The Adjusted Trial Balance of ACME Fireworks on January 31, 2021 is as follows and totals $517,300 on both sides.
Adjusted Trial Balance
January 31, 2021
Accounts Debit Credit
Cash $27,000
Accounts Receivable 188,400
Allowance for Uncollectible Accounts $ 600
Inventory 15,000
Land 59,000
Equipment 21,500
Redeemable Gift Cards 8,200
Accumulated Depreciation 2,800
Accounts Payable 86,800
Notes Payable (6%, due April 1, 2019) 63,000
Common Stock 48,000
Retained Earnings 27,900
Sales Revenue 280,000
Cost of Goods Sold 154,300
Salaries Expenses 52,100
Totals $ 517,300 $ 517,300
Data and Calculations:
ACME Fireworks General Ledger Account Balances
January 1, 2021
Accounts Debit Credit
Cash $ 26,400
Accounts Receivable 48,800
Allowance for Uncollectible Accounts $ 5,500
Inventory 21,300
Land 59,000
Equipment 21,500
Accumulated Depreciation 2,800
Accounts Payable 29,800
Notes Payable (6%, due April 1, 2019) 63,000
Common Stock 48,000
Retained Earnings 27,900
Totals $ 177,000 $ 177,000
Analysis of Transactions:
Jan. 2 Cash $8,200 Redeemable Gift Cards $8,200
Jan. 6 Inventory $148,000 Accounts Payable $148,000
Jan. 15 Accounts Receivable $136,000 Sales Revenue $136,000
Cost of Goods Sold $74,300 Inventory $74,300
Jan. 23 Cash $125,500 Accounts Receivable $125,500
Jan. 25 Accounts Payable $91,000 Cash $91,000
Jan. 28 Allowance for Uncollectible Accounts $4,900 Accounts Receivable $4,900
Jan. 30 Cash $10,000 Accounts Receivable $134,000 Sales Revenue $144,000
Cost of Goods Sold $80,000 Inventory $80,000
Jan. 31 Salaries Expense $52,100 Cash $52,100
Adjustments of the Trial Balance with Transactions:
Accounts Debit Credit
Cash $ 26,400 + 8,200 + 125,500 - 91,000 + 10,000 - 52,100
Accounts Receivable 48,800 + 136,000 - 125,500 - 4,900 + 134,000
Allowance for Uncollectible Accounts $ 5,500 - 4,900
Inventory 21,300 + 148,000 - 74,300 - 80,000
Land 59,000
Equipment 21,500
Redeemable Gift Cards 8,200
Accumulated Depreciation 2,800
Accounts Payable 29,800 + 148,000 - 91,000
Notes Payable (6%, due April 1, 2019) 63,000
Common Stock 48,000
Retained Earnings 27,900
Sales Revenue 136,000 + 144,000
Cost of Goods Sold 74,300 + 80,000
Salaries Expenses 52,100
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Information related to Pagnucci Co. is presented below.
1. On April 5, purchased merchandise from Mockingbird Company for $20,000 terms 2/10, net/30, FOB shipping point.
2. On April 6 paid freight costs of $500 on merchandise purchased from Mockingbird.
3. On April 7, purchased equipment on account for $29,000.
4. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $3,000 credit for returned merchandise.
5. On April 15 paid the amount due to Mockingbird Company in full.
(a) Prepare the journal entries to record these transactions on the books of Pagnucci Co. under a perpetual inventory system.
(b) On April 20, Pagnucci sold 60% of the goods purchased from Mockingbird. What amount would they record as cost of goods sold?
(c) How would the April 6 entry be different if the $500 was paid to ship goods to a customer (rather than for shipping costs for goods purchased)?
(d) Assume that Pagnucci Co. paid the balance due to Mockingbird Company on May 4 instead of April 15. Prepare the journal entry to record this payment.
a) Journal Entries on the books of Pagnacci Co. are as follows:
April 5 Debit Inventory $20,000
Credit Accounts Payable (Mockingbird Company) $20,000
To record the purchase of goods on account, terms 2/10, net/30, FOB shipping point.
April 6 Debit Freight-in $500
Credit Cash $500
To record the payment of freight
April 7 Debit Equipment $29,000
Credit Accounts Payable $29,000
To record the purchase of equipment on account.
April 8 Debit Accounts Payable (Mockingbird Company) $3,000
Credit Inventory $3,000
To record the return of goods for credit.
April 15 Debit Accounts Payable (Mockingbird Company) $17,000
Credit Cash $16,660
Credit Cash Discount $340
To record the payment on account in full, including discounts.
b) The cost of goods sold is $10,500 ($17,500 x 60%).
c) The difference is that the $500 will not be included in the cost of of the inventory purchase. Instead, it will be treated as a selling expense (freight-out).
d) The Journal Entry to record the payment on May 4 instead of April 15 is as follows:
May 4 Debit Accounts Payable (Mockingbird Company) $17,000
Credit Cash $17,000
To record the payment on account in full.
Data Analysis:
April 5 Inventory $20,000 Accounts Payable (Mockingbird Company) $20,000 terms 2/10, net/30, FOB shipping point.
April 6 Freight-in $500 Cash $500
April 7 Equipment $29,000 Accounts Payable $29,000
April 8 Accounts Payable (Mockingbird Company) $3,000 Inventory $3,000
April 15 Accounts Payable (Mockingbird Company) $17,000 Cash $16,660 Cash Discount $340
Cost of goods available for sale:
Inventory purchase = $20,000
Freight-in 500
Inventory return = (3,000)
Cost of goods available $17,500
Cost of goods sold (60%) $10,500
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Which questions can most help a writer revise an argumentative essay?
Answer:
Explanation:
Argumentative essays are written to prove a point and convince the reader that your claim is superior to opposing points. Therefore, A) “Do details help support the claim?” Is the best answer out of these choices..
The City of Holbrook transferred $100,000 from the General Fund to the Debt Service Fund for payment of interest. The appropriate entry in the General Fund to record this transfer would be
a. Debit Expenditures $100,000; Credit Cash $100,000.
b. Debit Other Financing Uses Transfer Out $100,000; Credit Cash $100,000.
c. Debit Fund Balance Transfer Out $100,000; Credit Cash $100,000.
d. Debit Other Financing Sources Transfer In $100,000; Credit Cash $100,000.
Answer:
A. Debit Expenditures $100,000; Credit Cash $100,000.
Explanation:
Don't really have one, but hope this helped! :D
What's the purpose of the three questions you should ask before using your emergency fund?
The three-question:
Is it unexpected?
Is it necessary?
Is it urgent?
Answer:
to reconsider yourself before spending your emergency funds.
Explanation:
if it's not important then don't use it.
is it unexpected?.. well do you expect to use this fund.
is it necessary?... do you really need this stuff
is it urgent?.... do you need these things right now?
HELPPP Why do many business owners avoid market research? Question 14 options: They're afraid of hearing any negative feedback. They don't know how to do it. They're unwilling to take the time. They're shy.
Answer:
they are afraid of hearing any negative feedback
i need answers right no
Answer:
what's the whole question
I can't understand
The hazard management process consists of a number of activities designed to reduce loss of life and destruction of property. Natural hazard management has often been conducted independently of development planning. A distinctive feature of OAS technical assistance is the integration of the two processes.
Which part of the Business Cycle would this graph represent?
bust is the correct answer
2. There is no way to resolve the conflict between commercial business goals and those of social innovation. True or False?
a. True
b. False
There is no way to resolve the conflict between commercial business goals and those of social innovation. Social innovation follows a different process to more commercial forms of innovation. Whilst empathy and a need for social justice may be necessary attributes of a social entrepreneur, they are not sufficient. so true.
