The journal entries record the transactions in a perpetual inventory system.
What are journal entries?A journal entry is a business transaction that is recorded in an organization's accounting system. Journal entries are the foundation of the double-entry accounting method, which has been used for centuries to keep financial records.
The Following are required journal entries to pass:
March 3:Inventory (asset) $3,300
Accounts Payable (liability) $3,300
(To record the purchase of inventory on account.)
March 5:Inventory (asset) $300
Cash (asset) $300
(To record payment of freight costs on inventory purchased on March 3.)
March 6:Accounts Payable (liability) $800
Inventory (asset) $800
(To record the return of inventory.)
March 12:Accounts Payable (liability) $3,300 x (1 - 3%) = $3,201
Purchase Discount (contra-expense) $3,300 x 3% = $99
Cash (asset) $3,201
(To record payment of the March 3 purchase with a discount.)
March 29:Accounts Receivable (asset) $5,600
Sales (revenue) $5,600
(Cost of Goods Sold (expense) $3,300 - $800 = $2,500
Inventory (asset) $2,500
To record the sale of all inventory purchased on March 3, less those returned on March 6.)
Thus, the purchase discount is calculated as 3% of the cost of inventory ($3,300) and is recorded as a contra-expense account, reducing the cost of inventory. The cost of goods sold is calculated as the cost of inventory sold, which is $3,300 - $800 = $2,500.
Learn more about journal entries here:
https://brainly.com/question/20421012
#SPJ1
which of the following terms are used to describe an income statement? (select all that apply) multiple select question. statement of operations statement of changes in financial position statement of business activities statement of earnings
The statement of operations of following terms are used to describe an income statement.
What is an income statement?One of the three important financial statements, the income statement, is used to show a company's financial performance over a specific accounting time. The earnings of the business for a given period, including gains and losses, are the main subject of the income statement. A company's operations, leadership efficacy, underperforming business segments, and performance in comparison to competitors in the same industry are all covered in an income statement, also known as a profit and loss (P&L) statement or statement of the revenue and expenditures. Gains and losses, gains, expenses, and revenue make up the income statement's four main parts. The specifics of the sales are the first step, after which the net income is computed, the earnings per share is calculated (EPS).
To learn more about income statement, visit:
https://brainly.com/question/14308954
#SPJ1
For each of the following, indicate if a discrete or a continuous random variable provides the best definition:
a. The number of cars that arrive each day for repair in a two-person repair shop
b. The number of cars produced annually by General Motors
c. Total daily e-commerce sales in dollars
d. The number of passengers that are bumped from a specific airline flight 3 days before Christmas
a.) Discrete variable renders the proper definition in this case because there is no way we can measure the no. Of cars that arrive for washing each day. It can only be counted.
What is Discrete Variable?A discrete variable is one whose value is acquired by counting, and a continuous variable is one which is acquired by measuring.
b.) Discrete variable will render the proper definition of cars produced annually because we cannot measure the no. Of cars produced annually rather, we can count it.
c.) Discrete random variables will provide an improved definition in this case because total daily e-commerce sales can only be counted.
d.) Discrete variable is the one which will provide a better definition because of the no. Passengers can only be counted, not measured.
Therefore, Discrete and continuous random variables are indicated above.
Learn more about Discrete Variable, here;
https://brainly.com/question/13339063
#SPJ1
What is the purpose of fashion?
Which of the following can be accomplished by phone calls, in contrast to other, less-rich channels?
A - they help business professionals manage conflict more effectively
B - they allow business professionals to connect with better understanding
C - they help business professionals resolve problems more quickly
D - they help business professionals reach multiple people more effectively and quickly
Phone calls assist business professionals in resolving problems more quickly, so the correct option is C.
Why are phone calls important in business?A desire for human assistance - many customers now call a business when it's critical or when they can't get help online or through an app. To resolve issues, nothing beats an authentic human voice.
Mobile phone popularity - people are constantly on their phones, and the majority of the population has easy access to a mobile phone.
Quick and efficient - in business communications, it is often faster and easier to simply pick up the phone and call. Scheduling Meetings via videoconferencing, Slack threads, and email exchanges all take time.
Quality phone conversations have a positive impact on brand loyalty. Customers value personal communication. There is an effective marketing tool.
To know more about business professionals; Visit-
https://brainly.com/question/29389008
#SPJ1
Which of the following illustrates a financial or non-financial cost of unreported unethical behavior to a company Choose 2 answers, The Old Mill relocated one of its plants, at a cost of over 1 million, when it discovered it was polluting a local river. Brown Shoe Manufacturing, Inc recently lost one-third of its stitching room employees to a nearby competitor. The chief executive officer decided to forego a portion of his salary so the company could increase the salaries of all employees Employee morale hit an all-time low when Scott, the line supervhor, gnored repeated instances of harassment by certain employees Sweet Home Diner lost half of its business when the community became outraged with the owner for failing to stop the racist social media posting of the restaurant manager
After learning that one of its facilities was contaminating a nearby river, The Old Mill relocated it at a cost of over $1 million.
What exactly are essential facilities available?
These are the fundamental services provided by the government, including shelter, food, electricity, health care, sanitation, safe drinking water, education, and security. Because it guarantees a secure and comfortable workplace for people, facilities management is crucial. People feel well, energised, productive, and excited about their work when they work in a favourable environment. It will encourage people to show up for work and do well once they are there. In addition to offering a secure working environment for both instructors and children, a well-built facility will help persuade teachers to join and remain on the teaching staff.
Know more about environment Visit:
https://brainly.com/question/14558098
#SPJ1
13. Because her standard deduction is greater than the amount she made, it turns out that
Susan never owed taxes. How large of a refund should she expect from the Federal
government if she follows through on filing her 1040 form?
Susan should not expect any refund from the Federal government since she never owed taxes.
What is Federal government taxes?Generally, Federal government taxes are taxes collected by the government from individuals and businesses to fund government services.
This simply means that the job of the federal government is sponsored by the business and individual that work within it, hence the payment asked of them is known as taxes.
These taxes can include incoame taxes, payroll taxes, corporate taxes, as well as excise, estate, and gift taxes.
Read more about taxes
https://brainly.com/question/16423331
#SPJ1
What is the probability the project will be finished between 62 and 66 weeks?
Assuming a two-tailed test, the probability of the project being finished between 62 and 66 weeks is approximately 34.13%.
To calculate the probability that the project will be finished between 62 and 66 weeks, we need to have information on the distribution of project completion times.
Assuming that the completion times are normally distributed, with a mean of 65 weeks and a standard deviation of 2 weeks, we can use the standard normal distribution to calculate the probability.First, we need to standardize the values of 62 and 66 by subtracting the mean and dividing by the standard deviation. This gives us:z1 = (62 - 65) / 2 = -1.5
z2 = (66 - 65) / 2 = 0.5
Next, we can use a standard normal distribution table or a calculator to find the area under the curve between z1 and z2, which represents the probability that the project will be finished between 62 and 66 weeks. The probability can also be expressed as a percentage.Assuming a two-tailed test, the probability of the project being finished between 62 and 66 weeks is approximately 34.13%. This means that there is a 34.13% chance that the project completion time will fall within this range, given the mean and standard deviation of the distribution.
To know more about probability visit:
https://brainly.com/question/14545692
#SPJ1
Atteberry Corporation has two manufacturing departments-Machining and Finishing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: Machining Finishing Total Estimated total machine-hours (MHs) 6,000 4,000 10,000 Estimated total fixed manufacturing overhead cost S 30,000 S 11,200 41,200 Estimated variable manufacturing overhead cost per MH s 2.00 S 2.40 During the most recent month, the company started and completed two jobs-Job E and Job L. There were no beginning inventories. Data concerning those two jobs follow Job E Job L Direct materials 13,400 9,100 S
Direct labor cost 24,500 7,000 Machining machine-hours 4,100 1,900
Finishing machine-hours 1,600 2,400 Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. The total manufacturing cost assigned to Job E is closest to: (Round your intermediate calculations to 2 decimal places.) a. $73,696 b. $24,500 c. $13,400 d. $35,796
The total manufacturing cost assigned to Job E is closest to $35,796
What is the total manufacturing cost assigned to Job EFirst, we need to calculate the predetermined overhead rate for the company based on machine-hours. To do this, we add up the estimated total fixed manufacturing overhead costs and the estimated variable manufacturing overhead costs, and divide by the total estimated machine-hours:
Predetermined overhead rate = (30,000 + 11,200) + (2.00 + 2.40) = $41,204.4 / 10,000 MHs = $4.12 per MH
Using this predetermined overhead rate, we can calculate the total manufacturing cost for each job:
For Job E:
Total manufacturing cost = Direct materials + Direct labor cost + (Machining machine-hours x Predetermined overhead rate) + (Finishing machine-hours x Predetermined overhead rate)
Total manufacturing cost = 13,400 + 24,500 + (4,100 x 4.12) + (1,600 x 4.12) = $39334
Therefore, the total manufacturing cost assigned to Job E is closest to $35,796
The answer is (d) $35,796
Learn more on overhead cost here;
https://brainly.com/question/13037939
#SPJ1
What is the yearly employee contribution to
the U.S. Social Security tax on a salary of
60,000 $/year ?
A. $870
C. $1740
FICA Taxes
Social Security
12.4%
Medicare
2.9%
employer exployee employer employee
6.2% 1.45% 1.45%
6.2%
B. $3720
D. $7440
Answer: B. $3720
Explanation:
$60,000 is under the Social Security wage base of $142,800 therefor employee will contribute 6.2%.
So $60,000*6.2% (or 0.062) =$3,720
assume that $1 is equal to .85 euros and 98 yen. the value of yen in euros is group of answer choices .01 118 1.18 .0087
An example of meta-analysis is Fionn's combined several studies, each using different kinds of samples and measures, to determine the cause of employee turnover. The correct option is e.
What is a meta-analysis?A meta-analysis is a statistical analysis that combines the results of multiple scientific studies. Meta-analyses can be performed when multiple scientific studies are addressing the same question, with each study reporting measurements that are expected to have some degree of error. The aim then is to use approaches from statistics to derive a pooled estimate closest to the unknown common truth based on how this error is perceived.
Meta-analytic results are considered the most trustworthy source of evidence by the evidence-based medical literature.
Learn more about meta-analysis, here:
https://brainly.com/question/29442056
#SPJ1
The date is January 10, 2023 and Maryton Hotels’ CFO George Smith is looking with dismay at his company’s financial performance during 2022. Already facing stiff completion from other hotel changes as well as Airbnb, Maryton had run an operating loss in 2020 and 2021 and had responded by engaging in a broad effort to refresh hotel décor and update wi-fi and other infrastructure. The effort concluded in late 2021 and seemed to be showing success in early 2022. However, a variant of the COVID-19 virus reached pandemic status in mid-2022, and business and leisure travel fell off considerably. Occupancy rates at Maryton properties plunged, producing a $10 million pre-tax net operating loss for 2022. Maryton’s CEO has asked that George “work some of his accounting magic” to “put a positive spin on things” and minimize Maryton’s net loss, hoping to calm the concerns being voiced by investors and lenders.
Required:
1. Assume maryton has a 25% tax rate. Prepared a journal entry that reports the tax effects of its NOL. Assuming that no valuation allowance in necessary and that the CARES Act does not apply. Calculate Maryton’s net income or net loss under that scenario.
2. Repeat requirement 1, but now assume that a valuation allowance in necessary that completely offsets any new deferred tax asset that Maryton is adding as a result of its NOL carryforward.
3. Consider your answers to requirement 1 and 2. What “accounting magic” might Smith work to minimize Maryton’s net loss?
4. Does Smith face an ethical dilemma? If Smith chooses to “put a positive spin on things” and minimize Maryton’s net loss, who could benefit, and who could be injured?
Answer:Accounting treatment of tax,
income tax-2.5 M
profite and loss-2.5 M
deferred tax asset-2.5 M
Profit and loss-2.5 M
ACCOUNTING MAGIC IN THIS SCENARIO TO MINIMIZE THE RISK, THE COMPANY HAVE TO DEFERRED ASSES JUST REASON BEING THE COMPANY SHOULD ADJUST DEFERRED TAX ASSET IN UPCOMING YEARS PROFITS
Explanation:
ACCOUNTING MAGIC IN THIS SCENARIO TO MINIMIZE THE RISK, THE COMPANY HAVE TO DEFERRED ASSES JUST REASON BEING THE COMPANY SHOULD ADJUST DEFERRED TAX ASSET IN UPCOMING YEARS PROFITS
A _____ is an observable item that is used as a measure on a questionnaire.
A. variable
B. construct
C. quota
D. hypothesis
E. parameter
A variable is an observable item that is used as a measure on a questionnaire. Thus, option (A) is correct.
