Marketing Costs Include What? Please Be Precise 30 POINTS (2024)

Business College

Answers

Answer 1

Answer:

advertising, promotion and public relations

Explanation:

Hope this helps

Answer 2

Answer:

A marketing expense is “an amount of money the company spends on marketing,” according to Cambridge Dictionaries Online. ... Typically, some common marketing expenses include marketing salaries, marketing research, promotions, public relations and advertising costs.

Explanation:

Related Questions

Evaluating staffing and supervisory needs in the Incident Command Post. Identifying resource shortfalls. Updating planning documents. What NIMS Management Characteristics are you supporting

Answers

Answer:

Management by ObjectivesIncident Action PlanningManageable Span of Control

Explanation:

Following management by objectives, the general staff chiefs must begin developing strategies based upon the objectives set by the command.

Following incident action planning, the general staff chiefs should update planning documents that include resource and staffing needs.

Following manageable span of control, the general staff chiefs must evaluate staffing needs and make sure that no supervisor has to many subordinates.

Player Corporation purchased 100 percent of Scout Company's common stock on January 1, 20X5, and paid $28,000 above book value. The full amount of the additional payment was attributed to amortizable assets with a life of eight years remaining at January 1, 20X5. During 20X5 and 20X6, Scout reported net income of $33,000 and $6,000 and paid dividends of $15,000 and $12,000, respectively. Player uses the equity method in accounting for its investment in Scout and reported a balance in its investment account of $161,000 on December 31, 20X6.Required:Compute the amount paid by Player to purchase Scout shares.

Answers

Answer:

$156,000

Explanation:

The computation of the amount paid by Player to purchase Scout shares is shown below:-

Particulars Amount

Investment Balance on Dec. 31, 2016 $161,000

Increase Account Balance during 2015

Less : Income of 2015 ($33,000)

Add : Amortized Difference

amount ($28,000 × 8 years) $3,500

Add : Dividend of 2015 $15,000 ($14,500)

Decrease Account Balance during 2016 :-

Less : Income of 2016 ($6,000)

Add : Amortized Difference Amount

($28,000 ÷ 8 years) $3,500

Add : Dividend of 2015 $12,000 $9,500

Investment Balance on Date of purchase $156,000

Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company had the following balances in its inventory accounts:

Materials Inventory $12,670
Work-in-Process Inventory 21,090
Finished Goods Inventory 8,680

Work-in-process inventory is made up of three jobs with the following costs:

Job 114 Job 115 Job 116
Direct materials $2,360 $2,647 $3,807
Direct labor 1,780 1,540 4,120
Applied overhead 1,157 1,001 2,678

During April, Sangvikar experienced the transactions listed below. Materials purchased on account, $28,520. Materials requisitioned: Job 114, $16,190; Job 115, $12,340; and Job 116, $4,850. Job tickets were collected and summarized: Job 114, 170 hours at $11 per hour; Job 115, 210 hours at $14 per hour; and Job 116, 90 hours at $17 per hour. Overhead is applied on the basis of direct labor cost. Actual overhead was $4,590. Job 115 was completed and transferred to the finished goods warehouse. Job 115 was shipped, and the customer was billed for 125 percent of the cost.

Required:

a. Calculate the predetermined overhead rate based on direct labor cost.
b. Calculate the ending balance for each job as of April 30.

Answers

Answer: See explanation

Explanation:

a. Calculate the predetermined overhead rate based on direct labor cost.

Job 114:

Predetermined overhead rate = Overhead cost/Direct labor cost

= 1157/1780

= 65%

Job 115:

Predetermined overhead rate = Overhead cost/Direct labor cost

= 1001/1540

= 65%

Job 116:

Predetermined overhead rate = Overhead cost/Direct labor cost

= 2678/4120

= 65%

b. Calculate the ending balance for each job as of April 30

Job 114:

Beginning balance= 2360+1780+1157 = 5297

Material = 16190

Direct labor = 170 × 11 = 1870

Overhead = 1870 × 0.7 = 1309

Ending balance = 24666

Job 115:

Beginning balance= 2647+1540+1001 = 5188

Material = 12340

Direct labor = 210 × 14 = 2940

Overhead = 2940 × 0.7 = 2058

Ending balance = 22526

Less: Finished goods = 22526

Balance = 0

Job 116:

Beginning balance= 3807+4120+2678= 10605

Material = 4850

Direct labor = 90 × 17 = 1530

Overhead = 1530 × 0.7 = 1071

Ending balance = 18056

Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Co. under credit 7 Macy returns 125 units because they did not fit the customer 's needs (invoice amount: $1,750). Allied restores 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied sends cash per unit (for a total cost of $20,000) terms 2/10, n/60. The goods cost Allied $15,000 the units, which cost $1,250, to its inventory. Macy a credit memorandum for $300 toward the original invoice amount to compensate for the damage allowances, and any cash discount. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, Exercise 5-4 Recording sales, sales returns, and sales allowances LO P2
Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year-end.) View transaction list Journal entry worksheet Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000).
Note: Enter debits before credits. Date General Journal Debit Credit May 03

Answers

Answer:

May 3No Journal Entry

May 5

Dr Merchandise Inventory21,000

Cr Accounts Payable21,000

May 7

Dr Accounts Payable1,750

Cr Merchandise Inventory1,750

May 8

Dr Accounts Payable300

Cr Merchandise Inventory800

May 15

Dr Accounts Payable 18,950

Cr Merchandise Inventory 379

Cr Cash 18,571

Explanation:

Preparation of Journal entries

May 3No Journal Entry

May 5

Dr Merchandise Inventory21,000

(1,500 * $14 per unit )

Cr Accounts Payable21,000

(To record the purchase of inventory)

May 7

Dr Accounts Payable1,750

Cr Merchandise Inventory1,750

(To record the purchase return)

May 8

Dr Accounts Payable300

Cr Merchandise Inventory800

(To record the allowance to Macy)

May 15

Dr Accounts Payable 18,950

($21,000-$1,750-$300)

Cr Merchandise Inventory 379

($21,000-$1,750-$300)*2%

Cr Cash 18,571

($21,000-$1,750-$300)*98%

(To record the payment on account)

Eaton Tires manufactures tires for dune buggies and has two different products, nubby tires and smooth tires. The company produces 5,000 nubby tires and 10,000 smooth tires each year and incurs $172,000 of overhead costs. The following information is available:
Activity Total Cost Cost Driver
Materials handling $60,000 Number of requisitions
Machine setups 55,000 Number of setups
Quality inspections 57,000 Number of inspections
For the nubby tires, the company has 400 requisitions, 200 setups, and 200 inspections. The smooth tires require 600 requisitions, 300 setups, and 400 inspections.
Determine the overhead rate for each activity.

Answers

Answer:

Materials handling= $60 per requisition

Machine setups= $110 per setup

Quality inspections= $95 per inspection

Explanation:

To calculate the predetermined manufacturing overhead rate we need to use the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Materials handling= 60,000/1,000= $60 per requisition

Machine setups= 55,000/500= $110 per setup

Quality inspections= 57,000/600= $95 per inspection

Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for Year 1.

Salaries expense $122,000 Beginning retained earnings $61,100
Common stock 110,000 Warranties payable (short term) 6,500
Notes receivable (short term) 32,500 Gain on sale of equipment 19,000
Allowance for doubtful accounts 19,000 Operating expenses 65,000
Accumulated depreciation 66,000 Cash flow from investing activities 116,000
Notes payable (long term) 160,000 Prepaid rent 38,000
Salvage value of building 21,000 Land 95,000
Interest payable (short term) 6,000 Cash 41,000
Uncollectible accounts expense 45,000 Inventory 101,000
Supplies 6,500 Accounts payable 55,000 Equipment 243,000
Interest expense 36,000 Interest revenue 6,200
Salaries payable 68,000 Sales revenue 940,000
Unearned revenue 47,000 Dividends 20,000
Cost of goods sold 595,000 Warranty expense 9,200
Accounts receivable 108,000 Interest receivable (short term) 3,600
Depreciation expense 3,000

Answers

Answer:

Eller Equipment Co.

Income statement

Particular Amount($) Amount ($)

Sales revenue 940,000

Less: Cost of good sold (595,000)

Gross margin 345,000

Operating expenses

Salaries expenses 122,000

Operating expenses 65,000

Warranty expenses 9,200

Un-collectible account expenses 45,000

Depreciation expenses 3,000

Total operating expenses (244,200)

Operating income 100,800

Non-operating expenses

Interest revenue 6,200

Interest expenses (36,000)

Gain on sale of equipment 19,000

Total non-operating items (10,800)

Net Income $90,000

Balance Sheet

Assets Amount$

Current Assets

Cash 41,000

Accounts receivable 108,000

Less: Allowance for doubtful (19,000) 89,000

accounts

Merchandise inventory 101,000

Interest receivable 3600

Prepaid rent 38,000

Supplies 6,500

Notes receivable 32,500

Total current assets 311,600

Property Plant and Equipment

Equipment 243,000

Less: Accumulated depreciation (66,000) 177,000

Land 95,000

Total property plant and equipment 272,000

Total Assets 583,600

Liabilities and Stockholder Equity

Current liabilities

Account payable 55,000

Unearned revenue 47,000

Warranties payable 6,500

Interest payable 6,000

Salaries payable 68,000

Total current liabilities 182,500

Long-term liabilities

Notes payable 160,000

Total long-term liabilities 160,000

Stockholders equity

Common stock 110,000

Retained earning 131,100

Total stockholders equity 241,100

Total liabilities and stockholders equity $583,600

Workings

Retained earning = Beginning retained earning + Net income - Dividend

= 61,100 + 90,000 - 20,000

= 131,100

If a firm's beta was calculated as 1.6 in a regression equation, a commonly-used adjustment technique incorporating a weighting on long-run beta of 1.0 would provide an adjusted beta of

Answers

Answer: between 1 and 1.6

Explanation:

The Market Beta is 1.0 which is why in the long run, betas will equal 1 and so will move steadily towards 1 overtime.

The adjustment technique will therefore show a beta between 1 and 1.6 because the 1.6 will move on to 1 overtime.

To explain, the adjustment technique is as follows;

Adjusted beta = 2/3(sample beta) + 1/3(1)

= 2/3(1.6) + 1/3

= 1.4

The adjusted beta of 1.4 is between 1 and 1.6.

During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following:
Asset Original Cost Residual Value Estimated Life Accumulated Depreciation (straight line)
Machine A $ 39,000 $ 3,000 6 years $ 24,000 (4 years)
Machine B 53,000 4,000 8 years 36,750 (6 years)
Machine C 76,900 5,200 17 years 50,612 (12 years)
The machines were disposed of during the current year in the following ways:
a. Machine A: Sold on January 1 for $14,500 cash.
b. Machine B: Sold on December 31 for $10,725; received cash, $2,300, and a $8,425 interest-bearing (12 percent) note receivable due at the end of 12 months.
c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost.
Required:
Give all journal entries related to the disposal of each machine in the current year.
a. Machine A.
b. Machine B.
c. Machine C.

Answers

Answer:

Merkley Company

a. Journal Entries:

January 1:

Debit Disposal of Machines $39,000

Credit Machine A $39,000

To transfer machine A to the Disposal of Machines account.

Debit Accumulated Depreciation $24,000

Credit Disposal of Machines $24,000

To transfer the accumulated depreciation of machine A to the Disposal of Machines account.

Debit Cash Account $14,500

Credit Disposal of Machines $14,500

To record the proceeds from disposal of machine A.

Debit Loss on Disposal of Assets $500

Credit Disposal of Machines $500

To record loss incurred on disposal of machine A.

b. December 31:

Debit Disposal of Machines $53,000

Credit Machine B $53,000

To transfer machine B to the Disposal of Machines account.

Debit Accumulated Depreciation $36,750

Credit Disposal of Machines $36,750

To transfer the accumulated depreciation of machine B to the Disposal of Machines account.

Debit Depreciation Expense $6,125

Credit Disposal of Machines $6,125

To record the depreciation expense for the year.

Debit Cash Account $2,300

Debit Notes Receivable $8,425

Credit Disposal of Machines $10,725

To record the proceeds from disposal of machine B.

Debit Disposal of Machines $600

Credit Gain from Disposal of Machines $600

To record gain from the disposal of machine B.

c. January 1:

Debit Disposal of Machines $76,900

Credit Machine C $76,900

To transfer machine C to the Disposal of Machines account.

Debit Accumulated Depreciation $50,612

Credit Disposal of Machines $50,612

To transfer the accumulated depreciation of machine C to the Disposal of Machines account.

Debit Loss on Disposal of Assets $26,288

Credit Disposal of Machines $26,288

To record loss incurred on disposal of machine C.

Explanation:

a) Data and Calculations:

Asset Original Residual Estimated Accumulated Book

Cost Value Life Depreciation Balance

Straight-line

Machine A $ 39,000 $ 3,000 6 years $ 24,000 (4 years) $15,000

Machine B 53,000 4,000 8 years 36,750 (6 years) $16,250

Machine C 76,900 5,200 17 years 50,612 (12 years) $26,288

b) Machine B recorded a gain on disposal because it was sold on December 31 of the current year. Thus the last year's depreciation expense must be provided. This automatically turned the difference between net book value and disposal proceeds into a disposal gain.

On June 30, 2021, Georgia-Atlantic, Inc. leased a warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $464,149 over a four-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2021. Georgia-Atlantic's incremental borrowing rate is 8%, the same rate IC uses to calculate lease payment amounts. Amortization is recorded on a straight-line basis at the end of each fiscal year. The fair value of the equipment is $3.2 million. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)Required:1. Determine the present value of the lease payments at June 30, 2021 that Georgia-Atlantic uses to record the right-of-use asset and lease liability.2. What pretax amounts related to the lease would Georgia-Atlantic report in its balance sheet at December 31, 2021?3. What pretax amounts related to the lease would Georgia-Atlantic report in its income statement for the year ended December 31, 2021?(For all requirements, enter your answers in whole dollars and not in millions. Round your final answers to the nearest whole dollar.)

Answers

Answer:

A) = $3,249,995

B) pretax amount for for liability = $2,433,131

Depreciation amount for right of use = = $406,249

C) pretax amount for interest expense = $111,434

pretax amount for amortization expense = $406,249

Explanation:

1) Determining the present value of the lease payments at June 30 2021

semi-annual payments = $464149 for 4 - year lease term

total payments = 2 * 4 = 8

Yearly incremental borrowing = 8%

semi-annual incremental borrowing = 8/2 = 4%

hence present value of the lease payments

= semi annual lease payments * cumulative PV factor of annuity for the period

= $464149 * 7.00205 = $3,249,995

2) Determining The pretax amounts related to the lease would Georgia-Atlantic report in its balance sheet at December 31 2021

first we calculate the pretax amount of liability on 30.06.2021

= present value of lease payments - semi annual lease payments

= $3,249,995 - $464,149 = $2,785,846

next we calculate the Interest expense for 31.12.2021

= pretax amount * semi-annual incremental borrowing

= $2,785,846 * 4% = $111,434

Semiannual lease payment on 31.12.2021 = semiannual lease payment on 30.06.2021 which is = $464,149

Pre tax amount for liability for 31.12.2021

= pretax amount of liability + interest expense - semi annual lease payment

= $2,785,846 + $111,434 - $464,149 = $2,433,131

Depreciation on right to use assets for 2021

= present value of lease payments / 4 * ( 6/12 )

= ($3,249,995 / 4) * (6/12) = $406,249

Pre tax amount of right to use asset to be reported for 2021

= (present value of lease payments) - (depreciation on right to use assets)

= $3,249,995 - $406,249 = $2,843,746

3) Determine pretax amounts related to the lease would Georgia-Atlantic report in its income statement for the year ended December 31, 2021

Pre tax amount of interest expense Georgia Atlantic Inc. reports in its income statement will be

semi-annual lease payments * semi-annual incremental borrowing

= $2,785,846 * 4% = $111,434

Pre tax amount of amortization expenses Georgia Atlantic Inc. reports in its income statement will be

= (present value of lease payments / 4) * (6/12)

= $3,249,995 / 4 * 6/12 = $406,249

. A consumer electronics company introduced a new music system into the market with multiple features like built in alarm, mobile and iPod charger, radio and many more. The company is trying to influence the _____ perspective of quality by providing multiple features in a single

Answers

Answer:

a. product

Explanation:

Since in the question it is mentioned that the consumer electronics company launched a new music system that contains the various features like alarm, mobile & iPod charger, radio and etc

So here the company wants to influence the product by displaying the features of the company so that the chances of sale of the product could be high

Therefore the option a is correct

Effective versus nominal interest ratesBank A pays 8% interest compounded annually on deposits, while Bank B pays 7% compounded daily. Based on the EAR (or EFF%), which bank should you use?A. You would choose Bank A because its EAR is higher.B. You would choose Bank B because its EAR is higher.C. You would choose Bank A because its nominal interest rate is higher.D. You would choose Bank B because its nominal interest rate is higher.E. You are indifferent between the banks and your decision will be based upon which one offers you a gift for opening an account.Could your choice of banks be influenced by the fact that you might want to withdraw your funds during the year as opposed to at the end of the year? Assume that your funds must be left on deposit during an entire compounding period in order to receive any interest.A. If funds must be left on deposit until the end of the compounding period (1 year for Bank A and 1 day for Bank B), and you think there is a high probability that you will make a withdrawal during the year, then Bank A might be preferable.If funds must be left on deposit until the end of the compounding period (1 year for Bank A and 1 day for Bank B), and you have no intentions of making a withdrawal during the year, then Bank B might be preferable.B. If funds must be left on deposit until the end of the compounding period (1 day for Bank A and 1 year for Bank B), and you think there is a high probability that you will make a withdrawal during the year, then Bank B might be preferable.C. If funds must be left on deposit until the end of the compounding period (1 year for Bank A and 1 day for Bank B), and you think there is a high probability that you will make a withdrawal during the year, then Bank B might be preferable.D. If funds must be left on deposit until the end of the compounding period (1 day for Bank A and 1 year for Bank B), and you think there is a high probability that you will make a withdrawal during the year, then Bank A might be preferable.

Answers

Answer:

A. You would choose Bank A because its EAR is higher.

C) If funds must be left on deposit until the end of the compounding period (1 year for Bank A and 1 day for Bank B), and you think there is a high probability that you will make a withdrawal during the year, then Bank B might be preferable.

Explanation:

Effective interest rate(EFF%) or EAR=[ (1+r/n)^n -1]

r= nominal interest rate

n= number of compounding period per year.

For bank A we have 8%

%FF%)=[(1+0.08/1)^1 -1]

= 1.08-1

= 0.08×100

= 8%

For bank B we have 7%

EFF%)=[(1+0.07/365)^365 -1]

= 1.0725-1

= 0.0725×100

= 7.25%

You would choose Bank A because its EAR is higher. i.e bank A has 8% and bank B

7.25 respectively.

.Could your choice of banks be influenced by the fact that you might want to withdraw your funds during the year as opposed to at the end of the year?

Yes, it will , because bank B will bring interest every day, so it will be preferable, in the case that the funds is withdrawable during the year and that no interest will be generated.

because for bank A to earn interest you will need to leave the fund there for the whole year incase the fund will remain as deposit for the compounding period for interest sake.

Lansbury Inc. had the following balance sheet at December 31, 2019.

LANSBURY INC. BALANCE SHEET DECEMBER 31, 2019

Cash $20,000 Accounts payable $30,000
Accounts receivable 21,200 Notes payable (long-term) 41,000
Investments 32,000 Common stock 100,000
Plant assets (net) 81,000 Retained earnings 23,200
Land 40,000 $194,200
$194,200

During 2021 the following occurred:

1. Lansbury Inc. sold part of its investment portfolio for $15,000 This transaction resulted in a gain of $3,400 for the firm. The company classifies its investments as available-for- sale.
2. A tract of land was purchased for $18,000 cash.
3. Long-term notes payable in the amount of $16,000 were retired before maturity by paying $16,000 cash.
4. An additional $20,000 in common stock was issued at par.
5. Dividends totaling $8,200 were declared and paid to stockholders.
6. Net income for 2021 was $32,000 after allowing for depreciation of $11,000
7. Land was purchased through the issuance of $30,000 in bonds.
8. At December 31, 2021, Cash was $32,000 Accounts Receivable was $41,600 and Accounts Payable remained at $30,000

Requried:
a. Prepare a statement of cash flows for 2017.
b. Prepare an unclassified balance sheet as it would appear on December 31, 2017.
c. Compute two cash flow ratios.

Answers

Answer:

LANSBURY INC.

Statement of Cash Flows

For the year ended December 31, 2021

Cash flows from operating activities:

Net income $32,000

Adjustments to net income:

Depreciation expense $11,000- Gain on sale of investment portfolio ($3,400)- Increase in accounts receivable ($20,400) ($12,800)

Net cash from operating activities $19,200

Cash flows from investing activities:

Sale of investment portfolio $15,000

Purchased land ($30,000)

Purchased land ($18,000)

Net cash from investing activities ($33,000)

Cash flow from financing activities:

Issuance of common stock $20,000

Issuance of bonds $30,000

Retirement of notes payable ($16,000)

Dividends paid ($8,200)

Net cash from financing activities $25,800

Net cash increase $12,000

Beginning cash balance $20,000

Ending cash balance $32,000

b. Prepare an unclassified balance sheet as it would appear on December 31, 2017.

LANSBURY INC.

Balance Sheet

For the year ended December 31, 2021

Assets:

Cash $32,000

Accounts receivable $41,600

Investments $20,400

Plant assets, net $70,000

Land $88,000

Total assets $252,000

Liabilities:

Accounts payable $30,000

Notes payable $25,000

Bonds payable $30,000

Total liabilities $85,000

Stockholders' Equity:

Common stock $120,000

Retained earnings $47,000

Total stockholders' equity $167,000

Total liabilities + equity $252,000

c. cash flow coverage ratio = operating cash flows / total liabilities = $19,200 / $85,000 = 0.23

current liability coverage ratio = operating cash flows / current liabilities = $19,200 / $30,000 = 0.64

I am not a very adventurous person on the job.

