Business College

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31.
Debit Credit
Cash 1,500
Accounts Receivable 2,000
Interest Receivable 100
Prepaid Insurance 1,600
Notes Receivable (long-term) 2,800
Equipment 15,000
Accumulated Depreciation 3,000
Accounts Payable 2,400
Accrued Expenses Payable 3,920
Income Taxes Payable 2,700
Unearned Rent fees 500
Common Stock 5,000
Retained Earnings 2,700
Dividends 2,000
Rent Fees Earned 37,000
Furniture Rental Revenue 1,200
Interest Revenue 100
Wages Expense 19,000
Depreciation Expense 1,800
Utilities Expense 320
Insurance Expense 700
Maintenance Expense 9,000
Income Tax Expense 2,700
58,520 58,520
Prepare the entry required to close the expense accounts at the end of the period.

Answers

Answer 1

Answer and Explanation:

The journal entry required to close the expense account is given below:

Income summary Dr $33,520

To Wages Expense $19,000

To Depreciation Expense $1,800

To Utilities Expense $320

To Insurance Expense $700

To Maintenance Expense $9,000

To Income Tax Expense $2,700

(being the expenses accounts are closed)

Related Questions

The transfer of the right of recovery from the insured to the insurance company is called:

Answers

According to the research, the transfer of the right of recovery from the insured to the insurance company is called Subrogation.

What is subrogation?

It consists of changing the debtor or the lender in a financing, which produces a delegation or a succession of duties.

It is linked to subrogating a legal or natural person for another, replacing it, modifying the contract in terms of fulfilling an obligation or exercising an attribution.

Therefore, we can conclude that according to the research, the transfer of the right of recovery from the insured to the insurance company is called Subrogation.

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a client company is selling high value specialized assets, and your company has specialist expertise. your firm is approached by 4 potential bidders. can you work for more than one bidder?

Answers

The inference based on the information given about the bidders is that one can't work for more than one bidder.

What is an inference?

It should be noted that an inference simply means the conclusion that can be deduced based on the information given.

Here, one can't work. for more than one bidder as there will be a clash of interest and bias.

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Roberto and Kayleigh are neighbors living in Clermont County, Ohio. Roberto builds a fence on what he believes is the boundary of his property yet failed to have the property surveyed first. Kayleigh believes the fence is on her property, and subsequently sues Roberto, asking the court to require him to remove the fence. An earlier Ohio case held that in all boundary disputes, no fence may be built until a property survey occurs or the fence is subject to removal. The judge in Roberto and Kayleigh's case orders that the fence be removed because a survey was not done. In this case, the prior case upon which the judge relies is a.
stare decisis.

b.
precedent.

c.
unethical.

d.
common law.

Answers

Option B. The prior case upon which the judge relies is a precedent.

What is a precedent in law?

This is the term that is used to refer to the use of a case that has been judged before to settle another issue.

The precedent is set because a similar case was handled in a previous legal situation.

Answers

Option A. Self-assessment tools can help you choose an academic major by A. Helping you Identify your interests.

What are self assessment tools?

This is the term that is used to refer to the tools that can help a person choose career by letting them know what there interest are.

This tool helps the person to gather more information about herself which would help in the decision making.

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You have an employee that works remotely. Your business is located on one side of Alberta, and the employee works on the opposite side of Alberta. You realize that you need the employee to work at your physical business location. What must you pay your employee, so they receive $3000 after all mandatory deductions, which are at 38.165%?

Answers

Answer:

$4887.18

Explanation:

38.165% of what you pay your employee will be manually deducted. The other 61.835% must equal $3000. If 61.835% = 3000, 100% (total pay) = 4887.1874

You would need to pay your remote employee approximately $4844.76 as gross pay so that they receive a net amount of $3000 after deducting 38.165% for mandatory deductions.

What must you pay your employee, so they receive $3000 after all mandatory deductions, which are at 38.165%?

To ensure your employee receives a net amount of $3000 after all mandatory deductions at a rate of 38.165%, you'll need to calculate the gross pay before deductions.

Let G be the gross pay before deductions. The formula to calculate the gross pay is:

Gross Pay (G) = Net Pay / (1 - Deduction Rate)

Substituting the given values:

G = $3000 / (1 - 0.38165)

G = $3000 / 0.61835

G ≈ $4844.76

Therefore, you would need to pay your remote employee approximately $4844.76 as gross pay so that they receive a net amount of $3000 after deducting 38.165% for mandatory deductions.

