Below are the transactions for Oliver Printing, Incorporated for June, the first month of operations. June 1 Obtain a loan of $63,000 from the bank by signing a note. June 2 Issue common stock in exchange for cash of $33,000. June 7 Purchase car wash equipment for $68,000 cash. June 10 Purchase cleaning supplies of $7,300 on account. June 12 Wash 430 cars for $10 each. All customers pay cash. June 16 Pay employees $830 for work performed. June 19 Pay for advertising in a local newspaper, costing $430. June 23 Wash 530 cars for $10 each on account. June 29 Pay employees $880 for work performed. June 30 A utility bill of $1,330 for the current month is paid. June 30 Pay dividends of $530 to stockholders. Required: 1. Record each transaction. 2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account. 4. Prepare a trial balance for June. Complete this question by entering your answers in the tabs below. General Journal Post each transaction to the appropriate T-accounts and calculate the balance of each account. T Accounts Trial Balance Ending Balance Debit Beginning Balance Cash Credit Debit Beginning Balance Ending Balance Accounts Receivable Credit

Below are the transactions for Oliver Printing, Incorporated for June, the first month of operations. June 1 Obtain a loan of $63,000 from the bank by signing a note. June 2 Issue common stock in exchange for cash of $33,000. June 7 Purchase car wash equipment for $68,000 cash. June 10 Purchase cleaning supplies of $7,300 on account. June 12 Wash 430 cars for $10 each. All customers pay cash. June 16 Pay employees $830 for work performed. June 19 Pay for advertising in a local newspaper, costing $430. June 23 Wash 530 cars for $10 each on account. June 29 Pay employees $880 for work performed. June 30 A utility bill of $1,330 for the current month is paid. June 30 Pay dividends of $530 to stockholders. Required: 1. Record each transaction. 2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account. 4. Prepare a trial balance for June. Complete this question by entering your answers in the tabs below. General Journal Post each transaction to the appropriate T-accounts and calculate the balance of each account. T Accounts Trial Balance Ending Balance Debit Beginning Balance Cash Credit Debit Beginning Balance Ending Balance Accounts Receivable Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sohr Corporation processes sugar beets that it purchases from farmers. Sugar beets are processed in batches. A batch of sugar beets costs $51 to buy from farmers and $10 to crush in the company's plant. Two intermediate products, beet fiber and beet juice, emerge from the crushing process. The beet fiber can be sold as is for $21 or processed further for $11 to make the end product industrial fiber that is sold for $59. The beet juice can be sold as is for $42 or processed further for $24 to make the end product refined sugar that is sold for $59. How much profit (loss) does the company make by processing one batch of sugar beets into the end products industrial fiber and refined sugar? Multiple Choice O $(4) $8
Handerson Corporation makes a product with the following standard costs: Standard Quantity or Hours 9.2 kilos Direct materials Direct labor. 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August Actual output Raw materials used in production Purchases of raw materials. Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost Multiple Choice Standard Price or Rate $ 6.70 per kilo $ 27.00 per hour $ 6.70 per hour 3,900 units 29,730 kilos 32,300 kilos 1,130 hours $ 202,920 $ 23,436 $ 8,240 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for August is:
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Question 3: When is an employer NOT required to file a quarterly Form 941? Answer: А. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $1,000 В. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $1,500 С. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $2,500 D. When annual tax liability for federal income, Social Security, and Medicare tax is less than $100,000
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E x p l a i n t h e l i m i t a t i o n s o f b r e a k e v e n a n a l y s i s.
Use the following information to solve for both the levered and unleved NPV & IRR.. Please note: mortgage and income numbers are to be annual numbers, not monthly. Potential Investment Purchase Price: $700,000.00 Years: 30 LTV: 80.0% Rate: 7.0% PAID ANNUALLY Origination Expenses: 3.0% of the loan amount NOI $75,000.00 Per Year Required Return Levered: Required Return Un-Levered: Expected Price Appreciation: Selling expenses: 13.0% 10.0% 4.0% Years 5.0% of the sale price Expected holding period: 2 Years Workspace: