Answer:
The annual interest rate is 8.78 per cent.
Explanation:
The amount paid for security (PV) = $1020
The amount paid in 8 years (FV) = $2000
We have to find the rate of return.
Now, assume i% is the annual interest rate.
Present Value (PV) * (1+i)^n = Future Value (FV)
Future Value (FV) = $ 2,000
Present Value (PV) = $ 1,020
N= 8 years
1,020*(1+i)^8 = 2,000
i = (2,000/1,020)^(1/8) – 1
i = 0.0878 or 8.78%
All of these factors directly influence an employee's voluntary behavior and performance EXCEPT:_______ A. motivation. B. role perceptions. C. situational factors. D. moral intensity. E. ability
Answer:
The answer is D. Moral intensity
Explanation:
Motivation affects an employee's voluntary behavior and performance. A well-motivated employee tends to perform better than the one that is not being motivated.
Role perception too does influence. An employee that understands his role and duties tend to perform better than the one that doesn't.
Also situational factors like good working environment, the kind of people around someone also influence the performance.
Ability too does.
BUT moral intensity doesn't because this is about the moral believe. It purely deals with ethical behavior which is not related to a worker's performance.
The interest rate does not affect the intertemporal budget constraint.
a. True
b. False
Answer:
False
Explanation:
The correct answer is false because the interest rate does affect the intertemporal budget constraint.
A higher interest rate, will cause the budget line to pivot upwards while a lower rate will make the budget line to pivot downward.
The intertemporal budget constraint can used to show a decision on how to save. It refers to the constraint which an individual encounters when making choices for the present and for the future. It reflects a consumer's decision on the amount to consume in the present and the amount to save in the future.
Samanthaʹs savings account has a balance of $4643. After 25 years, what will the amount of interest be at 6% compounded annually?
Answer:
$15,284
Explanation:
First, you have to use the formula to calculate the future value to calculate the amount that Samantha will have after 25 years:
FV=PV*(1+r)^n
FV= future value
PV= present value= $4,643
r= rate of interest= 6%
n= number of periods of time=25
Now, you can replace the values in the formula:
FV=4,643*(1+0.06)^25
FV=4,643*(1.06)^25
FV=19,927
Then, you have to subtract the present value from the future value to find the amount of interest after 25 years:
19,927-4,643= 15,284
According to this, the amount of interest at 6% compounded annually after 25 years will be $15,284.
Richard donates publicly traded Gold Company stock with a basis of $1,000 and a fair market value of $15,000 to the college he attended, which is considered a public charity. Richard has owned the shares for 10 years.
1. How is this contribution treated on Richard's tax return?
2. Assuming his adjusted gross income is at least $50,000, Richard can to deduct $_____on his Schedule A.
3. However, Richard may elect to use the 50 percent AGI limitation and deduct $_______.
Answer:
1. How is this contribution treated on Richard's tax return?
Richard can deduct this donation as a qualified contribution to a charity.
2. Assuming his adjusted gross income is at least $50,000, Richard can deduct $15,000 on his Schedule A.
Qualified contribution deductions of long term capital gains are limited to 30% of AGI, and in this case, Richard can deduct the full amount.
3. However, Richard may elect to use the 50 percent AGI limitation and deduct $1,000.
Richard can elect to deduct only the basis of the stock, but who likes to pay more taxes?
"Which statements are TRUE about variable annuities? I Contributions to the separate account are tax deductible II Contributions to the separate account are not tax deductible III Earnings in the separate account build tax-deferred IV Earnings in the separate account are taxable each year"
Answer: II Contributions to the separate account are not tax deductible
III Earnings in the separate account build tax-deferred
Explanation:
Variable Annuities represent an investment vehicle where one puts money in a certain type of investment with the goal being that they will earn an income in retirement which is dependent on how their chosen investment performed therefore making the payout variable.
Contributions to the separate account are not tax deductible. The tax advantage of Variable annuity contracts instead is that the income earned from the annuity gets to build tax-deferred with taxes only applying to them when a withdrawal is made.
Transactions for Mehta Company for the month of May are presented below.
Prepare journal entries for each of these transactions. (You may omit explanations.)
May 1 B.D. Mehta invests $4,000 cash in exchange for common stock in a small welding corporation.
