Answer:
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Zeitler's Department Stores sells its products online and through traditional brick-and-mortar stores. The following parallel coordinates plot displays data from a sample of 20 customers who purchased clothing from Zeitler's either online or in-store. The data include variables for the customer's age, annual income, and the distance from the customer's home to the nearest Zeitler's store. According to the parallel coordinates plot, how are online customers differentiated from in-store customers?
Question Completion:
Choose the correct answer below
(1) in-store customers appear to be middle aged, have higher annual income and live further distance away from a store
(2) in-store customers appear to be generally younger, have lower annual income and live near a store
(3) Online customers appear to be generally younger, have higher annual income and live further distance away from a store
(4) Online customers appear to be middle aged, have lower annual income and live near a store
Answer:
Zeitler's Department Stores
Online and In-store Customers:
According to the parallel coordinates plot, online customers are differentiated from in-store customers in the following ways:
(3) Online customers appear to be generally younger, have higher annual income and live further distance away from a store
Explanation:
Younger persons tend to embrace technology more than their older counterparts. Based on this, they also engage on online purchasing of goods and services instead of visiting the traditional brick-and-mortar stores. With online purchase, a customer is in better control because she can search for the best deals from any location.
A purchase of a pair of Italian designer jeans by a resident of Japan would be considered an_____when counting GDP in Japan. As a result, this purchase would be_____Japanese GDP. A purchase of a light pickup truck made in Japan and sold in Canada would be considered an_____for Japanese GDP, which would be_____Japanese GDP.
Answer and Explanation:
In the case when the purchase of Italian jeans made by the Japan resident so it would be considered an import at the time of counting GDP in Japan. So the purchase would be deducted or excluded from Japanese GDP
In the case when the purchase of truck would be made in Japan and then sold it in Canada so it would be considered as an export so the same would be included or added in Japanese GDP.
An outside supplier has offered to sell the component for $17. If Damon purchases the component from the outside supplier, the manufacturing facilities would be unused and could be rented out for $10,000. If Damon purchases the component from the supplier instead of manufacturing it, the effect on income would be:
Answer:
C. a $10,000 decrease.
Explanation:
Calculation for what the effect on income would be
First step is to calculate Make
Make=$100,000 + $160,000 + $60,000
Make = $320,000
Second step is to calculate Buy
Buy= $20,000 × $17 = $340,000 – $10,000
Buy = $330,000
Now let calculate the effect on income
Effect on income = $320,000 – $330,00
Effect on income = –$10,000 decrease
Therefore the effect on income would be –$10,000 decrease
(b) The citizens of this country are in general very clever people, but they are not good at multiplying by 2. This made shopping for potatoes excruciatingly difficult for many citizens. Therefore it was decided to introduce a new unit of currency, such that potatoes would be the numeraire. A sack of potatoes costs one unit of the new currency while the same relative prices apply as in the past. In terms of the new currency, what is the price of meatballs
Answer: 2 sacks of potatoes
Explanation:
In the past, meatballs cost 4 crowns per crock which was twice the price of Potatoes at 2 crowns per sack.
Now that potatoes were are the new currency but relative prices apply, the same notion above applies too.
If meatballs are twice the price of potatoes and potatoes are now the currency, then meatballs which are still twice the price of potatoes must be:
= 2 * 1 sack of potatoes
= 2 sacks of potatoes
preparing its Manufacturing Overhead Budget for the fourth quarter of the year. The budgeted variable manufacturing overhead rate is $1.70 per direct labor-hour; the budgeted fixed manufacturing overhead is $116,000 per month, of which $30,000 is factory depreciation. If the budgeted direct labor time for December is 4,000 hours, then the predetermined manufacturing overhead per direct labor-hour for December would be:
An economic profit includes implicit costs and accounting profit does not. A distinction between them is important because an accounting profit is a relative amount of money. Some amount of accounting profit may or may not be a sufficient amount of profit to keep an entrepreneur in:________
Answer:
his/ her present line of business
Explanation:
Economic profit is accounting profit less implicit cost
Accounting cost is total revenue less explicit cost
Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives
Explicit cost is the actual cost incurred in carrying out an activity.
