Prepare a journal entry for the purchase of office equipment on February 19 for $31,700, paying $7,600 cash and the remainder on account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is enter.
CHART OF ACCOUNTS
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Office Supplies
14 Prepaid Insurance
15 Land
16 Office Equipment
17 Automobiles
LIABILITIES
21 Accounts Payable
22 Unearned Rent
23 Notes Payable
24 Salaries Payable
EQUITY
31 John Doe, Capital
32 John Doe, Drawing
Journal
Prepare a journal entry for the purchase of office equipment on October 27 for $32,750, paying $6,550 cash and the remainder on account. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
GENERAL JOURNAL
DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT
1
2
3
REVENUE
41 Fees Earned
42 Sales Commission

Answer:

A. Dr Office equipment $31,700

Cr Cash $7,600

Cr Accounts payable $24,100

B. Dr Office equipment $32,750

Cr Cash $6,550

Cr Accounts payable $26,200

Explanation:

Preparation of the journal entry

A. Based on the information given if the purchase of office equipment on February 19 was the amount of $31,700 in which the amount of $7,600 was paid as cash while the remainder on account which means that the journal entry will be:

Dr Office equipment $31,700

Cr Cash $7,600

Cr Accounts payable $24,100

($31,700-$7,600)

B. Based on the information given if the purchase of office equipment on February 19 was the amount of $32,750 in which the amount of $6,550 was paid as cash while the remainder on account which means that the journal entry will be:

Dr Office equipment $32,750

Cr Cash $6,550

Cr Accounts payable $26,200

($32,750-$6,550)

The partnership of Keenan and Kludlow paid the following wages during this year:

M. Keenan (partner) $85,000
S. Kludlow (partner) 75,000
N. Perry (supervisor) 53,000
T. Lee (factory worker) 34,600
R. Rolf (factory worker) 29,800
D. Broch (factory worker) 6,900 S.
Ruiz (bookkeeper) 25,400
C. Rudolph (maintenance) 5,100

In addition, the partnership owed $200 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following:

a. Net FUTA tax for the partnership for this year.
b. SUTA tax for this year.

Karen, Inc. manufactures a product that uses $15 in direct materials and $5 in direct labor per unit. Under the traditional costing system Karen uses, manufacturing overhead applied to each unit is $12. However, Karen is considering switching to an ABC system. Under the ABC system, the total activity cost would be $25. What is the total manufacturing cost per unit for Karen under the ABC system

Match each of the options above to the items below.

a. Revenues, expenses. and dividends,
b. List of permanent accounts and their balances.
c. Transfer of temporary balances to retained earnings.
d. List of permanent and temporary accounts and thejr balances.
e. Assets, liabilities, and stockholders' equity

1. Adjusted Trjal balance
2. Post-closing trial balance
3. Permanent accounts
4. Temporary accounts
5. Closing entries

HW13. Suppose that you begin saving up to buy a car by depositing a certain amount at the end of each month in a savings account which pays 3.6% annual interest compounded monthly. If your goal is to have $15,000 in the account four and a half years from now, how much do you need to put into the savings account each month

According to the Bureau of Labor Statistics, there are about 3 million temp employees in the U.S. out of 150 million employees overall. What percentage of workers are temporary workers?

Jose purchased a delivery van for his business through an online auction. His winning bid for the van was $25,250. In addition, Jose incurred the following expenses before using the van: shipping costs of $1,270; paint to match the other fleet vehicles at a cost of $1,440; registration costs of $2,970, which included $2,750 of sales tax and an annual registration fee of $220; wash and detailing for $121; and an engine tune-up for $327.

Required:
What is Joseâs cost basis for the delivery van?

For the current year, Power Cords Corp. expected to sell 42,100 industrial power cords. Fixed costs were expected to total $1,650,500; unit sales price was expected to be $3,800; and unit variable costs were budgeted at $2,300.

Power Cord Corp.'s margin of safety (MOS) in sales dollars is: (Do not round intermediate calculations.)
A. $155,798,733.
B. $189,973,732.
C. $161,718,730.
D. $173,523,730.
E. $145,348,733.

USAco, a domestic corporation, manufactures widgets for sale worldwide. In year 2020, USAco had $10 million of net income related to sales of products it manufactures in the US, of which 3 million relates to sales to customers outside the US. USACO also owns a factory, which it uses to produce the above income, and which has an average adjusted U.S. tax basis of $40 million (taking into account the straight-line depreciation method). As a result of these activities, USACo will be allowed a Foreign Derived Intangible Income ("FDII") deduction of _______________

Zetterberg Builders is given two options for making payments on a brush hog. Find the value of X such that they would be indifferent between the two cash flow profiles if their TVOM is 4.5% per year compounded yearly.
End of Year Series 1 Series 2
0 $300 $0
1 $350 $0
2 $400 $35X
3 $450 $25X
4 $0 $15X
5 $0 $5X

Reamer Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The Corporation has provided the following estimated costs for next year: Direct materials $ 1,000 Direct labor $ 3,000 Sales commissions $ 4,000 Salary of production supervisor $ 2,000 Indirect materials $ 400 Advertising expense $ 800 Rent on factory equipment $ 1,000 Reamer estimates that 500 direct labor-hours and 1,000 machine-hours will be worked during the year. The predetermined overhead rate per hour will be:

A company that makes fasteners and sells them to many different
manufacturing companies around the world would most likely benefit from
using which distribution channel?
A. Producer to wholesaler to business buyers
B. Producer to business buyers
C. Producer to wholesaler to consumers
D. Producer to retailers to business buyers

Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Wayne ($ in millions)Corporation Enterprises Current assets:Cash and cash equivalents $499 $285 Current investments 7 530 Net receivables 751 206 Inventory 10,586 8,609 Other current assets 1,344 255 Total current assets $13,187 $9,885 Current liabilities:Current debt $8,621 $4,451 Accounts payable 1,807 1,061 Other current liabilities 1,179 2,381 Total current liabilities $11,607 $7,893 Required:1-a. Calculate the current ratio for ACME Corporation and Wayne Enterprises. (Enter your answers in millions. For example, $5,500,000 should be entered as 5.5.)

Which of these is a characteristic of certificates of deposit (CDs)?

You have just purchased ten municipal bonds, each with a $1,000 par value, for $9,500. You purchased them immediately after the previous owner received semiannual coupon payments. The bond rate is 6.6% per year payable semiannually. You plan to hold the bonds for 5 years, selling them immediately after you receive the coupon payment. If your desired nominal yield is 12% per year compounded semiannually, what will be your minimum selling price for the bonds

What is another term for the buying and selling of stocks?

A.) Entrepreneurial ability.
B.) Trading.
C.) Shares.
D.) Lack of scarcity.

As noted in the case, HP considered approaching chain stores that sell store-brand cartridges compatible with its printers and offering them incentives if they end the practice. Considering the various types of allowances and discounts to channel members discussed within the chapter, what type of discount or allowance could the approach that HP is contemplating be most clearly identified as

Decision Point: International Market Analysis You've done a considerable amount of research and have determined the follöwing Approximately 75% of the population in Ethiopia does not have electricity. Approximately 55% of the population in Nigeria does not have electricity. Nearly 40% of the population in Bangladesh does not have electricity. Nearly 25% of the population in Indonesia does not have electricity. Approximately 25% of the population in India does not have electricity. * Yoè recognize, however, that it would be wise to consider the population of those countries before determining which market(s) would have the greatest potential for your products, so you obtain that information as well. Your research reveals the following population estimates: .
Population of Ethiopia: 102,000,000 .
Population of Nigeria: 187,000,000 .
Population of Bangladesh: 163,000,000
Population of Indonesia: 260,000,000
Population of India: 1,327,000,000
Based on the information presented above, calculate the number of people in each country who do not have access to electricity.

After graduating college, you receive $10,000 and decide to put it in a high yield saving account. The account earns 0.50% compounded quarterly. a) (8 points) What is the effective annual interest rate? b) (7 points) If you leave your initial investment of $10,000 in the account without any withdrawals what would you expect the value of the account to be after 4 years?

Suman said that, "she didn't understand the
direct and indirect speech
​

Katy has one child, Dustin, who is 18 years old at the end of the year. Dustin lived at home for three months during the year before leaving home to work full time in another city. During the year, Dustin earned $15,000. Katy provided more than half of Dustin's support for the year. Which of the following statements regarding whether Katy may claim Dustin as a dependent for the current year is accurate?

a. Yes, Dustin is a qualifying child of Katy.
b. Yes, Dustin fails the residence test for a qualifying child but he is considered a qualifying relative of Katy.
c. No, Dustin fails the support test for a qualifying relative.
d. No, Dustin fails the gross income test for a qualifying relative.

very urgent, i need this answered asap

The general price level is 150.00 and people expect it to increase to 156.00 next year. Therefore, the expected rate of inflation equals percent. Moreover, there is a one-year bond that promises to pay $107,000.00 next year and is selling for $100,000.00 in the bond market today. So, the nominal interest rate equals percent, and the ex-ante real interest rate on this bond equals percent. Because of some news about the state of the economy, people revise their expectations of the future price level to 159.00. According to the Fisher Effect, the price of the bond today will change to_______ dollars.

Consider a chemical factory that is situated next to a farm. Airborne emissions from the chemical factory damage crops on the farm. The marginal benefits of emissions to the factory and the marginal costs of damage to the farmer are as follows: Quantity of emissions (Q) 100 200 300 400 500 600 700 800 900 MB to factory 320 280 240 200 160 120 80 40 0 MC to farmer 110 130 150 170 190 210 230 250 270 Calculate the total net benefit to the farmer and factory at the economically and socially efficient quantity of emissions. A. $63000 B. $62000 C. $60750 D. $61000

Mike Greenberg opened Cheyenne Window Washing Inc. on July 1, 2022. During July, the following transactions were completed.
July 1 Issued 9,800 shares of common stock for $9,800 cash.
1 Purchased used truck for $6,560, paying $1,640 cash and the balance on account.
3 Purchased cleaning supplies for $740 on account.
5 Paid $1,440 cash on a 1-year insurance policy effective July 1.
12 Billed customers $3,030 for cleaning services performed.
18 Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies.
20 Paid $1,640 cash for employee salaries.
21 Collected $1,310 cash from customers billed on July 12.
25 Billed customers $2,050 for cleaning services performed.
31 Paid $240 for maintenance of the truck during month.
31 Declared and paid $490 cash dividend.
Journalize the July transactions.
Post to the ledger accounts.
Prepare a trial balance at July 31.
Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
(1) Services performed but unbilled and uncollected at July 31 were $1,750.
(2) Depreciation on equipment for the month was $202.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $320 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $415.