3 Buys equipment on account for $1,100.
13 Pays $400 to landlord for May rent.
21 Bills Noble Corp. $500 for welding work done.
Answer:
MEHTA COMPANY
Date Account Titles and Explanation Debit Credit
1-May Cash $4,000
Common stock $4,000
(To record capital investment)
Date Account Titles and Explanation Debit Credit
3 May Equipment $1,100
Account payable $1,100
(To record the purchase of equipment on account)
Date Account Titles and Explanation Debit Credit
13 May Rent expenses $400
Cash $400
(To record rent expenses)
Date Account Titles and Explanation Debit Credit
21 May Account receivable $500
Service revenue $500
(To record service revenue)
A strike occurs when management stops all work and physically prevents workers from entering the workplace.a) trueb) false
Answer: False
Explanation:
Management does not call strikes, the workers do, especially those in unions. Workers are the ones who stop all work and try to prevent workers from entering the workplace so that the management will be forced to give in to their demands.
Management have a duty to shareholders to make a profit for them and this cannot happen when a strike is going on so it is in management's best interest not to let strikes happen.
Woodridge Corporation manufactures numerous products, one of which is called Alpha-32. The company has provided the following data about this product: Unit sales (a) 75,000 Selling price per unit $ 76.00 Variable cost per unit $ 61.00 Traceable fixed expense $ 1,325,000 Management is considering increasing the price of Alpha-32 by 7%, from $76.00 to $81.32. The company’s marketing managers estimate that this price hike would decrease unit sales by 6%, from 75,000 units to 70,500 units.Assuming that the total traceable fixed expense does not change, what net operating income will product Alpha-32 earn at a price of $81.32 if this sales forecast is correct?
Answer:
Woodridge Corporation
The net operating income of Alpha-32 at a price of $81.32 is:
$107,560
Explanation:
a) Data and Calculations:
Normal Change
Unit sales 75,000 70,500
Selling price $76.00 $81.32
Total Sales $5,700,000 $5,733,060
Variable cost 4,575,000 4,300,500
Fixed costs 1,325,000 1,325,000
Total costs $5,900,000 $5,625,500
Net income/Loss ($200,000) $107,560
b) Woodridge Corporation will be posting a net operating income of $107,560 against the earlier net loss of $200,000 under the old pricing regime. This suggests that it pays the company better to increase the price of its Alpha-32 and incur some unit sales reduction than to continue with the former unit sales of 75,000 with an operating loss of $200,000.
Recall that Cookie Creations sells fine European mixers that it purchases from Kzinski Supply Company. Kzinski warrants the mixers to be free of defects in material and workmanship for 1 year from the date of original purchase. If the mixer has such a defect, Kzinski will repair or replace the mixer free of charge for parts and labor. The product must be shipped prepaid to an authorized Kzinski service center. The consumer pays the cost to ship the mixer. The cost to return the product to the consumer is paid by Kzinski.The authorized service center is located in Boston. Because Cookie Creations values serving its customers, it pays the shipping to Boston for any mixers needing repair under Kzinski’s warranty terms. Based on past experience, Kzinski has found that approximately 10% of mixers are returned for repair or replacement. The average cost to ship a mixer to Boston is $60.The following transactions take place in 2020 and 2021.1. A total of 30 mixers are sold in 2020.2. Four of the mixers sold in 2020 are returned for repair in 2021. The total shipping cost for returning these four mixers to Boston is $210.3. A total of 40 mixers are sold in 2021.4. Two of the mixers sold in 2021 are returned for repair in 2021. The total shipping cost for returning these two mixers to Boston is $55.For Part I of the assignment, complete the tasks listed below using Excel.1. Calculate Cookie Creations’ warranty liability for the shipping costs at December 31, 2020.2. Record the estimated warranty liability at December 31, 2020.3. Prepare the summary journal entry (or entries) to record the shipment of the six mixers (four from the 2020 sales and two from the 2021 sales) for warranty repair in 2021. 4. Calculate Cookie Creations’ warranty liability at December 31, 2021. (Hint: Note that there is no liability outstanding for the mixers sold in 2020. The 1-year warranty period has expired.)5. Record the estimated warranty liability at December 31, 2021. (Hint: Similar to accounting for bad debts, consider any existing balance in the warranty liability account when you prepare your entry. You will find it helpful to prepare a general ledger account for the warranty liability and to post the above transactions.)
Answer:
1. Calculate Cookie Creations’ warranty liability for the shipping costs at December 31, 2020.
warranty liability = 30 x 10% x $60 = $180
2. Record the estimated warranty liability at December 31, 2020.
Dr Warranty expense 180
Cr Warranty liability 180
3. Prepare the summary journal entry (or entries) to record the shipment of the six mixers (four from the 2020 sales and two from the 2021 sales) for warranty repair in 2021.
Dr Warranty liability (= $210 + $55) 265
Cr Cash 265
4. Calculate Cookie Creations’ warranty liability at December 31, 2021.
warranty expense/liability = ($210 - $180) + [(40 x 10% x $60) - $55] = $30 + $185 = $215
5. Record the estimated warranty liability at December 31, 2021.
Dr Warranty expense 215
Cr Warranty liability 215
stacy wants to be able to to run reports in quick books online that will tell her whcih verdors provide the best prices on the pruducts she sells. what 2 vendor workflows will enable her to create reports with this data?
Answer:
The answer is below
Explanation:
QuickBooks online is widely known as a software tool often used for accounting or financial operations. It can be used to monitor income and expenses.
Therefore, in this case, the two (2) Vendor workflows that will enable her to create a report with his data are the following:
1. Create a bill with product/service items > pay bills
2. Create expense with product/service items
Increasing the promotional budget for a product in order to increase awareness is not advisable in the short run under which of the following circumstances? Select: 1Save Answer Production capacity is maxed out (200% plant utilization) and the company is stocking out of the product Accessibility is less than 80% Demand in the segment is increasing One or more competitor has increased price
Answer:
Increasing the promotional budget for a product in order to increase awareness is not advisable in the short run under which of the following circumstances?
Production capacity is maxed out (200% plant utilization) and the company is stocking out of the product.
Explanation:
Since the production capacity has been exceeded and the company is still running out of stock of the product, there will be no need to increase the promotional budget for the product in order to increase awareness, especially in the short-run. The implication of the scenario is that the demand for the product is far outstripping the supply and there is an apparent scarcity or shortage of the entity's product in the marketplace. Until production the capacity has been expanded, the promotional budget for product awareness can be stopped and saved.
Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next 8 years because the firm needs to plow back its earnings to fuel growth. The company will then pay a dividend of $16.50 per share 9 years from today and will increase the dividend by 5.75% per year thereafter. The required return on the stock is 13.75%. What is the price of the stock 8 years from today? What is the current share price?
Answer:
The price of the stock 8 years from today will be $206.25
The current price of the stock is $73.58
Explanation:
The constant growth model of DDM is used to calculate the price of a stock whose dividends are expected to grow at a constant rate. The DDM values a stock based on the present value of the expected future dividends from the stock. The formula for price today under this model is,
P0 = D1 / (r - g)
Where,
D1 is the dividend expected for the next period or D0 * (1+g)r is the required rate of returng is the constant growth rateTo calculate the price today, we use the dividend expected for the next year/period. Thus, to calculate the price at Year 8 or P8, we will use the dividend in Year 9 or D9.
