The entry to record the purchase using the gross method of recording purchases and a perpetual inventory system would be: Debit: Inventory $1,200 Credit: Accounts Payable $1,200
To record the purchase of $1,200 with terms of 3/10, n/30 using the gross method of recording purchases and a perpetual inventory system, the following entry would be made:
Debit: Inventory $1,200
Credit: Accounts Payable $1,200
In the gross method, purchases are recorded at their full amount. The Inventory account is debited to increase the inventory balance, representing the increase in assets. The Accounts Payable account is credited to reflect the increase in the amount owed to the supplier.
The terms 3/10, n/30 indicate that if the company pays within 10 days, they are eligible for a 3% discount. Otherwise, the full amount is due within 30 days. However, the entry to record the purchase does not include the discount. If the company pays within the discount period, a separate entry would be made to reflect the payment and discount taken.
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an e-book reader in singapore costs 200 singaporean dollars. in the u.s. it costs 100 us dollars. what is the nominal exchange rate if purchasing-power parity holds?
The nominal exchange rate between the SGD and USD that would reflect PPP cannot be determined without additional information, such as the cost of a basket of goods and services in each country. However, we can infer that the SGD is currently overvalued relative to the USD based on the cost of the e-book reader.
Purchasing-power parity holds when the exchange rate between two currencies is such that the same basket of goods and services would cost the same amount in each country. In other words, PPP suggests that the exchange rate should reflect the relative purchasing power of the two currencies. To apply PPP to our example, we need to compare the cost of an e-book reader in Singapore and the US.
We know that the reader costs 200 SGD in Singapore and 100 USD in the US. To make a fair comparison, we need to convert these prices to a common currency. Let's convert the SGD price to USD using the current exchange rate of 1 SGD = 0.73 USD (as of September 2021).
200 SGD * 0.73 USD/SGD = 146 USD
Now we can see that the e-book reader costs more in Singapore than in the US (146 USD vs. 100 USD). This suggests that the SGD is overvalued relative to the USD, meaning that it has a higher purchasing power than the USD. To bring the exchange rate in line with PPP, the SGD would need to depreciate against the USD until the cost of the e-book reader is the same in both countries.
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T/F : Pull factors are those that pull a firm into foreign markets as a result of opportunities available there.
True. Pull factors refer to the opportunities and benefits that attract firms to enter foreign markets, such as access to new customers, lower production costs, and technological advancements.
These factors can create a competitive advantage for the firm and help them expand their operations and increase profits. And the push factors are those that force a firm to seek new markets due to domestic market saturation, intense competition etc. It is important for firms to carefully evaluate both push and pull factors before entering foreign markets to ensure a successful expansion strategy.
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1) Robolane Incorporated manufactures and distributes small robotic toys. Because most of its orders are via telephone or fax, numerous orders have to be reworked. The average cost of the reworked orders is $12.45: $5 for labor, $5.15 for more materials, and $2.30 for overhead. This ratio of costs holds for the average original order. On a recent day, the shop reworked 80 orders out of 800. The original cost of the 80 orders totaled $2,000. The average cost of all orders is $26.245, including rework, with an average selling price of $35. Required: Prepare the necessary journal entry to record the rework for the day if the shop charges such activities to Robo Department Overhead Control. Prepare journal entries to record all relevant rework charges as well as to transfer the reworked items finished goods to Finished Goods Inventory.
Answer:
Following are the Journal entries to the given question:
Explanation:
Accounts Dr Cr
Robo Department Overhead Control 996
Materials Control \((80 \times 5.15) \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 412\)
Wages Payable \((80\times 5)\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 400\)
Shop overhead control\((80\times 2.30) \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 184\)
Finished Goods \(2000\)
Work in process control \(2000\)
Write a brief note on Axioms of interpersonal communication with example of real life business communication.
Answer:
axiom shows that everything one does is a message: "Activity or inactivity, words or silence all have message value: they influence others and these others, in turn, cannot not respond to these communications and are thus themselves communicating" (Watzlawick, Beavin, and Jackson, 1967, p. 1). This is true only however if the parties are "in the presence of another" (Watzlawick & Beavin, 1967, p. 4). This can cause problems in the relationship system though. For example, if one doesn’t want to communicate and inadvertently communicates this fact it may anger the other party. The appreciation for people who behave emotionally reserved verses who express their thoughts and feelings freely, may differ considerately between cultures. Insensitivity to these differences or the signals that people send, may hinder or undermine a smooth acculturation process considerately
Explanation:
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[Word limit: 300 words] In your own words but using concepts from this subject explain why a risk averse agent who makes decisions according to expected utility theory might purchase insurance but not a lottery ticket.
Expected Utility Theory is a method for decision-making under uncertainty, which proposes that people make decisions based on the expected utility of each possible outcome.
Utility is the satisfaction or pleasure people get from consuming a good or service. This satisfaction is subjective and varies from individual to individual.
Risk aversion is a tendency to prefer a certain outcome to an uncertain outcome with the same expected value. Risk-averse agents place a higher value on avoiding losses than on acquiring gains of the same magnitude. They are willing to pay a premium to avoid taking risks.
An insurance policy is a contract in which an individual pays a premium to an insurance company in exchange for protection against losses from certain risks. Insurance policies provide a way to transfer risk from an individual to a company, which has a larger pool of resources to cover potential losses.
Lotteries are games of chance in which participants pay a small amount of money for a chance to win a much larger prize. The odds of winning the lottery are very low, and most people who play the lottery end up losing money.
A risk-averse agent who makes decisions according to Expected Utility Theory might purchase insurance but not a lottery ticket because of the difference in expected utility between the two options.
When purchasing insurance, the agent knows that they will pay a premium upfront, but they will be protected against a specific risk. The expected utility of purchasing insurance is higher than the expected utility of not purchasing insurance, as the agent will have peace of mind knowing that they are protected against the risk.
On the other hand, when purchasing a lottery ticket, the agent knows that they have a very low chance of winning the prize, and they are likely to lose the money they spent on the ticket. The expected utility of purchasing a lottery ticket is lower than the expected utility of not purchasing a lottery ticket, as the agent is likely to experience disappointment and regret if they do not win the prize.
In conclusion, a risk-averse agent who makes decisions according to Expected Utility Theory might purchase insurance but not a lottery ticket because the expected utility of purchasing insurance is higher than the expected utility of purchasing a lottery ticket.
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What is the difference between a multinational corporation (MNC) and an international business? A. The international business has been in existence longer than the multi-national firm B. There is no difference C. The international business has sites in a larger number of countries. D. For the multinational firm, the business done outside the country is especially significant
As a result, D is the best option. The key contrast between an MNC and an international organization is that an MNC conducts a significant portion of its operations outside of its home country.
In general, international business involves both domestic and foreign countries.
A. This is an incorrect statement because there is no guarantee that either type of firm will continue to exist. Option A is the incorrect choice due to this erroneous difference.
B. This statement is incorrect since multinational corporations and global enterprises are not the same things. There are various distinctions between them. As a result, option B is inappropriate.
C. Option C is false because both types of organizations have a global reach and locations in multiple countries. This option is erroneous because it represents an invalid difference.
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Chance had a great interview with the accounting firm that he is hoping to join. What might be a smart thing for Chance to do after the interview is complete?
A.) post on social media that he got the job
B.) send a brief thank you note to the interviewer
C.)take out a loan on a new sports car
D.)wait for the company to call him back
Answer:
y to contact him first about the job opportunity.
B) send a brief thank you note to the interviewer. This is a great way for Chance to show his appreciation for the opportunity and leave a positive impression. It also keeps his name in the mind of the interviewer and shows that he is proactive and courteous. Posting on social media or taking out a loan for a new sports car are not relevant to the interview process and could potentially be seen as unprofessional or irresponsible. Waiting for the company to contact him first could also make him appear disinterested or passive.
Answer:
the answer is D.)
Explanation: That is the only answer that actually makes sense
A supermarket building was purchased for $567,000. The down payment was 12%. The balance was financed at 7.97% for 25 years. Find the montly payment is
The monthly payment for the supermarket building is approximately $3,667.63. To find the monthly payment for a supermarket building, the following formula: Monthly payment = P[r(1+r)^n/((1+r)^n)-1)]
we will need to make use of the following formula: Monthly payment = P[r(1+r)^n/((1+r)^n)-1)]
where P = the principal,
r = the interest rate per month, and
n = the total number of months.
We will calculate the values of P, r, and n using the information provided in the problem statement:
Down payment = 12% of $567,000 = 0.12 × $567,000 = $68,040
Principal = $567,000 − $68,040 = $498,960
Interest rate per year = 7.97%
Number of years = 25Number of months = 25 × 12 = 300To convert the interest rate per year to the interest rate per month, we will divide by 12:
Interest rate per month = 7.97% ÷ 12 = 0.6642% Plugging in these values into the formula, we get:
Monthly payment = $498,960[0.006642(1+0.006642)^300/((1+0.006642)^300−1)]
Monthly payment = $3,667.63.
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The following is a schedule of the projected unit sales of Western Company, which manufactures casual wear. Each unit sells for $25 The company began the period with a beginning accounts receivable balance of $10,000. Choose the correct answer from the options provided. Quarter First Second Third Fourth Year 1,500 1,300 1,400 1,300 5, 500 Budgeted unit sales Percentage of sales collected in the quarter of the sale Percentage of sales collected in the quarter after the sale 753 25% Knowledge Check 01 What is the amount of budgeted sales revenue for the fourth quarter? O $32,500 O $33.750 O $35,000 O $37,500 Knowledge Check 02 What is the amount of cash that is expected to be collected during the second quarter as a result of sales made during the first quarter? O $8,125 O $8,750 O $9,375 O $28,125 Knowledge Check 03 What is the total amount of expected cash collections for the third quarter? O $33.125 O $33.750 O $34,375 O $38,125
Knowledge Check 1: $37,500. This is calculated by multiplying the budgeted unit sales for the fourth quarter (1,300) by the unit sale price ($25).
What is sale?Sale is the exchange of goods, services, or assets from one person or entity to another in return for money or something else of value. A sale is usually a voluntary agreement between two parties to exchange goods or services for payment. In business, a sale is an agreement between a buyer and a seller to exchange goods and services for a price. In retail, a sale is the process of offering goods and services at discounted prices in order to attract more customers.
Knowledge Check 2: $8,750. This is calculated by multiplying the percentage of sales collected in the quarter after the sale (25%) by the budgeted unit sales for the first quarter (1,500) and the unit sale price ($25).
Knowledge Check 3: $34,375. This is calculated by multiplying the percentage of sales collected in the quarter of the sale (75%) by the budgeted unit sales for the third quarter (1,400) and the unit sale price ($25) and adding it to the amount of cash that is expected to be collected during the second quarter as a result of sales made during the first quarter ($8,750).
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Cowboy Company's sales employees earn a total of $60,000 per month and are paid on the last working day of the month. Each employee's wages are subject to FICA Social Security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal income tax of 12% and monthly medical insurance premiums of $3,300 for the employees. The employer payroll taxes for Cowboy Company include FICA taxes, federal unemployment taxes of 0.6% of the first $7,000 paid each employee, and state unemployment taxes of 5.4% of the first $7,000 paid to each employee. Prepare the journal entry to record the employer's payroll taxes at January 31 for Cowboy Company. (Assume that none of the employees have reached the unemployment limit of $7,000.) Prepare the journal entry to record the employer's payroll taxes at January 31 for Cowboy Company. (Assume that none of the employees have reached the unemployment limit of $7,000.)
The journal entry to record the employer's payroll taxes at January 31 for Cowboy Company is given below.
How to depict the journal entryDate: January 31, 2023
Record the FICA Social Security taxes:
Debit: Payroll tax expense (an expense account)
Credit: FICA Social Security taxes payable (a liability account)
Record the Medicare taxes:
Debit: Payroll tax expense (an expense account)
Credit: Medicare taxes payable (a liability account)
Record the federal unemployment taxes:
Debit: Payroll tax expense (an expense account)
Credit: Federal unemployment taxes payable (a liability account)
Record the state unemployment taxes:
Debit: Payroll tax expense (an expense account)
Credit: State unemployment taxes payable (a liability account)
Once you have the specific amounts for each tax, you can determine the debit and credit values for the journal entries.
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what is the business hook
Answer:
A business hook is a jingle design to entice a costumer to purchase a product or sign up for a service. Some hooks are also designed to arouse interest in a product or service and elicit further interaction between the customer and the company.
Which of the following general journal entries shows the proper recording of an impairment loss of $15,000 for goodwill?Impairment loss 15,000 Goodwill 15,000Goodwill 15,000 Impairment loss 15,000Retained earnings 15,000 Goodwill 15,000Depletion expense 15,000 Allowance for impairment 15,000
The following general journal entries shows the proper recording of an impairment loss of $15,000 for goodwill is as follows option A:
Impairment loss 15,000 Goodwill 15,000
How does one record general journal entries?Each journal entry includes the date, the amount of the debit and credit, the titles of the accounts being debited and credited with the title of the credited account being indented, and also a brief narration of why the journal entry is being recorded. The debit first at the left at the debit side while the credit side at the right side.
Therefore, the correct answer is as given above
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Productivity, dependability, and responsibility are examples of skills that managers look for when determining who to promote within a company. Evaluate these three skills and another one or two that you come up with and explain how each skill could be helpful for an employee looking to get a promotion.
A dependable employee is an incredible asset to a company, as they make great coworkers, can be trusted to do their jobs. Productivity and responsibility are important aspects for the promotion.
What is a dependable employee?A dependable employee is a fantastic addition to a company because they make excellent teammates, can be trusted to execute their tasks without micromanagement, and empower others to accomplish their jobs effectively. As a result, being recognized as a dependable employee can help you stand out as an attractive prospect.
Every organization wants a productive employee who is responsible for the success of the organization as well as for his personal gains.
Being reliable implies doing what you say you'll do, when you say you'll do it. A reliable individual fosters trust by keeping himself/herself accountable and, if they lead others, their team members accountable as well.
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How should you dress for a phone interview? (Site 1)
online content
Answer:
You should at least have a nice top on because only the camera will see that. If you are a girl you could just wear a dress, probably a black one because that is what I wore to my interview yesterday because there is no pattern or anything it's just a plain black one, but that was in person. if you're a guy you need to wear a suit and tie,but you could probably just wear shorts because they won't see the bottom half of you
Explanation:
I hope this helps out a little bit :-)
An interview is a formal process by which an employee is assessed for his/her performance by the employer.
For a phone interview, one should be dressed properly as the interviewer can see you through the camera.
For a girl, you should be dressed nicely and no revealing or extra shiny clothes should be wore.
In the case of a man, one should be properly dressed in suits or formal shirts.
Try to wear dark black or blue coloured clothes and sit in a properly lighted area.
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Seal Polymer Industries (SPI) sold two freight containers of latex gloves to Med-Express, Inc., a company based in North Carolina. When Med-Express failed to pay the $104,000 owed for the gloves, Seal Polymer sued in an Illinois court and obtained a judgment against Med-Express. Med-Express argued that it did not have minimum contacts with Illinois and therefore the Illinois judgment based on personal jurisdiction was invalid. Med-Express stated that it was incorporated under North Carolina law, had its principal place of business in North Carolina, and therefore had no minimum contacts with Illinois. Can SPI sue Med-Express in an Illinois court? Why or why not? Which statute (rule) applies here? Be specific, as there is a right answer here.
Answer:
Can SPI sue Med-Express in an Illinois court? Why or why not? Which statute (rule) applies here?
Yes, SPI can sue Med-Express in an Illinois court due to the minimum contacts doctrine. This is an actual court case that the North Carolina Court of Appeals ruled in favor of SPI. The minimum contacts rule states that in order for a business to be sued in another jurisdiction it must have maintained minimum contacts with residents of that state. Minimum contacts may include making business with individuals or companies that reside in the other state, visiting the other state or incorporating in the other state. In this case, Med-Express made business with SPI, and SPI is a resident of Illinois.
Yes, Seal Polymer Industries (SPI) can sue Med-Express in an Illinois court under the condition of minimum contact rule, as Med-Express has traded with SPI earlier which is a minimum contact.
What was SPI and Med-Express case in Illinois courts?Med-Express purchased two freight containers of latex gloves from Seal polymer industries and did not paid the amount for that. SPI sued Med-Express, in the Illinois court and asked for the recovery of its money.
Seal polymer industries can sue Mid-Express in the Illinois courts itself under the minimum contact condition of Minimum contact doctrine as they have traded before.
Therefore, Yes, the Seal polymer industries can sue Mid-Express in the Illinois court under the minimum contact rule.
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Following are the different health signs in an animal. Which of these are the signs of good health in an animal?
I. bright eyes
II. membranes of the eyes are pink
III. rapid respiration
Answer:
I & II
Explanation:
plato:)
if your a real larry fan you can finsh this song
This aint no race but i still take first.....
finsh it
Answer:ooh idk
Explanation:
Answer:
first place.. take yo man just to shove it in yo face..
lolz i haven't listened to that in a while
Explanation:
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If you had a choice how much are you willing to pay per month to have access to and use the various social media platforms?
Answer: $10 per month
Explanation:
$10 would be an ideal amount for me to pay to have access to the various social media sites if the major sites are on offer.
I think this amount reasonable because I do not use social media all that much but I would still like access to a variety of them. I would essentially therefore, be paying for my reduced time on the net.
Some might say that the companies might not make a profit if they charge $10 a month but I think they will because they make most of their money from ads so it would be good for them to offer the lowest subscription prices so that they can capture more people which will appeal to advertisers.
what is true of the liability for loss or injury caused by the wrongful acts or omissions of the members of limited liability companies (llcs)?
The members of a Limited Liability Company have unlimited liability for any loss or injury caused by the wrongful acts or omissions of the firm.
What is a Limited Liability Company?A limited liability company (LLC) is a type of corporate entity that shields owners from being held accountable for the debts and losses of the company. Liability is taken on by the company rather than the partners or shareholders that make up the firm in the case of a lawsuit or business collapse.
In conclusion, an LLC is a type of business organization that combines limited liability with the pass-through taxation of a corporation with a partnership or sole proprietorship. According to state law, an LLC is not a corporation; rather, it is a type of firm that offers its owners limited liability in many jurisdictions.
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Which skills does Joseph demonstrate in this example? Joseph works as a school superintendent. He has realized that technological innovations are constantly changing the landscape of the education industry. He thus reads many books, magazines, articles, and blogs on the Internet to keep himself updated about such developments. As per this example, Joseph seems to possess good skills
When the survey results come back employees indicated that the lighting in the building was too low. They are 50 lights in the building. It will cost $50 to replace the light. The new lights are LED lights that are brighter and more efficient and last 10 years. It can save the company $350 per year in energy cost, plus make a brighter more productive work space making employees happier. How many years will it take for the new lights to pay for themselves? (round to the nearest year)
Answer: 7 years
Explanation:
There are 50 lights and it will cost $50 to replace each light.
Total replacement cost is therefore;
= $2,500
The company gets to save $350 per year if they use LED bulbs.
= 2,500/350
= 7.14 years
= 7 years
The number of years for the new lights to pay for themselves is 7 years.
The calculation is as follows:
There are 50 lights and it will cost $50 to replace each light.
Total replacement cost is
= $2,500
Now
The company gets to save $350 per year if they use LED bulbs.
= 2,500 ÷ 350
= 7.14 years
= 7 years
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Match the action needed to increase profits with the reason a business might fail.
Advertising the company to potential customers would match with_____.
a) finances
b) poor management
c) bad location
d) competition
15 POINTS AND BRAINLIEST GOES TO FIRST ANSWER ;)
Advertising the company to potential customers would match with competition .Thus the correct answer is option D.
What is advertising?The practice and techniques used to draw attention to a product or service are referred to as advertising. Advertising seeks to draw attention to a product or service by putting it in the spotlight. It is typically used to promote a specific product or service, but it has a wide range of applications, the most common being commercial advertising.
Through "branding," which associates a product name or image with certain qualities in the minds of consumers, commercial advertisements frequently seek to increase consumption of their products or services. Direct-response advertising, on the other hand, is intended to elicit an immediate sale.
Therefore, advertising helps to create a image of the company and increase its competitiveness.
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Determine the total annual FICA tax for an annual salary of $110,330. Use $106,800 for maximum taxable earnings. A. $822. 14 b. $844. 02 c. $8,221. 39 d. $8,440. 24
Based on the information given the total annual FICA tax for an annual salary is: c. $8,221.39.
FICA tax comprises of Social security tax and Medicare tax
Where:
Social security tax=6.2%
Medicare tax=1.45%
To determine the total annual FICA tax the social security tax of 6.2% will be taxed on maximum taxable earnings while the Medicare tax of 1.45% will be taxed on the annual salary.
Hence:
Social security tax=6.2%×$106,800
Social security tax=$6,621.6
Medicare tax=1.45%×$110,330
Medicare tax=$1,599.785
Total annual FICA tax=$6,621.6+$1,599.785
Total annual FICA tax=$8,221.385
Total annual FICA tax=$8,221.39 (Approximately)
Inconclusion the total annual FICA tax for an annual salary is: c. $8,221.39.
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A marketer is keeping track of the revenue generated by his campaign. He wants to
see a specified return-on-investment for his monthly ad spend.
Which type of automated bidding strategy will meet his needs?
An awareness-based bidding strategy
A conversion-focused bidding strategy
A revenue-focused bidding strategy
A consideration-focused bidding strategy
Answer:
C). A revenue-focused bidding strategy.
Explanation:
As per the details given in the question, 'a revenue-focused bidding strategy' will most likely assist the marketer in upkeeping his needs as his key focus is to discern a particular return on his investment that he made for the monthly ad spend made by him. This automated strategy of bidding will allow him to keep track of the revenue and escalate the return. Thus, option C is the correct answer.
Why do you think it is important to have a diverse number of careers to choose from? How would it affect our global economy if there were only one or two career clusters?
global goodness foods has two divisions of equal size: a snack food division and a beverage division. the company's cfo believes that stand-alone snack food companies typically have a wacc of 8%, while stand-alone beverage producers typically have a 12% wacc. he also believes that the snack food and beverage divisions have the same risk as their typical peers; consequently, the cfo estimates that the composite, or corporate, wacc is 10%. a consultant has suggested using an 8% hurdle rate for the snack food division and a 12% hurdle rate for the beverage division. however, the cfo disagrees, and he has assigned a 10% wacc to all projects in both divisions. which of the following statements is correct? a. the decision not to adjust for risk means, in effect, that it is favoring the snack food division. therefore, that division is likely to become a larger part of the consolidated company over time. b. the decision not to risk-adjust means that the company will accept too many projects in
The correct statement is "The decision not to adjust for risk means, in effect, that it is favoring the snack food division. Therefore, that division is likely to become a larger part of the consolidated company over time.". Option A is correct.
By assigning the same 10% WACC to both divisions, the CFO is not accounting for the differences in risk between snack food and beverage businesses. As a result, projects in the beverage division, which typically have a higher WACC, will appear more attractive than they actually are, leading to an increased acceptance of risky projects in that division.
On the other hand, the snack food division's projects, which typically have a lower WACC, will appear less attractive, causing potentially profitable opportunities to be overlooked. Over time, this imbalance will erode the company's intrinsic value.
Option A holds true.
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Marta is interviewing candidates for a position in the Human Resources department at her company. She is deciding who to interview by going through resumés and looking at the subject areas in which each candidate studied. Which four candidates would be the best choice for Marta to interview?
Answer:
C). Marisol, who studied communications and business
Explanation:
Marisol would be the best candidate to be interviewed for the position in the HR department as she has studies business and communications which is critical to ensure effective communication between the employee and the business. The HR professionals primarily function as the link between the two and help in maintaining healthy employee relations. They act as the leaders in the organization and with their efficient organization, decision-making, and management skills, they ensure the smooth functioning of the organization. Since Marisol has studied business and communications, she must possess these skills which would be the most suitable for the position. Hence, option C is the correct answer.
Answer:
B: Michelle, who studied communications and business
A credit union
Question 3 options:
is larger than most banks
promotes good spending habits among its members
will allow anyone to join
provides financial service at a higher cost than a bank
Answer: A credit union promotes good spending habits among its members.
The following are the trial balance ind the other information related to Perez Consulting Engineers. Perez Consulting Engineers Trial Balance December 31, 2020 Debit Credit Cash $29,500 Accounts Receivable 49,600 Allowance for Doubtful Accounts $750 Supplies 1,960 Prepaid Insurance 1,100 Equipment 25,000 Accumulated Depreciation-Equipment 6,250 Notes Payable 7,200 Common Stock 10,000 Retained Earnings 25,010 Service Revenue Rent Expense 9,750 Salaries and Wages Expense 30,500 Utilities Expenses 1,080 Office Expense 720 $149,210 $149. 210 1. Fees received in advance from clients $6,000, which were recorded as revenue. 2. Services performed for clients that were not recorded by December 31, $4,900. 3. Bad debt expense for the year is $1,430. 4. Insurance expired during the year $480. 5. Equipment is being depreciated at 10% per year. 6. Perez gave the bank a 90-day, 10% note for $7,200 on December 1, 2020. 7. Rent of the building is $750 per month. The rent for 2020 has been paid, as has that for January 2021, and recorded as Rent Expense. 8. Office salaries and wages earned but unpaid December 31, 2020, $2,510. Instructions:A. From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020. (Omit explanations). B. Prepare an income statement for 2020, a retained earnings statement, and a classified balance sheet. Perez paid a $17,000 cash dividend during the year (recorded in Retained Earnings)
The adjusting entries for Perez Consulting Engineers as of December 31, 2020, are as follows: Total Liabilities and Equity $102,880
1. To recognize unearned revenue:
Debit: Unearned Revenue $6,000
Credit: Service Revenue $6,000
2. To recognize services performed but not recorded:
Debit: Accounts Receivable $4,900
Credit: Service Revenue $4,900
3. To record bad debt expense:
Debit: Bad Debt Expense $1,430
Credit: Allowance for Doubtful Accounts $1,430
4. To recognize expired insurance:
Debit: Insurance Expense $480
Credit: Prepaid Insurance $480
5. To record depreciation expense:
Debit: Depreciation Expense - Equipment $2,500
Credit: Accumulated Depreciation - Equipment $2,500
(Calculation: $25,000 * 10% = $2,500)
6. To record the note payable:
Debit: Notes Payable $7,200
Credit: Cash $7,200
7. To recognize accrued rent expense:
Debit: Rent Expense $750
Credit: Accrued Rent Payable $750
8. To recognize accrued salaries and wages:
Debit: Salaries and Wages Expense $2,510
Credit: Salaries and Wages Payable $2,510
B. Financial Statements:
Income Statement for 2020:
Revenue:
Service Revenue $10,900 ([$6,000 + $4,900] - $1,430)
Expenses:
Rent Expense $9,750
Salaries and Wages Expense $30,500
Utilities Expenses $1,080
Office Expense $720
Depreciation Expense - Equipment $2,500
Insurance Expense $480
Bad Debt Expense $1,430
Total Expenses $46,460
Net Income $10,900 - $46,460 = (-$35,560) (Loss)
Retained Earnings Statement:
Retained Earnings, January 1, 2020 $25,010
Net Loss ($35,560)
Dividends ($17,000)
Retained Earnings, December 31, 2020 ($27,550)
Classified Balance Sheet (December 31, 2020):
Assets:
Cash $29,500
Accounts Receivable $54,500 ($49,600 + $4,900)
Less: Allowance for Doubtful Accounts ($750)
Supplies $1,960
Prepaid Insurance $620 ($1,100 - $480)
Equipment $25,000
Less: Accumulated Depreciation - Equipment ($8,750 [$6,250 + $2,500])
Total Assets $102,880
Liabilities:
Notes Payable $7,200
Accrued Rent Payable $750
Salaries and Wages Payable $2,510
Total Liabilities $10,460
Equity:
Common Stock $10,000
Retained Earnings ($27,550)
Total Equity ($17,550)
Total Liabilities and Equity $102,880
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Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy stores. It has a small service department that repairs customers’ trains for a fee. The company has been in business for five years. At the end of the previous year, the accounting records reflected total assets of $550,000 and total liabilities of $225,000. During the current year, the following summarized events occurred:
a. Issued additional shares of common stock for $90,000 cash.
b. Borrowed $137,000 cash from the bank and signed a 10-year note.
c. Built an addition on the buildings for $202,000 and paid cash to the contractor.
d. Purchased equipment for the new addition for $45,500, paying $4,550 in cash and signing a note for the balance due in two years.
e. Returned a $4,550 piece of equipment, from (d), because it proved to be defective; received a reduction of the notes payable.
f. Purchased a delivery truck (equipment) for $10,500; paid $7,350 cash and signed a two-year note for the remainder.
g. A stockholder sold $8,300 of his stock in Mallard Incorporated to his neighbor.
Required:
1. Complete the spreadsheet that follows. The first transaction is used as an example.
Assets = Liabilities + Stock holder's Equity
Cash Equipment Buildings Notes Payable Common Stock Retained Earnings
a.
b.
c.
d.
e.
f.
g.
End.
2. Based on beginning balances plus the completed spreadsheet, provide the Total assets, liabilities and stockholders' equity at the end of year.
3. As of the current year-end, has the financing for Ml's investment in assets primarily come from liabilities or stockholders' equity?
At the end of the year, the total assets amount to $382,000, the total liabilities amount to $357,450, and the stockholders' equity amounts to $24,550.
What informed the spreadsheet?Based on the information provided, let's complete the spreadsheet and calculate the total assets, liabilities, and stockholders' equity at the end of the year.
1. Complete the spreadsheet:
| | Assets | Liabilities | Stockh. Equity |
|---------|---------------|------------------|----------------------|
| Beg. Bal. | $550,000 | $225,000 | - |
| a. Comm Stock | +$90,000 | | +$90,000 |
| b. Notes Pay. | +$137,000 | +$137,000 | |
| c. Buildings | -$202,000 | | |
| d. Equipment | -$45,500 | | |
| e. Notes Pay. | | -$4,550 | |
| f. Equipment | -$10,500 | | |
| g. Comm. Stock | | | -$8,300 |
| End | | | |
2. Calculate the total assets, liabilities, and stockholders' equity at the end of the year:
Total assets = Beginning assets + (Sum of increases) - (Sum of decreases)
= $550,000 + $90,000 - $202,000 - $45,500 - $10,500
= $382,000
Total liabilities = Beginning liabilities + (Sum of increases) - (Sum of decreases)
= $225,000 + $137,000 - $4,550
= $357,450
Total stockholders' equity = Total assets - Total liabilities
= $382,000 - $357,450
= $24,550
Therefore, at the end of the year, the total assets amount to $382,000, the total liabilities amount to $357,450, and the stockholders' equity amounts to $24,550.
3. As of the current year-end, the financing for MI's investment in assets primarily came from liabilities ($357,450) rather than stockholders' equity ($24,550).
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