sales in August 25 % Estimated collections in August for credit sales in July 70 % Estimated collections in August for credit sales prior to July $ 18,000 Estimated write-offs in August for uncollectible credit sales $ 8,000 Estimated provision for bad debts in August for credit sales in August $ 7,800 Required: What is the estimated amount of cash receipts from accounts receivable collections in August?
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Selected information from Arbon Corporation's accounting records and financial statements for 2021 is as follows ($ in millions): Cash paid to acquire machinery $ 36 Reacquired Arbon common stock 50 Proceeds from sale of land 90 Gain from the sale of land 52 Investment revenue received 66 Cash paid to acquire office equipment 80 In its statement of cash flows, Arbon should report net cash outflows from investing activities of:
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The payroll of Blue Company for September 2016 is as follows. Total payroll was $462,000, of which $108,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $378,000. Income taxes in the amount of $74,400 were withheld, as was $9,600 in union dues. The state unemployment tax is 3.5%, but Blue Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employees wages to $118,500 and 1.45% in excess of $118,500. No employee for Blue makes more than $135,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. (
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g Birch Company normally produces and sells 48,000 units of RG-6 each month. The selling price is $26 per unit, variable costs are $17 per unit, fixed manufacturing overhead costs total $180,000 per month, and fixed selling costs total $40,000 per month. Employment-contract strikes in the companies that purchase the bulk of the RG-6 units have caused Birch Companys sales to temporarily drop to only 9,000 units per month. Birch Company estimates that the strikes will last for two months, after which time sales of RG-6 should return to normal. Due to the current low level of sales, Birch Company is thinking about closing down its own plant during the strike, which would reduce its fixed manufacturing overhead costs by $43,000 per month and its fixed selling costs by 11%. Start-up costs at the end of the shutdown period would total $13,000. Because Birch Company uses Lean Production methods, no inventories are on hand. Required: 1. What is the financial advantage (disadvantage) if Birch closes its own plant for two months? 2. Should Birch close the plant for two months? 3. At what level of unit sales for the two-month period would Birch Company be indifferent between closing the plant or keeping it open?
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A company bought $950,000 of equipment with an expected life of 24 years and no residual value. After 20 years the company sold the equipment for $120,500. If the company uses straight-line depreciation and the indirect method is used to determine cash flows from operating activities, which of the following reflects how the sale of the equipment would be reported in the statement of cash flows?a. $128,500 is recorded as a cash inflow from investing activities and $35,786 is added to convert net income to net cash flow provided by operating activities.b. $128,500 is recorded as a cash inflow from investing activities and $35,786 is subtracted to convert net income to net cash flow provided by operating activities.c. $128,500 is recorded as a cash inflow from operating activities.d. $128,500 is recorded as a cash inflow from investing activities and no other sections of the statement are affected.
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