Answer:
INTERNAL COMPANIES
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:
Accounts Debit Credit
Cash $ 26,400
Accounts Receivable 48,800
Allowance for Uncollectible Accounts $ 5,500
Inventory 21,300
Land 59,000
Equipment 21,500
Accumulated Depreciation 2,800
Accounts Payable 29,800
Notes Payable (6%, due April 1, 2019) 63,000
Common Stock 48,000
Retained Earnings 27,900
Totals $ 177,000 $ 177,000
During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $8,200. The cards are redeemable for merchandise within one year of the purchase date.
January 6 Purchase additional inventory on account, $148,000.
January 15 Firework sales for the first half of the month total $136,000. All of these sales are on account. The cost of the units sold is $74,300.
January 23 Receive $125,500 from customers on accounts receivable.
January 25 Pay $91,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $4,900.
January 30 Firework sales for the second half of the month total $144,000. Sales include $10,000 for cash and $134,000 on account. The cost of the units sold is $80,000.
January 31 Pay cash for monthly salaries, $52,100.
Prepare an adjusted trial balance as of January 31, 2021.
The Adjusted Trial Balance of ACME Fireworks on January 31, 2021 is as follows and totals $517,300 on both sides.
Adjusted Trial Balance
January 31, 2021
Accounts Debit Credit
Cash $27,000
Accounts Receivable 188,400
Allowance for Uncollectible Accounts $ 600
Inventory 15,000
Land 59,000
Equipment 21,500
Redeemable Gift Cards 8,200
Accumulated Depreciation 2,800
Accounts Payable 86,800
Notes Payable (6%, due April 1, 2019) 63,000
Common Stock 48,000
Retained Earnings 27,900
Sales Revenue 280,000
Cost of Goods Sold 154,300
Salaries Expenses 52,100
Totals $ 517,300 $ 517,300
Data and Calculations:
ACME Fireworks General Ledger Account Balances
January 1, 2021
Accounts Debit Credit
Cash $ 26,400
Accounts Receivable 48,800
Allowance for Uncollectible Accounts $ 5,500
Inventory 21,300
Land 59,000
Equipment 21,500
Accumulated Depreciation 2,800
Accounts Payable 29,800
Notes Payable (6%, due April 1, 2019) 63,000
Common Stock 48,000
Retained Earnings 27,900
Totals $ 177,000 $ 177,000
Analysis of Transactions:
Jan. 2 Cash $8,200 Redeemable Gift Cards $8,200
Jan. 6 Inventory $148,000 Accounts Payable $148,000
Jan. 15 Accounts Receivable $136,000 Sales Revenue $136,000
Cost of Goods Sold $74,300 Inventory $74,300
Jan. 23 Cash $125,500 Accounts Receivable $125,500
Jan. 25 Accounts Payable $91,000 Cash $91,000
Jan. 28 Allowance for Uncollectible Accounts $4,900 Accounts Receivable $4,900
Jan. 30 Cash $10,000 Accounts Receivable $134,000 Sales Revenue $144,000
Cost of Goods Sold $80,000 Inventory $80,000
Jan. 31 Salaries Expense $52,100 Cash $52,100
Adjustments of the Trial Balance with Transactions:
Accounts Debit Credit
Cash $ 26,400 + 8,200 + 125,500 - 91,000 + 10,000 - 52,100
Accounts Receivable 48,800 + 136,000 - 125,500 - 4,900 + 134,000
Allowance for Uncollectible Accounts $ 5,500 - 4,900
Inventory 21,300 + 148,000 - 74,300 - 80,000
Land 59,000
Equipment 21,500
Redeemable Gift Cards 8,200
Accumulated Depreciation 2,800
Accounts Payable 29,800 + 148,000 - 91,000
Notes Payable (6%, due April 1, 2019) 63,000
Common Stock 48,000
Retained Earnings 27,900
Sales Revenue 136,000 + 144,000
Cost of Goods Sold 74,300 + 80,000
Salaries Expenses 52,100
Learn more: https://brainly.com/question/24872559
Variable expenses are defined as those that vary with changes in volume. Examples include
Answer:
Electricity
Explanation:
In addition to the UFMIP (up-front mortgage insurance premium), the owner-occupant borrower who decides to use an FHA mortgage loan will normally pay an additional annual mortgage insurance premium (MIP) that depends on the loan-to-value ratio and the term of the loan. As of 2019, the MIP ranged from ____________ percentage of the average annual loan balance
As of 2019, the MIP ranged from 0.8 percent to 1.05 percent of the average annual loan balance.
This is usually based on the MIP on a 30-year loan range. Alternatively, the MIP ranges between $800 to $1,050 for every $100,000 borrowed.
The exact amount of MIP to be paid by borrowers depends on the actual amount borrowed and the down payment or equity made.
MIP stands for Mortgage insurance premiums which the Federal Housing Administration mortgage borrowers pay.
Hence, in this case, it is concluded that the correct answer is 0.8 percent to 1.05 percent.
Learn more here: https://brainly.com/question/22490844
______________ is the amount an employee earns before payroll withholding is performed.
A.
Net pay
B.
Gross pay
C.
Taxable interest
D.
An estate
Please select the best answer from the choices provided
A
B
C
D
Small business commonly employ what type departmentalization
Answer:
line departmentalization
Explanation:
Hope this helps:)
~Kisame'sAbs
what role do manager's play In the cooperative
Answer
organizing, directing, coordinating, and controlling.
Explanation:
The manager is responsible for the overall operation of the cooperative, as delegated by the board, relating to the management functions of planning, organizing, directing, coordinating, and controlling.
I really hope it helped
why is the task of pricing extremely difficult
Hugh has experience as a firefighter and a degree in chemistry. What company might be interested in hiring Hugh
Considering Hugh's experience as a firefighter and a degree in chemistry, the company that might be interested in hiring Hugh is "Fire Protection System Suppliers."
This is because Fire Protection System Suppliers are the companies that provide, manufacture or sell fire fighting products and equipment.
With his knowledge of chemistry, Hugh would understand and know the right chemical and equipment to use in fighting fire faster.
Some of the Fire Protection System Suppliers in the United States include the following:
Koetter Fire Protection, Amerex Corp., Telgia, USA Fire Protection, etc.
Hence, in this case, it is concluded that the correct answer is Fire Protection System Suppliers.
Learn more here: https://brainly.com/question/14657395
Answer: A State Agency Looking For A Fire Inspector
Explanation: i just took a quiz and that was the right answer
Question 3 of 10
form from their clients that
Independent contractors receive a
verifies their earnings for the year.
O A. W-2
B. 1099
O C. 1040
D. W-4
Answer:
B. 1099
Explanation:
Answer:B
Explanation: I just got it right
Zang Company had no office supplies on hand at the beginning of the year. During the year, the company purchased $250 worth of office supplies. At the end of the year, $50 worth of office supplies were on hand. How much should Zang Company report as office supplies expense for the year
Answer:
Hdhdi
Explanation:
What does Daniel Pink's research indicate about motivators used at work places? Financial motivators always work for employees irrespective of financial fairness levels. Carrot motivators work well for employees who need to be innovative at their jobs. Carrot motivators increase creativity at work places and improve efficiency. Stick motivators are especially helpful to tackle unethical and illegal behavior. Carrot motivators decrease innovation and turn creative work into drudgery.
Daniel Pink's research indicated that "Carrot motivators decrease innovation and turn creative work into drudgery."
This implies that when people know that their innovation might not work out and lead to penalties, they wouldn't want to function well or try any creativity at work.
Daniel Pink suggested in his research work that three components drive humans to improve their productivity in workplaces. These components are autonomy, mastery, and purpose.
Daniel Pink is famous for being an author and four times New York Bestseller.
Hence, in this case, it is concluded that the correct answer is option E. "Carrot motivators decrease innovation and turn creative work into drudgery."
Learn more here: https://brainly.com/question/16003638
Explain the difference between a public and private company
Answer:
a private company is owned by the company's founders, management, or a group of private investors. A public company is a company that has sold all or a portion of itself to the public via an initial public offering.
Explanation:
Managerial accounting is different from financial accounting in that:
a. Managerial accounting is more focused on the organization as a whole, while financial accounting is more focused on projects, processes, and divisions of the organization.
b. Managerial accounting never includes nonmonetary information.
c. Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions.
d. Managerial accounting is used extensively by investors, whereas financial accounting is used only by creditors.
e. Managerial accounting is structured and controlled by GAAP.
Managerial Accounting is different from Financial Accounting in that c. Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions.
The differences between Managerial Accounting and Financial Accounting do not arise because of Managerial accounting:
Focuses on the organization while financial accounting focuses on projects, etc.Never includes non-monetary information; it includes non-monetary information than financial accountingUsed by investors, while financial accounting is used by creditorsStructured and controlled by GAAP.
Thus, the difference between the two is that Financial accounting is structured and controlled by GAAP and used by investors and creditors. Managerial accounting is not structured by GAAP and is used by management in decision-making.
