Sarasota Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2017, Sarasota had the following transactions related to notes payable.
Sept. 1 Issued a $16,800 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Sarasota uses a perpetual inventory system.)
Sept. 30 Recorded accrued interest for the Pippen note.
Oct. 1 Issued a $22,800, 10%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1.
Oct. 31 Recorded accrued interest for the Pippen note and the Prime Bank note.
Nov. 1 Issued a $27,600 note and paid $8,100 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months.
Nov. 30 Recorded accrued interest for the Pippen note, the Prime Bank note, and the vehicle note.
Dec. 1 Paid principal and interest on the Pippen note.
Dec. 31 Recorded accrued interest for the Prime Bank note and the vehicle note.
I was wondering how to do the journal entries for...
1. October 1st
2. November 1st
3. November 30th
4. December 31st

Answer:

Sarasota Corporation

Journal Entries for the following dates:

Oct. 1: Debit Equipment $22,800

Credit 10% Notes Payable (Prime Bank) $22,800

To record the issuance of a 4-month note.

Nov. 1: Debit Vehicle $35,700

Credit Cash $8,100

Credit 6% Notes Payable $27,600

To record the issuance of a 12-month note and cash for purchased vehicle.

Nov. 30: Debit Interest Expense $454

Credit Interest payable $454

To accrue the interests due on the notes.

Dec. 31: Debit  Interest Expense $328

Credit Interest payable $328

To accrue the interests due on the outstanding notes.

Explanation:

a) Data and Analysis:

Sept. 1: Inventory $16,800 9% Notes Payable (Pippen) $16,800

3-month note

Sept. 30: Interest Expense $126 Interest payable $126

Oct. 1: Equipment $22,800 10% Notes Payable (Prime Bank) $22,800

4-month note

Oct. 31: Interest Expense $316 Interest payable 316

Nov. 1: Vehicle $35,700 Cash $8,100 6% Notes Payable $27,600

12-month note

Nov. 30: Interest Expense $454 Interest payable $454

Dec. 1: Notes payable (Pippen) $16,800 Interest payable $378 Cash $17,178

Dec. 31: Interest Expense $328 Interest payable $328

Axil Corp. has not tapped the Deutsche mark public debt market because of concern about a likely appreciation of that currency and only wishes to be a floating-rate dollar borrower, which it can be at LIBOR + 1%. Bevel Corp. strongly prefers fixed-rate DM debt, but it must pay 1.5% more than the 6.25% coupon that Axil's DM notes would carry. Bevel, however, can obtain Eurodollars at LIBOR + 1/2%. Show work and explain.
1. What is the maximum possible cost savings to Axil from engaging in acurrency swap with Bevel?
2. What is the maximum possible cost savings to Bevel from engaging in acurrency swap with Axil?

Assume that Jordan ​Enterprises's radio broadcast license is renewable at the end of each 10​-year term and management has provided evidence that approval of the renewal is highly probable. In this​ case, the broadcast license qualifies as an​indefinite-life intangible asset and is not subject to amortization.​ Therefore, the firm carries the broadcast license at its original cost of $786,000.
On December ​31, 2015 the company noted substantial declines in radio advertising revenues over the past year due to expanded satellite radio​subscriptions, Internet​ broadcasts, and the use of iPod players. Based on the required annual review and consideration of the available impairment​ indicators, management believes that it is more likely than not that the broadcast license may be impaired.​ Therefore, the company must test the broadcast license for impairment. Similar broadcast licenses have been sold in auctions for $676,000.
Assuming that renewal of the broadcast license is probable for this​ indefinite-life intangible​ asset, analyze the accounting for impairment and prepare the journal entries.
1.) Conduct the impairment test indicated for​indefinite-life intangible asset at the end of the year and determine the impairment​ loss, if any. ​(If you selected​ "No" that an impairment loss is not​ indicated, then leave the impairment loss input cell blank. Show a loss with a parentheses or minus​ sign.)
2.) Next, prepare the journal entry required to record any impairment loss. ​(Record debits​ first, then credits. Exclude explanations from any journal entries. If no entry is required select​ "No Entry​ Required" on the first line of the journal entry table and leave all remaining cells in the table​blank.)

According to supporters of globalization,

a.
Free trade encourages countries to be economically independent.
b.
Free trade will result in countries specializing in the production of those goods and services they can produce most efficiently.
c.
The costs of free trade outweigh the benefits.
d.
The dislocation of jobs resulting from free trade can be avoided by increasing domestic wages.
e.
The labor supply is easily controlled on a global basis.

_____ allow job seekers to search several different sources at the same time. Indeed.com and Jobs2Careers.com are both examples of this type of Web site.


Job board Web sites

Meta job search engine Web sites

Corporate career center Web sites

Industry-specific Web sites

Shantel is trying to implement the use of data bars on a report that she created. She has selected the Conditional Formatting Rules Manager dialog box. What should she do next?

Edit a rule.
Create a rule.
Close the dialog box.
View the data bars.

Argentina is considering constructing a bridge across the Rio de la Plata to connect its northern coast to the southern coast of Uruguay. If this bridge is constructed, it will reduce the travel time from Buenos Aires, Argentina, to Sao Paulo, Brazil, by over 10 hours and has the potential to significantly improve the flow of manufactured goods between the two countries. The cost of the new bridge, which will be the longest bridge in the world, spanning over 50 miles, will be $700 million. The bridge will require an annual maintenance of $10 million for repairs and upgrades and is estimated to last 80 years. It is estimated that 550,000 vehicles will use the bridge during the first year of operation, and an additional 50,000 vehicles per year until the tenth year. These data are based on an a toll charge of $90 per vehicle. The annual traffic for the remainder of the life of the bridge life will be 1,000,000 vehicles per year. The Argentine government requires a minimum rate of return of 9% to proceed with the project.
(a) Does this project provide sufficient revenues to offset its costs?
(b) What considerations are there besides economic factors in deciding whether to construct the bridge

g The following totals for the month of April were taken from the payroll records of Kingbird Company. Salaries $144000 FICA taxes withheld 11020 Income taxes withheld 30000 Medical insurance deductions 5400 Federal unemployment taxes 380 State unemployment taxes 2590 The journal entry to record the monthly payroll on April 30 would include a debit to Salaries and Wages Expense for $144000. debit to Salaries and Wages Expense for $97580. credit to Salaries and Wages Payable for $144000. debit to Salaries and Wages Payable for $144000.

Use the following information to calculate the dollar cost of using a money market hedge to hedge 200,000 pounds of payables due in 180 days. Assume the firm has no excess cash. Assume the spot rate of the pound is $2.02, the 180-day forward rate is $2.00. The British interest rate is 6%, and the U.S. interest rate is 4% over the 180-day period. $351,210. $381,210. $371,210. $400,152

Sunland Company reports the following operating results for the month of August: sales $382,500 (units 5,100), variable costs $259,000, and fixed costs $99,000. Management is considering the following independent courses of action to increase net income. 1. Increase selling price by 12% with no change in total variable costs or units sold. 2. Reduce variable costs to 65% of sales. Compute the net income to be earned under each alternative. 1. Net Income $enter a dollar amount 2. Net Income $enter a dollar amount Which course of action will produce the highe

Variable Fixed Output Marginal Total Total Marginal cost
Input Input units Physical Product of fixed variable cost
Variable input cost (dollars) (dollars)
$0 1 0 $500 0
1 1 10 (A) $500 $200 E
2 1 25 (B) $500 400 (G)
3 1 45 (C) $500 600 (H)
4 1 60 (D) $500 800 (I)
5 1 70 (E) $500 1000 (J)
What is the average total cost of producing 60 units of output?
a. $24.17
b. $21.67
c. $12.50
d. $1.33

Why do governments usually support and regulate natural monopolies?

A two or more firms are cost-prohibitive

B competition makes prices lower in a natural monopoly

C owners of natural monopolies do not know how to manage them efficiently

D itis difficult to keep up with advancing technology

Gibson Guitar Corporation has chosen to build instruments one at a time, by hand. Gibson's century-old tradition of creating investment-quality instruments represents the highest standards of imaginative design and masterful craftsmanship. Gibson's CEO has found an inverse price-demand relationship exists. He states, "the more we charged, the more guitars we sold." Thus, consumers think that higher prices mean more quality in the case of _____.

Marin Company’s general ledger indicates a cash balance of $22,340 as of September 30, 2021. Early in October Marin received a bank statement indicating that during September Marin had an NSF check of $1,500 returned to a customer and incurred service charges of $45. Marin also learned it had incorrectly recorded a check received from a customer on September 15 as $500 when in fact the check was for $550.

Required:
Calculate Marin’s correct September 30, 2016, cash balance.

Benny is 57 years old and is employed by the state as a school bus driver.He has an exemplary record,with no accidents in the past 27 years.Tom,aged 31,replaces Benny.Benny intends to file a discrimination claim under the Age Discrimination in Employment Act (ADEA)with the Equal Employment Opportunity Commission.If Benny lives in a state that has not waived sovereign immunity,which of the following statements is most likely to be true?
A) Benny has a valid claim and can sue the state because he can establish all of the elements of a prima facie case.
B) Benny cannot file a claim for age discrimination under the ADEA because he is a state employee.
C) Benny is a state employee and must file his claim pursuant to the Older Workers' Benefit Protection Act.
D) Benny does not have a claim for age discrimination under the ADEA as he was replaced by an employee who is older than 30.

When bonds are issued at a premium and the effective interest method is used for amortization, at each subsequent interest payment date, the cash paid is:

On January 1, Cheyenne Corp. had 61,400 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred.

Apr. 1 Issued 11,250 additional shares of common stock for $11 per share.
June 15 Declared a cash dividend of $1.90 per share to stockholders of record on June 30.
July 10 Paid the $1.90 cash dividend. Dec. 1 Issued 5,000 additional shares of common stock for $12 per share.
Dec. 15 Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31.

Required:
Prepare the entries, if any, on each of the three dates that involved dividends.

You are Heidi Ganahl, CEO and Founder of Camp Bow Wow, and you are intending to expand the brand to new global locations. If you are expanding into a country that values humane-oriented leadership, which of the following behaviors is most in line with that perspective?
a. You implement weekly team building session to create a collaborative work environment.
b. You involve all employees in all decisions, ensuring that everyone participates in the decision making process.
c. You articulate a dear vision for changing the organization so that it will focus on consistently delivering high levels of performance.
d. You provide compassionate support when an employee is having difficulty with family issues.

Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. Match each phrase that follows with the term it describes. Clear All Includes gross profit on the income statement. Generally provides the most useful report for controlling costs. Treats fixed selling cost as a period cost. Required by generally accepted accounting principles. Absorption costing only Variable costing only Both absorption and variable costing

33. A tripeptide has
A. 3 amino acids and 1 peptide bond
B. 3 amino acids and 2 peptide bond
6.3 amino acids and 3 peptide bond
D. 3 amino acids and 4 peptide bond I need the answer​

Consider the following statements about the step-down method of service department cost allocation: I. Under the step-down method, all service department costs are eventually allocated to production departments. II. The order in which service department costs are allocated is important. III. After a service department's costs have been allocated to other departments, no costs are re-circulated back to that service department. Which of the above statements is (are) correct?

a. I, II, and III.
b. I only.
c. I and II.
d. II only.
e. I and III.

Whispering Company is planning to produce 1,100 units of product in 2020. Each unit requires 2.60 pounds of materials at $4.80 per pound and a half-hour of labor at $14.00 per hour. The overhead rate is 90% of direct labor. (a) Compute the budgeted amounts for 2020 for direct materials to be used, direct labor, and applied overhead. Direct materials $ Direct labor $ Overhead $ (b) Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75.) Standard cost $

The following selected transactions relate to liabilities of Rocky Mountain Adventures. Rocky Mountain's fiscal year ends on December 31.
January 13: Negotiate a revolving credit agreement with First Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $10 million at the bank's prime rate.
February 1: Arrange a three-month bank loan of $4.3 million with First Bank under the line of credit agreement. Interest at the prime rate of
7% is payable at maturity.
May 1: Pay the 7% note at maturity.
Record the appropriate entries, if any, on January 13, February 1, and May 1.

Direct labor or machine hours may not be the appropriate cost driver for overhead in all areas of manufacturing due to the complexities of many manufacturing processes. Many companies use activity-based costing (ABC) which uses multiple drivers (items that consume resources) rather than just one driver to apply overhead to their activities. With ABC, a company can use a cost driver that has a direct cause/effect relationship in its applied overhead costs.
Waterways looked into ABC as a method of costing because of the variety of items it produces and the many different activities in which it is involved. The activities listed below area sample of possible cost pools for Waterways.
Assembling Payroll
Billing Plant supervision
Digging trenches Product design
Janitorial Purchasing materials
Machine maintenance Selling
Machine setups Testing
Molding Welding
Packaging
Using the following information, determine the overhead rates and the actual cost assigned for each of the activity cost pools in a possible ABC system for Waterways.
WATERWAYS CORPORATION
Activity Cost Estimated Expected Use
Pools Cost Drivers Overhead of Cost Drivers Actual Use
per Activity of Drivers
Irrigation
installation Labor cost $1,928,440 13,030 13,010
Machining (all
machine use) Machine hours 1,668,750 33,375,000 33,376,000
Customer
orders Number of
orders 28,600 2,600 2,562
Shipping none (direct) N/A N/A traced directly
Design Cost per design 763 7 6
Selling Number of sales
calls 306,000 20,400 20,610
How would you classify each of the following activities by level-unit level, batch level, product level, or facility level?
Testing of products (if all items are tested)
Testing of products (if all items are not tested)
Designing new products
Packaging
Molding
Assembling
Depreciation
Machine maintenance
Advertising
Equipment setups
Electricity required to run equipment
Requisitioning materials

17. Andy Store sold merchandise in the amount of $5,800 to a customer on October 1, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Andy uses the perpetual inventory system. The journal entries that Andy will make on October 1 will include: A) Debit to Accounts Receivable for $4,000 B) Credit to Merchandise Inventory for $5,800 C) Debit to Cost of Goods Sold for $5,800 D) Credit to Merchandise Inventory for $4,000 E) Credit to Net Income for $1,800

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity ($ in millions) Common stock, 210 million shares at $1 par $ 210 Paid-in capital—excess of par 1,260 Paid-in capital—share repurchase 1 Retained earnings 1,200 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. On February 5, 2021, TNL Systems purchased 9 million shares at $10 per share. On July 9, 2021, the corporation sold 3 million shares at $12 per share. On November 14, 2023, the corporation sold 3 million shares at $7 per share. 2. Prepare the shareholders’ equity section of TNL Systems’ balance sheet at December 31, 2023, comparing the two approaches. Assume all net income earned in 2021–2023 was distributed to shareholders as cash dividends.

Identify which of the following statements are true for the corporate form of organization. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
1. Ownership rights cannot be easily transferred
2. Owners have unlimited liability for corporate debts
3. Capital is more easily accumulated than with most other forms of organization.
4. Corporate income that is distributed to shareholders is usually taxed twice.
5. It is a separate legal entity. It has a limited life.
6. Owners are not agents of the corporation.

You got asked to analyze a 5 year project for your firm. The project produces an annual revenue of $28,500, but requires an annual labor and materials cost of $5,000. To initiate the project your firm must invest $20,000. The salvage value of the project is $5,000 and has a 5 year useful life.
Use straight line depreciation and a 40% income tax rate to compute the after tax cash flows and the IRR for the ATCF of this project.

Project Z will result in unit sales of 2,250, at a price of $650 each. The variable cost (VC) of each unit is $325. The cost accountant will allocate overhead on the existing plant to Project Z at a rate of $21 per unit. A special piece of equipment must be leased for $75,000 per year for purposes related solely to Project Z. Project Z will reduce sales of the same company’s Project X by 900 units (selling price of $950 with variable cost of $510 and overhead allocation of $32 per unit). What is the total incremental cash flow for Project Z?

Supler Corporation produces a part used in the manufacture of one of its products. The unit product cost is $21, computed as follows: Direct materials $ 7 Direct labor 6 Variable manufacturing overhead 3 Fixed manufacturing overhead 5 Unit product cost $ 21 An outside supplier has offered to provide the annual requirement of 2,900 of the parts for only $13 each. The company estimates that 60% of the fixed manufacturing overhead cost above could be eliminated if the parts are purchased from the outside supplier. Assume that direct labor is an avoidable cost in this decision. Based on these data, the financial advantage (disadvantage) of purchasing the parts from the outside supplier would be: Multiple Choice ($3) per unit on average $3 per unit on average $6 per unit on average ($8) per unit on average

Information concerning a product produced by Ender Company appears here: Sales price per unit $ 200 Variable cost per unit $ 80 Total annual fixed manufacturing and operating costs $ 600,000 Required Determine the following: Contribution margin per unit. Number of units that Ender must sell to break even. Sales level in units that Ender must reach to earn a profit of $240,000. Determine the margin of safety in units, sales dollars, and as a percentage.