Investor A has an initial wealth of $100 and a utility function of the form: U(w) = log(w) where w is her wealth at any time. Investment Z offers her a return of −18% or +20% with equal probability. i. What is her expected utility if she invests nothing in Investment Z? ii. What is her expected utility if she invests entirely in Investment Z? iii. What proportion a of her wealth should she invest in Investment Z to maximize her expected utility? What is her expected utility if she invests this proportion in Investment Z?
With this initial investment of 100, the investors utility if she invests nothing is 2. If she invests entirely her utility is 2.00432
From the available question, these are the the solutions from option (i) to (iii)
i.) We have utility defined as
U(w) = log w
w = 100
[tex]Utility=log(100)[/tex]
= 2
ii) If she invests entirely in Z, utility:
[tex]return*probability\\[/tex]
-18% x 50% = -9%
20% x 50% = 10%
-9% + 10% = 1%
w = 100 + 1
= 101
[tex]Utility = log(101)[/tex]
= 2.00432
This is her utility if she invests entirely in Z.
iii) This investor has these two choices:
invest in zleave resources idleIf she invests in z she gets a 1% increase. Therefore her wealth increases or is maximum when she invests in Z.
Her utility if she invests this proportion in Z is the same as what was solved in (ii) above.
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In a research experiment, Priya hears the following list of words:
orange, belt, table, swing, cheese, walk, sting, camel, shell, tan, ivy, cola, plane,
screen, egg. When the list is completed, which of the following words will Priya be
least likely to recall?
a)
Orange
b) Cola
c) Table
d) Camel
Answer:
orange
hope this answer may help you
Explanation:
option B, Cola is the correct answer.
hope this helps you.
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Explain how the following transactions would affect U.S. net capital outflow. For each transaction, state whether it represents direct investment or portfolio investment.a.An American cellular phone company establishes an office in the Czech Republic.b.Harrods of London sells stock to the General Motors pension fund.c.Honda expands its factory in Marysville, Ohio.d.A Fidelity mutual fund sells its Volkswagen stock to a French investo
The transactions would affect U.S. net capital outflow in the following ways:
Foreign direct investment.Foreign portfolio investment.Foreign direct investmentForeign portfolio investmentAn American cellular phone company that establishes an office in the Czech Republic is an increase in net capital flow and foreign direct investment.
Harrods of London sells stock to the General Motors pension fund is an increase in net capital flow and foreign portfolio investment.
Honda expands its factory in Marysville, Ohio is a decrease in net capital flow and foreign direct investment.
A Fidelity mutual fund sells its Volkswagen stock to a French investor is a decrease in net capital flow and foreign portfolio investment.
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Warner Company has $196,000 of total fixed costs and sells products A and B with a product mix of 40% A and 60% B. Selling prices and variable costs for A and B result in contribution margins per unit of $8 and $4, respectively. Compute the break-even point. Enter product mix answers in decimal form. Round weighted average unit contribution margin to two decimal places, if applicable.
The break-even point of Warner Company is 3,500 units.
Here, we are going to calculate the break-even point of Warner Company.
Product Product Mix Contribution margin Weighted Average unit
[1] per unit[2} contribution margin[1*2]
A 40% $8 $3.2
B 60% $4 $2.4
Total $5,6
Formula for Break Even point is Fixed cost / Weighted average unit contribution margin
Break-even point = $196,000 / $5,6
Break-even point = 3,500 units
Therefore, the break-even point of Warner Company is 3,500 units.
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Camilla works as a data entry specialist in the local government offices. The government office is trying to update by getting rid of all paper records. Which is where Camilla comes in. What is one task that Camilla might have as part of the job
I will give 20 points And brainliest
Answer:
Camilia would likely have to either 1. scan the documents to online or 2. Copy all information on the documents to online. Due to it being a government officer, all documents are likely important and will be copied to the cloud/drive.
Explanation:
This is just a answer using logic, not any actual definitions.
Answer:
scanning the records into the system
Explanation:
its the most logical considering they want all paper records gone, but probably want to keep them in the system
Buzz's Educational Software Outlet sells two or more of the video games as a single package. Managers are keenly interested in individual productprofitability figures. Information pertaining to three bundled products and the standalone prices is as follows:
StandAlone Selling Price Cost Package Packaged Price Reading Fun 1. Reading Fun & Math Fun Math Fun 2. Reading Fun & Analysis Analysis 3. All three
Using the standalone method with selling price as the weight for revenue allocation, what amount of revenue will be allocated to Reading Fun in the first package (Reading Fun & Math Fun)?
A. $20.89
B. $37.00
C. $28.62
D. $35.69
Which QuickBooks Online report answers the common business question: "Who owes me money?"
Answer:
Accounts Receivable Aging report.
Explanation:
Because you're receiving money.
What is the origin, development, and importance of ethics in business?
Answer:
The notion of ethics in business can be traced back to the earliest forms of bartering, based on the principle of equal exchange. Countless philosophers and economists have examined the topic, from Aristotle and his concept of justice to Karl Marx's attack on capitalism.
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What was your largest contributor from indoor water? Why?
I need description
How would you balance demands from different stake holders that are at
variance with each other?
3. Identifying the Problem, Defining the Purpose, and Collecting Data Business reports require planning. Before you begin writing a report, you should define the project and gather data. In order to determine the problem your report will help to solve, you should first . What are the typical sources for gathering factual data for informal reports
The first step to show the problem the report focuses on is writing a clear problem statement. On the other hand, the most common sources for informal reports include observations, electronic sources, and printed materials.
In companies, the purpose of most reports is to describe or a process in a detailed way. In the case of reports that focus on problems, these reports aim at explaining through accurate data a problem or issue in the company.
One of the first elements in these reports is a clear problem statement, this means the problem the reports explain is summarized in a short but clear and accurate statement. This statement is usually one of the first elements in the report because it helps the writer know what the report is about.
On the other hand, reports need to illustrate and explain the problem based on realistic and accurate data. Because of this to write a report sources such as articles, observations, printed documents, etc.
In the case of informal reports the most common sources are:
Observations: Information you obtain by monitoring a process or phenomenon.Electronic sources: Information related to the problem found on the internet or in electronic records.Printed materials: Documents such as letters, reports, etc. that provide information about the problem.Learn more in: https://brainly.com/question/11509805
Kendra is a quality assurance inspector for a toothpaste manufacturer what would be one task that Kendra might perform as part of her job
I give 20 points
Answer:
A. Kendra opens random boxes of toothpaste and inspects the tubes inside.
I am sorry if it is not correct, it just seems like the most logical answer, as she assures the quality of toothpaste.
To remodel a restaurant, Two Brothers Pizza signs a 250-day note with proceeds of $63,159.72 and a maturity value of $68,000. Find the APR.
The annual percentage rate is 11.19%.
Annual percentage rate is the yearly interest generated on the loan granted to borrowers or paid to investors.
.
The formulae for APR is (Maturity Value / Net Proceed - 1) * (365 / Period of Note).,Given data
Net Proceed = $63,159.72
Maturity Value = $68,000
Period of Note = 250 days
APR = ($68,000 / $63,159.72 - 1) * (365 / 250)
APR = 0.076636 * 1.46
APR = 0.1119
APR = 11.19%
Therefore, the annual percentage rate is 11.19%.
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At Dec. 31 Gill Co. reported accounts receivable of $238,000 and an allowance for uncollectible accounts of $600 (debit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be:
Answer:
to make the money
Explanation:
What was California’s GDP in 2010 in millions?
