The trial balance of Wikki Cleaners at December 31, 2012, the end of the current fiscal year, is as follows:
Wikki Cleaners Trial Balance December 31, 2012
Cash $13,200
Cleaning Supplies 22,000
Prepaid Insurance 5,400
Equipment 206,000
Accumulated Depreciation $74,100
Accounts Payable 8,500
Common Stock 60,000
Retained Earnings 31,200
Dividends 27,000
Revenue 171,560
Rent Expense 28,500
Wages Expense 39,720
Utilities Expense 2,130
Miscellaneous Expense 1,410$
345,360 $345,360
Information for the adjusting entries is as follows:
a. Cleaning supplies on hand on December 31, 2012, $18,750.
b. Insurance premiums expired during the year, $1,800.
c. Depreciation on equipment during the year, $21,600.
d. Wages accrued but not paid at December 31, 2012, $1,830.
Required:
Journalize the the entries.
Answers
Answer:
a.
Inventory $18,750 (debit)
Supplies $18,750 (credit)
b.
Insurance Expense $1,800 (debit)
Insurance Prepaid $1,800 (credit)
c.
Depreciation : Equipment $21,600 (debit)
Accumulated Depreciation : Equipment $21,600 (credit)
d.
Wages Expense $1,830 (debit)
Wages Payable$1,830 (credit)
Explanation:
a.
Recognize Inventory and de-recognize Supplies
b.
Recognize Insurance Expense and de-recognize insurance prepaid asset
c.
Recognize the depreciation expense
d.
Recognize the Wages expense and de-recognize the Wages payable liability.
Related Questions
What dose it mean to be fully human were interacting with others any virtual space like classroom why or why not
Answers
While interacting with others in a virtual space, to be fully human means for instance such as in a classroom, means having the qualities and characteristics inclusive to humanity, even though the medium of communication being virtual.
It involves identifying and embracing our shared humanity and engaging in meaningful connections with other people like friends family colleagues, even though miles apart and can only see by virtual screens.
Emotional connections, sharing knowledge, expression ,communication collaboration cooperation are the various forms. Therefore, virtual experiences though lack sensory and physical aspects of face-to-face interactions, they still provide a platform for human connection, learning, and growth.
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The following information is provided for Company Z. Per Unit Total $ % Sales Revenue (1,500 Units) $25.00 $37,500 100% Variable Costs 10.00 15,000 40 Contribution Margin 15.00 22,500 60 Fixed Costs 10.00 15,000 Net Income 5.00 7,500 What is the Breakeven Point in Dollars?
Answers
The Breakeven point in Dollars is $25,000
Breakeven point in Dollars is computed as;
= Fixed cost / Contribution margin ratio
First, we need to compute the contribution margin ratio
= Contribution margin / Revenues
= $22,500 / $37,500
= 0.6%
Then,
Breakeven point in Dollars
= Fixed cost / Contribution margin ratio
= $15,000 / 0.6%
= $25,000
Therefore, Company Z Breakeven Point in Dollars is $25,000
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Where can Costco improve? Should it offer more products or advertise more? Why or why not?
Answers
Answer:
Costco should advertise more.
Explanation:
Costco is following traditional ways to advertise its products. Most of the organizations prefer to spend huge sums of money on advertising its products. Costco should advertise its products and reach out to its customers and potential customers through marketing. It spends no budget on advertising. It only sends targeted emails to its existing customers. This strategy will not enhance its customer portfolio and new customers might not reach out the company.
Answer:
where can Costco improve
xplanation:
why is entrepreneurship important to society?
Answers
Answer:
Etrepreneurship is important as it has the ability to improve standards of living and create wealth, not only for the entrepreneurs, but also for related businesses. Entrepreneurs also help drive change with innovation, where new and improved products enable new markets to be developed.
Explanation:
Hope I helped
Covan, Inc. is expected to have the following free cashflow:
Year 1 2 3 4
FCF 13 15 16 17 Grow by 4% per year
a. Covan has 66 million shares outstanding, 33 million in excess cash, and it has no debt. If its cost of capital is 13%, what should be its stock price?
b. Covan reinvests all its FCF and has no plans to add debt or change its cash holdings (it does not invest its cash holdings). If you plan to sell Covan at the beginning of year 2, what is its expected price?
c. Assume you bought Covan stock at the beginning of year 1. What is your expected return from holding Covan stock until year2?
Answers
Answer:
a
Explanation:
you add
Maria is going to a hiking trip this weekend. She has been busy shopping for the trip. Which of these items that she bought are a want for her? A. hiking boots B. sleeping bag C. a new pair of jeans
Answers
Answer:
C. a new pair of jeans
Explanation:
Answer:
c
Explanation:
Morgan is 65 years old and single. He supports his father, who is 90 years old, blind, and has no income. What is Arthur's standard deduction
Answers
Answer:
The standard deduction for 2020 for a head of household is $18,650. But if the filer is 65 years old or older, then he/she receives an additional $1,650. Morgan's total standard deduction is $20,300.
Explanation:
Morgan can claim his father as a dependent, and therefore, qualify as head of household.
Arthur's standard deduction will be :
Additional sum of money will be added to Arthur's standard deduction.
Arthur's standard deduction will be the Additional sum of money will be added to Arthur's standard deduction.The taxable income of any taxpayer gets an additional amount added to the tax money that reduces the amount, this is called as the standard deduction. For any taxpayers whose age is 65 or even older can acquire the benefit of additional amount that gets added to their standard deduction.Learn more :
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The unadjusted trial balance of Sheridan Exposure Inc. had these balances for the following select accounts: Supplies $4,300, Unearned Service Revenue $9,250, and Prepaid Rent $1,920. At the end of the period, a count showed $960 of supplies on hand. Services of $4,100 had been performed related to the unearned revenue account, and one month’s worth of rent, worth $40, had been consumed by sheridan exposure. Record the required adjusting entries related to these events. (List all debit entries before credit entries. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Answers
No Entry is required for the Supplies, Unearned Service Revenue, and Prepaid Rent accounts since their balances have been adjusted through the adjusting entries above.
To record the required adjusting entries related to the events mentioned, we need to consider the changes in the account balances and adjust them accordingly. Here are the adjusting entries for Sheridan Exposure Inc.:
Supplies:
Debit: Supplies Expense ($4,300 - $960) = $3,340
Credit: Supplies ($4,300 - $960) = $3,340
Explanation: The supplies on hand decreased by $960, indicating that $960 worth of supplies were used during the period. Therefore, we need to recognize the expense by debiting Supplies Expense and reduce the Supplies account balance with a credit.
Unearned Service Revenue:
Debit: Unearned Service Revenue ($9,250 - $4,100) = $5,150
Credit: Service Revenue ($9,250 - $4,100) = $5,150
Explanation: Services worth $4,100 were performed, reducing the unearned service revenue. We need to recognize the revenue by debiting the Unearned Service Revenue account and crediting the Service Revenue account.
Prepaid Rent:
Debit: Rent Expense ($40)
Credit: Prepaid Rent ($40)
Explanation: One month's worth of rent, amounting to $40, has been consumed. We need to recognize the expense by debiting Rent Expense and reduce the Prepaid Rent account balance with a credit.
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Aracel Engineering completed the following transactions in the month of June. Jenna Aracel, the owner, invested $200,000 cash, office equipment with a value of $7,400, and $75,000 of drafting equipment to launch the company. The company purchased land worth $52,000 for an office by paying $8,200 cash and signing a long-term note payable for $43,800. The company purchased a portable building with $57,000 cash and moved it onto the land acquired in b. The company paid $4,000 cash for the premium on an 18-month insurance policy. The company completed and delivered a set of plans for a client and collected $8,600 cash. The company purchased $21,000 of additional drafting equipment by paying $11,700 cash and signing a long-term note payable for $9,300. The company completed $13,500 of engineering services for a client. This amount is to be received in 30 days. The company purchased $1,950 of additional office equipment on credit. The company completed engineering services for $24,000 on credit. The company received a bill for rent of equipment that was used on a recently completed job. The $1,481 rent cost must be paid within 30 days. The company collected $9,000 cash in partial payment from the client described in transaction g. The company paid $1,800 cash for wages to a drafting assistant. The company paid $1,950 cash to settle the account payable created in transaction h. The company paid $1,000 cash for minor maintenance of its drafting equipment. Jenna Aracel withdrew $10,710 cash from the company for personal use. The company paid $2,200 cash for wages to a drafting assistant. The company paid $2,900 cash for advertisements on the Web during June.
