For each of the following, journalize the necessary adjusting entry: (a) A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that
Q: Marvelous Music provides music lessons to student musicians. Adjusting entries are performed on a…
A: Journal Entry Working Notes: Insurance for 12 months = $4800 Amount of Expired insurance =…
Q: What are 3 important reasons to reconcile bank and credit card accounts at set dates?(Select all…
A: A bank compromise is the way toward coordinating with the equilibriums in a substance's bookkeeping…
Q: Explain Household can deposit their surplus funds with banks, who in turn could lend these funds to…
A: The circular flow of money is essential for the economic progress and the development of the sound…
Q: amortization
A: Amortization is an accounting strategy that lowers the book value of a debt or intangible asset for…
Q: Due to COVID-19, Northface faced a shortage of "regular" manufacturing workers and asked its…
A: Here the option B is correct . Northface faced a shortage of "regular" manufacturing workers due to…
Q: Sage Hill Inc. had the following balance sheet at December 31, 2016. SAGE HILL INC. BALANCE SHEET…
A: The current cash debt coverage ratio estimates the business capacity to pay off its obligations or…
Q: explain these various business and industry in the queuing system - In any financial organisation…
A: "Since you have posted a question with multiple sub-parts , we will solve first three subparts for…
Q: Give the meaning and purpose of each of the following: a. income statement b. cash flow statement…
A: Financial Statement is the business report which describes the business performance and its…
Q: Business Operating expenses are recorded in: Trading Account Profit and Loss Account Balance Sheet…
A: Net earnings of a business can be identified by preparing a Profit and loss account. It consists of…
Q: Which of the following is regarded as tax minimization through legal means Group of answer choices…
A: Opting to transfer property though donation rather than sale where tax deduction of 250k is allowed…
Q: If a company has more than 100 employees, a form called the _____ must be filled out yearly. a.…
A: The Equal Opportunity for Employment (EEO): Act makes it illegal for employers to discriminate under…
Q: Rainbow Services Co. offers its services to individuals desiring to improve their personal images.…
A: Journalizing the entries below
Q: Returns means Select one: a. A sum of money borrowed in a bank b. The money invested in a business…
A: The Answer is D. The Profits made on investments
Q: Prepare your resume for a graduate level post in marketing at the company H&M
A: An employee is the core asset of any company. A strong employee with higher talents and ability to…
Q: we need to generate a trial balance report, calculate your revenue, determine the cost of goods…
A: There are many activities and tasks that are being done in an organization. The policies and…
Q: Which item is the most liquid asset for companies? A:Accounts receivable B:Inventory C:Marketable…
A: Answer is choice D. Cash
Q: Describe how the following business transactions affect the three elements of the accounting…
A: The accounting equation is as follows: Assets = Liabilities + Equity The effect of the transactions…
Q: 28. A taxpayer using GAAP cash basis on a calendar year shall compute the taxable income using *
A: If somehow the taxpayer somehow doesn't maintain regular books of account or no accounting period,…
Q: a) The business needs to have a sense of its future cashflows and therefore requires the preparation…
A: Schedule of budgeted cash collections from trade receivables Oct Nov Dec August sales…
Q: Are Martha’s unreimbursed medical expenses deductible on the Neals’ tax return? Why or why not?
A: Disclaimer: insufficient information regarding the context As for the unreimbursed medical expenses…
Q: Cash flow statements examine the net changes in assets, liabilities, and equities of a firm and are…
A: The net change in the money segment of the assertion of incomes accommodates the assertion of…
Q: Which of the following deals with the management of money? Banking Finance Trading Accounting
A: The processes of planning, saving, investing, spending, or otherwise overseeing an individual's or…
Q: As the COO of Iron Chef Co., Peter has to evaluate the “On-time delivery” rate of Rocky Carrier to…
A: The rocky Carrier's "Billing accuracy rate" is 99.7% but it does not relate to the ön time…
Q: Income taxes have the effect of Select one : a decreasing the cost of capital for the firm. B. None…
A: The organization tax can be defined as the tax that the organization pays after the selling of the…
Q: Kindly assist with the following: a) The business needs to have a sense of its future cashflows…
A:
Q: . As a percentage, what was the annual interest rate of her loan? If necessary, refer to the list…
A: SIne its a simple interest it can be taken very simply
Q: The following is a partial audit program for the audit of salestransactions.1. Foot the sales…
A: Across all internal audits, except audit processes 1 and 2, it would be necessary to use sampling…
Q: ABC Electronics and Home Appliances LLC started business in Oman in the year 2015. The company…
A: The product can be defined as the item which is manufactured by the manufacturer after the long…
Q: Assess plan A: strategy that hires and fires employees to meet the forecasted demand. Assess plan B:…
A: Ans) Plan A: Hiring and Firing Number of units made is equal to demand. Previous quarter output =…
Q: Which of the following statements reflects the financial position of the firm at the end of the…
A: Please find the answer in the step below.
Q: Malakas deposited P5 000 on the day his son was born. If the money is worth 12% compounded…
A: Compound interest is called as the 8th wonder of the world. It gives increasing returns year on…
Q: Which of the following statements best describes the overall purpose of management accounting? A…
A: Managerial accounting is the practice of identifying, measuring, analyzing, interpreting, and…
Q: Long-term debt typically describes اخترأحد الخيارات a. debt with a maturity greater than one O .year…
A: The correct option is a, that is debt with a maturity greater than one year. Long term debt…
Q: i). Store manager MIze company’s car for personal purpose because he is the only person that monitor…
A: FRAUD: This is an act of doing any activity which does not comply with the principles of ethics,…
Q: “Suppose that you have been given a summer job at J limited, a company that manufactures…
A: Product costs are those directly associated with the assembly of a product or service supposed…
Q: Which of the following sentences has the same meaning as the following: ‘The revenue earned by XYZ…
A: The given statement states that the revenues for XYZ cosporation provided fluctuated returns. This…
Q: Last year, Martina opened an investment account with $7200 . At the end of the year, the amount in…
A: Invested amount = $7200 rate = 24.5%
Q: Bashaer is a millionaire but always buy a TOYOTA ACCORD even though he can afford Mercedes Benz…
A: CLV is the total quality of a company to a client over the entire period of their connection. It…
Q: The short-term financial objective should be to ensure the _____________ . Select one: a.…
A: A business inorder to survive must have a clear goal which is to be achieved in the short term and…
Q: At the beginning of November, children’s toys had a retail stock of $148,270. Sales for the month…
A: Stock to sales ratio: Stock or inventory to sales ratio represents the performance of sales…
Q: profit, net assets, return on investment return on investment, net assets, cash flow gross income,…
A: Financial performance is a subjective assessment of how effectively a company can utilize and…
Q: A schedule of budgeted cash collections for trade receivables (sales on account) for each of the…
A: Please find the attached schedule-
Q: All of the following are part of the current account EXCEPT ________.
A: In the Balance of Payments computation for a country, its current account balance includes trade…
Q: 1) Which of the following statements includes closing stock? a. None of the options b. Income…
A: Closing Stock refers to the amount of unsold stock left in the organization on a given date. In…
Q: Marco has become charitably inclined since suffering serious health issues. He wants to establish a…
A: As the name implies, a charitable trust is one whose incorporation was made only for the goal of…
Q: 17) Which of the following is the significance of Capital Budgeting? a. Irreversible b. All the…
A: Operational productivity measure is a measure to calculate how efficiently inputs are converted into…
Q: Company X has seen a sharp decline in Return on Equity. Briefly explain how ratio analysis (or…
A: DuPont analysis is used to obtain the capacity of company to make return on equity constantly and…
Q: The following is an excerpt from a business plan: "To open our new upscale toy store, We R Toys, we…
A: A business plan can be explained to as the document which contains the details regarding the core…
For each of the following, journalize the necessary
(a) A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- A product at the Jennings Company enjoyed reasonable sales volumes, but its contributions to profits were disappointing. Last year, 17,500 units were produced and sold. The selling price is $22 per unit, the variable cost is $18 per unit, and the fixed cost is $80,000.a. What is the break-even quantity for this product? Use both graphic and algebraic approaches to get your answer.b. If sales were not expected to increase, by how much would Jennings have to reduce their variable cost to break even?c. Jennings believes that a $1 reduction in price will increase sales by 50 percent. Is this enough for Jennings to break even? If not, by how much would sales have to increase?d. Jennings is considering ways to either stimulate sales volume or decrease variable cost. Management believes that either sales can be increased by 30 percent or that variable cost can be reduced to 85 percent of its current level. Which alternative leads to higher contributions to profits, assuming that each is…1. New Robotic Procedure (annuitisation focus) You have been asked to evaluate a new Robotic procedure for stroke rehabilitation which North- South Hospital is thinking of routinely providing. The Hospital first want to run a RCT to see if the cost is "worth it". The up-front cost of the actual robot is $300,000. There is an annual maintenance contract of $20,000 per annum. At the end of 5 years the robot will need to be replaced but will have a re-sale value of $20,000. 1a. What is the net present value of the robot? (Include the maintenance costs) and use a 5% discount rate. Hint – Use Drummond's first method (page 95 & 96 for simplicity). 1b. Now you need to work out the cost per procedure/person in order to undertake the economic evaluation. You have been provided with the following information: 1c. The site can provide 10 sessions per day per robot and 2 patients per session can be accommodated. What is the cost per session of the robot alone? What is the cost per session…Billy B. decided four years ago to add high bush blueberries to his commercial vegetable farm near Whitesville. The first two years he did not harvest any berries. In the third year he had a very small crop but was not able to sell to the public. This year things look very good for the crop and he expects to produce 3000 pints. Billy has done a good job of keeping up with his costs, which include variable cost of $953.54, fixed cost of $863.92, and labor cost of $600. He believes the best method of marketing his crop is on a pick your own basis. Billy would like some help in determining what he should charge per pint for his berries. Answer the questions below to give Billy some direction on determining an asking price. 1. 2. 3. 4. 5. What factors should Billy consider in determining the price? What is the minimum price Billy can charge and break even on his crop? What price should he charge and why? What other methods can be used to determine price? If there is competition how will…
- A suburban retail property in Arlington, Virginia with 60,000 square feet and 600 surface parking spaces was purchased for $6,000,000 at a cap rate of 6.0% with a 60% LTV interest-only loan at a 6% annual interest rate. If after six years the property appreciated by 60%, what would be the amount of the owner’s equity in the property at that time? a. $6,000,000 b. $2,400,000 c. $3,600,000 d. $9,600,000Future Value What is the future value in 11 years of $1,000 invested in an account with an APR of 8.9 percent: 1. Compounded continuously?4. What is FIFO method? 5. what is Average cost method?
- Explain the parameters that define the performance of ODQ1. Let us assume that a telecom company has just started its operations in the neighboring town of Kharkhoda on 01 September 2021. Their marketing campaign, which had cost INR 200,000 (INR 2 Lakhs), had resulted in 4000 customers joining the company on 01 September 2021. Further, the firm projects an addition of 100 customers from Kharkhoda and nearby areas every year now onwards. The profit per customer is INR 80 in the first year, and it is projected to increase by INR 20 each year (INR 100, 120, 140 and so on). The first year’s customer retention percentage is expected to be at 60%, increasing by 5% every year (63%, 66.15%, and so on). The WACC (weighed cost of capital) of this company is 12%. Calculate the total cohort value (net of acquisition cost) for the initial cohort, at the end of the 5th year. Please (1) give your answers up to 2 places of decimals, (2) report your answer in a tabular format with proper headings and explanations for each column after the table to justify…The Role of Income Taxes For the most recent year, Triad Company had fixed costs of $240,000and variable costs of 75% of total sales revenue, earned $70,000 of net income after taxes, and anincome tax rate of 35%.Required Determine:1. Before-tax income.2. Total contribution margin.3. Total sales.4. Breakeven point in dollar sales
- Borsberry Medical has a gross income of $7million for the year. Depreciation and operating expenses total $5 million. The combined state and local tax rate is 7.6%. (a) Use an effective federal rate of 34% to estimate the income taxes. (b) Borsberry’s president hopes to have a total of $2 million left after taxes. What reduction in OE is necessary to realize this goal if the effective tax rate and depreciation are constant? please show all formulas! Thank you!1. At the conclusion of her first month of operating Val’s Donut Shop, Val computed the following revenue and expense figures: Week Revenue Expense Profit / Loss 1 $ 894.50 $ 761.80 (a) 2 1,147.60 522.46 3 1,261.80 879.14 4 1,345.11 1,486.20 Month (b) (1) Fill in the gray blanks in the chart above and show your work for calculating the profit/loss for (a) Week 1 and (b) the month. (2 points)Franklin Company makes fine jewelry that it sells to department stores throughout the United States. Franklin is trying to decide which of the two bracelets to manufacture. Cost data pertaining to the two choices follow. Bracelet A Bracelet B Cost of materials per unit Cost of labor per unit Advertising cost per year Annual depreciation on existing equipment %24 30 37 43 43 8,800 6,500 7,700 5,900 Required a. Identify the fixed costs and determine the amount of fixed cost for each product. b. Identify the variable costs and determine the amount of variable cost per unit for each product. c. Identify the avoidable costs and determine the amount of avoidable cost for each product.