For each transaction,

1. Analyze the transaction using the accounting equation.
2. Record the transaction in journal entry form
3. Post the entry using T-accounts to represent ledger accounts.

Use the following (partial) chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696).

a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $7,000 in cash along with equipment having a $3,000 value.
b. On May 21, Elegant Lawns purchases office supplies on credit for $500.
c. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services.
d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.

Answers

Answer 1

Answer:

1) I used an excel spreadsheet

2) a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $7,000 in cash along with equipment having a $3,000 value.

Dr Cash 7,000

Dr Equipment 3,000

    Cr DeShawn Tyler, capital 10,000

b. On May 21, Elegant Lawns purchases office supplies on credit for $500.

Dr Office supplies 500

    Cr Accounts payable 500

c. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services.

Dr Cash 4,000

    Cr Landscaping Revenue 4,000

d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.

Dr Cash 1,000

    Cr Unearned Landscaping Revenue 1,000

3)

Cash (101)

debit                    credit

7,000

4,000

1,000                              

12,000

Office Supplies (124)

debit                    credit

500

Equipment (167)

debit                    credit

3,000

Accounts Payable (201)

debit                    credit

                            500

Unearned Landscaping Revenue (236)

debit                    credit

                            1,000

D. Tyler, Capital (301)

debit                    credit

                            10,000

Landscaping Revenue (403)

debit                    credit

                            4,000


Related Questions

All the following are characteristics of a tradable market except a. Easy Access b. Parity c. Liquidity d. Fungibility e. Lack of a Trend

Answers

Answer:

e. Lack of a Trend

Explanation:

The tradable market is the market in which the trading is to be done

It involves various attributes like parity, liquidity, fungibility but does not involve the lacking of a trend

Therefore according to the given situation, the option e is correct as it does not come under the tradable market characteristics

Therefore option e is right and the same is to be considered

Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured the equipment at a cost of $350,000 and lists a cash selling price of $437,810. Appropriate adjusting entries are made quarterly.

Related Information:

Lease term 5 years (20 quarterly periods)
Quarterly lease payments $26,250 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter
Economic life of asset 5 years
Interest rate charged by the lessor 8%

Required:
a. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.
b. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.

Answers

Answer:

a. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.

we must first determine the present value of the lease payments:

PV of lease payments = quarterly payment x annuity factor

quarterly payment = $26,250PV annuity due factor, 2%, 20 periods = 16.67846

PV of lease payment = $26,250 x 16.67846 = $437,809.56 ≈ $437,810

January 1, 2021, equipment leased from Insight Machines

Dr Right of use asset 437,810

    Cr Lease payable 437,810

January 1, 2021, first lease payment

Dr Lease payable 26,250

    Cr Cash 26,250

March 31, 2021, second lease payment

Dr Lease payable 18,019

Dr Interest expense 8,231

    Cr Cash 26,250

interest expense = ($437,810 - $26,250) x 2% = $8,231

March 31, 2021, amortization expense

Dr Amortization expense 21,891

    Cr Right of use asset 21,891

amortization expense = $437,810 / 20 = $21,891

b. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.

January 1, 2021, equipment leased to Eye Deal

Dr Lease receivable 437,810

    Cr Lease revenue 437,810

Dr Cost of goods sold 350,000

    Cr Equipment 350,000

January 1, 2021, first lease payment

Dr Cash 26,250

    Cr lease receivable 26,250

March 31, 2021, second lease payment

Dr Cash 26,250

    Cr Lease receivable 18,019

    Cr Interest revenue 8,231

On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $15 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $13 million. The loss from operations of the segment during 2021 was $4.8 million. Pretax income from continuing operations for the year totaled $7.8 million. The income tax rate is 25%.
Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions.)

Answers

Answer and Explanation:

The preparation of the lower portion is presented below:

Income from the continuing operation

before income tax                   $7,800,000

Less: Income tax expenses ($7,800,000 × 25%) (1,950,000)

Income from continuing operation(A) 5,850,000

Discontinued operation:  

Loss from operation discontinued components

($15 - $13 - $4.8) ($2,800,000)

Income tax benefits ($2,800,000 × 25%)  $700,000

Loss on discontinued operation(B) ($21,000,000)