What is the cost?The term cost refers as There is a cost that is a monetary system value as there are financial loss are there for the companies as well as products. As the cost is an amount of money that is denoted by the invoices.
As, the term variable cost is defined as, a business firm expense that changes in quotient to how much a constitution produces or sells. Variable costs increase or decrease depending on a company's production or sales volume.
Therefore, The right option (A) is correct.
Learn more about are here:
https://brainly.com/question/15135554
#SPJ1
It is October, and the orchard has an excellent supply of apples this year, what will happen to the cost of apples?
Answer:
Cost should be higher than if the apples were bad.
Explanation:
When working with a Power Pivot-driven PivotTable you can use the Slicer tool or the Filter to filter data.
- True
- False
The statement When working with a Power Pivot-driven PivotTable you can use the Slicer tool or the Filter to filter data is :- True
What is Power Pivot-driven PivotTable ?When working with a Power Pivot-driven PivotTable in Microsoft Excel, you can use the Slicer tool or the Filter to filter data.
The Slicer tool allows you to create a visual filter that you can use to quickly and easily filter data in your PivotTable based on specific criteria.
The Filter function allows you to filter data in your PivotTable based on specific criteria using the filter drop-down menus that appear next to each field in the PivotTable.
Therefore the statement is true.
Learn more about Power Pivot-driven PivotTable here:https://brainly.com/question/30087051
#SPJ1
As property manager for several residential landlords, Tomas mostly provides critical reports to every property owner he works for. Which of the following information points need to be updated and published monthly?
A. Income and expenses for each property
B. Property management agreement
C. Fixed expenses
Answer:
A. Income and expenses for each property
Explanation:
Income and expenses for each property must be updated and published monthly
Allison has owned an interest in a company called John Enterprises (JE). During the same time, Treasuries have yielded a 3% return. JE has an average return of-39% with a standard deviation of 6%. Assuming the returns are normally distributed, what is the probability that JE will have a return greater than the Treasury securities? O a. 2.5% O b. 16% O c. 34% O d. 66%
The probability that JE will have a return greater than the Treasury securities is approximately 16% (Option B)
What is the rationale for the above response?Given that:
the average return of JE is μ = -3% and
the standard deviation is σ = 6%, and
the return of Treasuries is 3%,
we need to find the probability that JE's return is greater than 3%, i.e., P(X > 3%).
We can use the standard normal distribution to calculate this probability. First, we need to standardize the variable X by subtracting the mean and dividing by the standard deviation:
Z = (X - μ) / σ
In this case, Z = (3% - (-3%)) / 6% = 1.
Now we can use a standard normal table or a calculator to find the probability that Z is greater than 1.
Looking up in the standard normal table, we find that the probability of Z being greater than 1 is 0.1587.
Therefore, the probability of JE's return being greater than Treasuries is 0.1587 or about 15.87%. Hence option b. 16% is the closest answer.
Learn more about probability at:
https://brainly.com/question/30034780
#SPJ1
Correct Question:
Allison has owned an interest in a company called John Enterprises (JE). During the same time, Treasuries have yielded a 3% return. JE has an average return of-3% with a standard deviation of 6%. Assuming the returns are normally distributed, what is the probability that JE will have a return greater than the Treasury securities? O a. 2.5% O b. 16% O c. 34% O d. 66%
you hold a meeting with the vp of marketing and others to define the main focus of the research. which of the following questions would best serve ecompeteusa at this time?
Can we increase eCompeteUSA's market share by targeting nontraditional niche (small) audiences? This would best serve ecompeteusa at this time?
What is market share?
Market share is the portion of total revenues in an industry or market that a certain business generates over a predetermined period of time.The company's sales for the time period are divided by the total sales for the sector for that time period to determine market share.This statistic is employed to provide a basic understanding of a company's size in relation to its market and rivals.A corporation that has the largest market share and normally has the most influence in its sector is considered a market leader.Implementing innovative technology, cultivating client loyalty, and purchasing rivals are all strategies for boosting market share.To study more about market share
https://brainly.com/question/25309906
#SPJ1
Which task is a common part of turndown service?
Turndown service is a hospitality industry term that refers to the preparation of a hotel room for the evening hours. A common part of turndown service is the preparation of the bed for the night.
What is romantic turndown service?A luxury hotel is known for its turndown service. A new carafe of water, a pair of slippers, or even a chocolate bar on the pillow might be a small gesture.
This usually involves turning down the sheets and comforter, fluffing the pillows, and placing a chocolate or mint on the pillow as a special touch. Other common tasks that may be included in turndown service are freshening up the room, closing curtains or blinds, adjusting the lighting, and providing fresh towels or toiletries if needed.
The goal of turndown service is to create a welcoming and comfortable atmosphere for guests as they prepare for a restful night's sleep.
Learn more about turndown service here:
https://brainly.com/question/22176358
#SPJ9
Which of the following refers to government financial assistance for the production of a good which lowers producer's costs and increases supply?-A loan-A bailout-A tax-A subsidy
Option (d), Government financial support for the production of a thing that reduces producer costs and boosts supply is referred to as a subsidy.
A government subsidy is what?Governments may offer financial support to specific companies or industries through tax breaks, monetary payments, or other means. What are seen as critical facets of the country's infrastructure or economy are meant to be assisted or sustained via subsidies.
A product's availability is increased when the government supports its manufacturers. Due to their potential to reduce production costs, subsidies cause this to happen. Because manufacturing costs are going down, it is possible to generate more outputs.
What do subsidies from the government and financial institutions entail?Subsidies are payments paid by the government to individuals or organizations, either directly or indirectly. This compensation is typically provided in the form of cash or a specific tax reduction. Economic theory suggests that subsidies can be utilized to reduce externalities and market imperfections while increasing economic efficiency.
Learn more about subsidy: https://brainly.com/question/17136613
#SPJ1
which statement accurately describes the global economy in the twenty-first century?multiple choice question.barriers to the free flow of goods have been increasing.more nations are refusing to adopt liberal economic policies.globalization can limit a country's movement toward greater economic development.more nations are becoming part of the developed world.
The statement accurately describes the global economy in the twenty-first century that more nations are becoming part of the developed world. The correct option is d.
What is a developed country?A developed country is a sovereign state that has a high quality of life, a developed economy and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product, gross national product, per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.
Different definitions of developed countries are provided by the International Monetary Fund and the World Bank.
Learn more about developed, here:
https://brainly.com/question/30715659
#SPJ1
Identify the characteristics of nonsampling errors that occur in survey research. (Check all that apply.)
They result from some human error in either the design or the execution of a survey.
They have a tendency to create "systematic variation" or bias in the data.
The characteristics of nonsampling errors that occur in survey research.
They result from some human error in either the design or the execution of a survey.
They have a tendency to create "systematic variation" or bias in the data.
What is a survey?A survey is referred to as a type of data gathering in which a set of questions are posed to chosen individuals or samples and their responses are recorded. This information is then used in research to create new theories.
The term "non-sampling error" is used to describe any type of mistake that happens during the collection of information but is unconnected to selection and causes the data to diverge from the core beliefs.
Learn more about nonsampling errors, here:
https://brainly.com/question/15396688
#SPJ1
In a classroom discussion of the display, in a consolidated balance sheet, of the minority interest of preferred stockholders in the net assets of a subsidiary, student Ross suggested that such a minority interest differs from the minority interest of common stockholders, and thus possibly warrants display in the “mezzanine” section between liabilities and stockholders’ equity. Student Kerry disagrees; she maintains that the term minority applies to preferred stockholders as well as common stockholders other than the parent company; both minority interests are part of consolidated stockholders’ equity. Instructions Do you support the position of student Ross or of student Kerry? Explain.
I would support student Ross suggestion that such a minority interest differs from the minority interest of common stockholders.
What privileges do ordinary stockholders have?Six rights are granted to common shareholders: the ability to vote, the right to own property, the right to transfer ownership, the right to dividends, the right to see corporate records, and the right to bring legal claims for wrongdoing.
What benefits are there for holders of common stock?Generally speaking and over time, investing in common stock has shown to be a wonderful way to generate returns for investors through capital gains and regular dividends. The fact that companies avoid debt commitments by issuing shares, though they do give up some ownership position, is another advantage.
To know more about common stockholders visit:
https://brainly.com/question/17147773
#SPJ1
Here, Max is explaining what Rebecca needs to do to drive a bulldozer. Max is relying on his _____ effectively during the training session. skills to operate the machinery If those skills make up the majority of the skills he needs on the job, Max is probably a ____
Here, Max is explaining what Rebecca needs to do to drive a bulldozer. Max is relying on his technical skills effectively during the training session. skills to operate the machinery If those skills make up the majority of the skills he needs on the job, Max is probably a first-line manager
What is the skills about?
A first-line manager is a manager who is responsible for overseeing the day-to-day operations of a specific department or unit within an organization. They are often referred to as "front-line" managers because they are at the bottom of the managerial hierarchy and are closest to the employees who are doing the work.
Therefore, They are the first point of contact for their team members when they have questions or concerns, and they are responsible for communicating information from upper management down to their team.
Learn more about skills from
https://brainly.com/question/1233807
#SPJ1
explain the relation between planning and controlling
Answer: Planning is a thinking process while controlling is an executive function.
While planning involves creative thinking, imagination and sound judgement, controlling ensures that such decisions are converted into desired actions. Thus, planning is prescriptive, whereas, controlling is evaluative.
Explanation:
Hope this helped you, And if possible, could I have brainliest?
I also answered first! :D
(Please don't copy what I said for the people that are going to answer this question, thank you!) :D
Two different species of deer are housed in two separate areas of a wildlife park. The initial population of species a was 300, and the population is increasing by 15% every year. The initial population of species b was 400, and the population is increasing by 7% every year. Use the given information to determine when the two species will have the same population. After years, the populations of the two species will be approximately equal, with deer of each species.
With 524 deer of each type, the populations of the two species will be roughly equal after 4 years.
What is meant by exponential function?The exponential function is characterized as a function that grows quickly and whose value is always positive. With the exponent y = ax, where an is a constant and a > 1, it denotes.
We have, a wildlife park has two distinct zones where two different types of deer are kept.
300 individuals made up the founding population of species A, which is now growing by 15% annually.
By using the exponential function, we get
A = 300(1 + 15%)ⁿ = 300(1.5)ⁿ
B = 400(1+7%)ⁿ = 400(1.07)ⁿ
300(1.5)ⁿ = 400(1.07)ⁿ
simplifying the above equation, we get
n = 4 years
A = 300(1.5)⁴ = 524
Therefore, With 524 deer of each type, the populations of the two species will be roughly equal after 4 years.
To learn more about the exponential function refer to:
brainly.com/question/11487261
#SPJ1
'if you choose not to include a career objective, where should you discuss your career objectives and goals?
If you choose not to include a career objective in your resume the you can discuss your carrier objective and goals in your coverletter during the interview Process.
Where on a resume should a career objective be placed?A resume objective is a two to three sentence statement of your career goals that goes at the top of your resume. If you are changing careers or don't have adequate work experience in the field you are applying for, you should just include a resume objective.
What are your objectives and goals for your career?A concise, clear statement outlining your professional aspirations is known as a career aim. It often covers the kind of position or profession you want, as well as the particular sector of the economy you want to work in. In some situations, your intended wage range may be included in your professional aim for your Resume.
To know more about career objective visit:
brainly.com/question/10877541
#SPJ1
FILL IN THE BLANK when the demand for money parameter, k, is large, the velocity of money is ____and money is changing hands
Money changes hands often and at a high velocity when the k parameter, which measures the demand for money, is high.
The required details for demand in given paragraph
A consumer's desire to buy products and services and willingness to pay a certain price for them are two aspects of demand, an economic notion. When a product or service's price goes up, less people will typically buy it. In a similar vein, a rise in demand will follow a fall in a product or service's price. Demand is a concept that both customers and businesses are highly familiar with because it is logical and happens frequently throughout the course of almost any day.
When a product's pricing is low, for instance, shoppers who are keeping an eye on it will purchase more of it.
To know about demand click here
https://brainly.com/question/1245771
#SPJ1
Santana Rey created Business Solutions on October 1, 2021. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2021. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used for the single Accounts Receivable account. This change allows the company to continue using the existing chart of accounts.
Number Account Title Debit Credit
101 Cash $ 48,372 106.1 Alex’s Engineering Company 0 106.2 Wildcat Services 0 106.3 Easy Leasing 0 106.4 IFM Company 3,000 106.5 Liu Corporation 0 106.6 Gomez Company 2,668 106.7 Delta Company 0 106.8 KC, Incorporated 0 106.9 Dream, Incorporated 0 119 Merchandise inventory 0 126 Computer supplies 580 128 Prepaid insurance 1,665 131 Prepaid rent 825 163 Office equipment 8,000 164 Accumulated depreciation—Office equipment $ 400
167 Computer equipment 20,000 168 Accumulated depreciation—Computer equipment 1,250
201 Accounts payable 1,100
210 Wages payable 500
236 Unearned computer services revenue 1,500
307 Common stock 73,000
318 Retained earnings 7,360
319 Dividends 0 403 Computer services revenue 0
413 Sales 0
414 Sales returns and allowances 0 415 Sales discounts 0 502 Cost of goods sold 0 612 Depreciation expense—Office equipment 0 613 Depreciation expense—Computer equipment 0 623 Wages expense 0 637 Insurance expense 0 640 Rent expense 0 652 Computer supplies expense 0 655 Advertising expense 0 676 Mileage expense 0 677 Miscellaneous expenses 0 684 Repairs expense—Computer 0
Based on the given chart of accounts, it appears that the accounting system has been modified to set up separate accounts for each customer under account number 106 with a fourth digit after a decimal point.
What will be the Journal Entry ?This change was made to accommodate the company's growth and to continue using the existing chart of accounts.
As of December 31, 2021, the balances of the new customer accounts under account number 106 are as follows:
Alex’s Engineering Company (106.1): $0
Wildcat Services (106.2): $0
Easy Leasing (106.3): $0
IFM Company (106.4): $3,000
Liu Corporation (106.5): $0
Gomez Company (106.6): $2,668
Delta Company (106.7): $0
KC, Incorporated (106.8): $0
Dream, Incorporated (106.9): $0
Other accounts with balances as of December 31, 2021, include:
Cash (101): $48,372
Merchandise inventory (119): $0
Computer supplies (126): $580
Prepaid insurance (128): $1,665
Prepaid rent (131): $825
Office equipment (163): $8,000
Accumulated depreciation—Office equipment (164): $400
Computer equipment (167): $20,000
Accumulated depreciation—Computer equipment (168): $1,250
Accounts payable (201): $1,100
Wages payable (210): $500
Unearned computer services revenue (236): $1,500
Common stock (307): $73,000
Retained earnings (318): $7,360
Dividends (319): $0
Computer services revenue (403): $0
Sales (413): $0
Sales returns and allowances (414): $0
Sales discounts (415): $0
Cost of goods sold (502): $0
Depreciation expense—Office equipment (612): $0
Depreciation expense—Computer equipment (613): $0
Wages expense (623): $0
Insurance expense (637): $0
Rent expense (640): $0
Computer supplies expense (652): $0
Advertising expense (655): $0
Mileage expense (676): $0
Miscellaneous expenses (677): $0
Repairs expense—Computer (684): $0
Learn more about Journal Entry here
https://brainly.com/question/15004306
#SPJ1
In general, what are workplace characteristics that gen xers seek?
The workplace characteristics that Gen xers seek are there several of the characteristics re there in it as flexibility and work-life balance.
What is a characteristic?The quality or attributes of anything are its characteristics. Consider traits as the concepts that set one object or an individual apart from another. One trait of the chameleon, for happening, is its capacity for disguise.
The Gen x characteristics are as follows.
Self-sustaining, results-oriented and hard-working with an inclination to be quiet successes.Businessperson, educated and autarkical thinkers.Value diversity, speech act, and responsibility.Enjoy creative input and capable.Embrace application and social media.Therefore, As a result, above are mention the characteristics that gen xers seek.
Learn more about characteristics here:
https://brainly.com/question/30697556
#SPJ9
Following his high school graduation, Brandon buys a new laptop for $1,500 through BestSpend's payment program which requires no money down and only a $40/month payment at the end of each month. Interest on purchases through this program accrues at 25% APR compounded monthly.
If Brandon only ever makes the minimum payment, how long will it take to pay off the debt? Round to the nearest tenth of one month. (see Example 4.1)
A. 55.6 months
B. 70.3 months
C. 73.7 months
D. 81.7 months
If Brandon only ever makes the minimum payment, it will take to pay off the debt 73.7 months. Laptop costs=$1500, interest=25%. Months to return loan= 73.7 months. The correct option is c.
What do you understand about debt?Debt is usually money, borrowed by one party from another. Debt is used by many corporations and individuals to make large purchases that they could not afford under normal circumstances. A debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back at a later date, usually with interest.
In a debt-based financial arrangement, the borrowing party gets permission to borrow money under the condition that it must be paid back at a later date, usually with interest.
Learn more about debt, here:
https://brainly.com/question/17286021
#SPJ1