Answers
The preparation of the general journal entries for Aracel Engineering in June is as follows:
General Journal:Account Titles (Code) Debit CreditCash (101) $200,000
Office Equipment (163) $7,400
Drafting Equipment (164) $75,000
J. Aracel, Capital (301) $282,400
To record the owner's investment in the company.Land (172) $52,000
Cash (101) $8,200
Notes Payable (250) $43,800
To record the purchase of land.Building (170) $57,000
Cash (101) $57,000
To record the purchasing of the building for cash.Prepaid Insurance (108) $4,000
Cash (101) $4,000
To record prepayment for insurance.Cash (101) $8,600
Engineering Fees Earned (402) $8,600
To record engineering fees earned.Drafting Equipment (164) $21,000
Cash (101) $11,700
Notes Payable (250) $9,300
To record the purchase of drafting equipment.Accounts Receivable (106) $13,500
Engineering Fees Earned (402) $13,500
To record engineering services rendered on account.Office Equipment (163) $1,950
Accounts Payable (201) $1,950
To record the purchase of office equipment.Accounts Receivable (106) $24,000
Engineering Fees Earned (402) $24,000
To record engineering services rendered on account.Equipment Rental
Expense (602) $1,481
Accounts Payable (201) $1,481
To record the accrued rental expenses.Wages Expense (601) $1,800
Cash (101) $1,800
To record the payment of wages.Accounts Payable (201) $1,950
Cash (101) $1,950
To record payment on account.Repairs Expense (604) $1,000
Cash (101) $1,000
To record payment for minor equipment repairs.J. Aracel, Withdrawals (302) $10,710
Cash (101) $10,710
To record the withdrawal of cash by the owner.Wages Expense (601) $2,200
Cash (101) $2,200
To record the payment of wages.Advertising Expense (603) $2,900
Cash (101) $2,900
To record the payment for advertising expenses.Transaction Analysis:Cash (101) $200,000 Office Equipment (163) $7,400 Drafting Equipment (164) $75,000 J. Aracel, Capital (301) $282,400
Land (172) $52,000 Cash (101) $8,200 Notes Payable (250) $43,800
Building (170) $57,000 Cash (101) $57,000
Prepaid Insurance (108) $4,000 Cash (101) $4,000
Cash (101) $8,600 Engineering Fees Earned (402) $8,600
Drafting Equipment (164) $21,000 Cash (101) $11,700 Notes Payable (250) $9,300
Accounts Receivable (106) $13,500 Engineering Fees Earned (402) $13,500
Office Equipment (163) $1,950 Accounts Payable (201) $1,950
Accounts Receivable (106) $24,000 Engineering Fees Earned (402) $24,000
Equipment Rental Expense (602) $1,481 Accounts Payable (201) $1,481
Wages Expense (601) $1,800 Cash (101) $1,800
Accounts Payable (201) $1,950 Cash (101) $1,950
Repairs Expense (604) $1,000 Cash (101) $1,000
J. Aracel, Withdrawals (302) $10,710 Cash (101) $10,710
Wages Expense (601) $2,200 Cash (101) $2,200
Advertising Expense (603) $2,900 Cash (101) $2,900
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Question Completion:Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Prepaid Insurance (108); Office Equipment (163); Drafting Equipment (164); Building (170); Land (172); Accounts Payable (201); Notes Payable (250); J. Aracel, Capital (301); J. Aracel, Withdrawals (302); Engineering Fees Earned (402); Wages Expense (601); Equipment Rental Expense (602); Advertising Expense (603); and Repairs Expense (604).
Consider total cost and total revenue, given in the following table:
In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.)
Total Cost Marginal Cost
(Dollars)
Quantity (Dollars)
0
1
2
3
4
5
6
7
5
6
8
11
15
20
26
35
05
06
07
Total Revenue Marginal Revenue
(Dollars)
(Dollars)
0
6
12
18
24
30
36
42
AAAAAAA
Profit
(Dollars)
In order to maximize profit, how many units should the firm produce? Check all that apply.