Net loss (A - B) -$15,150,000

Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of inventories to reflect the July events of this company. The June 30 balances: Raw Materials Inventory, $22,000; Work in Process Inventory, $9,690 ($2,810 of direct materials and $6,880 of conversion); Finished Goods Inventory, $140,000; Sales, $0; Cost of Goods Sold, $0; Factory Payroll Payable, $0; and Factory Overhead, $0. 1. Prepare journal entries to record the following July transactions and events. Purchased raw materials for $130,000 cash (the company uses a perpetual inventory system). Used raw materials as follows: direct materials, $52,540; and indirect materials, $11,500. Recorded factory payroll payable costs as follows: direct labor, $206,000; and indirect labor, $26,500. Paid factory payroll cost of $232,500 with cash (ignore taxes). Incurred additional factory overhead costs of $83,000 paid in cash. Allocated factory overhead to production at 50% of direct labor costs. 2. Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary, assuming the weighted-average method is used. (Round "Cost per EUP" to 2 decimal places.) Units Beginning inventory 6,500 units Started 14,000 units Ending inventory 8,000 units Beginning inventory Materials—Percent complete 100 % Conversion—Percent complete 80 % Ending inventory Materials—Percent complete 100 % Conversion—Percent complete 30 % 3.
Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: Total costs transferred to finished goods for July. Sale of finished goods costing $273,200 for $640,000 in cash.Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: Total costs transferred to finished goods for July. Sale of finished goods costing $273,200 for $640,000 in cash. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: Total costs transferred to finished goods for July. Sale of finished goods costing $273,200 for $640,000 in cash.

Answers

Answer:

Major League Bat Company

1. Journal Entries:

a. Debit Raw Materials Inventory $130,000

Credit Cash Account $130,000

To record the purchase of raw materials.

b. Debit Work in Process $52,540

Debit Manufacturing Overhead $11,500

Credit Raw Materials $64,040

To record materials used.

c.  Debit Factory Wages $232,500

Credit Cash Account $232,500

To record factory payroll paid in cash.

d. Debit Work in Process $206,000

Debit Manufacturing Overhead $26,500

Credit Factory Wages $232,500

To record factory payroll costs.

e. Debit Manufacturing Overhead $83,000

Credit Cash Account $83,000

To record additional factory overhead costs.

f. Debit Work In Process $103,000

Credit Manufacturing Overhead $103,000

To allocate factory overhead to production at 50% of direct labor costs.

2. Computation of Equivalent Units of Production:

                                                           Materials  Conversion   Total

Beginning inventory   6,500 units      6,500         5,200

Started                       14,000 units     14,000        14,000

Ending inventory        8,000 units      8,000         2,400

Total equivalent unit                         22,000       16,400

3. Costs of Production:

Beginning Inventory                           $2,810         $6,880

Raw materials                                    52,540      309,000

Total costs                                       $55,350     $315,880

Total equivalent unit                         22,000         16,400

Cost per equivalent unit                     $2.52         $19.26

Total costs:

Started                       14,000   $35,280     14,000  $269,640  $304,920

Ending inventory        8,000      20,160      2,400      46,224     $66,384

Total                         22,000   $55,440     16,400  $315,864    $371,304

4. Journal Entries:

Debit Finished Goods Inventory $304,920

Credit Work In Process $ 304,920

To record the transfer of goods.

Debit Cost of Goods Sold $273,200

Credit Finished Goods Inventory $273,200

To record the cost of goods sold.

Debit Cash Account $640,000

Credit Sales Revenue $640,000

To record the sale of goods for cash.

5. Ledger accounts:

Raw Materials Inventory

Accounts Titles       Debit         Credit

Balance                $22,000

Cash Account       130,000

Work in Process                     $52,540

Manufacturing Overhead          11,500

Work In Process

Accounts Titles       Debit         Credit

Balance                $9,690

Raw materials      52,540

Factory Wages 206,000

Manufacturing

Overhead         103,000

Finished Goods Inventory    $ 304,920

Balance                                      66,384

Manufacturing Overhead

Accounts Titles       Debit         Credit

Raw materials       $11,500

Factory wages      26,500

Other overheads  83,000

Work in Process applied       $103,000

Underapplied overhead            18,000

6. Income Statement:

For July

Sales Revenue                             $640,000

Cost of goods sold        273,200

Underapplied overhead  18,000  $291,200

Gross profit                                   $348,800

Explanation:

a) Data and Calculations:

June 30 Balances:

Raw Materials Inventory, $22,000;

Work in Process Inventory, $9,690 ($2,810 of direct materials and $6,880 of conversion);

Finished Goods Inventory, $140,000;

Sales, $0;

Cost of Goods Sold, $0;

Factory Payroll Payable, $0; and

Factory Overhead, $0. 1.

A common step in the testing for accounts payable is to test subsequent disbursements for improper/proper inclusion/exclusion in year-end accounts payable CONCEPT REVIEW A common way to test accounts payable is to examine the check register after period end and make selections for testing. Items are selected and then examined for detail. A determination is then made to conclude whether the amount should have been a liability as of year-end and, if so, if it was recorded as such
1. When searching for unrecorded liabilities, the auditors consider transactions recorded__________year end.
2. Accounts payable __________can be mailed to vendors from whom substantial purchases have been made.
3. To gain overall assurance as to the reasonableness of accounts payable, the auditor may consider _________.
4. When auditors find unrecorded liabilities, before adjusting they must consider __________.
5 Auditiors need to consider_______ terms for determining ownership and whether a liability should be recorded.

Answers

Answer:

1. When searching for unrecorded liabilities, the auditors consider transactions recorded after year end.

Auditors consider transactions recorded after year end to determine if it was supposed to be recorded in the current period.

2. Accounts payable confirmation can be mailed to vendors from whom substantial purchases have been made.

As a way to keep a document trail, creditors from whom substantial goods were bought from can be mailed a confirmation.

3. To gain overall assurance as to the reasonableness of accounts payable, the auditor may consider ratios.

Ratios such as the Payables turnover can be used to evaluate the reasonableness of Accounts payable.

4. When auditors find unrecorded liabilities, before adjusting they must consider materiality.

They must consider if the adjustment is material or significant enough to record.

5 Auditiors need to consider shipping terms terms for determining ownership and whether a liability should be recorded.

Shipping terms need to be considered because they can tell who owns goods in transit and therefore if a liability is needed for them. Shipping terms such as FOB Shipping point mean that the business incurs the liability as soon as the seller ships the goods.

The lowest amount a manufacturer can pay factory workers is an example of

an incentive.
a price floor.
a price ceiling.
an elastic service.

Answers

Answer:

The answer to this question is given below in the explanation section.

Explanation:

The correct answer to this question is the price floor.

The Price floor is the lowest amount that is imposed by the government or group-imposed lowest price limit for a product or service. The government uses the price floor to keep prices at a certain level from going to low. So price floors for workers set by the government that the employer should not pay less than the set amount.

while other options are not correct because::

The price ceiling is the high amount set by the government or the by other groups for a product or service.

An incentive is an amount or something that can be given to employees or someone for motivation or encouraging them to do something.  

An elastic service is given by amazon to develop and run the application with different tools etc.

Answer:price floor

Explanation:

Match the qualitative characteristics below with the following statements.1. Timeliness2. Completeness3. Free from error4. Understandability5. Faithful representation6. Relevance7. Neutrality8. Confirmatory valuea. Quality of information that assures users that information represents the economic phenomena that it purports to represent.b. Information about an economic phenomenon that corrects past or present expectations based on previous evaluations.c. The extent to which information is accurate in representing the economic substance of a transaction.d. Includes all the information that is necessary for a faithful representation of the economic phenomena that it purports to represent.e. Quality of information that allows users to comprehend its meaning.

Answers

Answer:

1. Comparability.

2. Predictive value.

3. Free from error.

4. Completeness.

5. Faithful representation.

Explanation:

a. Comparability: Quality of information that assures users that information represents the economic phenomena that it purports to represent.

b. Predictive value: Information about an economic phenomenon that corrects past or present expectations based on previous evaluations.

c. Free from error: The extent to which information is accurate in representing the economic substance of a transaction.

d. Completeness: Includes all the information that is necessary for a faithful representation of the economic phenomena that it purports to represent.

e. Faithful representation: Quality of information that allows users to comprehend its meaning

Blight Financial has an investment in bonds issued by Searing Industries that are classified as trading securities. At December 31, Year 2, the Investment in Searing bonds account had a debit balance of $500,000, and the bonds were purchased at par so the $500,000 equals amortized cost. The Fair Value Adjustment account had a debit balance of $20,000. On December 31, Year 3, the amortized cost of those bonds has not changed, but the fair value of those bonds was $515,000. Which of the following will be included in the related journal entry dated December 31, Year 3?

a. Debit to Fair value adjustment for $5,000.
b. Credit to Fair value adjustment for $5,000.
c. Debit to Fair value adjustment for $25,000.
d. Credit to Fair value adjustment for $25,000.

Answers

Answer:

b. Credit to Fair value adjustment for $5,000.

Explanation:

Particulars                                                               Amount

Beginning balance of fair value adjustment         $20,000

Less: Unrealized gain on Dec 31                            $15,000

          (515,000 - 500,000)

Credit to fair value adjustment                              $5,000

Every 6 months, Leo Perez takes an inventory of the consumer debts he has outstanding. His latest tally shows that he still owes $4,250 on a home improvement loan (monthly payments of $100); he is making $50 monthly payments on a personal loan with a remaining balance of $825; he has a $1,500, secured single- payment loan that's due late next year; he has a $70,000 home mortgage on which he's making $850 monthly payments; he still owes $12,500 on a new car loan (monthly payments of $550); and he has a $1,200 balance on his Mastercard (minimum payment of $50), a $50 balance on his Shell credit card (balance due in 30 days), and a $500 balance on a personal line of credit ($90 monthly payments).
a. Use Worksheet to prepare an inventory of Leo's consumer debt.
Type of Consumer Debt Creditor Currently Monthly Latest Balance Due
Payment
Auto loans
Personal installment loans
Home improvement loan
Single-payment loans
Credit cards Mastercard
(retail charge cards, bank
cards, T&E Shell cards, etc.)
Personal line of credit $ $
Totals $
b. Find his debt safety ratio, given that his take-home pay is $2,000 per month. Round the answer to 1 decimal place. %
c. Would you consider this ratio to be good or bad?

Answers

Answer:

The answer is "87%".

Explanation:

Please find the attached file.