Learn more: https://brainly.com/question/13592085
The people who live on Shangri-La Island consume only rice and fish. Last year, which was the reference base year, the price of rice was $ a pound, the price of fish was $ a pound, and the average urban household spent $ on rice and $ on fish. This year, the price of rice is $ a pound and the price of fish is $ a pound. What is the CPI in the current year?
The CPI in the current year is 226.9.
The consumer price index measures how the cost of a basket of goods in a given economy has changed over a given period of time. Changes in the cost of the basket of good occurs as a result of inflation.
CPI = (cost of basket of goods in current period / cost of basket of goods in base period) x 100
The basket of goods for the people of Shangri-La Island are fish and rice. The cost of a basket of good = average amount spent on fish + average amount spent on rice
Cost of basket of goods last year = $20 + 6 = $26
Cost of basket of goods this year = (price of fish this year x quantity of fish bought) + (price of rice this year x quantity of rice bought)
($7 x 2) + ($9 x 5) = $59
CPI in the current year = ($59 / $26) x 100 = 226.9
Please find attached the complete question. To learn more about, consumer price index, please check: brainly.com/question/3870930?referrer=searchResults
Sylvia is a budget analyst for the state of Kentucky. her job is to look over the state government's spending and suggest and suggest ways to save on government funds. What education might have been appropriate for Sylvia to qualify for this position
There is various education that might have been appropriate for Sylvia to qualify for this position. One of the education includes Bachelor's Degree in Public Administration.
Other education that might have been appropriate for Sylvia to qualify for this position includes the following:
Minimum of Bachelor's Degree in Business, Finance, Accounting, Economics, Actuarial Science, Statistics, Applied Mathematics, etc.
This is because the ability to prepare budget analysis would require Sylvia to possess numeracy and analytical skills at a degree level.
Regardless of the degree, he must hold, Sylvia is expected to have passed coursework in accounting, economics, statistics, etc.
Hence, in this case, it is concluded that Sylvia must have studied business and finance-related courses.
Learn more here: https://brainly.com/question/19107339
Answer:
bachelor’s degree in accounting
Answers to the whole thing (edmentum)
1. reggie = therapist services
2. paul = c
3. benji = d
4. tara = c
5. abe = a
6. benji = a
7. carlos = b
8. two carpenters = c
9. sam = c
10. liz = b
11. sharron = a
12. latasha = a
13. hugh = b
14. kenneth = a
15. jaylene = b
16. sean = b
17. even though = true
18. tasha = b
theres more so try your best:))
A/An ____________ tone of voice will help customers feel confident that you’re there to help. A.Superior B.indifferent C.monotone D.Enthusiastic
Answer:
D
Explanation:
enthusiastic it makes customers feel like you care
pls mark brainliest
Jamie is considering leaving her current job, which pays $75,000 per year, to start a new company that develops applications for smartphones. Based on market research, she can sell about 50,000 units during the first year at a price of $4 per unit. With annual overhead costs and operating expenses amounting to $145,000. Jamie expects a profit margin of 20 percent. This margin is 5 percent larger than that of her largest competitor, Apps, Inc.
Suppose that Jamie’s estimated selling price is lower than originally projected during the first year. How much revenue would she need in order to earn:
Positive accounting profits?
Positive economic profits
Answer:
Accounting costs = $145,000 (annual overhead costs and operating expenses)
Implicit cost = $75,000 (Value of Salary Given Up)
Opportunity cost = $220,000 (Accounting Costs + Implicit Costs)
Revenue needed to earn positive accounting profits = at least $145,000 (more than accounting costs)
Revenue needed to earn positive economic profits = at least $220,000 (more than opportunity cost)Explanation:
a negative in the pigmalion effect theory
Explanation:
Negative implications of the Pygmalion Effect: Unjustified expectations end up becoming real. ... Secondary teachers have lower expectations to colored students and students from poor and disadvantaged backgrounds.
Concord sells softball equipment. On November 14, they shipped $ 3070 worth of softball uniforms to Palos Middle School, terms 2/10, n/30. On November 21, they received an order from Tinley High School for $ 1630 worth of custom printed bats to be produced in December. On November 30, Palos Middle School returned $ 320 of defective merchandise. Concord has received no payments from either school as of month end. What amount will be recognized as net accounts receivable on the balance sheet as of November 30
The amount to be recognized as net accounts receivable on the balance sheet as of November 30 is $2,750.
2/10, n/30 means that the buyer will eligible to take 2% Discount if he pays the invoice within 10 days and if buyer does not pay the amount within 10 days, then, the net amount is due within 30 days after sales invoice date.
Also, Lifetime receives orders from Tinley High School for $1,200 worth of custom. Therefore, nothing is sold and nothing is advance.
Therefore, Lifetime records will be recognized as Net accounts receivable on the balance sheet as of November:
= Sales - Sales Return
= $3,070 - $320
= $2,750
Therefore, the amount to be recognized as net accounts receivable on the balance sheet as of November 30 is $2,750.
See similar solution here
brainly.com/question/15586277
A company just starting business made the following four inventory purchases in June:June 1 150 units $ 390 June 10 200 units 585 June 15 200 units 630 June 28 150 units 510 $2,115 A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. The inventory method which results in the highest gross profit for June is Select one: a.the weighted average unit cost method. b.the FIFO method. c.the LIFO method. d.not determinable.
A local government began the year with a portfolio of securities with an historical cost of $1,200 and a fair value of $1,240. During the year the government acquired an additional security at a cost of $260 and sold for $200 a security that had an historical cost of $172 and a fair value at the beginning of the year of $190. At the end of the year, the securities portfolio had a fair value of $1,330. The amount that should be recognized on the financial statements for the year as investment income is:________
Why is it important to know that it will take 4-6 business days to process your payment request?
The process of Automated Clearing House make it take up to 4 to 6 business days to process payment request.
The payment request is a process initiated by the someone who want to send money and it is majorly based on website platform such as P.aypal, P.ayoneer etc.
Usually, when a payment request is initiated, a process called Automated Clearing House (ACH) is used by those plaform to help transfer money to respective account of receivers.
However, the Automated Clearing House process can take up to 3, 4, or 5 business days before the account will be credited even after the sender account have been debited.
Learn more about this here
brainly.com/question/11492961
Five fishermen live in a village and have no other employment or income-earning possibilities besides fishing. They each own a boat that is suitable for fishing but which has no resale value. Fish are worth $5 per pound, and the marginal cost of operating the boat is $500 per month. The fishermen all fish a river next to the village. According to the following schedule, the fishermen have determined that, when there are more of them out on the river fishing, they each catch fewer fish per month.
Boats Fish Caught per Boat (pounds)
1 200
2 190
3 175
4 155
5 130
If each fisherman acts in his own best interest, will he continue to operate his boat each month? Why or why not?
Answer:
Answer : Per boat operating cost = $500 per month.
Price of fish = $5 per pound.
There are 5 fishermen and each fisherman has 1 boat.
Explanation:
sorry its too short my brain is ded xD
Each fisherman will continue operating their boat each month despite decreased fish catches, as the positive profits outweigh having no income.
Profit = (Fish Caught per Boat × Price per Pound) - Marginal Cost
Fisherman 1: Profit = (200 × $5) - $500 = $500
Fisherman 2: Profit = (190 × $5) - $500 = $450
Fisherman 3: Profit = (175 × $5) - $500 = $375
Fisherman 4: Profit = (155 × $5) - $500 = $275
Fisherman 5: Profit = (130 × $5) - $500 = $150
Each fisherman will continue operating his boat each month even though there are more fishermen using the river, catching fewer fish per boat because the positive profits from fishing ($5 per pound) outweigh the marginal cost of boat operation ($500 per month) ensuring some income.
learn more about Profit here
brainly.com/question/34892562
#SPJ3
Joie de Vivre has been successful at motivating employees, which can be shown using the four indicators of motivation as outlined in the chapter. of these indicators,____ is the one that helps determine the degree to which employees will support the company and its mission.
A. rootedness
B. commitment
C. satisfication
D. comprehension
E. engagement
If Joie de Vivre has been successful at motivating employees, which can be shown using the four indicators of motivation as outlined in the chapter. of these indicators,____ is the one that helps determine the degree to which employees will support the company and its mission: B. commitment
Commitment has do with showing support or been committed by showing supports towards the success of the company or organization.
To be committed at a work place shows that you are devoted to the company and you want the aims and objective of the company to be realistic.
When an employee is committed to their job it means employee is passionate about their job as well as the mission of the company because a committed employee will always support the company.
Such an employee are often exceptionally good when carrying out the tasks or assignments assign to them because they have company best interest in mind.
Inconclusion commitment is the one that helps determine the degree to which employees will support the company and its mission.
Learn more here:
https://brainly.com/question/14984101
Suppose you are the Hiring Director for a local computer software design firm. Your company has experienced significant growth over the last two quarters and as a result, your company will be hiring for 30 new positions in the next several months. The Vice President of Human Resources feels this is a perfect opportunity to incorporate unconscious bias training at your company as managers from several departments will be interviewing and hiring candidates for the new positions. Your company, unfortunately, suffers from a lack of diversity especially among the engineering, coding, and designing positions. She has asked you to conduct this training for the department managers in advance of any interviews being conducted.
