HELP ME PLEASE
The following transactions and
events have occurred during March 2022 in ABC Company
1 The company issued shares in exchange for $400,000 cash.
2 Borrowed $150,000 from a Local Bank payable in 1 year. (Interest is = 12% annually)
Purchased a machine for $100,000, paying $50,000 cash, and the rest will be paid later.
3 (Depreciates at a rate of $10,000 per month.)
4 Billed customers $80,000 for services performed.
5 Purchased in cash $4,500 of supplies. (Only $500 remained by the end of the month)
Received $4,800 cash in advance from customers for services to be performed in three
6 months.
7 Paid Dividends of $4,000 in cash.
Required:
1. Analyze each of the transactions in terms of its effect on the accounting equation elements. 2. Prepare the necessary journal entries for the month and post to the Ledger.
3. Prepare the Trial Balance.
4. Prepare and post the necessary adjusting entries.
5. Prepare the Adjusted Trial Balance.
6. Prepare the Income statement, Retaining Earnings statement, and Statement of financial Position.
7. Prepare and post the closing entries.
8. Prepare the Post-Closing Trial Balance.
Answers
Answer:
d
Explanation:is wrong i got it wrong on edg
Related Questions
A potentially huge hurricane is forming in the Caribbean, and there is some chance that it might make a direct hit on Hilton Head Island, South Carolina, where you are in charge of emergency preparedness. You have made plans for evacuating everyone from the island, but such an evacuation is obviously costly and upsetting for all involved, so the decision to evacuate shouldn’t be made lightly. Discuss how you would make such a decision. Is EMV a relevant concept in this situation? How would you evaluate the consequences of uncertain outcomes?
Answers
It can be deduced that the expected monetary value (EMV) is relevant in the given situation and the way that will be used evaluate the consequences of uncertain outcomes.
What is expected monetary value?The expected monetary value means how much money you can expect to make from a certain decision. Decision-making under uncertainty is to make a decision without knowing the possible outcome of the situation.
In this case, the decision-makers estimate the possible chance of a hurricane hitting the island and the probability distribution of the damage that will be caused by it if in case it really happens.
These are extremely difficult probabilities to estimate as the damage estimation can be both damages to property as well as damage to human beings.
In a situation such as this, it is impossible to avoid difficult trade-offs between the losses incurred by monetary losses and the losses incurred by human losses.
Learn more about monetary on:
https://brainly.com/question/13926715
what happens to the price of a good or service when a shortage of that good or service occurs?
Answers
Answer:
If shortage of goods and services occurs, obviously, the price will touch the sky, i. e. the price will increase twice or thrice the Real price...
Question 6 write an essay on the forms of ownership
Answers
Answer:
huh?no one's got time to write an essay for you
A majority of people aspire to own their businesses or partner with their friends and families to open a business. Like in all other instances, having the right information is always an advantage especially if one is planning to venture into something which is new to them. In business, therefore, it is essential to first of all understand the options one has especially when it comes to the legal structure of ownership. Having an understanding of the forms of ownership one is allowed under the law is necessary and will help in the final decision one makes. Many people often ignore some of the simple instructions or pieces of advice they find. The results for such often include regret and run-ins with the law. Therefore, to avoid extra costs while setting up a startup, one needs to have a deep understanding of the following options of ownership:
Sole Proprietorship
When people think of starting their own businesses, a majority think of venturing out on their own. At first, people prefer to walk alone and invest all their savings in an idea. When people start businesses by themselves it is called a sole proprietorship. In such a situation, a person is considered one with the business. This means that a person owns all the business’s assets as well as all the generated profits. Moreover, one is also considered responsible for all the debts and liabilities associated with the business.
People prefer sole proprietorship because they are the least expensive to start as well as organize. Additionally, one does not have to share the profits and oversees all the operations of the business. However, it is important to note that they lack limited liability which means that any losses directly affect the owner. The above means that one’s personal property could be at risk if the business defaults in payment of certain debts.
Partnerships
Unlike sole proprietorships, partnerships involve instances where several people share ownership of a business. However, like sole proprietorships the business is considered one with the owners. In a partnership, there is always a written legal document that outlines how the profits and losses will be distributed, decisions will be made in the business, impasses will be resolved, and also how the business will admit other partners in the future. Partnerships tend to be a lot stronger than sole proprietorships because the losses are shared which would mean that the weight is distributed and no single person bears a heavier burden than the other.