According to the video, what are some things that Human Resources Managers do? Check all that apply.

oversee hiring and firing
purchase computers
distribute office supplies
develop training programs
develop personnel policies
develop pricing strategies
develop recruiting programs

Answers

Answer:

1 4 5 7

Explaination:

Answer:

1 4 5 7

Explanation:

Luke offered to sell his farm to Kent at $75,000, an offer which Kent declined. A week later, Luke offered to sell the farm for $65,000, stating that it was the final offer, it was valid for one month, and that he would not alter it. Two days later, Kent replied by saying that he was willing to pay $60,000 for the farm. A week after Luke received Kent's offer, Luke declined it. Ten days after that, Kent agreed to buy the farm for $65,000, but Luke refused to sell the farm. Kent decided to sue Luke for a breach of contract. The judge ruled in favor of Luke. Which one of the following is the reason for the ruling in Luke's favor?

a. Luke's original offer of $75,000 is still valid, even though rejected.
b. Kent acted in an incompetent manner with regards to the offer.
c. Kent's acceptance was past the set time period in the offer.
d. Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid.

Answers

Answer:

Option D

Explanation:

Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid

Reason- Whenever a counteroffer is made, it voids the earlier offers That's because real estate laws in all 50 states say that a seller who makes a written counteroffer automatically renders the buyer's original offer null and void.

today ,I am happy I help my grandma ​

Answers

thats good to hear! i hope you and your grandma are doing well!

You have a tax basis of ​$ and a useful life of five years and no salvage value. Provide a depreciation schedule ​(dk for k1​5) for ​% declining balance with switchover to straight line. Specify the year to switchover. Determine the depreciation amounts using the ​% declining balance and​ straight-line methods and BV amounts for each year

Answers

Answer:

the numbers are missing, so I will use another question as an example:

the asset's cost is $100,000useful life is 5 yearsno salvage value150% declining balance

straight line depreciation = $100,000 / 5 = $20,000

150% declining balance depreciation year 1 = 1.5 x $100,000 x 1/5 = $30,000, since it is higher than straight line we will use declining balance

book value at end of year 1 = $100,000 - $30,000 = $70,000

straight line deprecation = $70,000 / 4 = $17,500

150% declining balance depreciation year 2 = 1.5 x $70,000 x 1/5 = $28,000, since it is higher than straight line we will use declining balance

book value at end of year 2 = $70,000 - $28,000 = $42,000

straight line depreciation = $42,000 / 3 = $14,000, since it is higher than declining balance we will use straight line ⇒ switchover year

150% declining balance depreciation year 3 = 1.5 x $42,000 x 1/5 = $12,600

book value at end of year 3 = $42,000 - $14,000 = $28,000

depreciation year 4 = $14,000 (straight line)

book value at end of year 4 = $28,000 - $14,000 = $14,000

depreciation year 5 = $14,000 (straight line)

book value at end of year 5 = $14,000 - $14,000 = $0

Sunset Products manufactures skateboards. The following transactions occurred in March. Purchased $24,500 of materials on account. Issued $1,450 of supplies from the materials inventory. Purchased $25,900 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $30,900 in direct materials to the production department. Incurred direct labor costs of $29,500, which were credited to Wages Payable. Paid $22,400 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop. Applied overhead on the basis of 120 percent of direct labor costs. Recognized depreciation on manufacturing property, plant, and equipment of $5,900.
The following balances appeared in the accounts of Sunset Products for March:
Beginning Ending
Materials Inventory $ 13,500 ?
Work-in-Process Inventory 24,750 ?
Finished Goods Inventory 97,500 $ 54,750
Cost of Goods Sold 120,000
Required:
a. Prepare journal entries to record the transactions. (If o entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Transactions General Journal Debit Credit
1.
2.
3.
4.
5.
6.
7.
8.
9.
b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
Materials Inventory
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Work in Progress Inventory
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Manufacturing Overhead Control
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Applied Manufacturing Overhead
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Accounts Payable
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Cash
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Wages Payable
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Accumulated Depreciation-Property, Plant, and Equipment
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Finished Goods Inventory
Beg. bal. ___________ ____________
Goods Completed ___________ ____________ Transfer to Cost of Goods Sold
End. bal. ___________ ____________
Cost of Goods Sold
Beg. bal. ___________ ____________
Finished Goods Inventory ___________ ____________
End. bal. ___________ ____________

Answers

Answer:

Sunset Products

a) Journal Entries:

Transactions General Journal      Debit       Credit

Materials Inventory                   $24,500

Accounts Payable                                       $24,500

To record the purchase of materials on account.

Manufacturing Overhead           $1,450

Materials Inventory                                       $1,450

To record the issue of supplies.

Materials Inventory                   $25,900

Accounts Payable                                       $25,900

To record the purchase of materials on account.

Accounts Payable                    $24,500

Cash Account                                            $24,500

To record the payment on account.

Work-in-Process Inventory      $30,900

Materials Inventory                                  $30,900

To record the issue of direct materials to the production department.

Work-in-Process Inventory     $29,500

Factory Wages                                         $29,500

To record direct labor costs to work in process.

Manufacturing Overhead       $22,400

Cash Account                                       $22,400

To record the payment for utilities and other expenses.

Work-in-Process Inventory    $35,400

Manufacturing Overhead                      $35,400

To apply overhead to work in process.

Manufacturing Overhead       $5,900

Depreciation Expense                            $5,900

To recognize depreciation on property, plant, and equipment.

Manufacturing overhead applied  $29,750

Manufacturing overhead                              $29,750

To transfer manufacturing overhead to the overhead applied account.

b) T-accounts:

Materials Inventory

Transaction Details                  Debit             Credit

Beginning balance                $ 13,500

Accounts Payable                    24,500

Manufacturing overhead                             $1,450

Accounts Payable                   25,900

Work-in-Process Inventory                         30,900

Ending balance                                          $31,550

Work-in-Process Inventory

Transaction Details                  Debit             Credit

Beginning balance                $24,750

Materials Inventory                 30,900

Factory Wages                        29,500

Manufacturing Overhead       35,400

Finished Goods Inventory                        $71,600

Ending balance                                           54,200

Finished Goods Inventory

Transaction Details                  Debit             Credit

Beginning balance                $97,500

Work-in-Process                      71,600

Cost of goods sold                                     $114,350

Ending balance                                             54,750

Cost of Goods Sold

Transaction Details                  Debit             Credit

Beginning balance                $120,000

Overapplied overhead                                 $5,650

Ending balance                                             114,350

Manufacturing Overhead Control Account

Transaction Details                  Debit             Credit

Materials Inventory                 $1,450

Cash Account                        22,400

Depreciation expense            5,900

Manufacturing overhead applied              $29,750

Manufacturing Overhead Applied

Transaction Details                  Debit             Credit

Work in Process                                          $35,400

Manufacturing overhead    $29,750

Overapplied overhead            5,650

Accounts Payable

Transaction Details                  Debit             Credit                              Materials Inventory                                      $24,500

Materials Inventory                                        25,900

Cash Account                       $24,500

Cash Account

Transaction Details                  Debit             Credit

Accounts Payable                                         $24,500

Manufacturing Overhead                               22,400

Explanation:

a) Data and Calculations:

Accounts balances of Sunset Products for March:

                                              Beginning     Ending

Materials Inventory                $ 13,500         ?

Work-in-Process Inventory       24,750        ?

Finished Goods Inventory        97,500       $ 54,750

Cost of Goods Sold                                       120,000

What is a sum of money that is borrowed and is expected to be paid back with interest?

Answers

The sum of money that is borrowed and is expected to be paid back with interest is called debt.

Explanation: when someone borrows money from someone else or even from the bank it is done on the condition that the money would eventually be paid back in a certain period of time with an interest payment
a sum of money that is borrowed and is expected to be paid back with interest is a loan

Alpha Inc. has receivables from unrelated parties with a face value of $5,000. It transfers these receivables to bank for $4,500, without recourse. It will continue to collect the receivables, depositing them in a non-interest-bearing bank account with the cash flows remitted to the bank at the end of each month. It is not allowed to sell or pledge the receivables to anyone else and is under no obligation to repurchase the receivables from bank. Which of the following is the appropriate treatment for these Accounts receivables?
A) It should show these receivables in its Balance Sheet.
B) It should amortize these receivables.
C) It should derecognize these receivables.
D) It should derecognize these receivables if it retains the interest earned on these.

Answers

Answer:

C). It should derecognize these receivables.

Explanation:

Derecognition is characterized as the process of removing or derecognizing a financial asset or liability from the company's balance sheet that was previously acknowledged. In the given situation, the appropriate treatment for the Account receivables would be to dercognize it as the organization does not possess any control over them. Thus, option C is the correct answer.

SY Manufacturers (SYM) is producing T-shirts in three colors: red, blue, and white. The monthly demand for each color is 3,487 units. Each shirt requires 0.75 pound of raw cotton that is imported from the Luft-Geshfet-Textile (LGT) Company in Brazil. The purchasing price per pound is $1.55 (paid only when the cotton arrives at SYM's facilities) and transportation cost by sea is $0.70 per pound. The traveling time from LGT’s facility in Brazil to the SYM facility in the United States is two weeks. The cost of placing a cotton order, by SYM, is $186 and the annual interest rate that SYM is facing is 32 percent of total cost per pound.
a. What is the optimal order quantity of cotton? (Round your answer to the nearest whole number.)
Optimal order quantity pounds
b. How frequently should the company order cotton? (Round your answer to 2 decimal places.)
Company orders once every months
c. Assuming that the first order is needed on 1-Jul, when should SYM place the order?
17-Jun
1-Jul
15-Jul
d. How many orders will SYM place during the next year? (Round your answer to 2 decimal places.)
Number of orders times
e. What is the resulting annual holding cost? (Round your answer to the nearest whole number.)
Annual holding cost $ per year
f. What is the resulting annual ordering cost?
Annual ordering cost $
g. If the annual interest cost is only 5 percent, how will it affect the annual number of orders, the optimal batch size, and the average inventory?

