Answer:
Carver Inc.
a. Ratio Analysis:
Current ratio = Current assets/Current liabilities
= $318,000/87,000
= 3.66 times
Inventory turnover = cost of goods sold/average inventory
= $820,000/$185,000
= 4.43 times
Receivable turnover = Sales/Receivables
= $1,400,000/$95,000
= 14.74 times
Earnings per share = Net income/No. of shares
= $410,000/52,000
= $7.88 per share
Profit margin on sales = Net Income/Sales * 100
= $410,000/$1,400,000 * 100
= 29.29%
Rate of return on assets = Net income/Total assets * 100
= $410,000/$488,000 * 100
= 84.02%
b) Indication of whether the transaction would improve, weaken, or have no effect on the current ratio of Carver Inc. at December 31,2007:
1. weaken
2. weaken
3. no effect
4. no effect
5. weaken
6. no effect
Explanation:
a) Data and Calculations:
CARVER INC.
Balance Sheet
December 31, 2007
Cash $45,000 Notes payable (short-term) $50,000
Receivables $110,000 Accounts payable 32,000
Less: Allowance 15,000 95,000 Accrued liabilities 5,000
Inventories 170,000 Capital stock (par $5) 260,000
Prepaid insurance 8,000 Retained earnings 141,000
Land 20,000
Equipment (net) 150,000
$488,000 $488,000
CARVER INC.
Income Statement
For the year ended December 31, 2007
Sales $1,400,000
Cost of goods sold
Inventory, Jan. 1, 2007 $200,000
Purchases 790,000
Cost of goods
available for sale 990,000
Inventory, Dec. 31,2007 170,000
Cost of goods sold 820,000
Gross profit on sales 580,000
Operating expenses 170,000
Net income $410,000
Children are likely to carry on the economic tildes of there parents in a __?
A:mixed economy
B:command economy
C:traditional economy
D: market economy
Aimi Corporation, based in Japan, decides to open a big manufacturing and distribution center in China. It does this by acquiring operating facilities from another company in China. The management at Aimi believes that adopting this approach will provide the company with instant access to new markets. In this context, the HR function at Aimi Corporation will:a.need to extend and expand its scope and operations to provide the appropriate contributions to firm performance.b.need to be extended to include employees of the Chinese company involved in the acquisition.c.need to be extended to include another set of employees but will not change in any other meaningful way.d.become complicated because of the disparate relationship between the staff in Aimi's home-country and the staff of the acquired company.
Answer: a. need to extend and expand its scope and operations to provide the appropriate contributions to firm performance.
Explanation:
The HR function will need to take into account the acquisition of these ew operating facilities and the fact that it will come with new employees and new ways to relate to those employees as they are from another country as the one that Aimi is based in.
The HR function will therefore have to extend and expand its scope and operations to incorporate this new situation and provide the appropriate contribution to the company from it.
Discuss some of the program’s challenges.
https://www.pbs.org/video/need-know-financial-literacy/
Answer:
okay aph development continues with an expression of the rationale or the explanation that the writer gives for how the reader should interpret the information presented in the idea statement or topic sentence of the paragraph. The writer explains his/her thinking about the main topic, idea, or focus of the paragrap
Explanation:
5. It is April 19, 2012 and you suddenly remember that your credit card bill
is due the next day. You have the money in your checking account to pay
the bill in full. The mailing address for the credit card company is a few
thousand miles away so you assume that it will take a few days for your
check to arrive. What should you do?
Answer: Take a picture of the check and email it to the company's address.
Based on the information, what should you do is Access your credit card account online to see if they have online options available that will get the payment to them by April 20th. Thus the correct option is B.
What is a credit card?A credit card is said to be a type of plastic money that allows an individual to purchase goods on credit and pay back the amount later on some specified rate of interest being charged on it.
In order to avoid excessive spending, one should keep in mind that if a credit card debt is left unpaid at the end of the credit limit, interest will be imposed on the remaining balance.
Paying late fees results in unneeded costs, thus it's wiser to Check your credit card account online to see if there are any online solutions that will allow you to send the payment by April 20th without incurring any additional payment fees.
Therefore, option B is appropriate.
Learn more about credit cards, here:
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The complete question is Probably
It is April 19, 2012 and you suddenly remember that your credit card bill is due the next day. You have the money in your checking account to pay the bill in full. The mailing address for the credit card company is a few thousand miles away so you assume that it will take a few days for your check to arrive. What should you do?
answer choices
Take the letter to the post office to get it postmarked on or before April 20th since that will be fine with the credit card company.
Access your credit card account online to see if they have online options available that will get the payment to them by April 20th.
Send the check to your credit card company through your bank’s bill pay service which guarantees 48 hour delivery.
Call the credit card company to tell them you will be late with your payment.
1. When distribution team members use replenishment reports to retrieve quantities of items to be sent to stores they are:
O A. Mixing
O B. Sending
O C.Packing
O D. Picking
Answer:
D. Picking.................
Distribution team members use replenishment reports to retrieve quantities of items to be sent to stores, this is called as Picking. Hence, Option D is the correct statement.
What is the picking system?Systems for picking orders from warehouses are created to improve picking operations' effectiveness, speed, and accuracy. A few of these systems can be used by businesses to improve order fulfillment processes in their distribution channels.
Hence, Distribution team members use replenishment reports to retrieve quantities of items to be sent to stores, this is called as Picking. Option D is the correct statement.
Learn more about distribution channels:
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For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GOP as part of consumption (C), investment (), government purchases (G), exports (X), or imports (M).
a. The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.
b. Sam's employer upgrades all of its computer systems using U.S-made parts.
c. Teresa's father in Sweden orders a bottle of Vermont maple syrup from the producer's website.
d. Sam buys a sweater made in Guatemala.
e. Teresa gets a new refrigerator made in the United States.
Answer:
a. The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore. - Gonverment purchases (G)
Government purchases include all expenses incurred by the government, like investment in public roads or public schools. It does not include transfer payments like social security or medicare though.
b. Sam's employer upgrades all of its computer systems using U.S-made parts. - Investment (I)
Investment includes all purchases made by private firms with the goal of increasing their assets, and economic profit.
c. Teresa's father in Sweden orders a bottle of Vermont maple syrup from the producer's website. - exports (X)
Exports are all goods and services, produced domestically (Vermont) and sold abroad (Sweden).
d. Sam buys a sweater made in Guatemala. - imports (M).
Imports are all goods and services, produced abroad (Guatemala), and consumed by domestic individuals or firms (Sam)
e. Teresa gets a new refrigerator made in the United States. - consumption (c)
Consumption includes all goods and services purchased by individuals and households in the United States.
A. Kacy Spade, owner, invested $15,500 cash in the company in exchange for common stock.
B. The company purchased office supplies for $450 cash.
C. The company purchased $8,572 of office equipment on credit.
D. The company received $1,829 cash as fees for services provided to a customer.
E. The company paid $8,572 cash to settle the payable for the office equipment purchased in transaction c.
F. The company billed a customer $3,286 as fees for services provided.
G. The company paid $520 cash for the monthly rent.
H. The company collected $1,380 cash as partial payment for the account receivable created in transaction f.
I. The company paid a $900 cash dividend to the owner (sole shareholder).
Required:
Prepare a trial balance.
On December 31, Year 2, Morgan Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance.
Land $18,000
Unearned revenue 16,200
Dividends 5,200
Prepaid rent 6,850
Cash 59,010
Salaries expense 12,500
Accounts payable 1,940
Common stock 23,000
Operating expense 13,800
Office supplies 1,900
Advertising expense 2,100
Retained earnings, Beginning 14,300
Service revenue 70,720
Accounts receivable 6,800
Answer and Explanation:
The preparation of the trial balance is given below:
Particulars Debit amount Credit amount
Land $18,000
Unearned revenue $16,200
Dividend $5,200
Prepaid rent $6,850
Cash $59,010
Salaries expense $12,500
Account payable $1,940
Common stock $23,000
Operating expense $13,800
Office supplies $1,900
Advertising expense $2,100
Retained earnings $14,300
Service revenue $70,720
Account receivable $6,800
Totals $126,160 $126,160
Each scenario below gives some information about price elasticity of demand for a firm. Use this information to answer the questions. Round answers to two places after the decimal where applicable. Honest Abe's Used Cars estimates the price elasticity of demand for their cars to be 4.60 . Last month, Abe tried a new marketing scheme which decreased the number of cars sold by 67 %.