Corporations
Corporations are set up differently and unlike partnerships and sole proprietorships, they are viewed as separate entities from their owners. As witnessed in a number of occasions, corporations can be sued, enter into different contractual agreements, and they can also be taxed. Owners of a corporation are known as shareholders and the often select directors and managers who oversee the corporation on their behalf. The ownership of a corporation changes from time to time without affecting the state or workings of a corporation.
Limited Liability Company
Though previously non-existent, a Limited Liability Company combines the tax efficiencies and operative flexibility of partnerships and the limited liability attributes of corporations. However, while forming an LLC, the process is quite formal and mainly encompasses a lot more details including the duration of the LLC.
In conclusion, understanding these different forms of ownership is essential and would help one in deciding which business venture to pursue.
What are some negative effects of using a reminder system?
Answers
The benefits of reminder and recall systems include improved immunization rates, fewer missed appointments (no-shows), and more preventive care visits. The higher levels of preventive services are likely to reduce morbidity and mortality from preventable diseases.
Our store management seems to be in constant flux
Answers
The term "store management seems to be in constant flux"means that the personnel in store management are constantly replaced with another.
What is the meaning of constant flux?The term "constant flux" means a situation whereby something in a state is constantly changing.
The store management are personnel responsible for daily running activity and monitoring all operations in a store.
In conclusion, the term means that the personnel in store management are constantly replaced with another.
Read more about store management
brainly.com/question/24845876
Answer: Yes, I agree that they are all very helpful
Explanation:
What does it mean if an individual receives a pre-approved credit card application?
Answers
Answer:
When you get a pre-approved credit card offer, it comes from a bank or credit card issuer—also known as a credit card company. Those issuers have pre-screened you for eligibility for the card. That screen has determined you're a good candidate for the card
Explanation:
This is for Economics Class
Please help fill in the blanks,
thank you!
An entrepreneur has NO
control over the price of his
good in a state of_______
He has total control over the
market price in a state
of________
He has SOME control over
market price in a state of
either or______
Answers
Answer:
1. Perfect competition 2. Monopoly 3. Oligopoly or imperfect competition
Explanation:
VideoPlus, Inc. manufactures two types of DVD players, a deluxe model and a standard model. The deluxe model is a multi-format progressive-scan DVD player with networking capability, Dolby digital, and DTS decoder. The standard model’s primary feature
is progressive-scan. Annual production is 50,000 units for the deluxe and 20,000 units for
the standard.
Answers
The computation of the total cost per unit for each product is as follows:
Standard Deluxe
Direct materials per unit $11.00 42.00
Direct labor per unit 18.00 18.00
Overhead cost per unit 14.57 15.17
Total cost per unit $43.57 $74.17
What is the ABC costing system?The ABC (Activity-based costing) costing system is a costing method that:
Identifies activities in an organization.Assigns the overhead cost of each activity to all products and services.Cost assignment is based on the actual consumption by each.The ABC costing system is not like the traditional costing system that uses a single plantwide rate as the overhead rate based on a single cost driver.
Question Completion:Both products require 2 hours of direct labor for completion. Therefore, total annual direct labor hours are 140,000 [2 hrs. × (20,000 + 50,000)]. The expected annual manufacturing overhead is $1,050,000. Thus, the predetermined overhead rate is $7.50 ($1,050,000 ÷ 140,000) per direct labor hour. The direct materials cost per unit is $42 for the deluxe model and $11 for the standard model. The direct labor cost is $18 per unit for both the deluxe and the standard models.
The company’s managers identified six activity cost pools and related cost drivers and accumulated overhead by cost pool as follows.
Required
Compute the total cost per unit for each product under ABC.