04
Answers
The solution to the given question when we consider total cost and total revenue, given in the following table:
The Financial TableQuantity | Total Cost | Marginal Cost | Total Revenue | Marginal Revenue | Profit
------- | -------- | -------- | -------- | -------- | --------
0 | 5 | 5 | 0 | 0 | -5
1 | 11 | 6 | 6 | 6 | 1
2 | 17 | 6 | 12 | 6 | 5
3 | 24 | 7 | 18 | 6 | 4
4 | 31 | 8 | 24 | 6 | -7
5 | 39 | 8 | 30 | 6 | -9
6 | 47 | 8 | 36 | 6 | -11
7 | 55 | 8 | 42 | 6 | -13
As you can see, the firm's profit is maximized at quantity 3. This is because the marginal revenue is equal to zero at this point, which means that the firm is not making any additional profit by producing more units. In fact, if the firm produces more units, it will actually start to lose money.
Therefore, the answer to the question is 3.
In summary:
The firm's profit is maximized at quantity 3.This is because the marginal revenue is equal to zero at this point.If the firm produces more units, it will start to lose money.Therefore, the answer to the question is 3.Read more about marginal revenue here:
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A company has fixed costs of $96,800. Its contribution margin ratio is 44% and the product sells for $61 per unit.
What is the company's break-even point in dollar sales?
Answers
$220,000
Explanation:
Calculation for the company's break-even point in dollar sales
Using this formula
Break-Even point in dollars sales= Fixed Costs ÷ Contribution Margin
Let plug in the formula
Break-Even point in dollars sales=$96,800/44%
Break-Even point in dollars sales=$220,000
Therefore the company's break-even point in dollar sales will be $220,000.
what is a bond? in your own words. economics.
Answers
Answer:
A bond is simply a loan taken out by a company. Instead of going to a bank, the company gets the money from investors who buy its bonds. In exchange for the capital, the company pays an interest coupon, which is the annual interest rate paid on a bond expressed as a percentage of the face value.
Explanation:
Answer:
A bond is a fixed income Instrument that represents a loan made by investors to a borrower ( typically corporate or governmental).
Which is the purpose of the domain name?
Answers
Answer:
The domain name system (i.e., “DNS”) is responsible for translating domain names into a specific IP address so that the initiating client can load the requested Internet resources. The domain name system works much like a phone book where users can search for a requested person and retrieve their phone number.
Peter has just paid $100 for a comic book, not because he thinks it is worth $100 or because he likes comic books, but because he thinks he can sell it for $200 next month. Peter is:
Answers
Answer:
investing
Explanation:
buying somthing to sell later because of the profit
Bramble Corp. can produce and sell only one of the following two products: Oven Contribution Hours Required Margin Per Unit Muffins 0.2 $6 Coffee Cakes 0.3 $7 The company has oven capacity of 1500 hours. How much will contribution margin be if it produces only the most profitable product
Answers
Answer:
Product M Product C
Contribution margin per unit (a) $6 $7
Oven hours (b) 0.2 0.3
Contribution margin per oven (a/b) $30 $23.33
Here, the most profitable product is product M (Muffins).
Contribution margin = Contribution margin per oven * Oven capacity
Contribution margin = $30 * 1500 hours
Contribution margin = $45,000
So, the contribution margin of company is $45,000 if it produces only the most profitable product.
Can a business succeed without having ALL four of the Factors of Production (Land, Capital, Labor and Entrepreneurs)? Why or why not?
PLS HELP ILL MAKE U BRAINLIEST
Answers
A business can run properly and the problems are solved considering only labor and capital and sometimes land in the production process.
What can Lena do to avoid the risk of having short supplies in times of need?
Lena works in an artificial jewelry-manufacturing unit. It is a family run business, and they have been depending on a single supplier for years.
As Lena is a proactive person, she can avoid the risk of being in short supplies of raw material by keeping a _______ supplier for every one main supplier.
Answers
Answer:
Backup
Explanation:
Answer:
Backup
Explanation:
Correct on Plato
How would the discount effect on marginal revenue differ for a seller increasing sales from 100 units to 101 units compared to an increase in sales from 1,000 units to 1,001 units
Answers
Answer:
the discount effect should be smaller for a change between 100 to 101, than for 1,000 to 1,001
Explanation:
The discount effect is basically how much do you need to lower your price (offer a discount) in order to sell one more unit. Generally, companies that sell larger amounts of units must offer larger discounts in order to sell additional units. That is why the discount effect should be larger if the total output is larger.
Based on the information given, the discount effect will be smaller for a change from 100 to 101 units than 1000 to 1001 units.
It should be noted that business mostly prefer to give discount when there's an increase in sales. In such a case, a higher quantity of products will command a higher discount then a lower quantity of product.
Therefire, the discount effect will be smaller for a change from 100 to 101 units than 1000 to 1001 units. The business will give a small discount for a small quantity of goods and vice versa.
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Jean-Ann works in the finance business. She analyzes insurance applications in order to determine the level of risk involved in insuring the applicant, then decides whether or not to insure them. Jean-Ann works as
a. an Insurance Underwriter.
b. an Insurance Sales Agent.
c. a Financial Advisor.
d. a Financial Analyst.
Answers
Answer:
a. an Insurance Underwriter
Explanation:
An insurance underwriter is a professional working with an insurance company whose role is to assess the risk in each application for insurance. After evaluation, the underwriter decides whether to accept or reject the application for insurance cover. The insurance underwriter represents the interest of the company, not the customer.
Answer:
A
Explanation:
5.6 Last month Quick Industries produced 900 units. This month they produced 1,264 units. What is the rate of change in production? a. 29.8% b. 32.8% c. 40.4% d. 60%
Answers
Answer: C. 40.4%
Explanation:
To find the rate of change in production, we can use the following formula:
Rate of change = (New value - Old value) / Old value * 100
Where,
Old value = Production of last month = 900
New value = Production of this month = 1264
Substituting the values in the formula,
Rate of change = (1264 - 900) / 900 * 100= 364 / 900 * 100= 0.404 * 100= 40.4%
Therefore, the rate of change in production is 40.4%, which is an option (c). I hope that this answer has helped you!
Answer:
The correct answer is C.
Explanation:
The rate of change in production is: (1264 - 900) / 900 = 0.404 or 40.4%. So, the correct answer is c. 40.4%
Fuller Food Company distributes coupons which may be presented (on or before a stated expiration date) to grocers. The grocers are reimbursed when they send the coupons to Fuller. In Fuller's experience, 50% of such coupons are redeemed, and generally one month elapses between the date a grocer receives a coupon from a consumer and the date Fuller receives it. During 2012 Fuller issued two separate series of coupons as follows:
Issue On Total Value Consumer Expiration Date Amount Disbursed as of 12/31/12
1/1/12 $720,000 6/30/13 $300,000
7/1/12 500,000 12/31/12 190,000
1. The December 31, 2012 balance sheet should indicate a liability for unredeemed coupons of:
a. $730,000
b. $60,000
c. $124,000
d. $120,000
e. $365,000
2. Case Corporation issues $100,000, 10%, five-year bonds at 94. The total interest expense over the life of the bonds is:
a. $56,000
b. $44,000
c. $50,000
d. $54,000
e. $46,000
Answers
Answer:
1. c.$124,000
2. e.$46,000
Explanation:
The Fuller company has issued two bonds with separate coupons. The liability for unredeemed bond at December 31, 2012 is $124,000.
The value of bond when issued is $720,000
Value of bond at expiration date is $300,000
720,000 / 300,000 = 2.4
2.4 * 190,000 = 456,000 / 3.67 years
= $124,000
Case corporation has issued bond with value 94 issued at par with 10% coupon rate.
Using the amortization bond table we get $46,000.
$(100000 / 94 ) * 10% = 106.38 * 5 years
= 5,319.20 * 8.64 amortizing rate
= $46,000
2. The local bookstore is trying to compile information about transactions between customers
Which of the following is not a reason the store would rate a transaction as valuable.
O The transaction makes a seller prestigious among the competition.
O The transaction allows a seller to take pride in its produce.
O The transaction allows a customer to pay the cheapest price for the produce.
The transaction motivates or educates the public.
Answers
While compiling the information about the transactions entered between the bookstore and the customers, the transaction where the vendor takes pride in the product is not a valuable transaction.
Option B is the correct answer.
Who is a customer?A customer is an individual who acquires a product from the market in order to satisfy his/her wants.