P8 = D9 / (r - g)
P8 = 16.5 / (0.1375 - 0.0575)
P8 = $206.25
To calculate the current price of the stock, we will discount back the price at Year 8 to today. We will use the present value formula. The present value of an amount is,
PV = FV / (1+r)^n
Where,
FV is the future valuen is the number of years or periodr is the required rate of returnPV or P0 = 206.25 / (1+0.1375)^8
PV or price today = $73.58
Three groups that participate in the process of establishing gaap are users, preparers, and auditors. these groups are represented by various organizations. for each organization listed below, indicate which of these groups it primarily represents.a. securities and exchange commissionb. financial executives internationalc. american institute of certified public accountantsd. institute of management accountantse. association of investment management and research
Answer:
Find the answer below
Explanation:
A.securities and exchange commission. - SEC primarily represents USERS
b. Financial executives international - This primarily represents PREPARERS
c. American institute of certified public accountants - This primarily represents AUDITORS
d.Institute of management accountants - This primarily represents PREPARERS
e. Association of investment management and research -This primarily represents USERS
The common stock of Olmsted Repair sells for $47.92 a share. The stock is expected to pay $2.28 per share next year when the annual dividend is distributed. The company increases its dividends by 1.65 percent annually. What is the market rate of return on this stock
Answer:
64%
Explanation:
The common stock for Olmsted repair is sold at $47.92
The stock is expected to make a payment of $2.28 when the next annual dividend is distributed
The company increases its dividend by 1.65%
= 1.65/100
= 0.0165
Therefore, the market rate of return on the stock can be calculated as follows
= div/Po + g
= 2.28/47.92 + 0.0165
= 0.0475+ 0.0165
= 0.064
= 64%
Hence the market rate of return on the stock is 64%
If a customer values good A at $15, and it costs the firm $10 to produce, current profit per unit is
Answer:
5
Explanation:
15 - 10 = 5
The Marchetti Soup Company entered into the following transactions during the month of June:_________.
(a) purchased inventory on account for $245,000 (assume Marchetti uses a perpetual inventory system);
(b) paid $60,000 in salaries to employees for work performed during the month;
(c) sold merchandise that cost $160,000 to credit customers for $300,000;
(d) collected $280,000 in cash from credit customers; and
(e) paid suppliers of inventory $225,000.
Prepare journal entries for each of the above transactions. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
1. Purchased inventory on account for $245,000 (assume Marchetti uses a perpetual inventory system)
2. Paid $60,000 in salaries to employees for work performed during the month
3. Sold merchandise to customers for $300,000
4. Merchandise that was sold cost $160,000
5.Collected $280,000 in cash from credit customers
6.Paid suppliers of inventory $225,000
Answer: Please find answers in the explanation column
Explanation:
a.) journal entry to record purchase of inventory on account by the company
Date Accounts Debit Credit
June Inventory $245,000
Accounts payable $245,000
b.) journal entry to record for the payment of salaries to the employees
Date Accounts Debit Credit
June Salaries and wages expenses $60,000
Cash $60,000
c1.) journal entry to record the sale of merchandise to customers
Date Accounts Debit Credit
June Cash $300,000
Sales Revenue $300,000
c2.) journal entry to record the cost involved in the sale of merchandise to customers
Date Accounts Debit Credit
June Cost of goods sold $160,000
inventory $160,000
d.) journal entry to record the cash collected from the customers
Date Accounts Debit Credit
June Cash $280,000
Account receivable $280,000
e.) journal entry to record the payment of cash to the suppliers of inventory
Date Accounts Debit Credit
June Account payable $225,000
Cash $225,000
The Marchetti Soup Company entered into the transactions during the month of June and we can make journal entries for the transaction.
1- Purchased inventory on account for $160,000 (assume Marchetti uses a perpetual inventory system)
Dr, Inventory a/c $160,000 - - --
Cr, Accounts Payable a/c - - $160,000
2 - Paid $43,000 in salaries to employees for work performed during the month
Dr, Salaries a/c $43,000 - - --
Cr, Cash a/c - - $43,000
3 - Sold merchandise to credit customers for $215,000
Dr, Accounts Receivable a/c $215,000 - - --
Cr, Sales a/c - - $215,000
4 - Merchandise that was sold cost $126,000
Dr, Cost of Goods sold a/c $126,000 - - --
Cr, Inventory a/c - - $126,000
5 - Collected $195,000 in cash from credit customers
Dr, Cash a/c $195,000 - - --
Cr, Accounts receivable - - $195,000
6 - Paid suppliers of inventory $140,000
Dr, Accounts Payable a/c $140,000 - - --
Cr Cash a/c - - $140,000
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How do you plan to use financial statements in your projected financial statement analysis? Provide rationale for your approach.
Answer:
The financial statement provides the "raw materials" with which the financial performance of an organisation may be analysed.
The financials ratios not only monitor financial performance, but it also speaks to the quality of performance and serves as a basis to compare one period against the other.
The cashflows help to create a picture of the project's liquidity in each of the forecasted periods.
The Income statement helps to gauge the quality of the earnings per period and the balance sheet shows the economic position of the firm at the time under observation.
Cheers!
What are the two types of memory on a computer? *
Answer:
The two types of memory on a computer are 1)Read only memory (ROM) 2)Random access memory (RAM)
There are two types of memories in a computer which are present so that the data can be stored. They are:
Read only memory (ROM)
Random access memory (RAM)
What is the memory of the computer?Just like a human mind, a computer also has memory. When a human loses memory, they are used as memory so that they can keep the data in their mind as a record and use it whenever they want to use it by recording it.
Just like this, in the case of a computer, memory is the term that is used to keep the data safe. It is not possible for each and everyone to remember all the things for their whole lifetime.
In the case of a computer, there are two types of memory: ROM and RAM. According to their names, these are the memories that work and record the data and keep the data safely.
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Liam lives in a hostel where they have pizza every Tuesday night. To make it seem like a special occasion, the tables are covered with dark red tablecloths. Unfortunately, Liam vomited one Tuesday night after eating pizza. Now, whenever he sees a dark red tablecloth, he feels sick. What is the conditioned stimulus?
Here are the options:
a. Vomiting
b. Dark red tablecloth
c. Feeling sick
d. Pizza
Answer:
b. Dark red tablecloth
Explanation:
The conditioned stimulus is a previously neutral object (dark red tablecloth), which after becoming associated with the unconditioned stimulus (the pizza), then triggers a conditioned response (feels sick).
Liam's eventual association with the dark red tablecloth became on that special occasion when they ate pizza, which unfortunately made him feels sick.
In the Flying Tigers case study from lesson two, General Chennault established an organization in which reward pay was contingent on performance based standards. What best describes the kind of goal setting and pursuit strategy represented in this case study?
Answer: General Chennault established specific and measurable goals for the pilot.
Explanation:
From the question, we are informed that in Flying Tigers case study from lesson two, General Chennault established an organization in which reward pay was contingent on performance based standards.
The kind of goal setting and pursuit strategy represented in this case study show that General Chennault established specific and measurable goals for the pilot. The pilots know what to do in order for them to get rewarded.
une 1, Year 1 Oxian Corp. receives $24,000 from a customer for work to be performed evenly over the next 2 years. What is the amount of revenue that Oxian should recognize on the December 31 income statement for Year 1
Answer:
$12,000
Explanation:
It is important to remember that revenue is recognized when entity transfers control of a good or a service.
It is also important to remember that revenue can be recognized at a point in time or over time. In our scenario revenue is recognized over time that is over a period of 2 years.
By 31 December, Year 1, using the output method, 1 years work would have been completed and that is the revenue that will be recognized.
Thus recognize (1/2 × $24,000) $12,000 for 1 year`s work completed and transferred to customer over time.
Answer:
$6,000
Explanation:
journal entry to record deferred revenue:
June 1, year 1, deferred revenue received from customer X
Dr Cash 24,000
Cr Deferred revenue 24,000
the adjustment entry made to recognize revenue:
December 31, year 1, accrued revenue
Dr Deferred revenue 6,000
Cr Service revenue 6,000
Accrued revenue = ($24,000/24 months) x 6 months = $6,000
A registered representative solicits a new customer to purchase a "penny stock." Prior to effecting the transaction, which procedure is required
Answer: StatusB B. Have the customer sign a statement that he understands the risks involved prior to executing the order
Explanation:
The options to the question are:
StatusA A. Send a prospectus to the customer
StatusB B. Have the customer sign a statement that he understands the risks involved prior to executing the order
StatusC C. Have the branch manager approve the order and then fill the customer's order in the same manner as with any other security
StatusD D. Send the customer a Subscription Agreement to be signed before filling the order.
The correct answer is StatusB B. Have the customer sign a statement that he understands the risks involved prior to executing the order.
Under the penny stock rule of the Securities exchange commission, when a new customer is being solicited by a registered representative to purchase an over-the-counter stock non-NASDAQ, a detailed statement must be completed by the registered representative on behalf of the customer.
Suppose a firm faces an identical inverse demand curve of pequals 140minusq for each consumer in the market. Currently, the firm's average cost equals marginal cost equals $40 . Determine the profit-maximizing price and identical lump-sum fee to charge with a two-part tariff LOADING... . The profit-maximizing price to charge is $40 . (Enter a numeric response using a real number rounded to two decimal places.) The profit-maximizing lump-sup fee to charge is $70 . (Enter a numeric response rounded to the n.
Complete Question:
Suppose a firm faces an identical inverse demand curve of P= 140-Q for each consumer in the market. Currently, the firm's average cost = marginal cost = $40.
Determine the profit-maximizing price and identical lump-sum fee to charge with a two-part tariff
The profit-maximizing price to charge is $ ____?
Identical lump- sum fee ___?
Answer:
Price is $40
Identical lump- sum fee is 5000.
Explanation:
Here
P = 140 - Q
This means
Maximum price the customer is willing to pay is $140
Average Cost = Marginal Cost = $40
This will be the price the firm will charge in two part tariff. Hence,
Price per Unit = $40 per Unit
By putting the above values, we have:
40 = 140 - Q
Q = 140 - 40
Q = 100 Units
Now, the consumer surplus can be calculated using the following formula:
Consumer Surplus = 1/2 * (Max. Price that the customer is willing to pay - Market Price) * Quantity
Consumer Surplus = 1/2 * ($140 - $40) * 100 Units = 5000
What is one characteristic of a clear goal? A. It's unique. B. It's imaginative. C. It's measurable. D. It's flexible.
Answer:
B!
Explanation:
IT IS B OR C
Answer: C It's measurable
Explanation:
Complete the following sentence: If people think that the price of televisions will decrease in the near future, that belief may cause a(n)
Answer:
Decrease in the demand for televisions today
Explanation:
Given that, people have the tendency to buy things cheaply and following the demand rules, which state that the higher the price of a commodity the lower the quantity demanded, and the lower the price of a commodity, the higher the quantity demanded.
Therefore, there will be a decrease in the demand for televisions today simply because people or individuals will probably want to purchase television at that future period, in order to purchase at a lower cost or cheaper rates.
Hence, the right answer to this question is "Decrease in the demand for televisions today."
Andy views beer and pizza as complements to one another. If the price of pizza decreases, economists would expect:
Answer:
Andy's demand of beer would increase
Explanation:
Complementary goods are goods that are consumed together e.g. bread and jam
If the price of a good increases, the demand of the complementary good decreases and if the price of a good decreases, the demand for the complementary good increases
The decrease in the price of pizza would increase the quantity demanded of pizza and increase the demand for beer
If Andy views beer and pizza as complements to one another, economists would generally expect the following in response to a decrease in the price of pizza.
When the price of pizza decreases, it becomes relatively cheaper compared to beer. As a result, consumers like Andy may be more inclined to purchase pizza, which can lead to an increase in the demand for pizza.
However, since beer and pizza are complements, the increase in pizza consumption would likely lead to a higher demand for beer as well. Andy may choose to buy more beer to enjoy alongside the now more affordable pizza.
Therefore, economists would expect that a decrease in the price of pizza would be associated with an increase in the demand for beer, as they are viewed as complementary goods by Andy.
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Magnus Industries has the following data:
Beginning raw materials inventory $75,000
Materials purchased 40,000
Ending raw materials inventory 60,000
Calculate the cost of raw materials used.
Answer:
$55,000
Explanation:
Beginning raw material $75,000
Add: Purchases $40,000
Less: Ending raw material inventory $(60,000)
Raw material used $55,000
To make the most efficient use of manpower and equipment, what form of production should a company use
Answer:
Level form of production
Explanation:
The options available are "a. On demand, b. Level, c. Variable, d.None of the above"
Level form of production uses manpower and equipment in the most efficient manner. It maintains a steady employment level and production rate. It may raise or lower the inventory levels based on the anticipated demand. It anticipates the demand and set itself accordingly to maintain the efficient use of manpower and equipment.
Professor Quark opens his own company, Electronic Tutorial Services, and completes the following transactions in June:
6/1 Quark invests $12,000 into the business.
6/3 Purchased $1,800 of equipment on account.
6/4 Paid $360 for a two-year insurance policy.
6/6 Purchased office supplies for cash, $300.
6/9 Purchased a new computer for $7,500. Paid $1,500 cash agreed to pay the remainder in 30 days.
6/10 Billed student Fiona Smith $40 for tutorial services that were performed.
6/14 Paid for the equipment purchased on June 3rd.
6/25 Received $35 cash from student Bert Bantrum for tutorial services performed.
6/30 Student billed on June 10 pays the amount due to Quark.
6/30 Quark withdraws $500 for personal use.
Required: Prepare the journal entries to record these transactions. How much cash did Professor Quark have at the end of June?
Answer:
Required 1 : Journal Entries
6/1
Cash $12,000 (debit)
Capital $12,000 (credit)
6/3
Equipment $1,800 (debit)
Accounts Payable $1,800 (credit)
6/4
Insurance Prepaid $360 (debit)
Cash $360 (credit)
6/6
Office Supplies $300 (debit)
Cash $300 (credit)
6/9
Computer $7,500 (debit)
Cash $1,500 (credit)
Account Payable $6,000 (credit)
6/10
Trade Receivable : Fiona Smith $40 (debit)
Service Revenue $40 (credit)
6/14
Accounts Payable $1,800 (debit)
Cash $1,800 (credit)
6/25
Cash $35 (debit)
Service Revenue $35 (credit)
6/30
Cash (debit)
Trade Receivable : Fiona Smith $40 (credit)
6/30
Drawings $500 (debit)
Cash $500 (credit)
Required 2
Professor Quark have $7,615 at the end of June in his Cash Account
Explanation:
For determination of cash on hand at end of June, prepare a Cash Book.
Cash Book - Cash Columns Only
Debit :
Capital $12,000
Trade Receivable : Fiona Smith $40
Service Revenue $35
Totals $12,075
Credit :
Insurance Prepaid $360
Office Supplies $300
Computer $1,500
Accounts Payable $1,800
Drawings $500
Balance c/d (Balancing figure) $7,615
Totals $12,075
a. The journal entries to record the transactions in Electronic Tutorial Services are as follows:
6/1 Debit Cash $12,000
Credit Capital, Quark $12,000
To record the investment of cash in the business.6/3 Debit Equipment $1,800
Credit Accounts Payable $1,800
To record the purchase of equipment on account.6/4 Debit Prepaid Insurance $360
Credit Cash $360
To record the prepayment of insurance premium for two years.6/6 Debit Office supplies $300
Credit Cash $300
To record the payment for office supplies.6/9 Debit Computer $7,500
Credit Cash $1,500
Credit Accounts Payable $6,000
To record the purchase of computer.6/10 Debit Accounts Receivable (Fiona Smith) $40
Credit Service Revenue $40
To record the service rendered on account.6/14 Debit Accounts Payable $1,800
Credit Cash $1,800
To record the payment for equipment purchase.6/25 Debit Cash $35
Credit Service Revenue $35
To record the receipt of cash for services rendered.6/30 Debit Cash $40
Credit Accounts Receivable (Fiona Smith) $40
To record the receipt of cash on account.6/30 Debit Drawings, Quark $500
Credit Cash $500
To record the withdrawal of cash for personal use.Data Analysis:
6/1 Cash $12,000 Capital, Quark $12,000
6/3 Equipment $1,800 Accounts Payable $1,800
6/4 Prepaid Insurance $360 Cash $360
6/6 Office supplies $300 Cash $300
6/9 Computer $7,500 Cash $1,500 Accounts Payable $6,000
6/10 Accounts Receivable (Fiona Smith) $40 Service Revenue $40
6/14 Accounts Payable $1,800 Cash $1,800
6/25 Cash $35 Service Revenue $35
6/30 Cash $40 Accounts Receivable (Fiona Smith) $40
6/30 Drawings, Quark $500 Cash $500
Learn more: https://brainly.com/question/23794037
Glenville Company has the following information for April: Cost of direct materials used in production $38,000 Direct labor 51,000 Factory overhead 37,000 Work in process inventory, April 1 24,000 Work in process inventory, April 30 29,000 Finished goods inventory, April 1 23,000 Finished goods inventory, April 30 17,000 a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured.
Answer:
cost of goods manufactured= $121,000
Explanation:
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 24,000 + 38,000 + 51,000 + 37,000 - 29,000
cost of goods manufactured= $121,000