Answers

what is the question supposed to be?

The adjective in your statement is "adventurous." It depicts the sort of individual you are, showing that you are not leaned to face challenges or search out new encounters in your work.

A Adjectives is a word that depicts or changes a thing or pronoun. It gives extra data about the thing or pronoun by giving insights regarding its quality, size, shape, variety, and so forth. Modifiers can be utilized to improve depictions and give more clear and explicit implications.

Adjectives are utilized to give more data about things or pronouns in a sentence. Generally, descriptive words assume a vital part in adding profundity, explicitness, and subtlety to our language, permitting us to communicate an extensive variety of data about our general surroundings.

Learn more about adjective from:

brainly.com/question/11385993

#SPJ6

Your question is incomplete, probably the complete question is-

I am not a very adventurous person on the job. What is the adjective here?

Sales and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system.

July 3. Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice.
5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30.
6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the goods sold was $25,000.
7. Returned merchandise with an invoice amount of $6,850 purchased on July 5 from Kester Co.
13. Paid Hamling Co. on account for purchase of July 3.
15. Paid Kester Co. on account for purchase of July 5, less return of July 7.
21. Received cash on account from sale of July 6 to Parsley Co.
21. Sold merchandise on MasterCard, $108,000. The cost of the goods sold was $64,800.
22. Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the goods sold was $10,000.
23. Sold merchandise for cash, $91,200. The cost of the goods sold was $55,000.
28. Paid Parsley Co. a cash refund of $7,150 for returned merchandise from sale of July 6. The cost of the returned merchandise was $4,250.
31. Paid MasterCard service fee of $1,650.

Required:
Journalize the transactions.

Answers

Answer:

General Journals

July 3.

Merchandise $62,650 (debit)

Accounts Payable : Hamling Co. $62,650 (credit)

Purchase of Merchandise on credit from Hamling Co

July 5.

Merchandise $33,450 (debit)

Account Payable : Kester Co $33,450 (credit)

Purchase of Merchandise on credit from Kester Co

July 6.

Account Receivable : Parsley Co $36,000 (debit)

Cost of Sales $25,000 (debit)

Sales Revenue $36,000 (credit)

Merchandise $25,000 (credit)

Sale of Merchandise on credit to Parsley Co

July 7.

Account Payable: Kester Co $6,850 (debit)

Merchandise $6,850 (credit)

Merchandise Returned to Kester Co

July 13.

Account Payable : Hamling Co. $62,650 (debit)

Discount Received $1,253 (credit)

Cash $61,397 (credit)

Payment of Merchandise supplied by Hamling Co. Net Cash Discount

July 15.

Account Payable : Kester Co. $26,600 (debit)

Discount Received $532 (credit)

Cash $26,068 (credit)

Payment of Merchandise supplied by Kester Co. Net Cash Discount

July 21.

Cash $108,000 (debit)

Cost of Sales $64,800 (debit)

Sales Revenue $108,000 (credit)

Merchandise $64,800 (credit)

Cash Sale of Merchandise

July 22.

Account Receivable : Tabor Co $16,650 (debit)

Cost of Sales $10,000 (debit)

Sales Revenue $16,650 (credit)

Merchandise $10,000 (credit)

Sale of Merchandise on credit to Tabor Co

July 23.

Cash $91,200 (debit)

Cost of Sales $55,000 (debit)

Sales Revenue $91,200 (credit)

Merchandise $55,000 (credit)

Cash Sale of Merchandise

July 28.

Sales Revenue $7,150 (debit))

Merchandise $4,250 (debit)

Account Receivable : Parsley Co $7,150 (credit)

Cost of Sales $4,250 (credit)

Refund for Merchandise Returned by Parsley Co

July 31.

Service Fees $1,650 (debit)

Cash $1,650 (credit)

Service Fees Paid

Explanation:

See the journal entries and their narrations prepared above.

Which has a negative impact on performance

Answers

Answer:

bad wi fi bad prefomancne

Explanation:

bad wi fi bad prefomancne

Analyze the impact of transactions on the accounting equation (LO2-2)
Below are the external transactions for Shockers Incorporated.
1. Issue common stock in exchange for cash.
2. Purchase equipment by signing a note payable.
3. Provide services to customers on account.
4. Pay rent for the current month.
5. Pay insurance for the current month.
6. Collect cash from customers on account.
Assets = Liabillities + Stockholder's Equilty
1. Increase = No effect + Increase
2.
3.
4.
5.
6.
Required: Analyze each transaction. Under each category in the accounting equation, indicate whether the transaction increases, decreases, or has no effect. The first item is provided as an example.

Answers

Answer:

2. Increase = Increase + No effect

3. Increase = No effect + Increase

4. Decrease = No effect + Decrease

5. Decrease = No effect + Decrease

6. No effect = No effect + No effect

Explanation:

2. Purchase equipment by signing a note payable.

The double entry to record the purchase of equipment on credit will be as under:

Dr Equipment-Asset XX

Cr Note Payables-Liabilities XX

Hence the Asset will increase and the liabilities will also increase

2. Increase = Increase + No effect

3. Provide services to customers on account.

The double entry to record the provision of services to customers on account will be as under:

Dr Accounts Receivables-Asset XX

Cr Revenue -Stockholder's Equilty XX

Hence the Assets and Stockholder's Equilty of the company will be increased.

3. Increase = No effect + Increase

4. Pay rent for the current month.

The double entry would be:

Dr Rent Expense -Stockholder's Equilty XX

Cr Cash account - Assets XX

Both Assets account and Stockholder's Equilty will be decreased.

4. Decrease = No effect + Decrease

5. Pay insurance for the current month.

The double entry would be as under:

Dr Insurance Expense -Stockholder's Equilty XX

Cr Cash account - Assets XX

Both Assets account and Stockholder's Equilty will be decreased.

5. Decrease = No effect + Decrease

6. Collect cash from customers on account.

The double entry would be as under:

Dr Cash -Assets XX

Cr Accounts Receivables - Assets XX

The net difference is zero hence there will be no difference.

6. No effect = No effect + No effect

be5-4, Prepare the journal entries to record the following transactions on Novy Company’s books using a perpetual inventory system. (a) On March 2, Novy Company sold $900,000 of merchandise to Opps Company, terms 2/10, n/30. The cost of the merchandise sold was $590,000. (b) On March 6, Opps Company returned $90,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $62,000. (c) On March 12, Novy Company received the balance due from Opps Company.
be5-5, From the information in BE5-4, prepare the journal entries to record these trans- actions on Opps Company’s books under a perpetual inventory system.

Answers

Answer:

a: March 2

Dr Accounts Receivable 900,000

Cr Sales Revenue 900,000

March 2

Dr Cost of Good Sold 590,000

Cr Inventory 590,000

b. March 6

Dr Sales Returns and Allowances 90,000

Cr Accounts Receivable 90,000

March 6

Dr Inventory 62,000

Cr Cost of Goods Sold 62,000

c. March 12

Dr Cash 793,800

Dr Sales Discount 16,200

Cr Accounts Receivable 810,000

Explanation:

Preparation of Journal entries using a perpetual inventory system

a. March 2

Dr Accounts Receivable 900,000

Cr Sales Revenue 900,000

(To record sale of merchandise)

March 2

Dr Cost of Good Sold 590,000

Cr Inventory 590,000

b. March 6

Dr Sales Returns and Allowances 90,000

Cr Accounts Receivable 90,000

(To record sale of merchandise)

March 6

Dr Inventory 62,000

Cr Cost of Goods Sold 62,000

c. March 12

Dr Cash 793,800

(98%*810,000)

Dr Sales Discount 16,200

(2%*810,000)

Cr Accounts Receivable 810,000

(900,000-90,000)

A: March 2

Dr assets 900,000

Cr Sales Revenue 900,000

March 2

Dr Cost of excellent Sold 590,000

Cr Inventory 590,000

B. March 6

Dr Sales Returns and Allowances 90,000

Cr assets 90,000

March 6

Dr Inventory 62,000

Cr Cost of products Sold 62,000

C. March 12

Dr Cash 793,800

Dr Sales Discount 16,200

Cr assets 810,000

Journal entries

Preparation of Journal entries employing a perpetual inventory system

A. March 2

Dr assets 900,000

Cr Sales Revenue 900,000

(To record sale of merchandise)

March 2

Dr Cost of fine Sold 590,000

Cr Inventory 590,000

B. March 6

Dr Sales Returns and Allowances 90,000

Cr assets 90,000

(To record sale of merchandise)

March 6

Dr Inventory 62,000

Cr Cost of products Sold 62,000

C. March 1

Dr Cash 793,800

(98%*810,000)

Dr Sales Discount 16,200

(2%*810,000)

Cr assets 810,000

[tex](900,000-90,000)[/tex]

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We discussed the debt situation in the US and referred to the 'US mysteries' . Write an essay explaining these mysteries and why, the US is in a unique position relative to the rest of world. Make sure your answer includes a discussion of exorbitant privilege and 'dark matter.' Complete your essay with a discussion of why some are worried about the sustainability of this unique position and what the consequences would be on the US economy if we lost this 'unique position.'

Answers

Answer:

The Debit situation in the US is a very unique one unlike other debit situations around the world, and this is because the US is unique it its ways of handling Debit situations and also not forgetting the fact that the US enjoys certain privileges' in its Financial dealings with others.

These privileges is evident in the Ability of US corporations/companies to have a debit of over $1.9 trillion and still able to be in business, despite this high indebtedness the US economy have witnessed a growth stability at 3% and inflation rate below2% and its unemployment rate is close to 4% making US economy the Number 1 in the world. But the consequences this might have in future for The US is that most US companies would go Bankrupt when the Government is unable to churn out good financial policies to sustain this high level of indebtedness

Explanation:

The Debit situation in the US is a very unique one unlike other debit situations around the world, and this is because the US is unique it its ways of handling Debit situations and also not forgetting the fact that the US enjoys certain privileges' in its Financial dealings with others.

These privileges is evident in the Ability of US corporations/companies to have a debit of over $1.9 trillion and still able to be in business, despite this high indebtedness the US economy have witnessed a growth stability at 3% and inflation rate below2% and its unemployment rate is close to 4% making US economy the Number 1 in the world. But the consequences this might have in future for The US is that most US companies would go Bankrupt when the Government is unable to churn out good financial policies to sustain this high level of indebtedness

North Star prepared the following unadjusted trial balance at the end of its second year of operations ending December 31.
Account Titles Debit Credit
Cash $ 11,200
Accounts Receivable 5,200
Prepaid Rent 2,240
Equipment 20,200
Accumulated Depreciation $ 1,180
Accounts Payable 1,180
Income Tax Payable 0
Common Stock 24,000
Retained Earnings 1,300
Sales Revenue 47,080
Salaries and Wages Expense 24,200
Utilities Expense 11,700
Rent Expense 0
Depreciation Expense 0
Income Tax Expense 0
Totals $ 74,740 $ 74,740
Other data not yet recorded at December 31:
1. Rent expired during the year, $1,120.
2. Depreciation expense for the year, $1,180.
3. Utilities used and unpaid, $8,200.
4. Income tax expense, $310.
Required:
Indicate the accounting equation effects of each required adjustment. (Enter all amounts as positive values.)

Answers

Answer and Explanation:

The accounting equation effects of each required adjustment is shown below:-

Transactions Assets

a. Prepaid rent - $1,280

b. Accumulated

depreciation - $1,180

c. NE

d. NE

Transactions = Liabilities + Stockholders' Equity

a. NE Rent expenses -$1,280

b. NE Depreciation expenses -$1,180

c. Accounts payable + $8,200 Utilities expenses -$8,200

d. Income tax payable + $310 Income tax expense -$310

In its first year of operations, Pharoah Company recognized $34,000 in service revenue, $8,100 of which was on account and still outstanding at year-end. The remaining $25,900 was received in cash from customers. The company incurred operating expenses of $17,100. Of these expenses, $12,940 were paid in cash; $4,160 was still owed on account at year-end. In addition, Pharoah prepaid $2,780 for insurance coverage that would not be used until the second year of operations.
Calculate the first year’s net earnings under the cash basis of accounting, and the first year’s net earnings under the accrual basis of accounting.
Cash Basis Accrual Basis
Net Income $enter net income in dollars $enter net income in dollars

Answers

Answer:

Cash Basis =$10,180

Accrual Basis=$16,900

Explanation:

Calculation for the net earnings under the cash basis and accrual basis of accounting

CASH BASIS

Cash Basis: $25,900 - $12,940 -$2,780

Cash Basis =$10,180

ACCRUAL BASIS

Accrual Basis: $34,000 - $17,100

Accrual Basis=$16,900

Therefore the net earnings under the cash basis and accrual basis of accounting are:

Cash Basis =$10,180

Accrual Basis=$16,900

In the long run, a decrease in the money supply will
decrease real Gross Domestic Product (GDP).
decrease the price level.
increase real Gross Domestic Product (GDP).
increase the price level.

Answers

Answer:

decrease real Gross Domestic Product (GDP).

Explanation:

GDP represents the total value of a country output. The calculation of GDP using the expensive method is identical to that of the aggregate demand. Aggregate demand is the total of government spending, consumer spending, investment, and net exports. Therefore, GDP and aggregate demand are the same.

A decrease in the money supply leads to firms and households having less money to spend. Reduction in disposable income results in reduced consumer spending, which has adverse effects on aggregate demand. Therefore, reduced money supply results in a decline in consumer spending and reduced aggregate demand, leading to a reduction in a country's output.

Which activities are often required of someone who is in the performing arts?

A. writing creatively, remembering a script, and entertaining people

B. going on auditions, using pottery wheels, and scheduling tasks

C. creating artwork, designing a dance routine, and interviewing people to get information

D. coordinating performances, attending events to market themselves, and operating technical equipment

Answers

Answer:

It's A: writing, a script, and entertaining people

Explanation:

did on edge 2020

A company purchased new furniture at a cost of $26,000 on September 30. The furniture is estimated to have a useful life of 5 years and a salvage value of $3,200. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31

Answers

Answer: Depreciation for 3 months = $1140.

Explanation:

In straight line method, Depreciation for full year = (Cost – Salvage value) ÷ useful life

Depreciation for full year = ($26,000 -$3,200 ) ÷ 5

= $(22800÷ 5)

= $ 4,560

Furniture was purchased on September 30, so depreciation will be calculated from October to December(3 months)

Depreciation for 3 months = Yearly depreciation x ([tex]\dfrac3{12}[/tex])

= $4,560 x (0.25)

= $1140.

Hence, Depreciation for 3 months = $1140.

what are the factors that influence management

Answers

Answer:

hope it helps..

Explanation:

Factors influencing changes in strategic management may be internal or external to the business organization. Some of these factors include management functions, structural transformations, competition, socio-economic factors, laws and technology.

Answer: Factors influencing changes in strategic management may be internal or external to the business organization. Some of these factors include management functions, structural transformations, competition, socio-economic factors, laws and technology.

Explanation:

The explanation is that these are factors influencing changes strategically that are internal or external rather.

Terrill Company finds its records are incomplete concerning a piece of machinery used in its plant. According to the company records, the machinery has an estimated useful life of 10 years and an estimated salvage value of $ 24,000. It has recorded $ 12,000 in depreciation each year using the straight-line method. If the accumulated depreciation account shows a balance of $ 72,000, what is the original cost of the machinery and how many years remain to be depreciated?

Answers

Answer:

original cost $144,000: Remaining years 4 years

Explanation:

Depreciation is the process of expensing the value of an asset over its useful life. The straight-line method allocates an equal amount of expense as depreciation in every of the gainful life.

The calculation of depreciation involves first determining the depreciable amounts.

The depreciable amount = asset cost - salvage value. In this case, the salvage value is $ 24,000, but the asset cost is not given.

Depreciation per year= depreciable amount divided by lifespan

For Terrill company

$12,000 =depreciable amount /10

Depreciable amount = $12,000 x 10

=$120,000

If depreciable amount = asset cost - salvage value, then

$120,000 = asset cost - $24,000

Asset cost = $120,000 + $24,000

Asset cost = $144,000

Accumulated depreciation of $72,000 implies the asset has been depreciated $72,000/$12,000 times

=72,000/12000

= 6 times or six year.

The asset has a lifespan of 10 years; then it has four years remaining(10-6)

The maintenance director has grown to value your insights and thoughtful questions when preparing bid packets to support her team's best work. As it turns out, her predecessor verbally modified the LED lights' model ordered by your employer when the original, awarded bid reponse included the model number for LEDs noted by the maintenance staff--that were not compatible with the fixtures of the company buildings/structures. When the maintenance director asks your opinion about her plan to amend the existing contract with the LED supplier to the model numbers actually used, as opposed to the ones listed in the contract that are not compliant with the existing features. That's what they have been doing so you should probably amend the contract as the director suggests, and you will save more time (no rebidding) and money (no additional modifications to the facility) than rebidding.

a. True
b. False

Answers

It was false I have read the same thing before have a nice day.

Joy is looking into many different career choices. She is leaning toward the Information Technology cluster. Why
would this be a better career choice than some of the other options she was looking into?
O IT jobs are projected to increase fourteen percent between 2010 and 2020.
O IT jobs are projected to increase twenty-two percent between 2010 and 2020.
O IT jobs are projected to increase thirty-five percent between 2010 and 2020.
O IT jobs are projected to increase forty-seven percent between 2010 and 2020.

Answers

Answer:

B

Explanation:

Because I took the unit test review on edge and got it right

Answer:

bbbbbbbbbbbbbbbbbbbbbbbbb

Explanation:

The Sheridan Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Sheridan has decided to locate a new factory in the Panama City area. Sheridan will either buy or lease a site depending upon which is more advantageous. The site location committee has narrowed down the available sites to the following three very similar buildings that will meet their needs.
Building A: Purchase for a cash price of $612,100, useful life 26 years.
Building B: Lease for 26 years with annual lease payments of $71,490 being made at the beginning of the year.
Building C: Purchase for $655,200 cash. This building is larger than needed; however, the excess space can be sublet for 26 years at a net annual rental of $6,850. Rental payments will be received at the end of each year. The Sheridan Inc. has no aversion to being a landlord.
In which building would you recommend that The Sheridan Inc. locate, assuming a 11% cost of funds?

Answers

Answer:

Present value of Building A = $612,000

Present value of Building B = $71,490 + $71,490*Present value of Annuity for n=25,i=11% = $71,490 + $602,070.53 = $673,560.53

Present value of Building C = $655,200 - $6,850*Present value of Annuity for n=26,i=11% = $655,200 - $58,143.20 = $597,056.80

Net Present Value

Building A $612,000

Building B $673,560.53

Building C $597,056.80

Conclusion: The Sherdian Inc. should locate itself in Building C as it has least Net Present Value

The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2020. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined.

1. There were bank service charges for June of $25.
2. A bank memo stated that Bao Dai’s note for $1,200 and interest of $36 had been collected on June 29, and the bank had made a charge of $5.5 on the collection. (No entry had been made on Aguilar’s books when Bao Dai’s note was sent to the bank for collection.)
3. Receipts for June 30 for $3,390 were not deposited until July 2.
4. Checks outstanding on June 30 totaled $2,136.05.
5. The bank had charged the Aguilar Co.’s account for a customer’s uncollectible check amounting to $253.2 on June 29.
6. A customer’s check for $90 (as payment on the customer’s Accounts Receivable) had been entered as $60 in the cash receipts journal by Aguilar on June 15.
7. Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check no. 747 in the amount of $58.2 had been entered as $582. Both checks had been issued to pay for purchases and were payments on Aguilar’s Accounts Payable.

Required:
a. Prepare a bank reconciliation dated June 30, 2020, proceeding to a correct cash balance.
b. Prepare any entries necessary to make the books correct and complete.

Answers

Answer:

a) bank account reconciliation

bank account balance $4,150

+ deposits in transit $3,390

- outstanding checks ($2,136.05)

reconciled account $5,403.95

cash account reconciliation

cash account balance $3,969.85

- bank fees ($25)

+ note collected (including interest) $1,236

- bank fees for collecting note ($5.50)

- NSF check ($253.20)

- error in processing customer's check $30

- error in processing check no. 742 ($72)

+ error in processing check no. 747 $523.80

reconciled account $5,403.95

b) adjusting entries

1. Dr Bank fees expense 25

Cr Cash 25

2. Dr Cash 1,230.50

Dr Bank fees 5.50

Cr Notes receivable 1,200

Cr Interest revenue 36

3. and 4. no adjusting entry required

5. Dr Accounts receivable 253.20

Cr Cash 253.20

6. Dr Cash 30

Cr Accounts receivable 30

7. Dr Accounts payable 451.80

Cr Cash 451.80

Which account is an example of a contra-expense account? A. purchases B. purchase returns C. sales D. sales returns

Answers

Answer:

b. purchase returns

An account which is an example of a contra-expense account is purchase returns. The correct option is b.

What is the contra-expense account?

A contra expense account is a general ledger expense account that will intentionally have a credit balance instead of the debit balance that is typical for an expense account. In other words, this account's credit balance is contrary to or opposite of the usual debit balance for an expense account.

Another description of a contra expense account is an account that reduces or offsets the amounts reported in another general ledger expense account. Contra accounts are presented on the same financial statement as the associated account, typically appearing directly below it with a third line for the net amount. Accountants use contra accounts rather than reduce the value of the original account directly to keep financial accounting records clean.

Key examples of contra accounts include accumulated depreciation and allowance for doubtful accounts.

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Marketing Costs Include What? Please Be Precise 30 POINTS (2024)

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