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The adjusted trial balance of Sheri dan Company at December 31, 2022, includes the following accounts: Owner's Capital $16,000, Owner's Drawings $7,700, Service Revenue $38,800, Salaries and Wages Expense $15,200, Insurance Expense $2,700, Rent Expense $3,100, Supplies Expense $1,200, and Depreciation Expense $1,200.
Prepare an income statement for the year.

Answers

Proof of income statement.

Revenue

Service revenue 38300

Expense

Salaries and wages expense 15700

Insurance Expense 2300

Rent Expense 4600

Supplies expense 1200

Depreciation Expense 1400

Total expense 25200

Net income 13100

Sales are the sum of the revenue generated from the sale of goods or services related to the company's main activities. Income, also known as gross income, is often referred to as the "top line" because it is at the top of the income statement. Income or net income is the total profit or profit of the business.

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five fundamental economic problems

Answers

Answer:

Explanation:

What to produce and what quantity to produce?

How to produce?

For whom to produce the goods?

How efficient are the resources being utilised?

Is the economy growing?

Does anybody know how to solve this?

Answers

The Basic earnings per share is $2.75 per share.

Basic earnings per share

Using this formula

Basic earnings per share=Net income/Weighted-average common shares outstanding

Let plug in the formula

Basic earnings per share=$687,500/250,000 shares

Basic earnings per share=$2.75 per share

Therefore the Basic earnings per share is $2.75 per share.

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e tide of public opinion! CGTN, a think tank affiliated with China's China Media Group, has released a survey to global Netizens in six official languages of the United Nations. As many as 83.1 percent of respondents supported the WHO's investigation into the origin of the virus in the U.S. The eyes of the people are sharp.

Answers

By inference, the conclusion from the above text is suggestive of the fact that 83.1% of Netizens, that is internet citizens share the opinion that WHO was right to have investigated the Origin of the Virus in the United States of America. This is about public opinion.

What is public opinion?

Public opinion simply refers to the of the vast majority of people with regard to an idea or topical discourse.

In commerce, it is important for the players at every level to take public's opinion very important because they are reflective of what most are thinking and would influence the direction of flow of wealth. In politics, it would speak to the direction of influence.

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How can support units deliver functional and services to support the organization?

Answers

Answer:

whenimetuindasumma

Explanation:

tomyheartbearsound

Select each of the tasks associated with opening a checking account.

Run a credit report.
Complete a W-2 form.
Verify the account.
Deposit at least the minimum balance.
Provide information such as name, address, date of birth, and Social Security Number.
Provide identification.
Sign an authorization card.

Answers

Tasks associated with opening a checking account are:

Provide information such as name, address, date of birth, and Social Security Number.Provide identification.Deposit at least the minimum balance.Sign an authorization card.

A checking account makes it simple to access your money for daily transactions while also keeping it safe. Typically, customers can pay their bills or make purchases using a debit card or a cheque. Different methods may be available for accounts to help avoid the monthly service charge.

A checking account's main function is to store your money in a safe location for a brief period of time, making it accessible when you need it to cover bills and other costs.

Customers who open checking account consent to make deposits into the account, and in return, the bank is obligated to carry out their payment instructions.

Before creating a checking account, it is important to weigh your options and find out whether or not the entity will charge you for maintaining the account and any related items. Being of legal age and fulfilling the conditions established by the chosen financial institution are the second prerequisites you must meet in order to open a checking account.

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A test of H0: m = 60 versus H1: m < 60 is performed using a significance level of alpha = 0.05. The value of the test statistic is z = –2.07. Is H0 rejected?
No
Yes

Answers

Yes, the value of the test statistic is z = –2.07. Yes H0 is rejected.

For example, if the required significance level for a result is 0.05, the corresponding value of z must be greater than or equal to z* = 1.645 (or less than or equal to -1.645 for the one-sided alternative). mean is smaller than the null hypothesis).

If the p-value is less than 0.05, reject the null hypothesis that the means are not different and conclude that the difference is significant. If the p-value is greater than 0.05, you cannot conclude that there is a significant difference.

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The time lag for monetary policy is typically ________________ the time lag for fiscal policy.

Answers

Answer:

official policy time lab monitor policy and changes normally to take us certain amount of time have any effect on the economy the time lag could be span anywhere from 9 months up to 2 years sincere policy if x on

The process of evaluating and planning for long-term investments is called budgeting.

Answers

The process of evaluating and planning for long-term investments is called Capital budgeting

This is further explained below.

What is Capital budgeting?

Generally, A company will go through the process of capital budgeting in order to assess the viability of proposed big expenditures or projects. Before a decision to accept or reject a project can be made, it must first go through the process of capital budgeting. Some examples of projects that need this step are the construction of a new factory and a significant investment in an outside enterprise.

In conclusion, Capital budgeting refers to the act of analyzing and organizing one's finances with regard to long-term investments.

Answers

Answer:

5000

Explanation:

100,000x5%= 5000

5000x4 years= 20,000x5%= 1000

5000x5=25,000x5%= 1250

1250+ 1000= 2250

R= 1750

5000-2250-1000= 1750

I might be wrong

To achieve a zero balance after the last withdrawal at the end of year 9, the annual withdrawal R should be approximately $8,808.88.

Find the value of R, by using the formula for the future value of an ordinary annuity:

[tex]FV = R * [(1 - (1 + r)^{-n}) / r][/tex]

where:

FV = Future Value of the annuity

R = Regular annuity payment

r = Periodic interest rate

n = Number of periods

FV of annuity = [tex]R * [(1 - (1 + 0.05)^{-6}) / 0.05][/tex]

where R is the annual withdrawal, and we want the future value of the annuity to equal the future value after 4 years.

Calculating the future value after 4 years of the $100,000 initial deposit at a 5% annual interest rate:

[tex]\text{Future Value (FV) after 4 years} = \$100,000 * (1 + 0.05)^4 \\= \$100,000 * 1.21550625 \\= \$121,550.63[/tex]

Set the FV of the annuity equal to the FV after 4 years and solve for R:

[tex]$121,550.63 = R * [(1 - 1.21550625^{-6}) / 0.05][/tex]

Now, solving for R:

[tex]R = $121,550.63 / [(1 - 1.21550625^{-6}) / 0.05]\\R = $8,808.88[/tex]

So, to achieve a zero balance after the last withdrawal at the end of year 9, the annual withdrawal R should be approximately $8,808.88.

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is andre de ruyter actively involved in the decisions making

Answers

Yes, Andre de Ruyter has been actively involved in the decisions making.

State-owned electricity company Eskom in South Africa, according to Group CEO André de Ruyter, is at a crossroads. The CEO of the electricity company was questioned by Professor Anton Eberhard, at the Graduate School of Business at the University of Cape Town.

With the exception of Medupi and Kusile, Eskom's fleet of coal-fired power plants is, on average, 41 years old. These power plants have not been maintained properly and have been operated far more aggressively than permitted by international standards.

He claims that Eskom is still looking for funding possibilities. To enable private investors in a generation, it is crucial to distinguish Eskom's historical debt from its prospects for development in both generating and transmission, and distribution projects.

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Assume that you and your classmates are board members of a child care and education center for 60 preschool children located in a community center building. They had asked you to set up the program four years ago. Now the community center director feels he needs your space for additional adult activities during the day. You need to move out of the building in 30 days. What will you do? Consider all the options, and then make a plan.

Answers

The best plan for you would be to write to the education board regarding the issues that you are facing.

What are the functions of the local education board?

The education board in a local area can help to do the following

Employ a school superintendentdevelop school policiesDevelop curriculumTake care of all issues that have to do with facilities.

Hence the best thing would be to let them know of the issues you are facing in order to determine the best help necessary.

Answers

The type of failure occurred in this scenario is option C: design failure.

What is failure in engineering design?

Failure is known to occur due to the deficient in the product design, and it is one that can show that there was a faulty process.

Note that in the case above, since the problem was from those who made the aircraft, therefore, the type of failure occurred in this scenario is option C: design failure.

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20 pts
What is the oldest human sport on record?
O A. racing
OB.
archery
O c.
wrestling
O D. weightlifting

Answers

Answer:

D. Wrestling

Explanation:

The oldest sport in human history is wrestling.

Source: catawiki

"We know this because of a set of famous cave paintings in Lascaux, France, dating back 15,300 years ago which depict wrestlers. And it wasn't just in France either; paintings with illustrated wresters have been found in caves all over the world, from 7000 BC in Mongolia, from 6000 BC in Libya and in prehistoric caves in Japan."

Discuss the principles of management.

Please help

Answers

The principles of management are scientific principles that enable managers to make organizational decisions, accomplish tasks, and achieve organizational goals.

What are the principles of management?

The principles of management enunciated by Henri Fayol enable managers to become efficient and effective include:

Division of WorkDisciplineUnity of DirectionUnity of CommandRemunerationScalar ChainOrderEquityInitiativeEsprit de CorpsThe Degree of CentralizationAuthority and ResponsibilitySubordination of Individual InterestStability of Tenure of Personnel.

These principles of management provide guidance to managers in their decision-making and management activities.

Thus, the principles of management enable managers to make organizational decisions, accomplish tasks, and achieve organizational goals.

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At the end of the current year, Accounts Receivable has a balance of $825,000; Allowance for Doubtful Accounts has a credit balance of $7,500; and sales for the year total $3,710,000. Bad debt expense is estimated at 1/4 of 1% of sales.

A) Determine the amount of the adjusting entry for uncollectible accounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.

Accounts Receivable:
Allowance for Doubtful Accounts:
Bad Debt Expense:

c. Determine the net realizable value of accounts receivable.

Answers

A. The amount of the adjusting entry for uncollectible accounts is $1,775.

B. The adjusted balances of the Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense are:

Accounts Receivable: $4,535,000

Allowance for Doubtful Accounts: $9,275

Bad Debt Expense: $1,775

C. The net realizable value of the accounts receivable is $4,525,725.

What is the net realizable value of accounts receivable?

The net realizable value of accounts receivable is the estimated collections that can be recovered from credit customers.

It is the difference between the total credit sales and the allowance for doubtful accounts.

Data and Calculations:

Ending balances:

Accounts Receivable $825,000 DR

Allowance for Doubtful Accounts $7,500 CR

Sales = $3,710,000

Estimated bad debt expense = 0.0025 (1/4 of 1%) of sales

= $9,275 ($3,710,000 x 0.0025)

A. The amount of the adjusting entry for uncollectible accounts is $1,775 ($9,275 - $7,500).

B. The adjusted balances of the Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense are:

Accounts Receivable: $4,535,000 ($825,000 + $3,710,000)

Allowance for Doubtful Accounts: $9,275

Bad Debt Expense: $1,775

C. The net realizable value of the accounts receivable is $4,525,725 ($4,535,000 - $9,275).

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17 What is the share price when the price-to-earnings (P/E) multiple of a comparable company is 6.5

Answers

If the P/E ratio is 6.5 the share price of the company can be determined if the earnings per share or the total earnings and the total number of shares of a company.

What is Share Price?

Share price is the price quoted in the market for the exchange of 1 share of the company. Company have a large number of ordinary shares, which is circulated in the stock market where the shares are purchased by individuals.

If the Earnings per share ratio is available the share price can be determined as the P/E ratio is Price over Earnings ratio.

Share Price is divided by the Earnings per share to calculate the P/E ratio which is 6.5 in the given question.

The price should be considered as x and the earnings per share to be multiplied by the P/E ratio that is 6.5.

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What was the opening price of Dow Jones Industrial Average on Oct 12, 2018 in the format of XXXXX.XX?

Answers

The opening price of the Dow Jones Industrial Average on Oct 12, 2018 was 25,598.74.

What is the Dow Jones Industrial Average?

This is one of things known as stock market indexes that track the stock market prices of 30 large companies.

On Oct 12, 2018, this index had an opening price of 25,598.74 after having suffered a loss of 3.2% in the previous day's trading.

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John Regan, an employee at Home Depot, made deposits of $800 at the end of each year for 4 years. Interest is 4% compounded annually. What is the value of John’s annuity at the end of 4 years? (Use Table 13.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Answers

John Regan, an employee at Home Depot, made deposits of $800 at the end of each year for 4 years. The value of John’s annuity at the end of 4 years is; John's annuity $3,397.20. This is further explained below.

What is an annuity?

Generally, An annuity is a kind of financial instrument that provides its owner with a predetermined and ongoing stream of payments. This type of product is often purchased by retirees in order to supplement their income during their golden years.

In conclusion, During his four years as an employee at Home Depot, John Regan deposited a total of $8,000 at the conclusion of each calendar year. At the conclusion of four years, John's annuity will be worth $3,397.20, which is the value of John's annuity.

Answers

I think if I perceive someone a certain way, then it means I saw something in their behavior that caused me to view them as such.

If I perceive someone as a troublemaker, then something in their behavior suggested that they make trouble. Of course I could be wrong. But in general, someone’s characteristics gives people certain perceptions of them (not taking into account prejudgement as soon as seeing the person).