In determining profit, it is essential to consider implicit cost to determine if the business is earning economic profit
Klingon Cruisers, Inc., purchased new cloaking machinery three years ago for $12 million. The machinery can be sold to the Romulans today for $10.8 million. Klingon's current balance sheet shows net fixed assets of $10 million, current liabilities of $830,000, long-term debt of $5 million and net working capital of $248,000. If all the current accounts were liquidated today, the company would receive $1.15 million cash. What is the book value of Klingon's equity?
a. $5,248,000.00.
b. $11,078,000.00.
c. $5,000,000.00.
d. $22,800,000.00.
e. $12,000,000.00.
Answer:
a. $5,248,000.00.
Explanation:
Calculation for the book value of Klingon's equity
Book value = $248,000 + $5,000,000
Book value = $5,248,0000
Therefore the book value of Klingon's equity will be $5,248,0000
Based on Jacobs (1954). The Carter Caterer Company must have the following number of clean napkins available at the beginning of each of the next four days: day 1, 1500; day 2, 1200; day 3, 1800; day 4, 600. After being used, a napkin can be cleaned by one of two methods: fast service or slow service. Fast service costs 50 cents per napkin, and a napkin cleaned via fast service is available for use the day after it is last used. Slow service costs 30 cents per napkin, and these napkins can be reused two days after they are last used. New napkins can be purchased for a cost of 95 cents per napkin. Determine how to minimize the cost of meeting the demand for napkins during the next four days. (Note: There are at least two possible modeling approaches, one network and one nonnetwork. See if you can model it each way.)
Money management includes effective tax planning. Your financial plan should include ways to lower your tax liability so you have more money to spend, invest, or donate. The key to effective tax planning is to reduce your taxable income, rather than your gross income, through all appropriate and legally available opportunities.
The act of reducing taxes in ways that are legal and compatible with the intent of Congress is called:______
Answer:
Tax Avoidance
Explanation:
A Tax is simply a compulsory payment to a local, state, or national government. It is a source of Revenue to government.
Tax Avoidance is defined as an action that an individual embark on to lreduce tax and maximize after tax income. That is to lessen one's tax liability within the limit set up by law.
In case of tax reduction or minimisation for an individual, one must;
1. Know that the arrangement is usually in the beginning of the business rather than in the course of it.
2. There must be sound commercial reasons for the arrangement.
3. Limit tax by exercising choices provided for in the Act and do not use these choices out of the manner listed by parliament. e.t.c
Magazine sells subscriptions for $60 for 30 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Seacoast Magazine should record revenue for this situation. b. the amount of revenue Seacoast Magazine should record for five issues.
Answer:
a. Revenue is earned when when service or product are delivered to client. Thus Seacoast Magazine should recognize the revenue when it mails the magazines to its subscribers.
b. Total amount received is $60 for 30 issues.
Amount for 1 issues = Total cost / Number of issues of magazines = $60/30 = $2 per issue
Amount of 5 issues = $2 * 5 = $10
Therefore, Seacoast Magazine should record revenue $10 for 5 issues.
What skills and interests might someone in a trade career have?
Answer:
Confidence.
Numerical skills.
IT skills.
Communication skills.
An interest in financial markets.
Analytical skills.
Interpersonal skills.
Teamworking skills.
Swifty Corporation had the following selected transactions.
1. Kim Leppard invested $7,274 cash in the business in exchange for common stock.
2. Paid office rent of $1,382.
3. Performed consulting services and billed a client $6,838.
4. Declared and paid a $873 cash dividend.
Answer:
Missing word "Indicate the effect each transaction has on the accounting equation, (Assets = Liabilities + Stockholders' Equity), using plus and minus signs."
Assets = Liabilities + Stockholders' Equity
1. Increase(+) No Effect Increase(+)
2. Decrease(-) No Effect Decrease(+)
3. Increase(+) No Effect Increase(+)
4. Decrease(-) No Effect Decrease(+)
Job 910 was recently completed. The following data have been recorded on its job cost sheet: Direct materials $ 2,430 Direct labor-hours 70 labor-hours Direct labor wage rate $ 20 per labor-hour Machine-hours 134 machine-hours The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $21 per machine-hour. The total cost that would be recorded on the job cost sheet for Job 910 would be:
Answer:
6644
Explanation:if u do the math whith your numbers you should get the answer
Slapshot Company makes ice hockey sticks and sold 1,890 sticks during the month of June at a total cost of $378,000. Each stick sold at a price of $360. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price and other selling expense of $64,700. Administrative expense totaled $53,800.
Required:
Prepare an income statement for Slapshot for the month of June
Answer:
Slapshot Company
Income statement for the month of June
Sales ( 1,890 x $360) $680,400
Less Costs of Sales ($378,000)
Gross Profit $302,400
Selling Costs :
Commissions $68,040
Other Selling Expense $64,700
Administrative Expense $53,800 ($186,540)
Net Income $115,860
Explanation:
The Income statement shows the Profit earned during the reporting period. This is determined as Gross Profit (Sales - Cost of Sales) minus the Operating Expenses.
Pack-and-Go, a new competitor to FedEx and UPS, does intra-city package deliveries in seven major metropolitan areas. The performance of Pack-and-Go is measured by management as: (1) delivery time (relative to budgeted delivery time), (2) on-time delivery rates (defined as agreed-upon delivery date/time plus or minus a specified cushion), and (3) percentage of lost or damaged deliveries. In response to competitive pressures, Pack-and-Go is evaluating an investment in new technology that would improve customer service and delivery quality, particularly in terms of items (2) and (3) above. The annual cost of the new technology, for each of the seven metropolitan areas serviced by Pack-and-Go, is expected to be $80,000. You have gathered the following information regarding delivery performance under both existing operations and after implementing the new technology:
Decision Alernative
After Implementing
Item Current System New Technology
On-time delivery rate 80% 95%
Variable cost per package lost or damaged $30 $30
Allocated fixed cost per package lost or damaged $10 $10
Annual number of packages lost or damaged 300 100
Based on a recent marketing study commissioned by Pack-and-Go, the company estimates that each percentage point increase in the on-time performance rate would lead to an annual revenue increase of $10,000. The average contribution margin ratio for packages delivered by Pack-and-Go is estimated as 40%.
Required:
1. From a financial perspective, should pack-and-Go invest in the new technology?
2. Based on the data collected by Pack-and-Go, the company is fairly confident about the reduction in costs associated with lost or damaged packages. However, because of uncertainties in terms of pricing in the markets in which Pack-and-Go operates, it is less sure about the predicted increase in revenues associated with the implementation of the new technology. What is the break-even increase in annual revenue that would justify the investment in the new technology?
Answer:
Pack-and-Go
1. From a financial perspective, Pack-and-Go should invest in the new technology. It will enjoy a contribution margin of 97.5%.
2. The break-even increase in annual revenue that would justify the investment in the new technology is:
Fixed cost = Contribution
$80,000 = Contribution - $8,000
= $72,000 ($80,000 - $8,000
Explanation:
a) Data and Calculations:
Expected cost of new technology investment = $80,000
Delivery performance:
Decision Alternative
After Implementing
Item Current System New Technology
On-time delivery rate 80% 95%
Variable cost per package lost
or damaged $30 $30
Allocated fixed cost per
package lost or damaged $10 $10
Annual number of packages
lost or damaged 300 100
Variable cost for lost or
damaged packages $9,000 (300*$30) $3,000 (100*$30)
Fixed cost for lost or
damaged packages 3,000 (300*$10) $1,000 (100*$10)
Total cost for lost or
damaged packages $12,000 $4,000
Increase in the on-time performance rate = 95% - 80% = 15%
Increase in annual Revenue = $10,000 * 15 = $150,000
Savings from lost or damaged packages = 8,000 ($12,000 - $4,000)
Total savings from new technology = $158,000
Annual cost of new technology = (80,000)
Net savings from new technology = $78,000
Contribution margin based on net savings = $78,000/$80,000 * 100 = 97.5%
Average contribution margin = 40%
Problem 3-3 (Algo) A dry cleaner uses exponential smoothing to forecast equipment usage at its main plant. August usage was forecasted to be 46 percent of capacity; actual usage was 52 percent of capacity. A smoothing constant of .10 is used. a. Prepare a forecast for September. (Round your final answer to 2 decimal places.) b. Assuming actual September usage of 53 percent, prepare a forecast for October usage. (Round your answer to 2 decimal places.)
Answer:
A.Forecast for September=46.9
B. Forecast for October usage=47.51
Explanation:
a) preparation of the forecast for September
Forecast for September= 46 + .10 (52 − 43)
Forecast for September=46+.10(9)
Forecast for September=46+0.9
Forecast for September=46.9
Therefore Forecast for September will be 46.9
b) Preparation of the forecast for October usage
Forecast for October usage=46.9 + .10 (53-46.9)
Forecast for October usage=46.9+.10(6.1)
Forecast for October usage=46.9+0.61
Forecast for October usage=47.51
Therefore Forecast for October usage will be 47.51
The next three questions are based on the following information: Demand for an item is 1000 units per year. A processing fee of $10 will be charged for each order placed. The purchasing cost of the item is $20. The annual cost to carry an item in inventory is 20% of the item costs. What is the unit inventory holding cost
Answer:
$4.00
Explanation:
The cost of purchasing 1000 units per year is computed thus:
the annual cost of purchase=annual demand*cost per unit
annual demand=1000
cost per unit=$20
the annual cost of purchase=1,000*$20
the annual cost of purchase=$20,000
The cost of carrying or holding the inventory for one year is 20% of cost of purchase
Annual holding cost=20%*$20,000
Annual holding cost=$4,000
the unit inventory holding cost=annual holding cost/annual demand
the unit inventory holding cost=$4,000/1000
the unit inventory holding cost=$4.00
Find the EAR in each of the following cases: Stated Rate (APR) Number of Times Compounded Effective Rate (EAR) 7% Quarterly 17 Monthly 13 Daily 10 infinite
Answer:
7.19
18.39
13,88
10.51%
Explanation:
EAR = (1 + periodic interest rate)^m - 1
m = number of compounding
a. ( 1 + 0.07/4)^4 - 1 = 7.19%
b. (1 + 0.17/12)^12 - 1 = 18.39%
c. (1 + 0.13/365)^365 - 1 = 13.88%
d. EAR =
The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $4,000 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $3,000 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,800. Problem 3-9B Part 9 9. Record closing entries.
Question Completion:
Assume that Supplies were purchased during the year worth $13,000.
Record the adjusting entries.
Answer:
Adjusting Journal Entries on December 31, 2021:
Debit Interest Expense $4,000
Credit Interest payable $4,000
To record the accrued interest on the notes payable.
Debit Salaries Expense $3,000
Credit Salaries payable $3,000
To record the accrued salaries at year end.
Debit Supplies Expense $9,200
Credit Supplies $9,200
To record supplies expense for the year.
Explanation:
a) Data and Calculations:
Supplies purchased = $13,000
Supplies at year-end = 3,800
Supplies consumed = $9,200 ($13,000 - $3,800)
b) Adjusting entries are journal entries done at the end of a financial period to ensure that expenses and revenues are matched to the period they occur instead of when cash is exchanged. This accords with the accrual concept and the matching principle of accounting.
The next dividend payment by Zone, Inc., will be $2.08 per share. The dividends are anticipated to maintain a growth rate of 6 percent forever. If the stock currently sells for $42 per share, what is the required return
Answer:
10.95%
Explanation:
According to the gordon growth model,
the value of stock (price) = dividend / required return - growth rate
42 = 2.08/ r - 0.06
42(r-0.06) = 2.08
2.08/42 = r - 0.06
r = 10.95%
In the market for financial capital,
a. those who supply financial capital pay interest on loans.
b. those who demand financial capital receive interest on loans.
c. the demand for financial capital comes from savings, and the supply goes to making loans.
d. the supply of financial capital comes from savings, and the demand goes to making loans.
Answer:
d. the supply of financial capital comes from savings, and the demand goes to making loans.
Explanation:
Capital markets refer to the areas where deposits and investment are transferred between the capital providers and others in need of capital. Capital markets consist of the main market, where new shares are released and exchanged, and the secondary market, where already issued securities are exchanged by investors.
TB MC Qu. 03-111 A manufacturer of cedar shingles...
A manufacturer of cedar shingles has supplied the following data:
Bundles of cedar shakes produced and sold 262,000
Sales revenue $ 2,122,200
Variable manufacturing expense $ 975,200
Fixed manufacturing expense $ 487,000
Variable selling and administrative expense $ 260,400
Fixed selling and administrative expense $ 276,000
Net operating income $ 123,600"
The company's contribution margin ratio is closest to:__________ (Do not round Intermediate calculations. Round your answer to whole percentage)
a) 42%
b) 34%
c) 66%
d) 58%
Answer:
A. 42%
Explanation:
Given the above information,
Contribution margin ratio = (Selling price - Unitary variable cost) / Selling price
Selling price = $2,122,200 / 262,000 = $8.1
Total variable cost = Variable manufacturing expense $975,200 + Variable selling and administrative expense $260,400 = $1,235,600
Unitary variable cost = $1,235,600 / 262,000 = $4.72
Contribution margin ratio = (8.1 - 4.72)/8.1 = 41.73% = 42%
PLEASE HELP!!!!
How is a check treated by the US government?
a. as currency
b. as a legal contract
c. as a negotiable instrument
d. as a promise from the payee to the payer
Answer:
legal contract
Explanation:
should be it or currency
Kara files her income tax return 64 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $15,400, which is the balance of the tax she owes. Note: Assume 30 days in a month.
Required:
Disregarding the interest element, enter Kara's penalty amount for each, failure to file and failure to pay.
Failure to pay________$
Failure to file________$
Answer:
failure to file :$2079
failure to pay:$231
Explanation:
given data
remits a check = $15,400
days in a month = 30
return = 64 days
solution
computation of Kara's penalty amount for failure to pay
failure to pay will be
failure to pay = 0.5% of tax owed × number of months .......................1
failure to pay = 0.5% × $15400 × 3
failure to pay = $231
and
Computation of Kara's penalty amount for failure to file
failure to file will be
failure to file = (5% of tax owed × number of months or part thereof) - failure to pay penalty .......................2
failure to file = (5% × $15400 × 3) - $231
failure to file = $2310 - $231
failure to file = $2079
The bonds in our model have a maturity close to zero; they just pay the current interest rate, i, as a flow over time. We could consider, instead, a discount bond, such as a U.S. Treasury Bill. This type of asset has no explicit interest payments (called coupons) but pays a principal of, say, $1000 at a fixed date in the future. A Bill with one- year maturity pays off one year from the issue date, and similarly for 3-month or 6-month Bills. Let PB be the price of a discount bond with one-year maturity and principal of $1000. a. Is PB greater than or less than $1000.
a. Is P^B greater than or less than $1000?
b. What is the one-year interest rate on these discount bonds?
c. If prises, what happens to the interest rate on these bonds?
d. Suppose that, instead of paying $1000 in one year, the bond pays $1000 in two years. What is the interest rate per year on this two-year discount bond?
Answer:
Answer is explained in the explanation section below.
Explanation:
Part a.
[tex]P^{B}[/tex] will be less than $1000.
Reason: [tex]P^{B}[/tex] + interest = $1000, since interest >0 (Cannot be negative)
Hence,
[tex]P^{B}[/tex] < $1000
Part b.
Assuming the amount of interest to be i, [tex]P^{B}[/tex] would be $1000 - I
Rate of interest would be:
($1000 - ($1000-i)) / ($1000 - i) = i / ($1000 - i)
Rate of interest = i / ($1000 - i)
Part c.
If [tex]P^{B}[/tex] rises, the interest rate on these bonds would come down. Going back to a. [tex]P^{B}[/tex] = $1000 - i, and if [tex]P^{B}[/tex] rises, it implies that i reduces, which means that rate of interest will be reduced.
Part d.
If $1000 is a payment two years later, it implies that i (refer to b.) is the interest for two years. Assuming annual compounding, let's calculate rate of interest as follows:
Interest for two year (i) = $1000 - [tex]P^{B}[/tex] at the rate of i per year
= [tex]P^{B}[/tex] X i / 100 + ([tex]P^{B}[/tex] X (1+i/100))X i/100
We can solve for i to get annual rate of interest.
Prepare the issuer's journal entry for each of the following separate transactions.
a. On March 1, Atlantic Co. issues 49,500 shares of $4 par value common stock for $318,500 cash.
b. On April 1, OP Co. issues no-par value common stock for $84,000 cash.
c. On April 6, MPG issues 3,400 shares of $20 par value common stock for $53,000 of inventory, $150,000 of machinery, and acceptance of a $103,000 note payable.
Answer:
a.
March 1
Debit : Cash $318,500
Credit : Common Stock $198,000
Credit : Excess of Par $120,500
Being Issue of Par value Shares for $318,500 cash
b.
April 1
Debit : Cash $84,000
Credit : Common Stock $84,000
Being Issue of no Par value shares for $84,000 cash
c.
April 6
Debit : Inventory $53,000
Debit : Note Receivable $103,000
Credit : Common Stock $68,000
Credit : Excess of Par $88,000
Being Issue of Par value Shares for Inventory and Note Receivable
Explanation:
Note: We are instructed to prepare journals from the issuer`s point of view and this needs to be followed.
When shares are issued, the Common Stock increases :
a. For par value Common Stocks, any price paid in excess of par value is accounted in Excess of Par Reserve.
b. For no par value shares, there is no Excess of Par Reserve, we simply record the increase in Common Stock at the price paid for.
On December 1st, the company pays a local radio station $200,000 for 4 months of radio ads that are to be aired equally throughout December through March. Prepaid Advertising was debited on December 1st and no other entries regarding this transaction were made since then.
15. $ After the adjusting entry has been recorded on December 31", determine the amount of advertising expense for the year ended December 314 16. S After the adjusting entry has been recorded on December 31%, determine the ending balance in the prepaid advertising account that should be recorded on the December 31" Balance Sheet. Use the following transactions to answer questions
17-19 Determine the amount of revenue or expense that would be reported at the time of the transaction under the two methods. An example transaction has been completed for you.
Question Completion:
Journalize the adjusting entry.
Answer:
Adjusting Journal Entry:
December 31:
Debit Advertising Expense $50,000
Credit Prepaid Advertising $50,000
To record the advertising expense for the year (1 month's).
Explanation:
a) Data and Calculations:
December 1: Prepaid Advertising for 4 months = $200,000
Advertising expense for the year (1 month) = $50,000 ($200,000/4 months)
Balance of Prepaid Advertising for 3 months = $150,000 ($200,000 *3/4)
b) The Adjusting Journal entry recognizes the advertising expense that relates to the year and carry forward the prepaid balance to the next accounting year. Expenses and revenue are recorded when the services are consumed or rendered and not when cash is exchanged. In this case, the $200,000 is not recognized as advertising expense for the current year. Instead, only $50,000 is recorded as expense. The balance of $150,000 is carried forward to the next year when the service will be consumed.
When developing baseline standards, it is vital to use industry best practices. Industry best practices standards enable one to justify choices being made to regulators. Furthermore, there is increased efficiency to be gained by modifying an existing standard as opposed to creating one from the ground up.
A. True
B. False
Answer:
A. True
Explanation:
A baseline may be defined as the minimum amount of security that a network, a device or a system must adhere to. They are generally mapped to the industry standards. It is applied to the several layers of the IT infrastructure of an organization.
When developing them, it is very important to make use of the industry best practices. It enables to justify the choices that are being made to the regulators.
Hence the answer is true.
Question 7 of 10
Your company emphasizes the important of conserving (not wasting)
resources. How can you support that value when you print an 8-page report
you were asked to bring to your department's monthly meeting?
A. Use the Print option for two-sided printing.
B. Post the report online before printing it.
C. Use the Print option to create extra copies.
D. Use the Save option to choose a format readers can open.
SUBMIT
Answer:
A. Use the Print option for two-sided printing.
I'd choose A, although I don't really understand what option D means..
a. Performed $29,400 of services on account.
b. Collected $17,500 cash on accounts receivable.
c. Paid $4,400 cash in advance for an insurance policy.
d. Paid $570 on accounts payable.
e. Recorded the adjusting entry to recognize $3,700 of insurance expense.
f. Recorded the adjusting entry to recognize $300 accrued interest revenue.
g. Received $9,500 cash for services to be performed at a later date.
h. Purchased land for $1,560 cash.
i. Purchased supplies for $1,800 cash.
Required:
Record each of the above transactions in general journal form and then show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Transaction Account Titles Debit Credit
a Accounts receivable 29,400
Service revenue 29,400
Show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. Enter any decreases to account balances with a minus sign.)
Answer:
S/n Account Titles Debit$ Credit$
a. Accounts receivable 29400
Service revenue 29400
b. Cash 17500
Accounts receivable 17500
c. Prepaid insurance 4400
Cash 4400
d. Accounts payable 570
Cash 570
e. Insurance expense 3700
Prepaid insurance 3700
f. Interest receivable 300
Interest revenue 300
g. Cash 9500
Unearned service revenue 9500
h. Land 1560
Cash 1560
i. Supplies 1800
Cash 1800
Asset Liabilities Equity Revenue Expense Net income S.Cash Flow
a. 29400 29400 29400 29400 NA
b. 17500 OA
-17500
c. 4400 OA
-4400
d. -570 -570 OA
e. -3700 -3700 3700 -3700 NA
f. 300 300 300 300 NA
g. 9500 9500 OA
h. 1560 IA
-1560
i. 1800 OA
-1800