Makers Corp. had additions to retained earnings for the year just ended of $194,000. The firm paid out $184,000 in cash dividends, and it has ending total equity of $4.89 million. The company currently has 120,000 shares of common stock outstanding. a. What are earnings per share

If a product's demand rises as income rises, ceteris paribus, the product is

a) an inferior good

b) not enough information

c) a notmal good

d) outside of the market equilibrium ​

Pierre Corporation has a precredit U.S. tax of $315,000 on $1,560,000 of taxable income in the current year. Pierre has $312,000 of foreign source taxable income characterized as foreign branch income and $156,000 of foreign source taxable income characterized as passive category income. Pierre paid $63,000 of foreign income taxes on the foreign branch income and $27,000 of foreign income taxes on the passive category income. What amount of foreign tax credit (FTC) can Pierre use on its current U.S. tax return and what is the amount of the carryforward, if any

Membership in the Cape Fear Health Club has been recorded for the past nine years. Management wants to determine the trend of membership in order to project future space needs. This estimate would help the club determine whether a future expansion will be needed. Given the following time series data, develop a regression equation relating memberships to years. Based on your regression equation, what is your forecast for 2020 memberships? Memberships are in hundreds.
Year > 2011 2012 2013 2014 2015 2016 2017 2018 2019
#'s > 11 13 15 17 16 18 20 19 23
a. 22.b. 24.6.c. 23.3.d. 11.e. 25.9.

Asset management ratios are used to measure how effectively a firm manages its assets, by relating the amount a firm has invested in a particular type of asset (or group of assets) to the amount of revenues the asset is generating. Examples of asset management ratios include the average collection period (also called the days sales outstanding ratio), the inventory turnover ratio, the fixed asset turnover ratio, and the total asset turnover ratio Consider the following case: Crawford Construction has a quick ratio of 2.00x, $36,225 in cash, $20,125 in accounts receivable, some inventory, total current assets of $80,500, and total current liabilities of $28,175. The company reported annual sales of $100,000 in the most recent annual report. Over the past year, how often did Crawford Construction sell and replace its inventory? O 4.14 x 4.55 x 2.86x 8.01 x The inventory turnover ratio across companies in the construction industry is 4.55x. Based on this information, which of the following statements is true for Crawford Construction? O Crawford Construction is holding less inventory per dollar of sales compared to the industry average O Crawford Construction is holding more inventory per dollar of sales compared to the industry average You are analyzing two companies that manufacture electronic toys-Like Games Inc. and Our Play Inc. Like Games was launched eight years ago, whereas Our Play is a relatively new company that has been in operation for only the past two years. However, both companies have an equal market share with sales of $100,000 each. You've collected company data to compare Like Games and Our Play. Last year, the average sales for all industry competitors was $255,000. As an analyst, you want to make comments on the expected performance of these two companies in the coming year. You've collected data from the companies' financial statements. This information is listed as follows: Data Collected (in dollars) Accounts receivable Net fixed assets Total assets Like Games 2,700 55,000 95,000 Our Play 3,900 80,000 125,000 Industry Average 3,850 216,750 234,600 Using this information, complete the following statements to include in your analysis days of sales tied up in receivables, which is much than the industry average. It takes Our Play 1. Our Play has time to collect cash from its customers than it takes Like Games. more than that of Our Play. This is because Like Games was formed eight years ago, so the 2. Like Games's fixed assets turnover ratio is acquisition cost of its fixed assets is recorded at historic values when the company bought its assets and has been depreciated since then Assuming that fixed assets prices (not book values) rose over the past six years due to inflation, Our Play paid a assets. amount for its fixed 3. The average total assets turnover in the electronic toys industry is 1.09x, which means that $1.09 of sales is being generated with every dollar of investment in assets. A are total assets turnover ratio indicates greater efficiency. Both companies' total assets turnover ratios than the industry average

Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments-Molding and Fabrication. It started, completed, and sold only two jobs during March- Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March):
Molding Fabrication Total
Estimated total machine-hours used 2,500 1,500 4,000
Estimated total fixed manufacturing overhead $ 14,000 $ 17,400 $ 31,400
Estimated variable manufacturing overhead per machine-hour $ 3.00 $ 3.80
Job P Job Q
Direct materials $ 29,000 $ 16,000
Direct labor cost $ 33,800 $ 13,900
Actual machine-hours used:
Molding 3,300 2,400
Fabrication 2,200 2,500
Total 5,500 4,900
Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month.
What was the company's plantwide predetermined overhead rate? (Round your answer to 2 decimal places.)