A traveler needs to _____________ only when upon returning from an international trip.
agree to hand inspection of baggage
fill out a Customs Declaration Form
pass through airport security
show a form of government identification

Answers

A traveler needs to show a form of government identification only when upon returning from an international trip.

US ID cards are usually local state-issued driver's licenses or ID cards, but social security cards (or just social security numbers) and US passport cards also serve as national ID cards.

A valid government-issued ID must include a photo, current address, signature, and a unique number or barcode associated with the individual (driver's license, passport number, etc.). ID) When submitting Form DS-11 in the following cases: 18 years or older. parent or legal guardian

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Moss Co. issued $100,000 of five-year, 11% bonds with interest payable semiannually, at a market (effective) interest rate of 8%. Determine the present value of the bonds payable, using the present value tables in Exhibit 8 and Exhibit 10.

Note: Round to the nearest dollar.

Answers

The present value of the bond payable is $120,130.

What is the present value?

The present value of the bond is the sum of the the bonds discounted cash flows.

Present value can be calculated using a financial calculator:

Cash flow each year from period 1 to 10 : 11% x 100,000 = 11,000Cash flow in period 20 : 100,000 Interest rate = 8%

Present value = $120,130.24

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What is the interest expense on December 31?

Answers

The interest expense on December 31 of the first year is $5,250.

What is the interest expense on bonds?

The interest expense for a bond that has the same coupon rate as the market rate is always the same for all periods of the bond.

This shows that the bond was issued at neither premium nor discount but at par.

Data and Calculations:

N (# of periods) = 20

I/Y (Interest per year) = 7.5%

PMT (Periodic Payment) = $5,250 ($140,000 x 7.5% x 1/2)

FV (Future Value) = $140,000

Results:

PV = $140,000.00

Sum of all periodic payments = $105,000 ($5,250 x 20)

Total Interest = $105,000

Schedule

Period PV PMT Interest FV

1 $140,000 $5,250 $5,250 $140,000

2 $140,000 $5,250 $5,250 $140,000

Thus, the interest expense on December 31 of the first year is $5,250.

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What are the most important facts that support Lambert's Position that a contract existed?

Answers

After evaluating the evidence, the court found that there was no valid contract between the parties this is the most important fact that supports Lambert's Position.

Don M. Baron is the owner of DMB. Inc., a construction contractor for the Farmer Building. In 1996 they subcontracted out-of-state developers, and by 1998 DMB. Inc and the developers had argued over all five projects.

Donald G. Lambert is a friend of Baron's, and their friendship began in the 1980s when they worked together under the Louisiana Authorized Contractors Commission. Lambert has experience dealing with arbitration related to construction work.

The problem begins with Baron calling Lambert to discuss contract work and personal issues. In November 1998, Lambert met with Baron to discuss work-related and financial issues.

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Amazon is the dominant firm in the online shopping service industry, which has a total market demand given by Q = 100 – 2 P. Amazon has competition from a fringe of four small firms that produce where their individual marginal costs equal the market price. The fringe firms each have total costs given by TCi = 10 Qi + Q 2 i. If Amazon’s total costs are given by TCA = 10 + 10 QA, what price should Amazon establish for online shopping service?

Answers

The price that Amazon has to establish for their online shopping should be $20.

How to solve for the price

We have the price function as

P = 10 + 2Qi

Make Qi subject

= Qi = 0.5P - 5

4 firms with identical features

This would give us

Qs = 4Qi

Qs = 4(0.5P -5)

Qs = 2p - 20

Q = 100 - 2p

Qa = Q - Qs

(100 - 2P) - (2P -20)

Take like terms

100 - 2p - 2p + 20

100 - 4p + 20

Qa = 120 - 4p

Make p subject

p = 120 - Qa / 4

p = 30 - 0.25Qa

TRa = p*Qa

= (30 - 0.25Qa)Qa

= 30Qa - 0.25Qa²

MRa

= 30 - 0.5Qa

TCA = 10 + 10QA

= ΔTCA / ΔQA

= 10

30 - 0.5QA = 10

Take like terms

30 - 10 = 0.5Qa

divide through by 0.5

20/0.5 = Qa

40 = Qa

Output produced = 40.

We have P as

30 - 0.25QA

P = 30 - 0.25( *40)

= 20

Hence the price that Amazon has to establish for the online shopping should be $20