As the hiring director, which of the following are effective in removing bias from the recruiting, interviewing, and hiring process?
A) Final hiring decisions can be made individually as long as the manager has followed a set of criteria in evaluating the candidate
B) Remind managers that their first or "gut" instinct is often the right choice
C) Final hiring decisions should be made by a hiring committee consisting of three or more department managers
D) Make department managers aware that unconscious bias exists
As a hiring director, it is effective to remove bias from the recruiting, interviewing, and hiring process by making department managers aware that an unconscious bias exists.
It is also effective to eliminate bias by having final decisions made by a hiring committee composed of three or more department managers.
Thus, the recruitment and selection process would be based on multiple views and not on the individual view of a single manager, which can reduce individual prejudices and thus increase diversity.
Awareness that bias exists is also the first step in identifying and solving the problem, providing specific training and guidance for more effective hiring.
A diverse work environment is essential for a company to be more innovative and creative, with professionals with different experiences and visions to enrich work processes and organizational culture.
Learn more here:
https://brainly.com/question/12672701
_________ Refers procedures that connect to the work activities of the different work divisions or units of the firm in order to achieve its overall goal
Answer:
Organizing
Explanation:
Organizing involves coordinating and allocating a firm's resources so that the firm can carry out its plans and achieve its goals. This organizing, or structuring, process is accomplished by: Determining work activities and dividing up tasks (division of labor) Grouping jobs and employees (departmentalization
The June 30, 2021, year-end trial balance for Askew company contained the following information: Account Debit Credit Inventory, 7/1/2020 32,000 Sales revenue 380,000 Sales returns 12,000 Purchases 240,000 Purchase discounts 6,000 Purchase returns 10,000 Freight-in 17,000 In addition, you determine that the June 30, 2021, inventory balance is $40,000. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021.
The cost of goods sold for the Askew Company for the year ending June 30, 2021 is $233,000.
Using this formula
Cost of goods sold=Beginning Inventory+ Net purchases- Ending Inventory
Where:
Beginning Inventory=$32,000
Net purchases=($240,000-$6,000-$10,000+$17,000)=$241,000
Ending Inventory=$40,000
Let plug in the formula
Cost of goods sold=$32,000+$241,000-$40,000
Cost of goods sold=$233,000
Inconclusion the cost of goods sold for the Askew Company for the year ending June 30, 2021 is $233,000.
Learn more here:
https://brainly.com/question/15708509
hina's growth rate of real GDP in 2005 and 2006 was 10.5 percent a year and its population growth rate was 0.5 percent a year. If these growth rates continue, in what year would real GDP per person be twice what is was in 2006? If these growth rates continue, real GDP per person would be twice what is was in 2006 at the end of _______.
Considering the situation described above, if these growth rates continue, the real GDP will be twice what it was in 2006 during the year "2013."
This is based on the Rule of 70. The rule of 70 states that the number of years needed for any variable to double is approximately 70, divided by the annual percentage growth rate of the variable.
Thus, given that the Real GDP is growing at 10.5 percent a year;
We have 70 ÷ 10.5 = 6.7;
Therefore, the Real GDP will double in 6.7 years, which is during the year 2013.
Hence, in this case, it is concluded that the correct answer is 2013.
Learn more here: https://brainly.com/question/12272988
Scenario: Marsha Jones is a recent college graduate. She worked during college and managed to save $2,000 in her savings account. The balance of her checking account (cash) is $440. During her freshman year, Marsha used a credit card and now owes $1,250 to that credit card company. She has two school loans: one for $5,000 and the other one for $3,000. She also has a car loan that started out at $12,500, which she now owes $4,600.
Use this information to make in Marsha's Balance Sheet.
Marsha's Balance Sheet shows that she owes more money than she has.
The balance sheet is an economic term that refers to the graph or method to know the economic status of a person.
The most basic way to do a balance sheet is by including debts (liabilities) and income (assets).
This information is useful for a company or an individual to modify their economic practices in case they are spending more money than they are earning.
In this case, Marsha has more debts than the money she has, so she should worry about not acquiring services or goods on credit because she will not have enough money to pay.
Learn more in: https://brainly.com/question/22810061
the necessity of marketing and advertising for any business
Answer:
Marketing is important because it helps you sell your products or services, by advertising your business you are showing more people about it
Explanation: