A company’s accountant is trying to prepare an adjusted trial balance from the list of accounts below. Cash $ 12,000 Retained Earnings 31,000 Prepaid Rent 2,000 Salaries Expense 15,000 Equipment 68,000 Service Revenue 40,000 Miscellaneous Expense 10,000 Supplies 4,000 Dividends 3,000 Accounts Payable 5,000 Common Stock 38,000 What is the total amount of credits?
Answers
Answer:
114000
Explanation:
The total amount of credit is $114,000.
The calculation of the total amount of the credit account is= Retained earnings + service revenue + account payable + common stock
= $31,000 + $40,000 + $5,000 + $38,000
= $114,000
The above accounts shows the credit balance.
Therefore we can conclude that the total amount of credit is $114,000.
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Related Questions
why the kid say nvr waste ur diamonds on a hoeh
Answers
Answer:
it was a waste of diamonds lol
Explanation:
A company purchased an asset for $3,600,000 that will be used in a 3-year project. The asset is in the 3-year MACRS class. The depreciation percentage each year is 33.33 percent, 44.45 percent, and 14.81 percent, respectively. What is the book value of the equipment at the end of the project
Answers
Answer:
$266,760
Explanation:
According to the problem, calculation of the given data are as follows,
Purchase value = $3,600,000
Depreciation for 1st year = 33.33%
Depreciation for 2nd year = 44.85%
Depreciation for 3rd year = 14.81%
So, Book value = Purchase value × ( 1 - depreciation of all years)
By putting the value we get,
Book Value = $3,600,000 × ( 1 - 33.33% - 44.45% - 14.81% )
= $266,760
The financial statements of an Enterprise fund are prepared using the :_______
Answers
Answer:
Accrual Method
Explanation:
I’m not sure if this is what this question is referring to or not, but the Enterprise fund uses the accrual method.
A user wants to sort data in multiple columns. Which sequence of steps will sort the data?
A select a cell in the data rangeselect the Data tab select “Sort” in the Sort and Filter groupselect the column to be sortedselect an orderclick OK
B select a cell in the data rangeselect the Data tabselect “Consolidate” in the Data Tools groupselect the column to be sortedselect an orderclick OK
C select a cell in the data rangeselect the Page Layout tabselect “Align” in the Arrange groupselect the column to be sorted select an order click OK
D select a cell in the data rangeselect the Page Layout tabselect “Effects” in the Theme groupselect the column to be sorted select an orderclick OK
Answers
Answer:
A. select a cell in the data rangeselect the Data tab select “Sort” in the Sort and Filter groupselect the column to be sortedselect an orderclick OK
Explanation:
Select the correct answer.
Which of these is one of the four Ps of marketing?
A. perception
B.
perseverance
C. place
D. prudence
Reset
Next
Answers
Answer:
the answer is B
Explanation:
Answer:
C. Place
Explanation:
PLATO
Katrina is complaining to her landlord about the six inch long cockroach in her apartment The landlord scoffs saying Cockroaches don t get that big Ill pay $10000 to anyone who can show me a six inch cockroach Wll a bug collector overherads and promptly presents the landlord with his prize six inch South American cockroach The land lord refuses to pay and will sues Which of the following best describe he situation?
a. There is no contract because the landlord never intended to make an offer.
b. There is no contract; a reasonable person wouldn’t believe the landlord intended to pay.
c. There is no contract because Will did not have the power of acceptance.
d. There is definitely a contract.
Answers
Answer: b. There is no contract; a reasonable person wouldn’t believe the landlord intended to pay
Explanation:
Based on the information given in the question, there is no contract because a reasonablee person wouldn’t believe the landlord intended to pay.
It should be noted that the landlord won't pay $10,000 just for someone to bring a cockroach to him. Will presenting the cockroach and then suing him is really absurd because he should not be expecting a $10000 from the landlord and moreover there wasn't any form of written contract which was duly signed to even attest to that.
Pencil Corp uses the US dollar as its functional currency. The receivable is not hedged. At December 31, 2020 Pencil has the following foreign currency balances:
Accounts Receivable (due in 3 months) FC 30,000
Inventory (at cost) FC 20,000
Fixed Assets FC 10,000
The following exchange rates were in effect:
December 31 spot rate: 1FC = .6 US
December 31 three month forward rate: 1FC .5 US
Historic rate: 1FC .7 US
Average exchange rate (2020). 1FC .8 US
What is the US dollar equivalent for the total of Accounts Receivable, Inventory and Fixed Assets that will be reported by Pencil on its December 31, 2020 balance sheet.
a $102,857.
b. 6.539,000.
c. $60,000.
d. $92,857.
e. 535,000.
Answers
Answer:
b. $39,000.
Explanation:
Inventory & Fixed assets will be recognized at historic rate.
Accounts receivable will be recognized at closing rate.
Accounts receivable = FC 30,000 * 0.7
Accounts receivable = $21,000
Inventory = FC 20,000 * 0.6
Inventory = $12,000
Fixed assets = FC 10,000 * 0.6
Fixed assets = $6,000
Total = Accounts receivable + Inventory + Fixed assets
Total = $21,000 + $12,000 + $6,000
Total = $39,000
Jammer Company uses a weighted average perpetual inventory system that reports the following August 2 purchase 19 units at $16 per unit August 18 purchase 21 units at $15 per unit August 29 sale 38 units August 31 purchase 24 units at $19 per unit what was the per-unit value of ending inventory on August 31
Answers
Answer:
$23.19
Explanation:
The the weighted average perpetual inventory system recalculates a new unit cost whenever a new purchase is made. This unit cost is used to value cost of sales and inventory balance.
Unit Cost = Total Cost of units available for sale ÷ Total units available for sale
August 18
Unit Cost = [(19 units x $16) + (21 units x $15)] ÷ 40 units
= $15.475
August 31
Unit Cost = [(2 units x $15.475 ) + (24 units x $19)] ÷ 21 units
= $23.1880 or $23.19
therefore,
The per-unit value of ending inventory on August 31 is $23.19.
Suppose a firm has an annual budget of $150,000 in wages and salaries, $75,000 in materials, $30,000 in new equipment, $20,000 in rented property, and $35,000 in interest costs on capital. The owner-manager does not choose to pay himself, but he could receive income of $90,000 by working elsewhere. The firm earns revenues of $320,000 per year. Answer the indicated questions on the basis of this information. What are the annual implicit costs for the firm described above
Answers
Answer:
the annual implicit cost for the firm is $90,000
Explanation:
The computation of the annual implicit cost is shown below;
The implicit cost means the opportunity cost
Since in the given situation of the owner does not select to pay himself but he would received $90,000 by working somewhere
so here $90,000 represent the implicit cost
Hence, the annual implicit cost for the firm is $90,000
The management of Osborn Corporation is investigating an investment in equipment that would have a useful life of 8 years. The company uses a discount rate of 12% in its capital budgeting. The net present value of the investment, excluding the annual cash inflow, is -$401,414. To the nearest whole dollar how large would the annual cash inflow have to be to make the investment in the equipment financially attractive
Answers
Answer:
$80,800
Explanation:
Calculation to determine the annual cash inflow have to be to make the investment in the equipment financially attractive
Using this formula
Annual cash flows = Negative net present value to be offset ÷ Present value factor
Let plug in the formula
Annual cash flows = $401,414 ÷ 4.968
Annual cash flows = $80,800
Therefore the annual cash inflow have to be to make the investment in the equipment financially attractive is $80,800
The Forest Organization successfully manages its prices by creating a pricing infrastructure within the company. Forest managers feel that creating the right pricing strategy is important. The Forest Organization does all of the following EXCEPT _______. a. search for ways to create greater customer value b. define pricing goals c. assign authority and responsibility for pricing decisions d. use traditional tools and systems to maintain current pricing decisions
Answers
Answer:
The correct answer is the option D: Use traditional tools and systems to maintain current pricing decisions.
Explanation:
To begin with, in the field of marketing and business the pricing strategy is a very important part of the four "Ps" that involves the marketing campaign that the company has to have in order to launch a product that will impact the market as good as possible. So that is whay that the organization has to have expertis in this area in order to achieve a price that can reflect not just the value of the product but also the purchasing power of the target audience that the company wants to reach. Therefore that the Forest Organization will search for ways to create greater customer value, define pricing goals and assign authority and responsibility for pricing decisions in order to achieve a right pricing strategy.
The main difference between perfect competition and monopolistic competition is Group of answer choices The ease of entry and exit. The number of firms in the market. The long-run economic profits that are expected. The degree of product differentiation.
Answers
Answer:
The ease of entry and exit
Explanation:
As we know that both perfect competition and the monopolistic competition are the market structures
In the perfect competition, there are no of buyers & sellers who have same product and also have free exit a& entry
But in the case of the perfect competition, there are buyers and sellers hwo have different products also there is not as ease as much perfect competition for the exit and entry
Therefore the first option is correct
Trini Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor budget indicates that 8,800 direct labor-hours will be required in May. The variable overhead rate is $2.10 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $107,440 per month, which includes depreciation of $9,610. All other fixed manufacturing overhead costs represent current cash flows. The May cash disbursements for manufacturing overhead on the manufacturing overhead budget should be: $116,310. $18,480. $97,830. $125,920.
Answers
Answer:
$116,310
Explanation:
May cash disbursements = $2.10 x 8,800 + $107,440 - $9,610
= $116,310
The May cash disbursements for manufacturing overhead on the manufacturing overhead budget should be: $116,310
Estimated manufacturing overhead for the year $30,000 Estimated direct labor hours for the year 2,000 Two jobs were worked on during the year: Job A-101 and Job A-102. The number of direct labor-hours spent on Job A-101 and Job A-102 were 1,200 and 1,000, respectively. The actual manufacturing overhead was $37,000. What is the predetermined manufacturing overhead rate per direct labor hour for the year
Answers
Answer:
$15.00 per direct labor hour
Explanation:
predetermined manufacturing overhead rate = Budgeted overheads ÷ Budgeted Activity
= $30,000 ÷ 2,000 hours
= $15.00
thus,
The predetermined manufacturing overhead rate per direct labor hour for the year is $15.00 per direct labor hour
6. MMF Value. Bart is a college student who has never invested his funds. He has saved $1,000 and has decided to invest it in a money market fund with an expected return of 2.0%. Bart will need the money in one year. The MMF imposes fees that will cost Bart $20 at the time he withdraws his funds. How much money will Bart have in one year as a result of this investment
Answers
Answer:
Results are below.
Explanation:
Giving the following information:
Initial investment (PV)= $1,000
Number of periods (n)= 1 year
interest rate (i)= 0.02
Withdrawal cost= $20
First, we will determine the future value (FV) of the investment:
FV= PV*(1 + i)^n
FV= 1,000*(1.02^1)
FV= $1,020
Now, how much is left for Bart:
Net amount= 1,020 - 20
Net amount= $1,000
you are considering investing in general motors (GM). which of the following is an example of diversifable risk? a. risk resulting from economic uncertainly b. risk resulting from an increase in inflation rate c. risk resulting from an increase intrest rates d. risk resulting from an expected automovile industry shock g
Answers
Answer:
d. risk resulting from an expected automobile industry shock g
Explanation:
Non systemic risk are risks that can be diversified away. they are also called company specific risk or industry specific risk . Examples of this type of risk is a manager engaging in fraudulent activities and risk resulting from an expected automobile industry shock
Systemic risk are risk that are inherent in the economy. They cannot be diversified away. They are also known as market risk. examples of this risk include recession, inflation, and high interest rates. Investors should seek compensation for systemic risk. Systemic risk is measured by beta. The higher beta is, the higher the systemic risk and the higher the compensation demanded for by investors
Jisue Construction Company received $12,000 for six months rental income in advance on November 1, 2020, and credited the Rental Revenue account for $12,000. The required adjusting entry on December 31, 2020, would include a Group of answer choices
Answers
Answer:
Debit : Rent in Advance $4,000
Credit : Rent Income $4,000
Explanation:
When Rent was paid in advance :
Debit : Cash $12,000
Credit : Rent in Advance $12,000
The required adjusting entry on December 31, 2020 :
Debit : Rent in Advance $4,000
Credit : Rent Income $4,000
The motion for judgment on the pleadings alleges that if the defendant does not file an answer to the plaintiff's complaint, the defendant's liability is established.
Answers
Answer:
The motion for judgment on the pleadings alleges that if the defendant does not file an answer to the plaintiff's complaint, the defendant's liability is established. The ansa us false
A farmer grows wheat, which she sells to a miller for $90. The miller turns the wheat into flour, which she sells to a baker for $145. The baker turns the wheat into bread, which she sells to consumers for $155. Consumers eat the bread.Assume that the above transactions account for all economic activity in an economy.GDP in this economy is $______Value added is defined as the value of a producer’s output minus the value of the intermediate goods that the producer buys to make the output.Assuming there are no intermediate goods beyond those previously described, complete the following table by calculating the value added for each of the three producers. Then enter the total value added in the final row.
Answers
Answer:
The correct answer is "$155".
Explanation:
Given:
She sells to miller,
= $90
She sells to baker,
= $145
She sells to consumers,
= $155
Now,
The value added by miller will be:
= [tex]145-90[/tex]
= [tex]55[/tex] ($)
The value added by the baker will be:
= [tex]155-145[/tex]
= [tex]10[/tex] ($)
hence,
The GDP in this economy will be:
= [tex]155[/tex] ($)
Clabber Company has bonds outstanding with a par value of $119,000 and a carrying value of $108,700. If the company calls these bonds at a price of $104,500, the gain or loss on retirement is:
Answers
Answer:
Gain on retirement $4,200.00
Explanation:
The computation of the gain or loss on retirement is given below;
Carrying value of Bond $108,700.00
Less; Price at which bond is called $104,500.00
Gain on retirement $4,200.00
Simply subtracted the called price of the bond from the carrying value of the bond so that the gain on retirement is recorded
The Buck Store is considering a project that will require additional inventory of $185,000 and will increase accounts payable by $153,000. Accounts receivable are currently $525,000 and are expected to increase by 15 percent if this project is accepted. What is the project's initial cash flow for net working capital
Answers
Answer:
the initial cash flow for the net working capital is $110,750
Explanation:
The computation of the initial cash flow for the net working capital is given below;
= -Additional inventory + increase account payable - (account receivable × increased percentage)
= -$185,000 + $153,000 - ($525,000 × 0.15)
= -$110,750
Hence, the initial cash flow for the net working capital is $110,750
A(n) _________ refers to each and every opportunity the customer has to see or hear about the company and/or its brands or have an encounter or experience with it.
Answers
Answer:
A touch point refers to each and every opportunity the customer has to see or hear about the company and/or its brands or have an encounter or experience with it.
Explanation:
A touch point can be described as any way through which a customer can interact with a company, whether it is through a website, a person-to-person interaction, an app, or any other kind of communication.
A touch point simply refers to a point of contact or connection, particularly between a company and its clients or customers.
Therefore, the correct answer to fill in the gap is a touch point.
McPhail Corporation $100 face value fixed-rate perpetual preferred stock pays an annual dividend of $5.75 per share. What is the value of one share of this stock to an investor who requires a rate of return of 6.25%
Answers
Answer:
$92
Explanation:
Value per share of preferred stock = Annual dividend / Required rate of return
Annual dividend = $5.75 per share
Required rate of return = 6.25%
Value of one share of this stock = $5.75/6.25%
Value of one share of this stock = $5.75/0.0625
Value of one share of this stock = $92
During July, Whitman paid $189,600 to employees for 8,900 hours worked. 4,760 units were produced during July. What is the direct labor efficiency variance
Answers
Answer and Explanation:
The computation of the direct labor efficiency variance is shown below;
= Standard Rate × (Standard Hours - Actual Hours)
= $22.50 × (4,760 Units × 2 hours per unit - 8,900)
= $13,950 Favourable
Hence, the direct labor efficiency variance is $13,950 favorable
We simply applied the above formula so that the correct amount could come
During November, TaskMaster purchased 208,000 pounds of direct materials at a total cost of $436,800. The total factory wages for November were $54,000, 90% of which were for direct labor. TaskMaster manufactured 24,000 units of product during November using 182,000 pounds of direct materials and 5,000 direct labor hours. TaskMaster computes direct material variances at the time of purchase. What is the direct materials price variance for November
Answers
Answer:
See below
Explanation:
Given the above information,
Direct material price variance is computed as;
= (Actual price - Standard price) × Actual quantity
Actual price = $436,800/208,000
Standard price = $436,800/182,000
Actual quantity = 208,000
Direct material price variance
=[ ($436,800 / 208,000) - ($436,800 / 182,000 ] × 208,000
= ($2.1 - $2.4) × 208,000
= $62,400 unfavourable
Assume that if you advertise and your rival advertises, you each will earn $4 million in profits. If neither of you advertises, you will each earn $10 million in profits. However, if one of you advertises and the other does not, the firm that advertises will earn $1 million and the non-advertising firm will earn $5 million. If you and your rival plan to be in business for 10 years, then the Nash equilibrium is:
Answers
Answer:
The Nash Equilibrium is for both firms not to advertise
Explanation:
the payoff matrix should be something like this:
Firm B
to advertise not to advertise
to advertise $4 / $4 $1 / $5
Firm A
not to advertise $5 / $1 $10 / $10
Both firms' dominant strategy is not to advertise.
The Tingey Company has 500 obsolete microcomputers that are carried in inventory at a total cost of $720,000. If these microcomputers are upgraded at a total cost of $100,000, they can be sold for a total of $160,000. As an alternative, the microcomputers can be sold in their present condition for $50,000. The sunk cost in this situation is: g
Answers
Answer: $720000
Explanation:
Sunk cos simply refers to a coat which a company has already incurred and can't be recovered. They're not relevant to future decisions if the company has they already happened in the past.
In this case, the sink cost will be $720,000 which is the total cost of the obsolete microcomputers, Other coat such as $100,000, $160,000, and $50,000 are relevant cost.
The purpose of the work opportunity tax credit is to encourage employers to hire individuals from specified target groups traditionally subject to high rates of unemployment. True False
Answers
Answer:
true
Explanation:
The given statement is true here because the purpose of Work Opportunity Credit is to encourage employers to hire people who are facing employment barriers and are resulting in high unemployment. And examples of the target group are unemployed ex-servicemen, food stamp recipients etc..so this is true statement
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 479,232 (b) 399,360 Bal. 79,872 Work in Process Bal. 13,640 (c) 742,000 288,000 89,000 (b) 399,360 Bal. 48,000 Finished Goods Bal. 42,000 (d) 656,000 (c) 742,000 Bal. 128,000 Cost of Goods Sold (d) 656,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: Work in Process, ending $ 23,040 Finished Goods, ending 61,440 Cost of Goods Sold 314,880 Overhead applied $ 399,360 For example, of the $48,000 ending balance in work in process, $23,040 was overhead that had been applied during the year. Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry.
Answers
Answer:
Part 1:
a) We see that the actual Mfg OH is being debited with the amount incurred.
b) Work in Process Inventory Debit (b) 399,360
Mfg OH ( applied) Credit (b) 399,360
c) CGS debit (c) 742,000
WIP Credit (c) 742,000
d) CGS debit (d) 656,000
Finished Goods credit (d) 656,000
Part 2:
The journal entry is
Cost of Goods Sold $79872 Debit
Factory Overhead $ 79 872 Credit
Part 3:
Journal Entry
Work in Process, $ 24960 debit
Finished Goods, 66560 debit
Cost of Goods Sold (11648) credit
Manufacturing Overheads $ 79872 credit
Explanation:
The given accounts are
Manufacturing OverheadDebit Credit
(a) 479,232 (b) 399,360
Bal. 79,872
Work in ProcessDebit Credit
Bal. 13,640 (c) 742,000
288,000
89,000
(b) 399,360
Bal. 48,000
Finished GoodsDebit Credit
Bal. 42,000 (d) 656,000
(c) 742,000
Bal. 128,000
Cost of Goods Sold(d) 656,000
Part 1:
a) Actual manufacturing overhead
We see that the actual Mfg OH is being debited with the amount incurred.
b) Manufacturing overhead applied to Work in Process Inventory
Work in Process Inventory Debit (b) 399,360
Mfg OH ( applied) Credit (b) 399,360
c) Cost of Goods Manufactured
CGS debit (c) 742,000
WIP Credit (c) 742,000
d) Cost of Goods Sold
CGS debit (d) 656,000
Finished Goods credit (d) 656,000
Part 2:
The actual overhead is $ 479232 and applied overhead is $399,360 which is less than actual overhead.
The journal entry is
Cost of Goods Sold $79872 Debit
Factory Overhead $ 79 872 Credit
To transfer under applied overhead to cost of goods sold.
Part 3:
We find the differences between actual and applied overheads and then pass the journal entry.
Work in Process, ending $ 23,040
Finished Goods, ending 61,440
Cost of Goods Sold 314,880
Overhead applied $ 399,360
Work in Process, ending $ 48,000
Finished Goods, ending 128,000
Cost of Goods Sold 303,232
Actual Overhead $ 479,232
Work in Process, ending =$ 48,000 -$ 23,040 =$ 24960
Finished Goods, ending= 128,000-61,440 = 66560
Cost of Goods Sold = 303,232 -314,880 = (11648)
Journal Entry
Work in Process, $ 24960 debit
Finished Goods, 66560 debit
Cost of Goods Sold (11648) credit
Manufacturing Overheads $ 79872 credit
The size, sign, and timing of individual cash flows are illustrated by the ____________________, as the basis for engineering economic analysis. Write the word(s) that fill(s) in the blank below.
Answers
Answer:
Cash Flow Diagram
Explanation:
The correct statement is that the size, sign and timing of an individual cash flow are illustrated by the cash flow diagrams, as the basis of engineering economic analysis.
Cash flow diagrams are prepared by taking the data from the cash flow statements that are prepared at the end of each accounting period.
Cash FlowCash Flow of a business refers to as a cash that is either a part of income and revenue or expense for the business during a given accounting period.The cash flow diagrams are prepared by taking into account the data obtained from the cash flow statements and can be illustrated into the size of the cash flows and their timings during the financial period.
Hence, the correct statement is that cash flow diagrams are used to illustrate the size, signs and timings of the individual cash flow statements.
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