The transaction is an exchange of a product between two parties where one person is a seller who sells the product for generating revenues and the other is an acquirer who buys the product for the consumption needs. It makes the selling party be reputable in the competition and allows a customer to buy goods at optimum rates.
Therefore, the transaction initiated by the vendor for taking pride in the product is not the reason for rating it as a valuable transaction.
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chất lượng tối ưu là gì
Answers
Answer:
net là một thị trường hiệu quả hay không hiệu quả
Explanation:
net là một thị trường hiệu quả hay không hiệu quả
Innovate ways where you can prove the law of action-reaction.
Answers
The ways where you as a person can prove the law of action-reaction are:
When a player pushes the ball forward with force while holding it, the ball pushes back on the player's hand.Student tugs on desk, which tugs back on student (This is how you can "pull" yourself forward.)How can the law of action and reaction be proven?When a person pushes against a wall (action force), the wall pushes back with an equal and opposing force (reaction force). The Space Shuttle lifts (there is no slingshot involved!) because the hot gases push out hot gases (action force) and exert a force on the Space Shuttle engines (reaction force).
Therefore, it can also be shown through Swimming. With the use of the hands, a forward-swimming individual forces the water to move backward. A response force is created as a result of the action force that the individual is exerting.
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Can someone else help me solves this question please?
Answers
The information regarding the cash and account details has been used to prepare the necessary account.
How to explain the informationJan. 1: Cash $18,000, Notes Payable $18,000
Jan. 5: Cash $6,000, Sales Revenue $6,000
Jan. 5: Cash $360, Sales Taxes Payable $360
Jan. 12: Unearned Service Revenue $11,000, Service Revenue $11,000
Jan. 14: Sales Taxes Payable $8,100, Cash $8,100
Jan. 201: Accounts Receivable $31,690, Sales Revenue $30,500, Sales Taxes Payable $1,190
Jan. 31: Salaries and Wages Expense $96,000, Social Security Tax Payable $7,344, Medicare Tax Payable $1,728, Federal Income Tax Payable $5,086, State Income Tax Payable $1,526, Salaries and Wages Payable $79,316
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How can formal business documents help managers solve problems? A. By presenting well-organized, accurate information about a problem O B. By eliminating the need for schedules and budgets to track progress C. By making decisions so the managers do not have to handle them O D. By creating a record of every action taken during a meeting
Answers
Answer:
the answer is A
Explanation:
Your friend is trying to establish good credit. Your friend is thinking about taking out a $15,000 auto loan to establish some credit on his credit report. Do you think this is a good idea for your friend to do this? Do you have an alternate suggestion? Why?
Answers
Answer:
I think this is a good idea if my friend has the income (job) to repay the loan and not miss a payment, and doing that will help build credit.
If my friend takes out the loan and knows it will not be repaid back on time and misses deadlines, it would be a bad idea to take the loan in the first place.
Another suggestion would be paying for groceries, gas, etc., and repay back if you have an income and build great credit that way.
Also, you can have a parent/guardian add you to their credit account, so let's say my friend's mother adds my friend to her account, and when the mother makes her payments, it will help my friend build credit.
Suppose a less developed country is having difficulty making payments on its foreign debts. What option does this nation have?
Targ
It can ask its lenders for more loans in exchange for accepting a foreign portfolio investment from the World Bank.
It can ask its lenders to forego the payments until the economy of the debtor nation is stronger.
It can ask its lenders to forgive the loans in exchange for accepting temporary control by the lender nation.
It can ask its lenders for debt rescheduling in exchange for accepting a stabilization program from the IMF.
Answers
Answer:
it can ask its lenders for dept resceduling in exchange for accepting a stabilization program from the IMF
Explanation:
gradpoint
expalin how foreign employment contributes to spurring nation economy
Answers
1) Country can get lots of foreign currency as the remittance which can be used to establish industries in the country. Such industries provide job opportunities in the country. 2) People who go overseas to work can learn different skills and technologies which can be beneficial for the development of our own country.
If I read 12 pages in 15 minutes how many pages while I read in two hours
Answers
Answer:
96 pages in two hours
Explanation:
You can read 48 pages in 1 hour because 15 x 4 is 60, and 12 x 4 is 48. So you just double 48 and you get 96.