Data and Calculations:Activity Cost Pool Cost Driver Estimated Expected Use Expected Use
Overhead of Cost Drivers of Drivers by
Product
Standard Deluxe
Purchasing Orders $ 126,000 400 100 300
Receiving Pounds 30,000 20,000 4,000 16,000
Assembling Number of parts 444,000 74,000 20,000 54,000
Testing Number of tests 115,000 23,000 10,000 13,000
Finishing Units 140,000 70,000 20,000 50,000
Packing & shipping Pounds 195,000 80,000 18,000 62,000
Total $1,050,000
Overhead rate per Activity Cost Pool
Activity Cost Pool Cost Driver Estimated Expected Use Overhead
Overhead of Cost Drivers Rates
Purchasing Orders $ 126,000 400 $315 ($126,000/400)
Receiving Pounds 30,000 20,000 $1.50 ($30,000/20,000)
Assembling Number of parts 444,000 74,000 $6.00 ($444,000/74,000)
Testing Number of tests 115,000 23,000 $5.00 $115,000/23,000)
Finishing Units 140,000 70,000 $2.00 ($140,000/70,000)
Packing & shipping Pounds 195,000 80,000 $2.4375 ($195,000/80,000)
Allocation of Overhead per product:
Activity Cost Pool Overhead Standard Deluxe
Purchasing $315 $31,500 (100 x $315) $94,500 (300 x $315)
Receiving $1.50 6,000 (4,000 x $1.5) 24,000 (16,000 x $1.5)
Assembling $6.00 120,000 (20,000 x $6) 324,000 (54,000 x $6)
Testing $5.00 50,000 (10,000x $5) 65,000 (13,000 x $5)
Finishing $2.00 40,000 (20,000 x $2) 100,000 (50,000 x $2)
Packing &
shipping Pounds $2.4375 43,875 (18,000 x $2.4375) 151,125 (62,000 x $2.4375)
Total overhead allocated $291,375 $758,625 $1,050,000
Total units produced 20,000 50,000
Overhead per unit $14.57 $15.17
Learn more about ABC costing system at https://brainly.com/question/6654166
Martinez Corporation reported net sales of $765,000, net income of $141,525, and total assets of $7,634,409. The profit margin is:
Answers
The ratio if the net income to the net sales known as profit margin is 17.03%
How to calculate profit marginThe formula for calculating the profit margin is expressed as:
Profit margin = net income/net sales
The profit margin is the net income divided by net sales.
Given the following parameters;
Net income = $141,525
Net sales = $765,000
Total Assets = $7,634,409
Profit margin = $765,000/$765, 000
Profit margin = 0.1703
Hence the profit margin is 17.03%
Learn more on profit margin here: https://brainly.com/question/10218300
g According to the video, how many times has the U.S. federal government raised the federal minimum wage?
Answers
Answer:
The federal minimum wage in the United States has been $7.25 per hour since July 2009, the last time Congress raised it.
select the statement that demonstrates a characteristics of leader
Answers
Answer:
I would answer it if there were any statements
Explanation:
sorry please post the statements in another question
Which describes the process by which assets or equipment decrease in value
as an employer pays off the loan used to purchase the equipment?
о
A. Deduction
B. Asset decrease
C. Cost deduction
D. Depreciation
Answers
Depreciation is the process by which assets or equipment decrease in value as an employer pays off the loan used to purchase the equipment.
What is Depreciation?Depreciation refers to the decrease in value of an asset over time due to wear and tear, obsolescence, or other factors. Depreciation is a common accounting concept used to allocate the cost of an asset over its useful life.
When an asset is purchased, its cost is typically recorded as a capital expenditure. However, the cost of the asset cannot be deducted in a single year for tax purposes. Instead, the cost is allocated over the useful life of the asset through depreciation.
Depreciation is typically calculated using a predetermined method, such as straight-line depreciation, accelerated depreciation, or units of production depreciation.
Straight-line depreciation is the simplest and most common method, where the cost of the asset is divided by the estimated useful life to calculate an annual depreciation expense.
Learn more about Depreciation, here
https://brainly.com/question/30531944
#SPJ5
The case mentions that CEO Barra is inclusive and consults with others, but is not afraid to make hard decisions, when necessary. If Barra was to blame those she consulted with for decisions that turned out wrong, but took credit for decisions that turned out right, she would be suffering from the ______.
Answers
If Bara was to blame those that inspired him to make bad decision and credit those that inspired him to make right one, then she's exhibiting how managers control and how leaders inspire.
Who are managers and leaders?As a leader, the organization is expecting so much in term of inspiration and motivation to achieve the set goal.
The manager on the other hand control and organize the organization and the affairs to achieve the set goals.
Therefore, the scenerio above explain the difference between a manager and a leader.
Learn more about Managers and leaders at:
https://brainly.com/question/25646504
As Starbucks expands in Chile, the company wants store décor and paper goods used to be controlled by
Answers
Consider again the price control described in the last question. Let's assume that the price control
was binding
Now people vote to repeal the law and remove the price control. As the market adjusts afterward,
we'd expect to see quantity demanded [Select ]
- and quantity supplied
in the market for wheat.
[Select ]
fall
remain constant
rise
Answers
If it is a binding price floor, when the law is repealed, quantity demanded increases and quantity supplied decreases.
If it is a binding price ceiling, when the law is repealed, quantity demanded decreases and quantity supplied increases.
What is a price floor and a price ceiling?A price floor is when the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Price ceiling is when the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
To learn more about price floor, please check: https://brainly.com/question/26551616
The unadjusted balance of the company's Cash account was $26,620 at the end of June.
The bank statement shows a balance on June 30 of $26,960.
Outstanding checks totaled $4,000 at June 30.
Deposit in transit totaled $3,000 on June 30.
The bank statement included unrecorded interest earned in the amount of $150.
Check #1221 (in payment of account payable) was written for $4,900, but recorded in the accounting records as $4,090.
The adjusted bank and book balance is?
A)26,000
B)25,960
C)25,620
D)26,300
Answers
Assuming the unadjusted balance of the company's Cash account was $26,620, The adjusted bank and book balance is: B)25,960.
The unadjusted book balance $26,620
Add Interest earned $150
Less book error in check #1221 $180
($4,900 − $4,090)
Ending balance $25,960
Unadjusted bank balance was $26,960
Add the deposits in transit of $3,000
Less outstanding checks $4,000
Ending balance $25,960
Inconclusion the adjusted bank and book balance is: B)25,960.
Learn more about Bank reconciliation statement here:https://brainly.com/question/15525383
When a large supply of a product is available for sale, the price of the product will often
Group of answer choices
A. increase.
B. stabilize.
C. remain the same.
D. decrease.
Answers
Answer:A
Explanation:When supply of a product goes up, the price of a product goes down and demand for the product can rise because it costs less.
whats ordinary annuity
Answers
Answer:
An ordinary annuity is a series of equal payments made at the end of consecutive periods over a fixed length of time
Explanation:
I hope this helps :(
Novak Corp. had the following account balances at year-end: Cost of Goods Sold $61,200; Inventory $14,550; Operating Expenses $29,960; Sales Revenue $120,310; Sales Discounts $1,080; and Sales Returns and Allowances $1,750. A physical count of inventory determines that merchandise inventory on hand is $12,180.
Prepare the adjusting entry necessary as a result of the physical count. prepare closing entries???
Answers
1. The preparation of the adjusting journal entry as a result of the physical count for Novak Corp. at the year-end is as follows:
Adjusting Journal Entry:Debit Cost of goods sold $2,370
Credit Inventory $2,370
To adjust the ending inventory value based on the physical count.2. The preparation of the closing journal entries for Novak Corp. is as follows:
Closing Journal Entries:Debit Income Summary $93,530
Credit Cost of goods sold $63,570 ($61,200 + $2,370)
Credit Operating Expenses $29,960
To close the adjusted cost of goods sold and operating expenses to the income summary.Debit Net Revenue $117,480
Credit Income Summary $117,480
To close the net revenue to the income summary.Debit Income Summary $23,950
Credit Retained Earnings $23,950
To close the income summary to the retained earnings.What are the closing entries?The closing entries are used to close the temporary accounts to the income summary in order to determine the net income or loss. The closing entries include the following four journal entries:
Closing revenues to income summaryClosing expenses to income summaryClosing income summary to retained earningsClosing dividends to retained earnings.Data and Adjustment Analysis:Cost of Goods Sold $61,200
Inventory $14,550
Operating Expenses $29,960
Sales Revenue $120,310
Sales Discounts $1,080
Sales Returns and Allowances $1,750
Physical count of inventory = $12,180
Overstatement of ending inventory based on physical count = $2,370 ($14,550 - $12,180).
Net Sales Revenue = $117,480 ($120,310 - $1,080 - $1,750)
Adjustment:Cost of goods sold $2,370 Inventory $2,370
Closing Entries:Income Summary $93,530 Cost of goods sold $63,570 ($61,200 + $2,370) Operating Expenses $29,960
Net Revenue $117,480 Income Summary $117,480
Income Summary $23,950 Retained Earnings $23,950
Learn more about closing entries at https://brainly.com/question/26558576
A baseball player is offered a 5-year contract that pays him the following amounts:
Year 1: $1.2 million
Year 2: 1.6 million
Year 3: 2.0 million
Year 4: 2.4 million
Year 5: 2.8 million
Instead of accepting the contract, the baseball player asks his agent to negotiate a contract which has a present value of $1 million more than that which has been offered. Moreover, the player wants to receive his payments in the form of a 5-year annuity due. All cash flows are discounted at 10 percent. If the team were to agree to the player's terms, what would be the player's annual salary (in millions of dollars)?
Answers
The player's annual salary is $2 million. If All cash flows are discounted at 10 percent. If the team were to agree to the player's terms.
What is meant by the value of an annuity?A stream of identical future payments is worth in dollars today what is known as the present value of an annuity. To put it another way, it's the sum of the investments you would need to make today to equal the total of the annuity payments after accounting for the time value of money.
Given,
Cash Flow(CF) Year 1 Year 2 Year 3 Year 4 Year 5
(Amt in million) $1.2 $1.6 $2.0 $2.4 $2.8
Discounted rate = 10%
Additional cash Inflow = $1 million
Required to find annual salary =?
First, we have to find the Present value = CF1/(1+r)¹ + CF2/(1 + r)² + CF3/(1+r)³ + CF4/(1+r)⁴ + CF5/(1+r)⁵
Present value = 1.2/(1+0.1)¹ + 1.6/(1+0.1)² + 2/(1+0.1)³ + 2.4/(1+0.1)⁴ + 2.8/(1+0.1)⁵
Present Value = 7.293 million
Now Increase Pv by 1 million + 7.293 = 8.293 million.
PMT = (PV)/(1+r)*(1-(1/(1+r)ⁿ)) x (1+r)
PMT = 8.293/(1/0.1) x (1-(1/(1+0.1)⁵)) x (1+0.1)
PMT = 1.98 which is 2.0 million approx.
Thus, The player's annual salary is $2 million.
Learn more about Annuity value here:
https://brainly.com/question/13369387
#SPJ2
Palmer Company uses activity-based costing. The company produces two products: Earbuds and Head phones. The annual production and sales volume of Earbuds is 8,000 units and of Head phones is 6,000 units. There are three activity cost pools with the following expected activities and estimated total costs:
Activity Cost Pool Estimated Cost Expected Activity IPods Expected Activity MP3 players Total
Activity 1 $20,000 100 400 500
Activity 2 $37,000 800 200 1,000
Activity 3 $91,200 800 3,000 3,800
Using ABC, the cost per unit of IPods is approximately: __________
Answers
Assuming the sales volume of Earbuds is 8,000 units Using ABC, the cost per unit of IPods is approximately $6.60.
Cost per unitFirst step
Activity Rate :
Activity cost= ( Estimated Cost / Total Activity)
Activity 1 20,000/500=40
Activity 2 37,000/ 1,000=37
Activity 3 91,200/ 3,800= 24
Second step
Allocated Cost to Ipods
Allocated Cost= ( Activity Rate× Expected Activity for IPods)
Activity 1 40×100=4,000
Activity 2 37×800=29,600
Activity 3 24× 800=19,2000
Total Allocated Cost 52,800
Third step
Cost Per Unit =Total Allocated Cost / Total Units of Ipods
Cost Per Unit = $ 52,800 / 8,000 Units
Cost Per Unit = $6.60 per unit
Inconclusion the cost per unit of IPods is approximately $6.60.
Learn more about cost per unit here:https://brainly.com/question/609464
When someone buys something on the menu, what are they paying for?
Answers
An individual pays for service rendered so when someone buys something on the menu, what are they paying for service.
What is service charge?A service charge is the amount an individual pays for a service that is been rendered.
It could be a product that is purchased or workdone and the amount is computed and paid for.
Therefore, When someone buys something on the menu, what are they paying for service.
Learn more on service charge here,
https://brainly.com/question/24805597
8. Who was the beggar Trevor was painting?
Answers
Answer:
Baron Hausberg
Explanation:
Michael’s interest rate goes up and down according to his payment history and credit score. What type of interest does he have?
1. Term
2. Interest
3. Average
4. Variable
Answers
The type of interest rate Michael has is a variable interest.
What is a variable interest?An interest rate can be described as the cost of borrowing. It is the amount the borrower must pay to the lender for use of his funds.
Variable interest is the interest that fluctuates based on some underlying factors. Variable interest is also known as a floating interest.
To learn more about interest, please check: https://brainly.com/question/26164549
Organic Grocer employed Jacobson as its manager and gave her authority to purchase supplies and goods for resale. Jacobson had business dealings with Acme Electronics Company. Jacobson contacted Acme and had it deliver a color television set to her house. She told Acme that the set was to be used in promotional activities. The promotional campaign did not take place, and Jacobson disappeared from the area, taking the television set with her. Acme now seeks to recover the purchase price of the set from Organic Grocer. Will Acme prevail?
Answers
Answer:
ltem of important must be shown separately
what is that GAAP
what is production possibility curve
Answers
A production–possibility frontier, production possibility curve, or production possibility boundary, or transformation curve/boundary/frontier is a curve which shows various combinations of the amountsis a curve which shows various combinations of the amounts of two goods which can be produced within the given resources and technology/a graphical representation showing all the possible options of output for two products that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time.
Accounts receivable is classified on the balance sheet as a
a. current asset.
b. current liability.
c. noncurrent asset.
d. long-term liability.
Answers
Answer:
a current asset
Explanation:
Explain the term bread basket as it relates to inflation
Answers
Bread basket or a basket of goods in relation to inflation is used to describe a fixed set of consumer goods which are periodically valued on a monthly or annual basis.
What is Basket of Goods?In ascertaining the basket of goods, the Consumer Price Index (CPI) is used.
This is a measure that elucidates the weighted average of prices of a basket of consumer goods and services which may include transportation, food, and medical care.
This is calculated by ascetaining the average of the prices of each item price in the predetermined basket of goods.
Learn more about Basket of Goods at https://brainly.com/question/13884440
Suppose that Cloudastries Bank is a U.S.-based financial intermediary that serves the foreign exchange market. Assume that this bank is willing to both purchase and sell currency for the same rate. In other words, assume there is no bid/ask spread. Suppose Cloudastries has made the following direct quotations:
Currency Dollar Spot Rate
Mexican Peso $0.45
Euro $1.80
Additionally, Cloudastries has quoted a cross exchange rate of 1 euro = 2.01 pesos.
Based on the spot rates in the table, the cross exchange rate of the euro should be equal to ___________
Answers
The cross exchange rate of 1 euro based on the spot rates in the table is 2.22 pesos.
What is the Bid or Ask Spread in the Foreign Exchange Market?In Foreign Exchange, the bid or ask spread is the difference or the margin between the bid and the ask price.
From the given table, we have;
Currency Dollar Spot Rate
Mexican Peso $0.45
European Euro $1.80
Condition: assuming there is no bid/ask spread, and based on the spot rate in the table;
1 Peso = $0.451 euro = $1.80The cross exchange rate of the euro can be computed as:
[tex]\mathbf{= \dfrac{1}{0.45 }= \$2.22}[/tex]
Learn more about Bid or Ask spread here:
https://brainly.com/question/25516976
Investments earn passive income, which means the money earns extra value over time without you having to do anything in particular to earn it.
If you have a good job and a budget that allows you to save a portion of your income throughout each year, what’s the point of passive income? Why not just collect and save your money without risking a loss through investments?
Answers
Answer:
Explanation:
The usage of passive income instead of collecting and saving your money without risking a loss through investments. Passive income is money you earn that doesn't require you to do a lot of “active” work to continue making it.
Answer:
The usage of passive income instead of collecting and saving your money without risking a loss through investments. Passive income is money you earn that doesn't require you to do a lot of “active” work to continue making it.
Explanation: