Answer: Enter
Explanation:
If one wants to move to the next field but still in the same form on Access, one simply needs to tap the Enter button and it will move on. This is the same thing that happens in Excel when Enter is tapped.
It is probably because the forms created in Access do not allow for paragraphs so the enter key will only move you to another field instead of creating a new paragraph.
A customer of RoughEdge Sharpeners alleges that RoughEdge's new razor sharpener had a defect that resulted in serious injury to the customer. RoughEdge believes the customer has a possible chance of winning the case, and that if the customer wins the case, there is a range of losses of between $1,000,000 and $3,000,000 in which any number is equally likely to occur. Under U.S. GAAP, RoughEdge should accrue a liability in the amount of:
Answer:
$5,000,000,000,000,000,000.000
Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 3.0 ounces $ 7.50 per ounce $ 22.50 Direct labor 0.6 hours $ 13.50 per hour $ 8.10 Variable overhead 0.6 hours $ 6.00 per hour $ 3.60 The company reported the following results concerning this product in February. Originally budgeted output 7,600 units Actual output 7,400 units Raw materials used in production 22,040 ounces Actual direct labor-hours 4,640 hours Purchases of raw materials 23,640 ounces Actual price of raw materials $ 7.25 per ounce Actual direct labor rate $ 12.10 per hour Actual variable overhead rate $ 5.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for February is:homeworklib
Answer:
I have to go to sleep now lol lol I’m just kidding I’m about to cry lol lol I don’t know ♀️ lol lol I love you ❤️ lol lol oh lord I love ❤️ and I’m just kidding I’m sorry I don’t
Explanation: I don’t think I can do that too much lol lol I don’t know what In is going on there and you
The independent cases are listed below includes all balance sheet accounts related to operating activities:
Case A Case B Case C
Net income $314,000 $17,000 $424,000
Depreciation expense 44,000 154,000 84,000
Accounts receivable
increase (decrease) 108,000 (204,000) (24,000)
Inventory increase
(decrease) (54,000) 39,000 54,000
Accounts payable
increase (decrease) (54,000) 124,000 74,000
Accrued liabilities
increase (decrease) 64,000 (224,000 ) (44,000)
Show the operating activities section of cash flows for each of the given cases.
Answer:
Cash Flow from Operating Activities
Case A Case B Case C
Net Income $314,000 $17,000 $424,000
Adjustments to Reconcile Net income to
Net cash provided by Operating Activities
Depreciation $44,000 $154,000 $84,000
Changes in Assets and Liabilities
Accounts Receivable -$108,000 $204,000 $24,000
Inventory $54,000 -$39,000 -$54,000
Accounts Payable -$54,000 $124,000 $74,000
Accrued Liabilities $64,000 -$224,000 -$44,000
Net cash under Operating Activities $0 $236,000 $508,000
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:
Accounts Debit Credit
Cash $58,700
Accounts Receivable 25,000
Allowance for Uncollectible Accounts $2,200
Inventory 36,300
Notes Receivable (5%, due in 2 years) 12,000
Land 155,000
Accounts Payable 14,800
Common Stock 220,000
Retained Earnings 50,000
Totals $287,000 $287,000
During January 2021, the following transactions occur:
January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500 and a five-year service life.
January 4 Pay cash on accounts payable, $9,500.
January 8 Purchase additional inventory on account, $82,900.
January 15 Receive cash on accounts receivable, $22,000.
January 19 Pay cash for salaries, $29,800.
January 28 Pay cash for January utilities, $16,500.
January 30 Firework sales for January total $220,000. All of these sales are on account. The cost of the units sold is $115,000.
Information for adjusting entries:
Depreciation on the equipment for the month of January is calculated using the straight-line method.
The company estimates future uncollectible accounts. The company determines $3,000 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
Accrued interest revenue on notes receivable for January.
Unpaid salaries at the end of January are $32,600.
Accrued income taxes at the end of January are $9,000.
Required:
a. Prepare a multiple-step income statement for the period ended January 31, 2021.
b. Prepare a classified balance sheet as of January 31, 2021.
c. Record closing entries.
Answer:
TNT Fireworks
a. Multiple-step Income Statement for the period ended January 31, 2021:
Sales revenue $220,000
Cost of goods sold 115,000
Gross profit $105,000
Interest Revenue 50
Expenses:
Depreciation exp. 3,600
Salaries expense 62,400
Utilities expense 16,500
Bad debt expense 5,900 $88,400
Income before tax $16,650
Income taxes exp 9,000
Net income $7,650
Beginning Retained Earnings 50,000
Ending Retained earnings $57,650
b. Classified Balance Sheet as of January 31, 2021:
Assets
Current assets:
Cash $5,400
Accounts Receivable 223,000
Allowance for
Uncollectible Accounts (8,100)
Interest Receivable 50
Inventory 4,200 $224,550
Long-term assets
Notes Receivable (5%,
due in 2 years) 12,000
Land 155,000
Equipment 19,500
Depreciation (3,600) $182,900
Total assets $407,450
Liabilities and equity
Current liabilities:
Accounts Payable $88,200
Salaries payable 32,600
Income taxes payable 9,000
Total liabilities $129,800
Equity:
Common Stock $220,000
Retained Earnings 57,650
Total equity $277,650
Total liabilities and equity $407,450
c. Closing Entries:
Accounts Debit Credit
Sales revenue $220,000
Interest Revenue 50
Income summary $220,050
To close sales and interest revenue to the income summary.
Income Summary $212,400
Cost of goods sold $115,000
Depreciation exp. 3,600
Salaries expense 62,400
Utilities expense 16,500
Bad debt expense 5,900
Income taxes exp 9,000
To close cost of goods sold and expenses to the income summary.
Income summary $7,650
Retained earnings $7,650
To close the net income to the retained earnings.
Explanation:
a) Data and Calculations:
Account Balances:
Accounts Debit Credit
Cash $58,700
Accounts Receivable 25,000
Allowance for
Uncollectible Accounts $2,200
Inventory 36,300
Notes Receivable (5%,
due in 2 years) 12,000
Land 155,000
Accounts Payable 14,800
Common Stock 220,000
Retained Earnings 50,000
Totals $287,000 $287,000
Analysis of Transactions:
January 1 Equipment $19,500 Cash $19,500
January 4 Accounts payable, $9,500 Cash $9,500
January 8 Inventory $82,900 Accounts payable $82,900
January 15 Cash $22,000 Accounts receivable, $22,000
January 19 Salaries expense $29,800 Cash $29,800
January 28 Utilities expense, $16,500 Cash $16,500
January 30 Accounts receivable $220,000 Sales revenue $220,000
Cost goods sold $115,000 Inventory $115,000
Accounts Debit Credit
Cash $58,700 - 19,500 -9,500 +22,000 - 29,800 - 16,500
= $5,400
Accounts Receivable 25,000 - 22,000 + 220,000 = 223,000
Interest Receivable 50
Allowance for
Uncollectible Accounts $2,200 + 5,900 = 8,100
Inventory 36,300 + 82,900 - 115,000 = 4,200
Notes Receivable (5%,
due in 2 years) 12,000
Land 155,000
Equipment 19,500
Accumulated depreciation 3,600
Accounts Payable 14,800 - 9,500 + 82,900 = 88,200
Salaries payable 32,600
Income Taxes Payable 9,000
Common Stock 220,000
Retained Earnings 50,000
Sales revenue 220,000
Interest Revenue 50
Cost of goods sold 115,000
Depreciation exp. 3,600
Salaries expense 29,800 + 32,600 = 62,400
Utilities expense 16,500
Bad debt expense 5,900
Income Taxes 9,000
Totals $287,000 $287,000
Adjusting entries:
Depreciation expenses $3,600 Accumulated depreciation $3,600
Allowance for Uncollectible Accounts = $1,500
Allowance for uncollectible accounts = $6,600 ($220,000 * 3%)
Total allowance for uncollectible = $8,100 ($1,500 + $6,600)
Bad debts expense $ 5,900 Allowance for Uncollectible $5,900
Interest Receivable $50 Interest Revenue = $50 ($12,000 * 5% * 1/12)
Salaries Expense $32,600 Salaries payable $32,600
Income Taxes $9,000 Income Taxes Payable $9,000
Adjusted Trial Balance
As of January 31, 2021
Accounts Debit Credit
Cash $5,400
Accounts Receivable 223,000
Interest Receivable 50
Allowance for
Uncollectible Accounts $8,100
Inventory 4,200
Notes Receivable (5%,
due in 2 years) 12,000
Land 155,000
Equipment 19,500
Accumulated depreciation 3,600
Accounts Payable 88,200
Salaries payable 32,600
Income taxes payable 9,000
Common Stock 220,000
Retained Earnings 50,000
Sales revenue 220,000
Interest Revenue 50
Cost of goods sold 115,000
Depreciation exp. 3,600
Salaries expense 62,400
Utilities expense 16,500
Bad debt expense 5,900
Income taxes exp 9,000
Totals $631,550 $631,550
If you are the proprietor of a
business, how much of the
business do you own?
A. 50%
B. 85%
C. 100%
Jameson Corporation was organized on May 1. The following events occurred during the first month.
A. Received $67,000 cash from the five investors who organized Jameson Corporation. Each investor received 110 shares of $10 par value common stock.
B. Ordered store fixtures costing $10,000.
C. Borrowed $16,000 cash and signed a note due in two years.
D. Purchased $18,000 of equipment, paying $1,400 in cash and signing a six-month note for the balance.
E. Lent $1,700 to an employee who signed a note to repay the loan in three months.
F. Received and paid for the store fixtures ordered in (b).
Required:
Prepare journal entries for each transaction.
Answer:
Transaction A
Debit : Cash $67,000
Credit : Common Stock $67,000
Transaction B
Debit : Store fixtures $10,000
Credit : Accounts payable $10,000
Transaction C
Debit : Cash $16,000
Credit : Note Payable $16,000
Transaction D
Debit : Equipment $18,000
Credit : Cash $1,400
Credit : Note Payable $16,600
Transaction E
Debit : Note Receivable $1,700
Credit : Cash $1,700
Transaction F
Debit : Accounts Payable $10,000
Credit : Cash $10,000
Explanation:
When there is no immediate payment of cash recognize a liability accounts payable otherwise recognize cash.
Structuring the Sell-or-Process-Further Decision
Bart’s Butters receives 1,000,000 containers of raw milk each period that it subsequently processes into consumable milk by adjusting the fat content, adding vitamins, and destroying any potentially harmful bacteria. For Bart’s, one container equals one gallon of consumable milk. Bart’s then must decide whether to sell its consumable milk at split-off or to process it further into butter. Bart’s normally sells consumable milk for a per-gallon price of $3. Alternately, each gallon of milk can be processed further into one-half tub of butter (i.e., one gallon of milk equals 0.5 gallon of butter) at an additional cost of $1.50 per tub of butter. Also, butter can be sold for $6.00 per tub.
Required:
1. What is the contribution to income from selling the consumable milk?
2. What is the contribution to income from processing the consumable milk into butter?
3. Should Bart’s continue to sell the consumable milk or process it further into butter?
Answer:
a. The contribution to income from selling the consumable milk is:
= 1,000,000 gallon * $3
= $3,000,000
b. The contribution to income from processing the consumable milk into butter is:
= (1,000,000 gallon*0.5 gallon) * ($6 - $1.50)
= 500,000 gallon * $4.50
= $2,250,000
c. Bart's should continue to sell the consumable milk, rather than processing the consumable milk into butter due to high contribution of $750,000 ($3,000,000 - $2,250,000).
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section.
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:
1 Dec 31, 20Y8 Dec 31, 20Y7
2 Assets
3 Cash $75,170 $92,110
4 Accounts Receivable (net) 115,500 124,180
5 Merchandise Inventory 165,000 153,920
6 Prepaid Expenses 6,720 4,660
7 Equipment 336,110 275,760
8 Accumulated depreciation-equipment (87,390) (67,630)
9 Total Assets $611,110 $583,000
10 Liabilities and Stockholder's Equity
11 Accounts Payable (merchandise creditors) $128,330 $121,850
12 Mortgage note payable 0 174,900
13 Common stock, $1 par 19,000 12,000
14 Paid-in capital: Excess of issue price over par-common stock 297,000 164,000
15 Retained Earnings 166,780 110,250
16 Total Liabilities and Stockholders' Equity $611,110 $583,000
Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:
A Net Income, $144,720
B Depreciation reported on the income statement, $42,650
C Equipment was purchased at a cost of $83,240, and fully depreciated equipment costing $22,890 was discarded, with no salvage realized
D The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty
E 7,000 shares of common stock were issued at $20 for cash
F Cash dividends declared and paid, $88,190
Yellow Dog Enterprises Inc
Statement of Cash Flows
For the year ended December 31, 20Y8
1 Cash flows from operating activities
2
3 Adjustments to reconcile net income to net cash flow from operating activities
4
5 Changes in current operating assets and liabilities
6
7
8
9
10 Net cash flow from operating activities
11
12 Cash flows from (used for) investing activities
13
14 Net cash flow used for investing activities
15
16 Cash flows from (used for) financing activities
17
18
19
20 Net cash flow used for financing activities
21
22 Cash at the beginning of the year
23
24 Cash at the end of the year
25
Answer:
Yellow Dog Enterprises Inc.