Answers

Answer: See explanation

Explanation:

a. The optimal order quantity can be calculated as:

= √2DS/H

where

D = 3 × 12 × 3487 × 0. 75

= 94149

Total cost incurred during purchase

= $1.55 + $0.70

= $2.25

Setup cost (S) = $186

Holding cost

= 32% × $2.25

= 0.32 × $2.25

= $0.72

Optimal order quantity

= √(2 × 94149 × 186)/0.72

= 6974.50

b. This will be calculated as:

Annual demand / EOQ

= 94149/6974.50

= 13.50

The company should order cotton 13.5 times per year.

c. Since the first order is needed on 1-July and lead time is 2 weeks, SYM should place the order before 17th June.

d. This will be:

= Annual demand / EOQ

= 94149/6974.50

= 13.5 orders

e. The resulting annual holding cost will be:

= 0.72 × (6974.50/2)

= 0.72 × 3487.25

= $2510.82

f. The resulting annual ordering will be:

= 94149/6974.50 × $186

= 13.5 × $186

= $2511

Nell and Kirby are in the process of negotiating their divorce agreement. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement?
a. In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They purchased the residence three years ago for $300,000.
Nell's basis for the stock is _______$ X
Kirby's basis in the house is ______$ X
b. Nell will receive $1,000 per month for 120 months. If she dies before receiving all 120 payments, the remaining payments will be made to her estate.
The payments (qualify, do not qualify) as alimony and are (included in, excluded from) Nell's gross income as they are received.
c. Nell is to have custody of their 12-year-old son, Bobby. She is to receive $1,200 per month until Bobby (1) dies or (2) attains age 21 (whichever occurs first). After either of these events occurs, Nell will receive only $300 per month for the remainder of her life.
$ X per month is alimony that is (included in, excluded from) Nell's gross income, and the remaining $ X per month is considered​(child support, property settlement) and is (nontaxable, taxable) to Nell.

Answers

Answer:

Explanation:

CHECK THE COMPLETE QUESTION BELOW;

The transfers of the stock and residence pursuant to the divorce are nontaxable to Nell

and Kirby. Nell assumes Kirby's basis in the stock of $150,000, and Kirby's basis in the house is $300,000. However, the $50,000 cash paid by Kirby will be alimony

unless the agreement specifies that the payment is "not alimony."

Nell and Kirby are in the process of negotiating their divorce agreement. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement?

A) In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They purchased the residence three years ago for $300,000.

a) The transfer of the property is a _____event.

b) Nell's basis for the stock is $

c) Kirby's basis in the house is $

B). Nell will receive $1,000 per month for 120 months. If she dies before receiving all 120 payments, the remaining payments will be made to her estate.

The payments (qualify, do not qualify) as alimony and are (included in, excluded from) Nell's gross income as they are received.

C) Nell is to have custody of their 12-year-old son, Bobby. She is to receive $1,200 per month until Bobby (1) dies or (2) attains age 21 (whichever occurs first). After either of these events occurs, Nell will receive only $300 per month for the remainder of her life.

$ X per month is alimony that is (included in, excluded from) Nell's gross income, and the remaining $ X per month is considered​(child support, property settlement) and is (nontaxable, taxable) to Nell.

ANSWER AND EXPLANATION:

A). In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They purchased the residence three years ago for $300,000.

ANSWER:

a) The transfer of the property is a __non negotiatiable___event.

b) Nell's basis for the stock is $150,000

c) Kirby's basis in the house is $300,000

Hints;

✓ From the question, it was stated at the onset of their agreement that ""Nell and Kirby are in the process of negotiating their divorce agreement". Hence it is a non negotiatiable event.

✓ from the question as well, Nell assumes ""Kirby's basis in the stock of $150,000, and Kirby's basis in

the house is $300,000." Hence, the basis for Nell and Kirby are $150,000 and $300,000 respectively.

B). Nell will receive $1,000 per month for 120 months. If she dies before receiving all 120 payments, the remaining payments will be made to her estate.

The payments (qualify, do not qualify) as alimony and are (included in, excluded from) Nell's gross income as they are received.

ANSWER: The payments "Do NOT QUALIFY""as alimony and are "EXCLUDED FROM""Nell's gross income as they are received.

HINTS: As the payment is been received, it cannot be recorded as the Nell's gross profit ,and cannot be counted as alimony, reason behind this is that even if Nell should die,the payment continues.

Note that, alimony can be regarded as the payment that are to be paid from one of the couple to the other after divorce as part of finance support, usually ordered by court of law.

C). Nell is to have custody of their 12-year-old son, Bobby. She is to receive $1,200 per month until Bobby (1) dies or (2) attains age 21 (whichever occurs first). After either of these events occurs, Nell will receive only $300 per month for the remainder of her life.

$ X per month is alimony that is (included in, excluded from) Nell's gross income, and the remaining $ X per month is considered​(child support, property settlement) and is (nontaxable, taxable) to Nell.

ANSWER: "$300 per month" is alimony that is" INCLUDED IN"" Nell's gross income, and the remaining $900 per month is considered "CHILD SUPPORT"child and is "NON TAXABLE to Nell.

HINTS:it was stated that Nell should receive $1200 monthly for Bobby's child support as well as alimony, out of this $900 goes for child support and $300 for alimony, provided that all the stated Condition stated in the question is followed duely.

A check register shows a balance of $152.34. The bank statement shows that a check for $75.00 deposited by the account owner was drawn against insufficient funds and was returned. A charge for $2.00 was also deducted by the bank because of the return. Compute the adjusted cash balance of the check register.

Answers

Answer:

$150.34

Explanation:

The $75 check has been drawn against insufficient funds and has been returned so this check won't be included in the adjusted cash balance of the check register.

A charge for $2.0 will be deducted from the balance shown by the cash register above to calculate the adjusted cash balance of the check register.

Adjusted cash balance of the check register = $152.34 - $2

Adjusted cash balance of the check register = $150.34

Mcmurtry Corporation sells a product for $250 per unit. The product's current sales are 13,600 units and its break-even sales are 10,608 units. The margin of safety as a percentage of sales is closest to:

Answers

Answer:

22%

Explanation:

Margin of Safety is the amount by which sales can fall before making a loss.

Margin of Safety = Expected Sales - Break-even Sales ÷ Expected Sales

                           = (13,600 - 10,608) ÷ 13,600

                           = 0.22 or 22%

You are invested in two hedge funds. The probability that hedge fund Alpha generates positive returns in any given year is 60%. The probability that hedge fund Omega generates positive returns in any given year is 70%. Assume the returns are independent. What is the probability that both funds generate positive returns in a given year? What is the probability that both funds lose money?

Answers

Answer:

42% and 12%

Explanation:

The computation is shown below:

For Alpha Fund

Positive return = 60%

Lose money is

= 1 - 0.60

= 40%

For Omega Fund

 Positive return = 70%

Lose money is

= 1 - 0.70

= 0.30

Also the returns are non-dependent

Now the positive return is

= 60% × 70

= 42%

And, the probability of lose money is

= 40% × 30%

= 12%

Larkspur Incorporated factored $124,300 of accounts receivable with Cullumber Factors Inc. on a without-recourse basis. Cullumber assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments.

Required:
Prepare the journal entry for Larkspur Incorporated and Cullumber Factors to record the factoring of the accounts receivable to Cullumber.

Answers

Answer:

Larkspur Incorporated

DR Cash                                                           115,599

     Due from Factor (Cullumber)                       6,215

     Loss on Sale of Receivables                       2,486

     CR Accounts Receivable                                               124,300

Working

Due from Factor = 5% * 124,300

= $‭6,215‬

Loss on sale of receivables = 2% * 124,300

= $‭2,486‬

Cash = 124,300 - 6,215 - 2,486

= $‭115,599‬

Cullumber Factors Inc.

DR Accounts Receivable                                       124,300

     CR Due to Larkspur                                                             6,215

           Financing Revenue                                                        2,486

           Cash                                                                              115,599

Which are possible employers in the Financial career cluster? Check ALL that apply.

A. private company
B. government
C. nonprofit organization
D. bank
E. stock market

Answers

The correct option is B and D.

What is the Finance Career Cluster?

The Finance Career Cluster prepares students for careers in financial and investment planning, banking, insurance, and business financial management. Finance career opportunities are available in every sector of the economy and require skills in organization, time management, customer service, and communication.

What are the four career pathways in finance?

The four career pathways in the finance cluster are banking and related services, business financial management, financial and investment planning, and insurance services.

Learn more about finance here https://brainly.com/question/1279044

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I WILL GIVE BRAINLIEST

Lean and Six Sigma models contradict one another,
True
False

Answers

True................................

Razor Inc. manufactures industrial components. One of its products used as a subcomponent in auto manufacturing is Fluoro2211. The selling price and cost per unit data for 9,130 units of Fluoro2211 are as follows.

Per Unit Data
Selling Price $410
Direct Materials 150
Direct Labor 28
Variable Manufacturing Overhead 25
Fixed Manufacturing Overhead 43
Variable Selling 16
Fixed Selling and Administrative 23
Total Costs 285
Operating Margin $125

During the next year, sales of Fluoro2211 are expected to be 10,130 units. All costs will remain the same except for fixed manufacturing overhead, which will increase by 20%, and direct materials, which will increase by 10%. The selling price per unit for next year will be $420. Based on these data, Razor Inc.'s total contribution margin for next year will be: __________

Answers

Answer:

Total contribution margin= $1,884,180

Explanation:

Giving the following information:

Direct Materials 150

Direct Labor 28

Variable Manufacturing Overhead 25

Variable Selling 16

Sales in units= 10,130

Selling price= $420

Direct material cost= 150*1.1= $165

First, we need to calculate the unitary contribution margin:

Unitary contribution margin= selling price - total unitary variable cost

Unitary contribution margin= 420 - (28 + 25 + 16 + 165)

Unitary contribution margin= $186

Now, the total contribution margin:

Total contribution margin= 10,130*186

Total contribution margin= $1,884,180

Suppose you receive at the end of each year for the next three years. a. If the interest rate is ​, what is the present value of these cash​ flows? b. What is the future value in three years of the present value you computed in ​(a​)? c. Suppose you deposit the cash flows in a bank account that pays interest per year. What is the balance in the account at the end of each of the next three years​ (after your deposit is​ made)? How does the final bank balance compare with your answer in ​(b​)?

Answers

Answer:

the question is missing the numbers, so I looked for a similar question:

Suppose you receive $100 at the end of each year for the next three years. a. If the interest rate is 8%, what is the present value of these cash flows? (Answer: $257) b. What is the future value in three years of the present value you computed in (a)? (Answer: $324.61) c. Suppose you deposit the cash flows in a bank account that pays 8% interest per year. What is the balance in the account at the end of each of the next three years (after your deposit is made)? How does the final bank balance compare with your answer in (b)?

a) PV = $100/1.08 + $100/1.08² + $100/1.08³ = $257.71

b) FV = $257.71 x (1 + 8%)³ = $324.64

c) FV = ($100 x 1.08²) + ($100 x 1.08) + $100 = $324.64

it is exactly the same as the answer for (b)

A company issues $50 million of bonds at par on January 1, 2018. The bonds pay 10% interest semi-annually on 12/31 and 6/30 and mature in 20 years. The journal entry when the bonds are sold is:

Answers

Answer: Please see explanation for answer

Explanation:

Journal entry to record sale of bonds

Account titles                           Debit                       Credit

Cash                                     $50,000,000

Bonds Payable                                                      $50,000,000

Assume the bonds below have the same term and principal and that the state or local government that issues the municipal bond has a good credit rating. Which list has bonds correctly ordered from the one that pays the highest interest rate to the one that pays the lowest interest rate

Answers

Answer:

b. corporate bond, U.S. government bond, municipal bond

Explanation:

If we assume that the bonds have the similar time period and the principal amount so the bond that pays the highest interest to the bond that pays the lowest interest rate is described below:

The ranking can be done

Corporate bond - highest interest rates

Municipal bonds - lowest interest rates

The same is to be considered

Therefore the option b is correct

Which of the following best defines a financial intermediary? a claim by a buyer to a future payment by a seller a collection of stocks and bonds issued to investors a financial institution that transforms investor funds into financial assets an asset sold by a company which entitles the buyer to partial ownership

Answers

Answer:

Option C (A financial.......assets) is the correct choice.

Explanation:

A financial intermediary seems to be an entity that serves as an intermediary seen between the listing agent as well as the buyer's transactions. They help convert investment properties, swap properties between producers and consumers, respectively. Therefore, a financial intermediary would be a finance company that converts capital instruments into investment capital.

Other decisions are given aren't connected to the results provided. So that is indeed the safest decision.

Kirkwood acquires 100 percent of the outstanding voting shares of Soufflot Company on January 1, 2018. To obtain these shares, Kirkwood pays $400 cash (in thousands) and issues 10,000 shares of $20 par value common stock on this date. Kirkwood's stock had a fair value of $36 per share on that date. Kirkwood also pays $15 (in thousands) to a local investment firm for arranging the acquisition. An additional $10 (in thousands) was paid by Kirkwood in stock issuance costs.

The book values for both Kirkwood and Souflout as of January 1, 2018 follow. The fair value of each of Kirkwood and Soufflot accounts is also included. In addition, Soufflot holds a fully amortized trademark that still retains a $40 (in thousands) value. The figures below are in thousands. Any related question also is in thousands.


Kirkwood Inc Book Value Fair Value
Cash 900 80 80
Receivables 480 180 160
Inventory 660 260 300
Land 300 120 130
Buildings (net) 1,200 220 280
Equipment 360 100 75
Accounts payable 480 60 60
Long-term liabilities 1,140 340 300
Common stock 1,000 80
Additional paid-in capital 200 0
Retained earnings 1,080 480


Required:
What amount will be reported for consolidated cash after the acquisition is completed?

Answers

Answer:

$555,000

Explanation:

Calculation for the amount that will be reported for consolidated cash after the acquisition is completed

Cash at Kirkwood Inc $475,000

(900-400-15-10)

Add Cash at Soufflot Company $80,000

Consolidated cash after acquisition is completed $555,000

Therefore the amount that will be reported for consolidated cash after the acquisition is completed will be $555,000

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