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Accounting

1) Willie deposits $11,000 into an investment earning 10% interest compounded annually. How much will be in the investment at the end of 10 years?

Answered
4H
Accounting

Required information [The following information applies to the questions displayed below.] Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow: July August September Budgeted sales $ 61,000 $ 77,000 $ 51,000 Budgeted cash payments for Direct materials 16,760 14,040 14,360 Direct labor 4,640 3,960 4,040 Factory overhead 20,800 17,400 17,800 Sales are 30% cash and 70% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,600 in accounts receivable; and a $5,600 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,600 per month), and rent ($7,100 per month). rev: 03_17_2020_QC_CS-204679 (1) Prepare a cash receipts budget for July, August, and September.

Answered
6H
Accounting

At the end of the fiscal year, the usual adjusting entry for depreciation on equipment was omitted. Which of the following is true?

a. the balance sheet and income statement will be misstated but the statement of stockholders' equity will be correct for the current year

b. total assets will be understated at the end of the current year

c. total liabilities and total assets will be understated

d. net income will be overstated for the current year

 

Answered
7H
Accounting

Bozrah Industries, a small independent retailer, wants to change its accounting system from cash-based to accrual-based and is concerned about how this change will affect the recording of sales and expenses.

 

Answered
22 May
Accounting

Suppose selected comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions).

   
2020
 
2019
Net sales
  $5,150   $5,100
Cost of goods sold
  3,000   3,701
Net income
  75   191
Accounts receivable
  65   102
Inventory
  1,250   1,350
Total assets
  2,950   3,250
Total common stockholders’ equity
  920   1,070

 

Compute the following ratios for 2020.

(a)Profit margin

(b)Asset turnover times

(c)Return on assets

(d)Return on common stockholders' equity

(e)Gross profit rate

 

Answered
22 May
Accounting

The Colby Group has the following unadjusted trial balance as of August 31, 2019.

Collby Group
Unadjusted Trial Balance
August 31, 2019
Accounts Title Debit Credit
Cash $17,300  
Accounts Receivable $37,000  
Supplies $7,400  
Prepaid Insurance $1,900  
Equipment $196,000  
Notes Payable   $97,600
Accounts Payable   $26,000
Terry Collby, Capital   $129,150
Terry Collby, Drawings $56,000  
Fee Earned   $454,450
Wages Expense $270,000  
Rent Expense $51,800  
Advertising Expense $25,200  
Miscellaneous Expense $5,100  
Total $667,700 $707,200

The debit and credit totals are not equal as a result of the following errors:

a. The cash entered on the trial balance was understated by $6,000.

b. A cash receipt of $5,600 was posted as a debit to Cash of $6,500.

c. A debit of $11,000 to Accounts Receivable was not posted.

d. A return of $150 of defective supplies was erroneously posted as a $1,500 credit to Supplies.

e. An insurance policy acquired at a cost of $1,200 was posted as a credit to Prepaid Insurance.

f. The balance of Notes Payable was understated by $20,000.

g. A credit of $4,800 in Accounts Payable was overlooked when determining the balance of the account.

h. A debit of $7,000 for withdrawal by the owner was posted as a credit to Terry Colby, Capital.

i. The balance of $58,100 in Rent Expense was entered as $51,800 in the trial balance.

j. Gas, Electricity, and Water Expense, with a balance of $24,150, was omitted from the trial balance.

Required:

1. Prepare a corrected unadjusted trial balance as of August 31, 2019.

2. Does the fact that the unadjusted trial balance in (1) is balanced means that there are no errors in the accounts?

 

 

Answered
22 May
Accounting

Osborn Manufacturing uses a predetermined overhead rate of $18.80 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $236,880 of total manufacturing overhead for an estimated activity level of 12,600 direct labor-hours. The company actually incurred $233,000 of manufacturing overhead and 12,100 direct labor-hours during the period. Required: 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period. 2. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Would the journal entry to dispose of the underapplied or overapplied overhead increase or decrease the company’s gross margin? By how much?

Answered
21 May
Accounting

What inventory costing method does Disney use?

Answered
21 May
Accounting

A company reported the following stockholder's equity on January 1 of the current year:

Common stock, $10 par, 1,000,000 shares authorized, 400,000shares issued

$4,000,000

Paid-in capital in excess of par, common

1,200,000

Retained earnings

1,600,000

Total stockholders’ equity

$6,800,000

Prepare journal entries for the following selected transactions related to this company's stock during the current year:

Mar. 1

Purchased 10,000 shares of treasury stock for $17 per share.

