A duplex is scheduled to close on July 11. On the first of the month, the seller collected rent of $645 per unit. According to the contract for sale and purchase, the day of
closing belongs to the buyer. Calculate the proration and indicate how the entry appears on the Closing Disclosure.
OA) $416.13 credit to seller, $416.13 debit to buyer
B) $416.13 debit to seller, $873.87 credit to buyer
OC) $873.87 debit to seller, $873.87 credit to buyer.

Answers

Answer 1

C is what I got on this question right here

Related Questions

Match each CRM technique with its description
-RFM
-loyalty programs
-clickstream analysis

offers discounts or free items to customers
who keep coming back
calculates a customer's most recent visit,
the frequency of visits, and annual spending
discovers through data mining what customers
have in common to predict behavior
tracks every image, link, or object that
a customer clicks
clustering

Answers

A loyalty program is a type of marketing strategy that aims to keep customers coming back to a business or using its services.

What precisely is RFM examination (recency, recurrence, and money related)?

RFM analysis is a marketing strategy that uses a quantitative ranking and grouping of customers based on the recency, frequency, and monetary total of their most recent transactions to identify the best customers and carry out targeted marketing campaigns.

What levels of clickstream investigation are there?

Clickstream investigation, which is a kind of Web examination (see a different section), is the following and examination of site visits. Clickstream investigation ordinarily screens and measures site movement by using the Internet server log records, regardless of the way that there are different techniques for gathering this information.

Two levels of clickstream analysis are possible: traffic analysis and an examination of online businesses.

tracks each image, link, or object clicked by a customer- clickstream analysisgives away free or discounted items to repeat customers.- loyalty programsdetermines a customer's most recent visit, the number of visits, and the amount spent annually- RFMuses data mining to discover what customers- clustering

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1
(60 marks)
Question 1
The Advtech Group is a JSE listed company in South Africa. Advtech operates within the
education and recruitment industries in South Africa and the rest of Africa.
JSE 100 is an index on the Johannesburg Stock Exchange, Advtech is a constituent of
JSE 100 its weight in the index is given in table 1 above.
.1 Consider an investor with a portfolio consisting only of Advtech shares. The Treasury bill
rate in 2014 was 3.06% in South Africa. Using dividend yield as (returns). Calculate the
Sharpe ratio for Advtech.
(20 marks)
cabine for an investor whohout Adutech shares on 2 lanuary

Answers

Answer:

80 (mark)only answer this

a US company owns 80% of interest in a company located on Mars. Martian currency is called The Martian credit during the year the parent company sold inventory that had a cost of 24500 to the subsidiary on account for 28,500 when the exchange was 0.519 to the subsidiary still held one half of the inventory and had not paid the parent company for purchase at the end of the physical year. The unsettled account is denominated in dollars the exchange rate at the fiscal year and was 0.4994 compute the amounts that would be reported for inventory and accounts payable in the subsidiary translated balance sheet the entities functional currency is the Martian credit

Answers

The amounts reported for inventory and accounts payable on the subsidiary translated balance sheet are 18,619 Martian credits and 14,217 Martian credits, respectively.

A US-based company that has an 80% stake in a Martian company has to report the assets, liabilities, and equity of its subsidiary on its consolidated financial statements in US dollars. The Martian currency is known as the Martian credit. During the year, the parent company sold inventory with a cost of 24500 to the subsidiary on account for 28,500 when the exchange rate was 0.519 to the subsidiary.

One-half of the inventory still belongs to the subsidiary, and at the end of the physical year, the subsidiary had not paid for the purchase.The account that remained unpaid is denominated in dollars, and the exchange rate was 0.4994 at the end of the fiscal year.

The functional currency of the company is Martian credit, and the dollar amount of the balance sheet needs to be translated into the Martian currency. In order to calculate the inventory and accounts payable, we will use the current rate method. The first step in the calculation is to find the closing rate of the Martian credit to the US dollar.Exchange rate at the fiscal year-end: $1 = 0.4994

Martian creditThe amount reported for inventory on the subsidiary translated balance sheet can be calculated as follows:

Beginning inventory: 12,250 (since the subsidiary still holds one half of the inventory)

Cost of inventory sold to the subsidiary: 24,500

Closing rate of the Martian credit to the US dollar: 0.4994

Martian credit reported inventory = (12,250 + 24,500) × 0.4994 = 18,619

Martian credits The amount reported for accounts payable on the subsidiary translated balance sheet can be calculated as follows:

Beginning accounts payable: 0Amount owed to parent company: 28,500

Closing rate of the Martian credit to the US dollar: 0.4994

Martian credit reported accounts payable = (0 + 28,500) × 0.4994 = 14,217 Martian credits

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Discuss Basic elements of Organization structure?

Answers

Answer:

This answers may help you

Discuss Basic elements of Organization structure?

A manufacturer reports the information below for three recent years. Year 1 Year 2 Year 3 Variable costing income $ 124,000 $ 128,400 $ 132,950 Beginning finished goods inventory (units) 0 1,900 1,400 Ending finished goods inventory (units) 1,900 1,400 1,500 Fixed overhead per unit $ 3.90 $ 3.90 $ 3.90 Compute income for each of the three years using absorption costing. (Amounts to be deducted should be indicated by a minus sign.)

Answers

Based on the incomes and the values of the finished goods, the income for the past three years would be:

Year 1 = $131,410Year 2 = $126,450Year 3 = $133,340

Income in year 1

This can be found by the formula:
= Variable income + Ending finished cost - Beginning finished cost

= 124,000 + (1,900 units x 3.90 fixed overhead per unit) - 0

= $131,410

Income in year 2

= Variable income + Ending finished cost - Beginning finished cost

= 128,400 + (3.90 x 1,400) - (1,900x 3.90)

= $126,450

Income in year 3

= Variable income + Ending finished cost - Beginning finished cost

= 132,950 + (1,500 x 3.90) - ( 3.90 x 1,400)

= $133,340

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Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance.

COOKIE CREATIONS
Adjusted Trial Balance
December 31, 2021
Debit
Credit
Cash
$1,230
Accounts Receivable
910
Supplies
360
Prepaid Insurance
1,260
Equipment
1,200
Accumulated Depreciation—Equipment
$40
Accounts Payable
80
Salaries and Wages Payable
58
Interest Payable
15
Unearned Service Revenue
310
Notes Payable
2,100
Owner’s Capital
830
Owner’s Drawings
520
Service Revenue
4,623
Salaries and Wages Expense
1,046
Utilities Expense
130
Advertising Expense
170
Supplies Expense
1,065
Depreciation Expense
40
Insurance Expense
110
Interest Expense
15
$8,056
$8,056

Using the information in the adjusted trial balance, do the following.
(a1)
Prepare an income statement for the 2 months ended December 31, 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

COOKIE CREATIONS
Income Statement
choose the accounting period

select an opening name for section one
enter an income statement item
$enter a dollar amount
select an opening name for section two
enter an income statement item
$enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
select a closing name for section two
enter a total amount for section two
select a closing name for this statement
$enter a total net income or loss amount
eTextbook and MediaAssistance Used
eTextbook 1
eTextbook 2
List of Accounts
Attempts: 0 of 3 used
(a2)
(a3)
(b)
(c)

Answers

The income statement for the 2 months ended December 31, 2021 is $2,047.

Income statement

Revenue:

Service revenue (A) 4,623

Operating expenses:

Add: Salaries and wages expense 1,046

Add: Utilities expense 130

Add: Advertising expense 170

Add: Supplies expense 1,065

Add: Depreciation expense 40

Add: Insurance expense 110

Total operating expenses (B) 2,561

Operating income (C = A - B) 2,062

(4,623-2,561)

Less: Interest expense 15

Net income $2,047

Inconclusion the income statement for the 2 months ended December 31, 2021 is $2,047.

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You are renting a house, and the lease requires the landlord to fix any problems within 10 days. You inform the landlord that the kitchen sink is leaking. The landlord doesn’t fix the sink within 10 days. What has the landlord done?
a) She has participated in a consensus ad idem.
b) She has violated the terms and conditions of the lease.
c) She has offered a consideration.
d) She has lost her power of attorney over the lease.

Answers

Answer:

Explanation:

The landlord didn't fix the sink in the allotted in the lease thus violating the lease.

As the landlord rented a house and lease requires the landlord to fix any problems within 10 days. For the given case, the landlord has violated the terms and conditions of the lease.

What do you mean by the lease?

A lease refers to the contractual arrangement where the lessee pays the lessor for the use of an asset.

As the lease requires the landlord to fix any problems within 10 days. As the kitchen sink is leaking, it is not fixed by the landlord thereby, violated the terms and conditions of the lease.

Therefore, B is the correct option.

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Type the correct answer in the box. Spell all words correctly.
What is the repercussion of excessive tax withholding?
If you withhold excessive tax, you will receive a
when you file your taxes the following year.

Answers

The repercussion of excessive tax withholding is that the tax payable will remain unpaid.

What is excessive tax withholding?

A tax withholding means the amount of income tax that employer withholds from its employee's income to the payment of tax in government coffers in the employee's name

In conclusion, the repercussion of excessive tax withholding is that the tax payable will remain unpaid.

Answers

Answer:

Relevant and original content, Easy to navigate, Transparent about the client's business are the attributes that describe a good landing page experience. A good landing page experience means that users can quickly find the necessary information, and the provided materials are useful.

Explanation:

Business leaders will be more effective if they are first able to prevent

A.Necessary attrition

B.Poor Training

C.Wage increases

D.legal issues

Answers

C Wage Increased And D But mostly C

Business leaders will indeed be much more effective if they can prevent B. Poor Training.

Being an effective business leader.Need to be able to strategize effectively.Need to be supported by a good workforce.

If the employees are poorly trained , they will lack the requisite skills required to properly back up their leaders. If these leaders can therefore limit this poor training, they would be much more effective.

In conclusion, option B is correct.

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True or False: If you have enough money for it, marketing is something you can do to boost business a bit.

Answers

Answer: True

Explanation:

Marketing is one of the key elements for success in a modern business. A large number of companies spend huge amounts of money on marketing. The world's largest corporations have special departments in which a large number of people work in marketing. Therefore, investing in marketing is recommended if someone is trying to improve their own business,

Answer:

False.

Explanation:

I just did the quiz.

f the Federal Reserve sets the federal funds rate on the basis of inflation and the output gap, then the Federal Reserve is following:
Group of answer choices

money illusion.

inflation targeting.

the quantity theory.

Fed rule-of-thumb.

Answers

The Federal Reserve sets the federal funds rate on the basis of inflation and the output gap, then the Federal Reserve is following inflation targeting. Thus, option 'B' is the correct option.

How does the Federal Reserve respond to inflation?

The ability of the Fed to influence interest rates is its main instrument for managing inflation. Based on its observations of the state of the economy, the Fed may decide to raise or reduce the federal funds rate, which serves as its benchmark rate.

The 2% inflation goal was adopted in slightly different wording in Canada, the United Kingdom, Japan, and other countries throughout time, but it has now grown to be recognized as an international norm among central banks all over the world. There are several justifications for such an objective.

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Imagine that you are the manager of an aspiring multinational video conferencing company. What would not be a strategic reason for your company to expand outside your domestic market to improve its overall competitiveness

Answers

The option that would not be a strategic reason to expand outside your domestic market would be To Seek A Profit Sanctuary.

What is a profit sanctuary?

These are the areas that businesses are known to make the most of their money. It is where they accumulate the bulk of their wealth steadily.

The company woyld not be going out of their domestic market place for this reason.

Complete question:

Imagine That You Are The Manager Of An Aspiring Multinational Social Media Company. What Would Not Be A Strategic Reason For Your Company To Expand Outside Your Domestic Market To Improve Its Overall Competitiveness? A. To Seek A Profit Sanctuary B. To Develop Export Markets C. To Create A New Licensing Opportunities D. To Establish A Subsidiary In A Foreign.

Answers

Answer:

Apr. 1

Dr Cash 18000

Cr Common stock 18000

Apr. 1

No entry

Apr. 2

Dr Rent expense 900

Cr Cash 900

Apr. 3

Dr Supplies 1300

Cr Accounts payable 1300

Apr. 10

Dr Accounts receivable 1900

Cr Service revenue1900

Apr. 11

Dr Cash700

Cr Unearned service revenue700

Apr. 20

Dr Cash 2800

Cr Service revenue 2800

Apr. 30

Dr Salaries and wages expense 1500

Cr Cash1500

Apr. 30

Dr Accounts payable 300

Cr Cash300

Explanation:

Preparation of the journal entries

Apr. 1

Dr Cash 18000

Cr Common stock 18000

Apr. 1

No entry

Apr. 2

Dr Rent expense 900

Cr Cash 900

Apr. 3

Dr Supplies 1300

Cr Accounts payable 1300

Apr. 10

Dr Accounts receivable 1900

Cr Service revenue1900

Apr. 11

Dr Cash700

Cr Unearned service revenue700

Apr. 20

Dr Cash 2800

Cr Service revenue 2800

Apr. 30

Dr Salaries and wages expense 1500

Cr Cash1500

Apr. 30

Dr Accounts payable 300

Cr Cash300

Parker Company uses a job-order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year manufacturing overhead and direct labor-hours were estimated at $50,000 and 20,000 hours, respectively, for the year. In June, Job #461 was completed. Materials costs on the job totaled $4,000 and labor costs totaled $1,500 at $5 per hour. At the end of the year, it was determined that the company worked 24,000 direct labor-hours for the year and incurred $54,000 in actual manufacturing overhead costs. Required: a. Job #461 contained 100 units. Determine the unit product cost that would appear on the job cost sheet. b. Determine the underapplied or overapplied overhead for the year.

Answers

Answer:

Instructions are below.

Explanation:

First, we need to calculate the predetermined overhead rate:

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

Predetermined manufacturing overhead rate= (50,000/20,000)

Predetermined manufacturing overhead rate= $2.5 per direct labor hour

Now, we can determine the total cost and unitary cost of Job 461:

Direct labor hours= 1,500/5= 300

Total cost= 4,000 + 1,500 + 2.5*300= $6,250

Unitary cost= 6,250/100= $62.5

To calculate the under/over allocation, first, we allocate overhead for the whole company:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 2.5*24,000= $60,000

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 54,000 - 60,000

Under/over applied overhead= $6,000 overallocated

Randall Company manufactures chocolate bars. The following were among Randall's manufacturing costs during the current year: Wages Machine operators $ 400,000 Selling and administrative personnel $ 85,000 Materials used Lubricant for oiling machinery $ 35,000 Cocoa, sugar, and other raw materials $ 350,000 Packaging materials $ 290,000 Randall's direct materials amounted to:

Answers

Answer:

1160.000

Explanation:

suma los gastos

A significant deficiency: Question 44 options: Differs from a material weakness in that it involves internal control over operations rather than internal control over financial reporting. Involves an amount of discovered misstatements greater than the amount used as the planning measure of materiality. Is identical to a material weakness except that it need not be communicated to those responsible for oversight of the company's financial reporting. Is less severe than a material weakness.

Answers

Answer:

Is less severe than a material weakness

Explanation:

A significant deficiency refer to a single weakness or the weakness combination occurs in the internal control that are attached with the financial reporting. ALso it is less severe as compared with the material control weakness and yet it is enough for scrutiny for administering the financial reporting of an entity

So according to the given situation, the last option is correct

All of the following statements regarding the career agency distribution system are correct except

Answers

All of the aforementioned statements regarding the career agency distribution system are correct except: Personal producing general agents (PPGAs) are commonly hired to manage career agencies.

What is an agency?

An agency can be defined as the ability of an individual to identify valued goals, priorities and desired outcomes, so as to enhance the purposeful pursuit of those goals and desired outcomes proactively, efficiently and effectively.

What is a career agency distribution system?

A career agency distribution system can be defined as a type of distribution system that typically involves an insurance company making use of its own commissioned agents, in order to sell and deliver insurance policies.

In conclusion, a career agency distribution system is the most common system that is used for distributing individual life insurance products.

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Complete Question:

All of the following statements regarding the career agency distribution system are correct EXCEPT:

It uses agents who primarily if not exclusively represent one insurer.

Personal producing general agents (PPGAs) are commonly hired to manage career agencies.

There are two types, the general agency system and the managerial system.

The managerial form of career agency system uses company employees as the agency managers.

On January 1, Boston Enterprises issues bonds that have a $1,350,000 par value, mature in 20 years, and pay 8% interest semiannually on June 30 and December 31. The bonds are sold at par. 1. How much interest will Boston pay (in cash) to the bondholders every six months? 2. Prepare journal entries to record (a) the issuance of bonds on January 1, (b) the first interest payment on June 30, and (c) the second interest payment on December 31. 3. Prepare the journal entry for issuance assuming the bonds are issued at (a) 97 and (b) 103.

Answers

1. The amount of interest that Boston Enterprises will pay in cash to the bondholders every six months is $54,000 ($1,350,000 x 4%).

2. The preparation of the journal entries to record the following for Boston Enterprises is:

January 1:

Debit Cash $1,350,000

Credit Bonds Payable $1,350,000

To record the issuance of bonds at par for cash.

2. b) The first interest payment on June 30:

June 30:

Debit Interest Expense $54,000

Credit Cash $54,000

To record the first interest payment.

2. c) The second interest payment on December 31:

December 31:

Debit Interest Expense $54,000

Credit Cash $54,000

To record the first interest payment.

3) The preparation of the journal entry for the issuance of the bonds, assuming the bonds are issued at:

a) 97:

Debit Cash $1,309,500

Debit Bonds Discounts $40,500

Credit Bonds Payable $1,350,000

To record the issuance of bonds at par at a discount.

b) 103:

Debit Cash $1,390,500

Credit Bonds Payable $1,350,000

Credit Bonds Premium $40,500

To record the issuance of bonds at par at a premium.

Data and Calculations:

Bonds face value = $1,350,000

Maturity period = 20 years

Issuance date = January 1

Interest rate = 8%

Interest payment = semi-annually

Interest payment dates = June 30 and December 31

Transaction Analysis:

2. a) The issuance of the bonds on January 1:

Cash $1,350,000 Bonds Payable $1,350,000

2. b) The first interest payment on June 30:

Interest Expense $54,000 Cash $54,000

2. c) The second interest payment on December 31:

Interest Expense $54,000 Cash $54,000

3) The preparation of the journal entry for the issuance of the bonds, assuming the bonds are issued at:

a) 97:

Cash $1,309,500 Bonds Discounts $40,500 Bonds Payable $1,350,000

b) 103:

Cash $1,390,500 Bonds Payable $1,350,000 Bonds Premium $40,500

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why does location matter?

Answers

answer: you need to know where your at

help with the blank lol

Answers

What bank are u talking about

Life insurance that covers an insured’s whole life with level premiums paid over a limited time is called:

Answers

Limited-pay life !!!!!

The law in your state allows an employer to create an
enforceable agreement that restricts an employee's
postemployment activities as long as the restriction is
reasonable in terms of purpose, geographic area, and
duration. Your employer is a dominant force in the
technology industry, an industry that is ever changing at
a rapid pace. As a result, top employees want the flex-
ibility to move from company to company. Of course,
having and keeping top employees is a competitive
advantage. Assume that you are an executive charged
with determining whether your firm will embrace a
postemployment restriction within its contracts of
employment. If you adopt a justice theory approach,
what result might you adopt, and why? If you adopt a
utilitarianism approach, what result might you adopt,
and why?

Answers

Utilitarian theory respects all persons equally without particular regard and assists people in making moral decisions. The utilitarian theory provides a basic technique. According to utilitarian philosophy, humans value all moral terms such as self-sacrifice, justice, and honesty.

There are various philosophies of justice, including utilitarianism, justice as fairness, and libertarianism. Utilitarians were those who supported utilitarian doctrine. With utilitarian theory being one of the theories of justice, the researcher was compelled to investigate how the theory provides justice to people, how it impacts human behaviour, and the issues the theory faces in the present world. Act utilitarians argue that their theory gives compelling grounds to reject many conventional moral statements and substitute them with moral perspectives based on the consequences of actions. People who are persuaded by act utilitarianism's critics may decide to abandon utilitarianism outright and adopt another form of moral theory.

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When using the process of shared decision-making, what strategy should families be sure to include? A. criticism of others’ ideas B. discussion C. shouting D. competition

Answers

The strategy of discussion need to be included by families when using the process of shared decision-making.

Decision making is a process which involves an individual to determining the best course of action needed to meet their needs

A shared decision-making is a process that occurs among two separate group. It is different from group decision making.

The shared decision-making is a process of discussion between the patient (or family) and their healthcare provider

Hence, the strategy of discussion need to be included by families when using the process of shared decision-making.

In conclusion, the Option B is correct.

Answers

Here are some key advantages of intermediaries:

Market Reach

Efficiency and Expertise

Cost Savings

Market Information

Risk Management

Intermediaries play a crucial role in the distribution process of a business. They act as a link between producers and consumers, facilitating the movement of goods and services from the point of production to the point of consumption. Here are some key advantages of intermediaries:

Market Reach: Intermediaries, such as wholesalers, retailers, and distributors, have established networks and access to a wide customer base. They can help businesses reach a larger market and expand their customer reach.

Efficiency and Expertise: Intermediaries specialize in distribution activities, including logistics, warehousing, transportation, and marketing. They possess knowledge and expertise in these areas, allowing businesses to benefit from their efficiency and experience.

Cost Savings: By utilizing intermediaries, businesses can reduce their own costs associated with storage, transportation, and marketing. Intermediaries often benefit from economies of scale, allowing them to provide cost-effective solutions.

Market Information: Intermediaries are in direct contact with customers and have valuable insights into market trends, consumer preferences, and competitor activities. They can provide businesses with market intelligence that helps in strategic decision-making.

Risk Management: Intermediaries can help businesses mitigate risks associated with distribution, such as inventory management, payment collection, and product returns. They assume some of the risks and provide financial and logistical support.

However, businesses should carefully select and manage their intermediaries to ensure alignment with their objectives and maintain control over their brand and customer relationships. Regular evaluation and communication with intermediaries are essential to optimize the distribution process and achieve business goals.

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Easton Corporation is involved in the evaluation of a new computer-integrated manufacturing system. The system has a projected initial cost of $1,000,000. It has an expected life of six years, with no salvage value, and is expected to generate annual cost savings of $250,000. Based on Easton Corporation's analysis, the project has a net present value of $57,625.
1. Refer to Rhodes Corporation. What discount rate did the company use to compute the net present value? Present value tables or a financial calculator are required.
a. 10 %
b. 11 %
c. 12 %
d. 13 %
2. Refer to Rhodes Corporation. What is the project's profitability index?
a. 1.058
b. .058
c. .945
d. 1.000
3. Refer to Rhodes Corporation. What is the project's internal rate of return? Present value tables or a financial calculator are required.
a. between 12.5 and 13.0 percent
b. between 11.0 and 11.5 percent
c. between 11.5 and 12.0 percent
d. between 13.0 and 13.5 percent

Answers

Answer and Explanation:

1. The discount rate is

If we go through the options

like we assume 10%

So, the net present value is

= ($250,000 × 4.3553) - $1,000,000

= $1,088,825 - $1,000,000

= $88,825

Now if the discount rate is 11%

So, the net present value os

= ($250,000 × 4.2305) - $1,000,000

= $1,057,625 - $1,000,000

= $57,625

So the net present value is $57,625

2. The profitability index is

= ($1,000,000 + $57,625) ÷ ($1,000,000)

= 1.058

3. The internal rate of return is

It is 12.98% that lies between 12.5% and 13%

Easton Corporation is involved in the evaluation of a new computer-integrated manufacturing system. The

Which is these is true about trusts?
OA. They have less tax liability.
OB. They have multiple beneficiaries.
C. They require power of attorney.
OD. They have more tax liability.

Answers

Answer: The answer is They have more tax liability.

Explanation:Trust is a fiduciary relationship.In this, a first party gives the right to assets or the right to hold the title to a second party for the benefit of a third party.The first party is called the Grantor.The second party is called as the Trustee.The third party is called as the Beneficiary.As the trust is a seperate legal and taxable entity, the tax payment of the trusts depend upon whether it is a simple trust,complex trust or a grantor trust.The tax brackets of trusts are more compressed.So, the trusts pay more taxes than individual taxpayers.

Penny Cassidy is considering forming her own pool service and supply company, Penny’s Pool Service & Supply, Inc. (PPSS). She has decided to incorporate the business to limit her legal liability. She expects to invest $31,000 of her own savings and receive 2,000 shares of common stock. Her plan for the first year of operations forecasts the following amounts at December 31, the end of the current year: Cash in bank, $7,000; amounts due from customers for services rendered, $3,400; pool supplies inventory, $5,700; equipment, $29,100; amounts owed to Pool Corporation, Inc., a pool supply wholesaler, $4,600; note payable to the bank, $6,100. Penny forecasts first-year sales of $66,600, wages of $25,100, cost of supplies used $9,300, other administrative expenses of $5,600, and income tax expense of $5,100. She expects to pay herself a $18,000 dividend as the sole stockholder of the company.

If Penny’s estimates are correct, what would the following first-year financial statements look like for Penny’s Pool Service & Supply, Inc.?

Answers

The company's financial performance and position during the first full year of operations are summarized in the financial statements. Sales, costs, investments, liabilities, and stockholder equity all appear to reflect the estimates and facts given.

A shareholder of corporate stock is an individual or legal entity (such as another corporation, a body politic, a trust, or a partnership) that is registered by the corporation as the legal owner stockholder of shares of the share capital of a public or private corporation financial statements (also frequently referred to as a stockholder in the United States).

Members of a company are sometimes used to refer to stockholders.

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Solutions Company - Unadjusted Trial Balance as of December 31.
Account Titles
Unadjusted Trial Balance Dr. Unadjusted Trial Balance Cr.
100: Cash 20,000
110: Accounts Receivable 0
120: Supplies 7,600
160: Machinery 50,000
161: Accumulated Depreciation 20,000
200: Accounts Payable 0
205: Interest Payable 0
210: Wages Payable 0
230: Unearned Rental Fees 7,200
240: Note Payable 30,000
300: Common Stock 10,000
310: Dividends 9,500
320: Retained Earnings 14,200
400: Rental Fees 32,450
600: Wage Expense 24,500
610: Interest Expense 2,250
620: Supplies Expense 0
630: Depreciation Expense 0
113,850 113,850
Totals

Requirement:

Prepare year-end adjusting journal entries for each of these separate situations.

As of December 31, employees had earned $400 of unpaid and unrecorded wages. The next payday is January 4 at which time $1,200 in wages will be paid.
The cost of supplies still available at December 31 is $3,450.
The notes payable requires an interest payment to be made every three months. The next payment occurs after the new year begins. The amount of unrecorded accrued interest at December 31 is $800.
Analysis of the unearned rental fees shows that $3,200 remains unearned at December 31.
In addition to the machinery rental fees included in the revenue account balance, the company has earned another $2,450 in unrecorded fee that will be collected on January 31 of next year.
Depreciation expense for the year is $3,800.

Answers

The Preparing Adjusted Trial Balance with the help of Worksheet: is given below:

The Adjusted Trial Balance

Solutions Company

Worksheet

December 31

Accounts Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance

Debit Credit Debit Credit Debit Credit

Cash $20,000 $20,000

Accounts Receivable 0 $2,450 2,450

Supplies 7,600 $4,150 3,450

Machinery 50,000 50,000

Accumulated Depreciation $20,000 3,800 $23,800

Accounts Payable 0 0

Interest Payable 0 800 800

Salaries Payable 0 400 400

Unearned Rental Fees 7,200 4,000 3,200

Note Payable 30,000 30,000

Common Stock 10,000 10,000

Dividends 9,500 9,500

Retained Earnings 14,200 14,200

Rental Fees 32,450 6,450 38,900

Salaries Expense 24,500 400 24,900

Interest Expense 2,250 800 3,050

Supplies Expense 0 4,150 4,150

Depreciation Expense 0 3,800 3,800

Totals $113,850 $113,850 $15,600 $15,600 $121,300 $121,300

Preparing Income Statement:-

Solutions Company

Income Statement

For the Year Ended December 31

Accounts Amount Amount

Revenue:-

Rental Fees $38,900

Total Revenue $38,900

Expenses:-

Salaries Expense $24,900

Interest Expense 3,050

Supplies Expense 4,150

Depreciation Expense 3,800

Total Expenses ($35,900)

Net Income $3,000

Preparing Statement of Retained Earnings:-

Solutions Company

Statement of Retained Earnings

For the Year Ended December 31

Accounts Amount

Retained Earnings 14,200

Net Income 3,000

$17,200

Dividends (9,500)

Retained Earnings, Ending $7,700

Preparing Balance Sheet:-

Solutions Company

Balance Sheet

December 31

Accounts Amount Amount

Assets:-

Cash $20,000

Accounts Receivable 2,450

Supplies 3,450

Machinery 50,000

Accumulated Depreciation (23,800)

Total Assets $52,100

Liabilities:-

Accounts Payable $0

Interest Payable 800

Salaries Payable 400

Unearned Rental Fees 3,200

Note Payable 30,000

Total Liabilities $34,400

Stockholders Equity:-

Common Stock $10,000

Retained Earnings, Ending 7,700

Total Stockholders Equity $17,700

Total Liabilities and Stockholders Equity $52,100

Preparing Closing Entries:-

Solutions Company

General Journal

December 31

Date Accounts Title and Explanation Debit Credit

December 31 Rental Fees $38,900

Income Summary $38,900

(To close Revenue Account)

December 31 Income Summary $35,900

Salaries Expense $24,900

Interest Expense $3,050

Supplies Expense $4,150

Depreciation Expense $3,800

(To close Expenses Accounts)

December 31 Income Summary $3,000

Retained Earnings $3,000

(To close Income Summary)

December 31 Retained Earnings $9,500

Dividends $9,500

(To close Dividends Account)

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List 10 ways you can apply green computing to your daily life.

Answers

1. Making Purchases from Businesses That Have a Commitment to the Environment

2. Taking Part in Programs for Recycling Electronic Equipment

3 Implementing Virtualization and Other Technologies

4 Reducing the Amount of Printed Material and Recycling Paper

5 Power down your computer and monitor

6. Modify the level of Brightness

7 Refrain from Utilizing a Screen Saver

8 Disconnect All Extraneous Devices

9 Make sure your printer is turned off.

10 Printed on Both Sides of the Sheet

This is further explained below.

What is computing?

Generally, Computer refers to any goal-oriented activity that requires or benefits from the use of computing hardware or that creates such machinery.

The investigation and testing of algorithmic processes, as well as the creation of both hardware and software, are included in this field.

In conclusion,

1. Making Purchases from Businesses That Have a Commitment to the Environment

2. Taking Part in Programs for Recycling Electronic Equipment

3 Implementing Virtualization and Other Technologies

4 Reducing the Amount of Printed Material and Recycling Paper

5 Power down your computer and monitor

6. Modify the level of Brightness

7 Refrain from Utilizing a Screen Saver

8 Disconnect All Extraneous Devices

9 Make sure your printer is turned off.

10 Printed on Both Sides of the Sheet