Yellow Dog Enterprises Inc
Statement of Cash Flows
For the year ended December 31, 20Y8
1 Cash flows from operating activities
2 Net income $144,720
3 Adjustments to reconcile net income to net
cash flow from operating activities
4 Depreciation expense 42,650
5 Changes in current operating assets and liabilities
6 Accounts Receivable (net) 8,680
7 Merchandise Inventory -11,080
8 Prepaid Expenses -2,060
9 Accounts payable 6,480
10 Net cash flow from operating activities $189,390
11
12 Cash flows from (used for) investing activities
13 Purchase of equipment -83,240
14 Net cash flow used for investing activities (83,240)
15
16 Cash flows from (used for) financing activities
17 Common stock issued 140,000
18 Cash Dividends paid -88,190
19 Mortgage note payable -174,900
20 Net cash flow used for financing activities (123,090)
21 Net Cash Flows ($16,940)
22 Cash at the beginning of the year $92,110
23
24 Cash at the end of the year $75,170
25
Explanation:
a) Data and Calculations:
Comparative balance sheet of
Yellow Dog Enterprises Inc.
At December 31, 20Y8 and 20Y7
1 Dec 31, 20Y8 Dec 31, 20Y7
2 Assets Changes
3 Cash $75,170 $92,110 -$16,940
4 Accounts Receivable (net) 115,500 124,180 -8,680
5 Merchandise Inventory 165,000 153,920 11,080
6 Prepaid Expenses 6,720 4,660 2,060
7 Equipment 336,110 275,760 60,350
8 Accumulated depreciation (87,390) (67,630) (19,760)
9 Total Assets $611,110 $583,000
10 Liabilities and Stockholders Equity
11 Accounts Payable $128,330 $121,850 $6,480
12 Mortgage note payable 0 174,900 -174,900
13 Common stock, $1 par 19,000 12,000 7,000
14 Paid-in capital-common stock 297,000 164,000 133,000
15 Retained Earnings 166,780 110,250
16 Total Liabilities & Stockholders' Equity $611,110 $583,000
Analysis of additional information:
A Net income $144,720
B Depreciation expense = $42,650
C Equipment purchase $83,240 Cash $83,240
Discarded Equipment = $22,890
E Cash $140,000 Common stock issued $7,000 Paid-in Capital $133,000
F Cash Dividends $88,190 Cash $88,190
Equipment Account
Account Titles Debit Credit
Beginning balance 275,760
Cash 83,240
Discarded equipment 22,890
Ending balance 336,110
Stella, age 38, is single with no dependents. The following information was obtained from her personal records for the 2020 year. Salary $30,000 Interest income 7,000 Alimony received 12,000 Individual retirement account contribution 2,000 Home mortgage interest expense 4,000 Property taxes 2,000 Personal casualty loss in a Federal disaster area (after the $100 floor) 38,000 Stolen investment property 16,000
Unreimbursed employee business loss 3,000
Based on the above information, what is Stella’s net operating loss for 2015?
Answer:
Net operating loss -$10,360
Explanation:
The computation of the net operating loss for the year 2015 is as follows:
Salary $30,000
Interest income 7,000
Alimony received 12,000
Less Individual retirement account contribution 2,000
Adjusted gross income $47,000
Home mortgage interest expense -$4,000
Property taxes -$2,000
Personal casualty loss ($38,000) - ($47,000 × 0.10) -$33,300
Stolen investment property -$16,000
Unreimbursed employee business loss ($3,000) - ($47,000 × 0.02) -$2,060
Net operating loss -$10,360
Q4) The price of a luxury car increased from 42.000 euros to 44.000 euros. Then the demand for
this car declined from 100 units to 20 units. Calculate the price elasticity of demand for the car.
Answer:
Price elasticity of demand = 28.67 (Approx.)
Explanation:
Given:
Old price of car = 42.000 euros
New price of car = 44.000 euros
Quantity of car old = 100 units
Quantity of car new = 20 units
Find:
Price elasticity of car
Computation:
Price elasticity of demand = (Percentage change in quantity)/(Percentage change in price)
Price elasticity of demand = [{(Q2-Q1)100}/{(Q1+Q2)/2}] / [{(P2-P1)100}/{(P1+P2)/2}]
Price elasticity of demand = [{(20-100)100}/{(20+100)/2}] / [{(44000-42000)100}/{(44000+42000)/2}]
Price elasticity of demand = [{-8000}/{60}] / [{200000}/{(43000}]
Price elasticity of demand = 133.33 / 4.65
Price elasticity of demand = 28.67 (Approx.)
Suppose that there is asymmetric information in the market for used cars. Sellers know the quality of the car that they are selling, but buyers do not. Buyers know that there is a 50% chance of getting a "lemon", a low quality used car. A high quality used car is worth $30,000, and a low quality used car is worth $15,000. Based on this probability, the most that a buyer would be willing to pay for a used car is $________. (Enter your response rounded to the nearest dollar.)
Answer:
$22,500
Explanation:
Chance of getting low quality car = 50%
Chance of getting high quality car = 50%
Cost of low quality car = $15,000
Cost of high quality car = $30,000
So, Price of the car = 50% of lower quality + 50% of higher quality
= (50% × $15,000) + (50% ×30,000)
= $7,500 + $15,000
= $22,500
Hence, price of the used car will be $22,500.
Why should you be able to create, share, and maintain documents?
Answer:
it helps the business run smoother
Explanation:
has any questions or problems.
4. It is the development of an ongoing connection between a company and its customers. The
relationship involves marketing communications, sales support, technical assistance and
customer service
Answer:
Customer relationship management (CRM).
Explanation:
CRM is an acronym for customer relationship management and it typically involves the process of combining strategies, techniques, practices and technology so as to effectively and efficiently manage their customer data in order to improve and enhance customer satisfaction. Therefore, these employees are saddled with the responsibility of ensuring the customer are satisfied and happy with their service at all times.
This ultimately implies that, customer relationship is focused on developing an ongoing connection between a business firm (organization) and all of its customers, as well as potential customers. The fundamentals of customer relationship is based on improving marketing communications, sales support, technical assistance and customer service so as to bring satisfaction to the customers.
Hence, the degree of satisfaction received by customers throughout their lifecycle is largely dependent on customer relationship management.
Jayden, a calendar year taxpayer, paid $16,000 in medical expenses and sustained a $20,000 casualty loss in 2020 (the loss occurred in a Federally declared disaster area). He expects $12,000 of the medical expenses and $14,000 of the casualty loss to be reimbursed by insurance companies in 2021. Before considering any limitations on these deductions, how much can Jayden include in determining his itemized deductions for 2020
Answer:
$16,000;$6,000
Explanation:
Calculation to determine how much can Jayden include in determining his itemized deductions for 2020
Based on the information given he can include $16,000 of the medical expenses amount paid and $6,000 calculated as ($20,000-$14,000) of the casualty loss amount when determining his itemized deductions for the year 2020.
Therefore the amount he can include in determining his itemized deductions for 2020 are :$16,000;$6,000
Dana Ashbrook Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $19,384 plus trade-in, f.o.b. factory. Dana Ashbrook Inc. paid $19,384 cash and traded in used equipment. The used equipment had originally cost $150,226; it had a book value of $101,766 and a secondhand fair value of $115,819, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $2,665.
1) Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance.
2) Assuming the same facts as in (a) except that fair value information for the assets exchanged is not determinable. Prepare the general journal entry to record this transaction.
Answer:
A) Dr Equipment $137,868
Dr Accumulated Depreciation $48,460
Cr Equipment $150,226
Cr Cash $22,049
Cr Gain on disposal $14,063
B) Dr Equipment $123,815
Dr Accumulated Depreciation $48,460
Dr Equipment $150,226
Dr Cash $22,049
Explanation:
Preparation of the journal entries
A) Dr Equipment $137,868
($115,819+$19,384+$2,665)
Dr Accumulated Depreciation $48,460
($150,226-$101,766)
Cr Equipment $150,226
Cr Cash $22,049
($19,384+$2,665)
Cr Gain on disposal $14,063
($137,868+$48,460-$150,226-$22,049)
B) Dr Equipment $123,815
($150,226+22,049-48,460)
Dr Accumulated Depreciation $48,460
($150,226-$101,766)
Dr Equipment $150,226
Dr Cash $22,049
($19,384+$2,665)
The company started when it acquired $38,000 cash by issuing common stock. Purchased a new cooktop that cost $14,200 cash. Earned $23,400 in cash revenue. Paid $12,500 cash for salaries expense. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $3,500. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1.
Required:
Record the above transactions in a horizontal statements model like the following one. (In the Cosh Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA),a financing activity (FA) and net change in cash (NC). The letters NA indicate that an element is not affected by the event. Enter any decreases to account balances and cash outnows with。 minus sign.) Horizoetal Statements Model Balance Sheet Income Statement Statement of Cash Flows Event Assets Equity Common R Revenue -Expense Net Income Cash Equipment Bal
Answer:
Horizontal Statements Model
Balance Sheet Income Statement Statement of
Assets = Liabilities + Equity Revenue - Expenses = Profit Cash Flows
1. +$38,000)= 0 + $38,000 FA
2. +$14,200-$14,200 = L + E IA
3. +$23,400 = L + E +$23,400 - $23,400 OA
4. -$12,500 = L + E - $12,500 -12,500 OA
5. -$2,140 = L + E - $2,140 - 2,140 None
Total $46,760 = Liabilities + $38,000 + $8,760
Where A = assets
L = Liabilities
E = Equity
Explanation:
a) Data and Analysis:
Cash $38,000 Common stock $38,000
Cooktop $14,200 Cash $14,200
Cash $23,400 Sales revenue.
Cash $12,500 Salaries expense $12,500
Depreciation $2,140 ($14,200 - $3,500)/5
Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 185,000 $ 100,000 $ 38,000 $ 17,000 $ 14,000 $ 16,000 Percent uncollectible 1 % 2 % 4 % 6 % 10 % 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $3,000 credit.
Answer:
1)
Days Past Due
Total 0 1 to 30 3 1 to 60 61 to 90 Over 90
$185,000 $100,000 $38,000 $17,000 $14,000 $16,000
1% 2% 4% 6% 10%
Bad debts $1,000 $760 $680 $840 $1,600
Total bad debt = $4,880
2)
Dr Bad debt expense 4,880
Cr Allowance for doubtful accounts 4,880
which of the following is a reason to approach smaller banks for a business loan
Select the education and qualifications that are most helpful for Warehousing and Distribution Center Operations careers. Check all that apply.
high school degree
stamina
leadership
patience
concentration skills
associate degree
creativity
Answer:
High school degree
Stamina
Patience
Concentration skills
Explanation:
Just did it on edg.
The education and qualifications that are most helpful for Warehousing and Distribution Center Operations careers are:
High school degreeStaminaPatienceConcentration skillsWhat is Warehousing and Distribution Center Operation?Distribution centers offer value-added services such product mixing, order fulfilment, cross-docking, kitting, and packing in addition to the primary function of storing items in warehouses. Distribution centers, in contrast to warehouses, also only keep the necessary quantity of goods for a shorter amount of time.
Because they primarily support B2B enterprises as a conduit between suppliers and customers, distribution centers are more customer-centric. Distribution centers are in charge of effectively meeting customer demands and expectations; warehouses are in charge of safely keeping products.
Operations at distribution centers are therefore more complicated than those at warehouses. Distribution centers use state-of-the-art technology for order processing, inventory management, warehouse management, and transportation management.
Define concentration."The ability to direct your thinking in any direction you choose and to hold it for as long as you choose" is the definition of concentration.
Concentration is the capacity to narrow the field of awareness to one particular idea or subject while rejecting all other distractions.
One of the most crucial skills anybody should have is the capacity to concentrate. However, the majority of people find it difficult to focus. They frequently can't focus on one thing for a reasonable amount of time since their attention tends to wander.
This is a problem that can be solved. The capacity for concentration can be improved, just like any other talent. A person who practices mental discipline may concentrate without being interrupted by thoughts, sounds, or anything else.
While you might occasionally appear to be reading or concentrating on your work, if your attention is diverted you probably won't be able to retain the information for long enough to use it properly to produce something intelligible.
If you find the subject matter to be "boring," you're too sleepy or hungry, you have too much on your plate, you lack motivation for a long-term or short-term goal, or you're very concerned or worried and easily distracted, your ability to focus may be affected.
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Personal budget
At the beginning of the school year, Craig Kovar decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget:
Cash balance, September 1 (from a summer job) $8,150
Purchase season football tickets in September 130
Additional entertainment for each month 210
Pay fall semester tuition in September 4,200
Pay rent at the beginning of each month 500
Pay for food each month 460
Pay apartment deposit on September 2
(to be returned December 15) 500
Part-time job earnings each month (net of taxes) 1,000
a. Prepare a cash budget for September, October, November, and December.
b. What are the budget implications for Craig Kovar?
Answer:
Craig Kovar
Cash Budget
September October November December
Beginning balance $8,150 $3,150 $2,980 $2,810
Wages 1,000 1,000 1,000 1,000
Deposit refund 500
Total cash receipts $9,150 $4,150 $3,980 $4,310
Payments:
Season football tickets 130
Entertainment 210 210 210 210
Semester tuition 4,200 4,200
Rent 500 500 500 500
Food 460 460 460 460
Apartment deposit 500
Total payments $6,000 $1,170 $1,170 $5,370
Cash balance $3,150 $2,980 $2,810 ($1,060)
b. Craig needs to borrow $1,060 in December to meet up with expenses. Alternatively, he will need to increase his monthly earnings by more than $265. He can also reduce his monthly expenses by $265 at least, especially from additional entertainment and food. He should also start considering how he could survive January without additional income.
Explanation:
a) Data and Calculations:
Receipts:
Cash balance, September 1 (from a summer job) $8,150
Part-time job earnings each month (net of taxes) 1,000
Apartment deposit returned in December $500
Payments:
Season football tickets in September 130
Additional entertainment for each month 210
Semester tuition in September 4,200
Rent at the beginning of each month 500
Food each month 460
Apartment deposit on September 2 500
Which of the following is NOT an example of fixed expenses?
Select the best answer from the choices provided.
A.
Health insurance premium
B.
Interest on college loans
C.
Apartment Rent
D.
The amount of gas to fill up your tank
Answer:
A.
Health insurance premium
Explanation:
helping
A company reports the following: Sales $3,150,000 Average accounts receivable (net) 210,000 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover fill in the blank 1 b. Number of days' sales in receivables
Answer:
a. Account Receivables turnover = Sales / Average Account Receivables
Account Receivables turnover = $3,150,000 / $210,000
Account Receivables turnover = 15
b. Number of days sales in receivables = 365 / Account Receivables turnover
Number of days sales in receivables = 365 days / 15
Number of days sales in receivables = 24.33 days
Simon's most recent income statement is given below. Sales (8,000 units) $160,000 Less variable expenses (68,000) Contribution margin 92,000 Less fixed expenses (50,000) Net income $42,000 Required: a. Contribution margin per unit is b. If sales are doubled total variable costs will equal c. If sales are doubled total fixed costs will equal d. If 20 more units are sold, profits will increase by e. Compute how many units must be sold to break even. f. Compute how many units must be sold to achieve operating income of $60,000. g. Compute the revenue needed to achieve an after tax income of $30,000 given a tax rate of 30%.
Answer:
a. $11.50
b. $136,000
c. $50,000
d. $230
Explanation:
Contribution = sales - variable costs
Fixed costs do not vary with level of sales or production.
Dinham Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During March, the kennel budgeted for 3,700 tenant-days, but its actual level of activity was 3,740 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for March: Data used in budgeting: Fixed element per month Variable element per tenant-day Revenue - $ 34.60 Wages and salaries $ 2,600 $ 7.60 Food and supplies 1,600 14.10 Facility expenses 8,100 3.10 Administrative expenses 6,600 0.10 Total expenses $ 18,900 $ 24.90 Actual results for March: Revenue $ 125,356 Wages and salaries $ 28,560 Food and supplies $ 54,875 Facility expenses $ 19,150 Administrative expenses $ 7,096 The spending variance for food and supplies in March would be closest to:
Answer:
$541 Unfavorable
Explanation:
Flexible budget for food and supplies = Fixed expenses + (Actual activity * Variable cost per tenant day)
Flexible budget for food and supplies = $1,600 + (3,740 * $14.10)
Flexible budget for food and supplies = $1,600 + $52,734
Flexible budget for food and supplies = $54,334
Spending variance = Actual results - Flexible budget
Spending variance = $54,875 - $54,334
Spending variance = $541 Unfavorable
Skyler Manufacturing recorded operating data for its shoe division for the year. Sales $4,500,000 Contribution margin 500,000 Controllable fixed costs 200,000 Average total operating assets 900,000 How much is controllable margin for the year
Answer:
Controllable margin= $300,000
Controllable margin in %= 33.3%
Explanation:
Controllable margin is sales revenue less controllable variable costs and fixed cost.
Controllable margin= Sales revenue - controllable variable cost - controllable fixed costs
Controllable margin= contribution margin - fixed costs
= 500,000 - 200,000= 300,000
Controllable margin in %= 300,000/900,000 × 100 =33.3%
Controllable margin in %= 33.3
Modigliani and Miller's world of no taxes. Roxy Broadcasting, Inc. is currently a low-levered firm with a debt-to-equity ratio of /. The company wants to increase its leverage to / for debt to equity. If the current return on assets is % and the cost of debt is %, what are the current and the new costs of equity if Roxy operates in a world of no taxes? What is the current cost of equity if Roxy operates in a world of no taxes?
Answer and Explanation:
The computation is shown below:
For Current
Total assets = Debt + Equity
= 2 + 7 9
Now
Debt ratio = Debt ÷ Total assets = 2 ÷ 9
Equity ratio = Equity ÷ Total assets = 7 ÷ 9
Return on assets = Cost of debt × Debt ratio + Cost of equity × Equity ratio
11% = 9% × 2 ÷ 9 + Cost of equity × 7 ÷ 9
Cost of equity × 7 ÷ 9 = 11% - (9% × 2 ÷ 9)
Cost of equity = ( 11% - (9% × 2 ÷ 9) ) × 9 ÷ 7
= 12%
For New
Total assets = Debt + Equity = 7 + 2 = 9
Debt ratio = Debt ÷ Total assets = 7 ÷ 9
Equity ratio = Equity ÷ Total assets = 2 ÷9
Return on assets = Cost of debt × Debt ratio + Cost of equity × Equity ratio
11% = 9% × 7 ÷ 9 + Cost of equity × 2 ÷ 9
Cost of equity × 2 ÷ 9 = 11% - (9% × 7 ÷ 9)
Cost of equity = ( 11% - (9% × 7 ÷ 9) ) × 9 ÷ 2
= 18%
Question 81 pts Doug Graves Company had 50,000 shares of common stock issued and outstanding at January 1, 2020. During 2020, Graves made the following transactions: June 1 Declared a 2-for-1 stock split, when the fair value of the stock was $25 per share. Oct 15 Declared a $0.40 per share cash dividend. In Graves's statement of shareholders' equity for 2020, what amount should Graves report as dividends
Answer:
See below
Explanation:
Given the above information, we will calculate first the revised stock
Revised stock
= 50,000 × $2
= 100,000
Then,
The Dividend par share
= 100,000 × $0.40
= $40,000
The sum of $40,000 will be reported as divided as the number of shares outstanding has doubled due to stock split
In a two-player, one-shot simultaneous-move game each player can choose strategy A or strategy B. If both players choose strategy A, each earns a payoff of $400. If both players choose strategy B, each earns a payoff of $200. If player 1 chooses strategy A and player 2 chooses strategy B, then player 1 earns $100 and player 2 earns $600. If player 1 chooses strategy B and player 2 chooses strategy A, then player 1 earns $600 and player 2 earns $100.
Required:
a. Write the above game in normal form.
b. Find each player’s dominant strategy, if it exists.
c. Find the Nash equilibrium (or equilibria) of this game.
d. Rank strategy pairs by aggregate payoff (highest to lowest).
e. Can the outcome with the highest aggregate payoff be sustained in equilibrium? Why or why not?
Answer:
a) attached below
b) Player 1 dominant strategy = when he chooses strategy B
Player 2 dominant strategy = when he chooses strategy B
c) Strategy A is the Nash equilibrium
d) AA = $800
AB , BA = $700
BB = $400
e) Yes
Explanation:
A) The Game written in Normal form
attached below
B) Determine each player dominant strategy
Player 1 dominant strategy = when he chooses strategy B
Player 2 dominant strategy = when he chooses strategy B
C) The Nash Equilibrium of the game is when Both players choose strategy A because when they both choose Strategy they both earn $400 each
D) Ranking strategy pairs from Highest to lowest
AA = $800
AB , BA = $700
BB = $400
E) The outcome can be sustained
because The Nash equilibrium is the same as the highest ranking strategy pair ( i.e. AA = $800 )
Someone who gives money or goods to an organization
A. Donor
B. Provider
Answer:
Donor
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What is segregated fund.