May 5

Sold 4,000 shares of treasury stock for $16 per share.

Oct. 12

Sold 2,000 shares of treasury stock for $18 per share.

 
 
 

 

Answered
21 May
Accounting

how to determine semi annual interest on bonds issued 500,000 of 10yr 5% at 104 and amoritize it

Answered
20 May
Accounting

Ed Green Corporation has two divisions; Outdoor Sports and Indoor Sports. The sales mix is 60% for Outdoor Sports and 40% for Indoor Sports. Green incurs $2,420,000 in fixed costs. The contribution margin ratio for the Outdoor Sports Division is 40%, while for the Indoor Sports Division it is 50%.

The Breakeven point in dollars is:

a. $985,600

b. $4,869,565

c. $4,977,777

d. $5,500,000

e. None of the above

 

Answered
20 May
Accounting

After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2019) follows. No. Account Title Debit Credit 101 Cash $ 38,264 106 Accounts receivable 12,618 126 Computer supplies 2,545 128 Prepaid insurance 2,220 131 Prepaid rent 3,300 163 Office equipment 8,000 164 Accumulated depreciation—Office equipment $ 0 167 Computer equipment 20,000 168 Accumulated depreciation—Computer equipment 0 201 Accounts payable 0 210 Wages payable 0 236 Unearned computer services revenue 0 307 Common stock 73,000 318 Retained earnings 0 319 Dividends 5,600 403 Computer services revenue 25,659 612 Depreciation expense—Office equipment 0 613 Depreciation expense—Computer equipment 0 623 Wages expense 2,625 637 Insurance expense 0 640 Rent expense 0 652 Computer supplies expense 0 655 Advertising expense 1,728 676 Mileage expense 704 677 Miscellaneous expenses 250 684 Repairs expense—Computer 805 Totals $ 98,659 $ 98,659 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions’ share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company’s computer. 4 Received $3,950 cash from Alex’s Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. 14 Notified by Alex’s Engineering Co. that Business Solutions’ bid of $7,000 on a proposed project has been accepted. Alex’s paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,625 cash. 22–26 Took the week off for the holidays. 28 Received $3,000 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). 31 The company paid $1,500 cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company’s first three months. The December 31 inventory count of computer supplies shows $580 still available. Three months have expired since the 12-month insurance premium was paid in advance. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. Three of the four months' prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions. 2-a. Prepare adjusting entries to reflect a through f. 2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. 3. Prepare an adjusted trial balance as of December 31, 2019. 4. Prepare an income statement for the three months ended December 31, 2019. 5. Prepare a statement of retained earnings for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019. 7. Record and post the necessary closing entries as of December 31, 2019. 8. Prepare a post-closing trial balance as of December 31, 2019.

 

Answered
18 May
Accounting

The Nelson Company has $1,365,000 in current assets and $455,000 in current liabilities. Its initial inventory level is $300,000, and it will raise funds as additional notes payable and use them to increase inventory. How much can Nelson's short-term debt (notes payable) increase without pushing its current ratio below 2.0? Do not round intermediate calculations. Round your answer to the nearest dollar.

 

Answered
18 May
Accounting

The Wolf Company uses a standard cost accounting system and estimates production for the year to be 60,000 units. At this volume, the company's variable overhead costs are $0.50 per direct labor hour.
The company's single product has a standard cost of $30.00 per unit. Included in the $30.00 are $13.20 for direct materials (3 yards) and $12.00 of direct labor (2 hours) and $4.80 for overhead. The company's variable overhead costs are $0.50 per direct labor hour.
Production information for the month of March follows:

 

Number of units produced 4,500 Materials purchased (13,300 yards) $61,600 Materials used in production (yards) 13,300 Variable overhead costs incurred $4,380 Fixed overhead costs incurred $20,400 Direct labor cost incurred ($6.50/hour) $57,750 Variances Materials price variance $3,080U Materials efficiency variance 880F Labor price variance 2,310U Labor efficiency variance 1,440U Variable OH price variance 240F Variable OH efficiency variance 120U Fixed OH price variance 1,400U Fixed OH volume variance 1,900U

Required:

In the chart above, the fixed overhead variances are given. Provide the calculations to prove those numbers.

Fixed OH price variance:

Fixed OH volume variance:

 

Answered
18 May
Accounting

Why actual overhead costs are not traced to jobs?

 

Answered
18 May
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