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

Answer and Explanation:  

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

Transactions    Assets                  

a.                    Prepaid rent - $1,280

b.                   Accumulated  

                     depreciation  - $1,180

c.                    NE

d.                    NE

Transactions =    Liabilities     +                    Stockholders' Equity

a.                       NE                                        Rent expenses -$1,280

b.                       NE                                        Depreciation expenses -$1,180

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

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

Question 9 of 10
How should an annual business license fee be recorded in a journal entry?
A. As a credit, because it is an increased liability
B. As a credit, because it creates equity
C. As a debit, because it is an increased expense
D. As a debit, because it is a loss
SNBMIT

Agreement and disagreement among economists Suppose that Yakov, an economist from a research institute in Texas, and Ana, an economist from a school of industrial relations, are arguing over health insurance. The following dialogue shows an excerpt from their debate:
Ana: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits.
Yakov: I think it is oppressive for the government to tax people who take care of themselves in order to pay for health insurance for those who are obese.
Ana: I disagree. I think government funding of health insurance is useful to ensure basic fairness. The disagreement between these economists is most likely due todifferences in values.
Despite their differences, with which proposition are two economists chosen at random most likely to agree?
A. Immigrants receive more in government benefits than they contribute in taxes.
B. Having a single income tax rate would improve economic performance.
C. Rent ceilings reduce the quantity and quality of available housing.

The following information to perform the calculations below (using the indirect method).
Net income $401,000 Beginning accounts payable $119,000
Depreciation expense 97,000 Ending accounts payable 146,000
Beginning accounts receivable 420,000 Purchase of long-term assets 612,000
Ending accounts receivable 439,000 Issuance of long-term debt 220,000
Beginning inventory 516,000 Issuance of stock for cash 180,000
Ending inventory 550,000 Issuance of stock for long-term assets 110,000
Beginning prepaid insurance 42,000 Purchase of treasury stock 64,000
Ending prepaid insurance 48,000 Sale of long-term investment at cost 56,000
Calculate the amount of cash used by investing activities. Only enter the number. No brackets or negative signs required

Determine whether each statement describes the income effect, the substitution effect, or neither. Assume that all other variables are held constant. The price of lobster doubles, making Henri feel less wealthy. As a result, Henri buys fewer lobsters. The price of chicken falls by $0.75 a pound. Since chicken is now relatively less expensive than ground beef, Mary buys more chicken and less beef. The average price of a DVD falls by 15 percent. Tom buys more DVDs because his monthly movie budget can now stretch further. Model Planes Incorporated reduces production of its wooden plane product line. Jessica sees that the price of orange juice is higher this week. She decides to buy less orange juice and more apple juice because orange juice is relatively more expensive.

Dodie Company completed its first year of operations on December 31. All of the year's entries have been recorded except for the following: At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. At year-end, the company had earned interest revenue of $1,500. The cash will be collected March 1 of the next year.
Required: 2. Prepare the required adjusting entry for transactions (a) and (b). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Paige is 64 years old and would like to retire from her job at a large accounting firm. She, however, is concerned about health insurance. She would not be eligible for Medicare benefits until age 65, and due to some serious health conditions, she would not be able to obtain insurance in the private market. She has good health insurance at the accounting firm and is considering putting off her retirement so that she can keep it.
Which of the following would likely enable Paige to keep her insurance with the accounting firm until she is eligible for Medicare?A) The Health Insurance Portability and Accountability ActB) The Consolidated Omnibus Budget Reconciliation ActC) The Employee Security ActD) The Insurance Protection Act

An operation that closes due to an imminent health hazard can reopen only after getting approval from what agency?

The Polishing Department of Major Company has the following production and manufacturing cost data for September.Materials are entered at the beginning of the process.Production:Beginning Inventory 1,880 units that are 100% complete as to materials and 30% complete as to conversion costs;Units started during the period are 44,300;Ending inventory of 7,200 units 10% complete as to conversion costs.Manufacturing Costs:Beginning Inventory costs, comprised of $21,900 of materials and $37,162 of conversion costs;Materials costs added in Polishing during the month, $214,080;labor and overhead applied in Polishing during the month, $127,600 and $258,440, respectively.Required:1. Compute the equivalent units of production for materials and conversion costs for the month of September.Materials Conversion CostsThe equivalent units of production 2. Compute the unit costs for materials and conversion costs for the month. (Round unit costs to 2 decimal places, e.g. 2.25)Materials Conversion CostsUnit Costs 3. Determine the costs to be assigned to the units transferred out and in process. (Round unit costs to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places.)Transferred Out $Ending work in process $

We assume that in a village there are farmers, carpenters, and tailors, who provide the three essential goods: food, housing, and clothing. Suppose the farmers consume 2/5 of the food (produced by farmers), 1/3 of the housing (produced by carpenters) and 1/2 of the clothes (produced by tailors). The carpenter consumes 2/5 of the food, 1/3 of the housing, and 1/2 of the clothes. The tailors consume 1/5 of the food, 1/3 of the housing, and no clothes. Assume this is a closed Leontief model.

If we know that the tailors produce 560 units of clothes, then the farmers produce ___________units of food, and the carpenters produce_________ units of housing.

For Sheffield Corp., sales is $1660000 (8300 units), fixed expenses are $480000, and the contribution margin per unit is $80. What is the margin of safety in dollars

A parent transfers inventory with a cost of $25,000 to its subsidiary at a transfer price of $40,000. The subsidiary resold 50% of this transferred inventory to outsiders before year-end. For the current year consolidated financial statement, how much gross profit should be deferred by Consolidation Entry G

Deitz Corporation is projecting a cash balance of $33,300 in its December 31, 2019, balance sheet. Deitz’s schedule of expected collections from customers for the first quarter of 2020 shows total collections of $205,350. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $47,730. Other information gathered for the first quarter of 2020 is sale of equipment $3,330; direct labor $77,700, manufacturing overhead $38,850, selling and administrative expenses $49,950; and purchase of securities $15,540. Deitz wants to maintain a balance of at least $27,750 cash at the end of each quarter. Prepare a cash budget for the first quarter.

Business standards should be based on which of the following?​

Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: A. $50,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. B. Prepaid rent of $24,000, covering the period January 1, 2022, through December 31, 2023. C. Notes payable of $200,000. The notes are payable in annual installments of $20,000 each, with the first installment payable on March 1, 2022. D. Accrued interest payable of $12,000 related to the notes payable. E. Investment in equity securities of other corporations, $80,000. Cone intends to sell one-half of the securities in 2022.Required:Prepare the asset and liability sections of a classified balance sheet to show how each of the above items should be reported.

You are considering a project which will provide annual cash inflows of $4,921, $5,700, and $8,000 at the end of each year for the next three years, respectively. What is the present value of these cash flows, given a 9 percent discount rate?

The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense—Store Equipment, Sales Salaries Expense, Rent Expense—Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative.

NELSON COMPANY Unadjusted Trial Balance January 31


Debit Credit
Cash $22,150
Merchandise inventory 13,000
Store supplies 5,100
Prepaid insurance 2,800
Store equipment 42,800
Accumulated depreciation—Store equipment $19,250
Accounts payable 17,000
Common stock 4,000
Retained earnings 25,000
Dividends 2,100
Sales 115,900
Sales discounts 2,100
Sales returns and allowances 2,000
Cost of goods sold 38,000
Depreciation expense—Store equipment 0
Sales salaries expense 12,900
Office salaries expense 12,900
Insurance expense 0
Rent expense—Selling space 8,000
Rent expense—Office space 8,000
Store supplies expense 0
Advertising expense 9,300
Totals $181,150 $181,150


Additional Information:
a. Store supplies still available at fiscal year-end amount to $2,550.
b. Expired insurance, an administrative expense, for the fiscal year is $1,720.
c. Depreciation expense on store equipment, a selling expense, is $6,500 for the fiscal year.
d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end.

Required:
a. Compute the current ratios as of January 31, 2017.
b. Prepare a multiple-step income statement for the year ended January 31.
c. Prepare a single-step income statement for the year ended January 31.

A 6.75 percent coupon bond with 13 years left to maturity can be called in two years. The call premium is one year of coupon payments. It is offered for sale at $919.75. What is the yield to call of the bond? Assume interest payments are paid semi-annually and par value is $1,000.

Journalize the following transactions by Bramble Printing Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select ""No Entry"" for the account titles and enter 0 for the amounts.)
1. Stockholders invest $87,000 cash to start the business.
2. Purchased three digital copy machines for $445,000, paying $108,000 cash and signing a 5-year, 6% note for the remainder.
3. Purchased $4,000 paper supplies on credit.
4. Cash received for photocopy services amounted to $7,300.
5. Paid $400 cash for radio advertising.
6. Paid $950 on account for paper supplies purchased in transaction 3.
7. Dividends of $1,400 were paid to stockholders.
8. Paid $2,100 cash for rent for the current month.
9. Received $2,200 cash advance from a customer for future copying.
10. Billed a customer for $350 for photocopy services completed.
(The Titles that are used on this chart are No. Account Titles and Explanation, Debit, Credit)
*LIST OF ACCOUNTS*
Accounts Payable, Accounts Receivable, Advertising Expense, Bonds Payable, Buildings, Cash, Common Stock, Dividends, Equipment, Gasoline Expense, Income Tax Expense, Income Taxes Payable, Insurance Expense, Land, Maintenance and Repairs expense, Mortgage Payable, No Entry, Notes Payable, Notes Receivable, Prepaid Insurance, Prepaid Rent, Rent expense, Rent revenue, repair services, retained earning, sales and wages expense, salaries and wages payable, sales revenue, service revenue, supplies, supplies expense, unearned service revenue, utilities expense, website

For each of the following actions, identify whether the method of risk assessment motivating the action is due to the value at risk or the standard deviation of an underlying probability distribution.A. You buy life insurance (Standard Deviation / Value At risk)B. You hire an investment advisor who specializes in international diversification in stock portfolios. ((Standard Deviation / Value At risk)C. In your role as a central banker, you provide emergency loans to illiquid intermediaries. ((Standard Deviation / Value At risk)D. You open a kiosk at the mall selling ice cream and hot chocolate. (Standard Deviation / Value At risk)

A comparative balance sheet for Sarasota Corporation is presented as follows.
December 31
Assets 2020 2019
Cash $ 72,680 $ 22,000
Accounts receivable 84,360 68,680
Inventory 182,360 191,680
Land 73,360 112,680
Equipment 262,360 202,680
Accumulated Depreciation-Equipment
(71,360 ) (44,680 )
Total $603,760 $553,040
Liabilities and Stockholders' Equity
Accounts payable $ 36,360 $ 49,680
Bonds payable 150,000 200,000
Common stock ($1 par) 214,000 164,000
Retained earnings 203,400 139,360
Total $603,760 $553,040
Additional information:
1. Net income for 2020 was $129,720. No gains or losses were recorded in 2020.
2. Cash dividends of $65,680 were declared and paid.
3. Bonds payable amounting to $50,000 were retired through issuance of common stock.
Prepare a statement of cash flows for 2020 for Sarasota Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Determine Sarasota Corporation’s current cash debt coverage, cash debt coverage, and free cash flow.

[accounting] A retailer completed a physical count of ending merchandise inventory. When counting inventory, employees did not include $2,200 of incoming goods shipped by a supplier on December 31 under FOB shipping point. These goods had been recorded in Merchandise Inventory, but they were not included in the physical count because they were in transit. This means shrinkage was incorrectly overstated by $2,200.

Compute the amount of overstatement or understatement for each of the following amounts for this period.

a. ending inventory
b. total assets
c. net income
d. total equity

Managers and leaders perform many tasks as a result of their goals and objectives. Even though many tasks may be completed as a result of their responsibilities, each task may be categorized into one of four functions of management. Management is a process. This process is what allows managers and leaders to achieve organizational and personal goals. Included within this process are four functions of management. These four functions include planning, organizing, leading, and controlling. Each of these functions is an important aspect of the management process and must be implemented to achieve organizational goals.
Click and drag each item into the correct spot within the chart. Each item is one of the four functions of management.
Paul Santago Planning Organizing
Matthew Chloe
Kely Tomasz Leading Controlling
Ava Michele
Reset

Cushenberry Corporation had the following transactions. 1. Sold land (cost $12,000) for $15,000. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,000. 4. Paid salaries of $9,000. 5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,000. 6. Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200.

Required:
For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows using the indirect method.

Ruiz Co. provides the following sales forecast for the next four months:

April May June July
Sales (units) 560 640 590 680

The company wants to end each month with ending finished goods inventory equal to 30% of next month's forecasted sales. Finished goods inventory on April 1 is 168 units. Assume July's budgeted production is 590 units. In addition, each finished unit requires six pounds (lbs.) of raw materials and the company wants to end each month with raw materials inventory equal to 30% of next month’s production needs. Beginning raw materials inventory for April was 1,051 pounds. Assume direct materials cost $4 per pound.

Required:
Prepare a direct materials budget for April, May, and June.

Each of the four independent situations below describes a sales-type lease in which annual lease payments of $120,000 are payable at the beginning of each year. Each is a finance lease for the lessee. (FV of $1, PV of $1, FVA of $1, PVA of S1, FVAD of $1 and PVAD of (Use appropriate factor(s) from the tables provided.)
Situation
1 2 3 4
Lease term (years) 9 9 10 10
Lessor's and lessee's interest rate 11$ 13$ 12% 12%
Residual value:
Estimated fair value 0 $54,000 $8,400 $54,000
Guaranteed by lessee 0 0 $8/,400 $64,000
Determine the following amounts at the beginning of the lease Round your intermediate and final answer to the nearest whole dollar amount. Answer the missing part.
Situation
1 2 3 4
A. The lessor's:
1. Lease payments $1,080,000 $1,080,000 $1,200,000 ________
2. Gross investment in the leas $1,080,000 $134,000,000 $1,208,400 1,264,000
3. Net Investment in the lease 737,534 713,828 762,095 779,996
B. The lessee's
4. Lease payments 1,080,000 1,080,000 1,200,000 ________
5. Right-of-use asset 737,534 713,828 759,390 ________
6. Lease payable 737,534 713,828 759,390 ________

Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,288,076 as follows. Work in process,November 1Materials $79,000Conversion costs 48,200$127,200Materials added 1,594,520Labor 225,800Overhead 340,556Production records show that 34,600 units were in beginning work in process 30% complete as to conversion costs, 662,700 units were started into production, and 24,100 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.

Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify):
Account Titles Debit Credit
Cash $ 6
Accounts Receivable 2
Supplies 2
Equipment 10
Accumulated Depreciation $3
Software 8
Accumulated Amortization 3
Accounts Payable 6
Notes Payable (short-term) 0
Salaries and Wages Payable 0
Interest Payable 0
Income Taxes Payable 0
Deferred Revenue 0
Common Stock 13
Retained Earnings 3
Service Revenue 0
Depreciation Expense 0
Amortization Expense 0
Salaries and Wages Expense 0
Supplies Expense 0
Interest Expense 0
Income Tax Expense 0
Totals $28 $28
Transactions during 2018 (summarized in thousands of dollars) follow:
Borrowed $13 cash on July 1, 2018, signing a six-month note payable.
Purchased equipment for $16 cash on July 2, 2018.
Issued additional shares of common stock for $6 on July 3.
Purchased software on July 4, $2 cash.
Purchased supplies on July 5 on account for future use, $8.
Recorded revenues on December 6 of $47, including $9 on credit and $38 received in cash.
Recognized salaries and wages expense on December 7 of $21; paid in cash.
Collected accounts receivable on December 8, $8.
Paid accounts payable on December 9, $9.
Received a $2 cash deposit on December 10 from a hospital for a contract to start January 5, 2019.
Data for adjusting journal entries on December 31:
Amortization for 2018, $3.
Supplies of $2 were counted on December 31, 2018.
Depreciation for 2018, $3.
Accrued interest of $1 on notes payable.
Salaries and wages incurred but not yet paid or recorded, $4.
Income tax expense for 2018 was $3 and will be paid in 2019.
Record journal entries for transactions (a) through (j).
Cash 13
Notes-payable (short term) 13
Equipment 16
Cash 16
Cash 6
Common Stock 6
Software 2
Cash 2
Supplies 8
Accounts Payable 8
Accounts Receivable 9
Cash 38
Service Revenue 47
Salaries and Wages Expense 21
Cash 21
Cash 8
Accounts Receivable 8
Accounts Payable 9
Cash 9
Cash 2
Deferred Revenue 2
Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions (a)-(j), adjusting entries (k)-(p), and closing entry.
Prepare an unadjusted trial balance and a trial balance.

The first budget customarily prepared as part of an entity's master budget is the _____ budget. a.cash b.production c.sales d.direct materials purchases

Darryl, a cash basis taxpayer, gave 1,000 shares of Copper Company common stock to his daughter on September 29, 2011. Copper Company is a publicly held company that has declared a $1.00 per share dividend on September 30 every year for the last 20 years. Just as Darryl had expected, Copper Company declared a $1.00 per share dividend on September 30th, payable on October 15th, to stockholders of record as of October 10. The daughter received the $1,000 dividend on October 18, 2011. How does this information impact who must recognize the dividend as income?a. Darryl must recognize the $1,000 dividend as his income because he knew the dividend would be paid.b. Darryl must recognize $750 of the dividend because he owned the stock for three fourths of the year.c. Darryl must recognize the income of $1,000 because he constructively received the $1,000.d. The daughter must recognize the income because she owned the stock when the dividend was declared and she received the $1,000.e. None of the above

On its December 31, 2017, balance sheet, Calgary Industries reports equipment of $370,000 and accumulated depreciation of $74,000. During 2018, the company plans to purchase additional equipment costing $80,000 and expects depreciation expense of $30,000. Additionally, it plans to dispose of equipment that originally cost $42,000 and had accumulated depreciation of $5,600. The balances for equipment and accumulated depreciation, respectively, on the December 31, 2018 budgeted balance sheet are:
a) $450,000; $98,400.
b) $450,000; $104,000.
c) $408,000; $104,000.
d) $328,000; $74,000.
e) $408,000; $98,400.