$5,840.7
$5,810.2
$5,814.4
$5,339.8
$4,050.9
Answer:5,814.4
Explanation:
poigghhgfdsfgvbbbbnhjm
Answer:
Explanation:
For time
Answer:
what are you talking about ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Explanation:
Randall Go-Karts sells motorized go-karts. Randall Go-Karts are motorized and are typically purchased by amusement parks and other recreation facilities, but are also occasionally purchased by individuals for their own personal use. The company uses a perpetual inventory system. Selected transactions in the month of December follow:
Requirement: Describe how each of the contingent liabilities in the selected December transactions would be treated in Tripp's financial statements for 2022.
a. Dec 22 transaction will be footnoted as a contingent liability.
b. Dec 22 transaction will not be footnoted because it is unlikely to be a loss.
c. Dec 31 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will also be footnoted.
d. Dec 5 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will also be footnoted.
e. Dec 27 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will not be footnoted since it is recorded on the financial statements.
f. Dec 27 transaction will be reported as a liability on the balance sheet and a loss on the income statement. Transaction will also be footnoted.
g. Dec 31 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will not be footnoted since it is recorded on the financial statements.
h. Dec 5 transaction will be footnoted as a contingent liability.
The description of the treatment of each contingent liability, arising from the affected December transactions in the financial statements of Tripp are as follows:
1. Dec 5 transaction will be treated as h. footnoted
2. Dec 22 transaction will not be treated as b. not footnoted
3. Dec 27 transaction will be reported as e. liability and expense
4. Dec 31 transaction will be reported as g. liability and expense
Thus, contingent liabilities are disclosed if their amounts can be reasonably estimated and they are likely to occur. They are footnoted if the amounts cannot be reasonably estimated, though they are likely to occur.
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The transactions are in the attachment.
The only accurate statement about consequentalism is:
Answer:
is a class of normative, teleological ethical theories that holds that the consequences of one's conduct are the ultimate basis for any judgment about the rightness or wrongness of that conduct.
In 2021, Ava, an employee, who files single, has AGI of $51,900 and incurred the following miscellaneous itemized deductions this year: Union dues and work uniforms: $1,080 Home office expenses: $3,240 Unreimbursed employee expenses: $1,512 Gambling losses to the extent of gambling winnings: $1,400. What is Ava's total itemized deduction related to these items
Ava's total itemized deduction related to these items is $6,194.
Total Itemized Deduction:
Home office expenses: $3,240
Union dues and work uniforms $1,080
Unreimbursed employee expenses $1,512
Less: 2%of AGI ($51,900×2%) ($1,038)
$4,794
Gambling losses to the extent of gambling winnings $1,400
Total Itemized Deduction $6,194
($4,794+$1,400)
Inconclusion the total itemized deduction related to these items is $6,194.
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Mooradian Corporation’s free cash flow during the just-ended year (t = 0) was $160 million, and its FCF is expected to grow at a constant rate of 5.0% in the future. Assume the firm has zero non-operating assets. If the weighted average cost of capital is 12.5%, what is the firm’s total corporate value, in millions?
The firm’s total corporate value, in millions is: $22,400,000.
Using this formula
Firm Total Corporate Value =Free cash flow (1+ Growth) / Average cost of capital - Growth
Where:
Free cash flow=$160 million
(1+ Growth) =(1+5.0%)
Average cost of capita=12.5%
Growth=5%
Let plug in the formula
Firm Total Corporate Value= $160,000.000 ( 1+0.05)/12.5%-5%
Firm Total Corporate Value=$160,000,000(1.05)/7.5%
Firm Total Corporate Value=$168,000,000/7.5%
Firm Total Corporate Value=$22,400,000
Inconclusion the firm’s total corporate value, in millions is: $22,400,000.
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3. Which of the following statements is true with regards to an investment property? (A) An investment property generates cash flows largely independently of the other assets held by an entity (B) The value in use of investment property is significantly higher than of owner-occupied property (C) An investment property unlike owner-occupied property shall not be depreciated over its useful life (D) An investment property unlike owner-occupied property shall always be measured at its historical cost
Answer: An investment property generates cash flows largely independently of the other assets held by an entity
Explanation:
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