THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company. I have provided a blank sheet of t-accounts as an attachment to this assignment. The company started business on June 1, 2019. a. John Smith, owner, invested $120,000 cash in the company. b. The company purchased $10,000 of office equipment on credit. c. The company billed a customer $2,000 as fees for services provided. d. The company paid $1,000 cash for the monthly rent. e. The company purchased office supplies for $500 cash. f. The company paid $300 for the utilities for the month. g. The company received $15,000 cash as fees for services provided to a customer. h. The company paid the secretary's salary for the month, $3,000. i. John Smith withdrew $6,000 cash from the company for personal use. As you work this problem, be sure to label entries with the appropriate "letter" associated with the transaction. Also, be sure to compute the T-account balances when all transactions have been posted to the T-accounts. Use the Chart of Accounts provided for account names. CHART OF ACCOUNTS ASSETS EQUITY EXPENSES J. Smith, Capital 1. Smith. Drawing Cash Rent Expense Arcounts Receixahle Utilities Expense

THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company. I have provided a blank sheet of t-accounts as an attachment to this assignment. The company started business on June 1, 2019. a. John Smith, owner, invested $120,000 cash in the company. b. The company purchased $10,000 of office equipment on credit. c. The company billed a customer $2,000 as fees for services provided. d. The company paid $1,000 cash for the monthly rent. e. The company purchased office supplies for $500 cash. f. The company paid $300 for the utilities for the month. g. The company received $15,000 cash as fees for services provided to a customer. h. The company paid the secretary's salary for the month, $3,000. i. John Smith withdrew $6,000 cash from the company for personal use. As you work this problem, be sure to label entries with the appropriate "letter" associated with the transaction. Also, be sure to compute the T-account balances when all transactions have been posted to the T-accounts. Use the Chart of Accounts provided for account names. CHART OF ACCOUNTS ASSETS EQUITY EXPENSES J. Smith, Capital 1. Smith. Drawing Cash Rent Expense Arcounts Receixahle Utilities Expense

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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i did ask for a certain question to be resolved question 2b
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Question 25 Case studies are usually descriptive in nature. O True O False
Joint processing costs up to the split-off point total $75,000 per quarter. The company allocates these costs to the joint products on the basis of their relative sales value at the split-off point. Unit selling prices and total output at the split-off point are as follows: Product Selling Price 5 per pound Quarterly Output 10,000 pounds A $ B $ 7 per pound 22,000 pounds C $ 11 per gallon 5,000 gallons Each product can be processed further after the split-off point. Additional processing requires no special facilities. The additional processing costs (per quarter) and unit selling prices after further processing are given below: Additional Product Processing Costs Selling Price A $ 53,000 $ 8 per pound B $ 38,000 $ 13 per pound с $ 18,000 $ 20 per gallon Which products should be processed further?
4. What is Multicollinearity? a. What are the consequences of multicollinearity?
what are the solutions for questions 4 & 5?
Could you please answer question 4 and 5?
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WP Corporation produces products X, Y, and Z from a single raw material input in a joint production process. Budgeted data for the next month is as follows: A) B) Product X yes yes no no Units produced Per unit sales value at split-off Added processing costs per unit Per unit sales value if processed further The cost of the joint raw material input is $90,000. Which of the products should be processed beyond the split-off point? Product Y yes no yes yes Product X 2,700 $ 25.00 $ 2.00 $31.00 Product Z no yes no yes Product Y 3,200 $ 28.00 $ 4.00 $31.00 Product Z 4,200 $ 27.00 $4.00 $36.00
What's the final question's answer?
why did you not answer b?