Abe must have_________ prices. Therefore, Abe's total revenue ____________ Abe's prices must have changed by:________%
At Webs-R-Us, a website design company, the new manager has decided to increase the price of Webs-R-Us services by 45%.
If Webs-R-Us has a price elasticity of demand at 0.70, we can expected the number of websites designed to ___________
Answer:
increased
fell
14.57%
decrease
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Honest Abe's Used Cars has an elastic demand because its coefficient of elasticity is greater than one. Because demand is elastic, a rise in price would lead to a decrease in the number of cars sold. If price is increased, demand would fall more than the change in price, so total revenue would fall.
4.6 = 0.67 / percentage change in price
Percentage change in price = 0.67 / 4.6 = 0.1457 = 14.57%
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Webs-R-Us services has an inelastic demand.
If prices are increased, demand would fall but it would fall less than the increase in price
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded
Mercedes-Benz runs a TV commercial advertisement that displays one of its top-of-the-line cars. As the driver pulls up to a valet, people turn their heads and stare at the car. Mercedes-Benz has effectively leveraged which need in Maslow’s hierarchy?
Answer:
esteem
Explanation:
esteem
explain the governance of internet
Answer:
Internet governance is defined as 'the development and application by governments, the private sector, and civil society, in their respective roles, of shared principles, norms, rules, decision-making procedures, and programs that shape the evolution and use of the Internet'
Hope it helps! ^-^
Explanation:
The growth or development and programmes by government at a public sector and all the institutions in their respective roles of mutual guiding beliefs,norms,rules,desicision making operation and broadcast programming that forms the intection or evolutionary term and use the internet can be defined as governance of internet.
Megan Finder, a recent college graduate, is applying for her first credit card. The creditor has asked for a personal net worth statement. Megan owns a scooter worth $2,000.00 and has $800.00 in her checking account. She owes Jaycee Auto $920.00 and River College $125.00. Complete a net worth statement for Megan Finder. Select Current Date in the appropriate field. Assets should be listed in order of liquidity, so Cash should be listed first. Liabilities should be reported in alphabetic order.
Answer and Explanation:
The computation of the net worth statement is shown below:
Assets
Checking account $800
Scooter $2,000
Total assets $2,800 (A)
Liabilities
OWed to jaycee Auto $920
River college $125
Total liabilities $1,045 (B)
Net worth $1,755 (A - B)
The Case: The hairdressing industry in Pakistan is flourishing day by day. There are certainly lots of hairdressers and each of the hairdressers has a slightly different type of skill. Some salons only cut, some only provide color services, some only do natural hair, some do all types, etc. Also, they have different premises situated in a different location where they provide the services. The prices offered by the hairdresser depend on the services offered by them and its uniqueness. If the particular hairdresser is known for providing the best services in the particular market then he can increase the prices of his services as he knows that consumers can pay slightly more amount of money for his superior services. There is relatively a low barrier for entry and exit for setting up a new hairdresser shop. Requirement: Read the above scenario and explain in which market structure ‘the hairdressing industry’ falls and how?
Answer:
The Hairdressing Industry in Pakistan
The market structure of "the hairdressing industry" falls under Monopolistic Competition. The features of this market structure include: many hairdresser shops, low barriers for entry and exit for setting up a new hairdresser shop, the hairdressing services are not perfect substitutes, and the pricing decisions of any one shop do not impact others.
Explanation:
In a monopolistic competition, each firm is differentiated from others by distinct goods and services. This situation is enhanced in a services industry, where different skills are employed to further differentiate each firm's services from the others. While the products and services may look similar, one cannot actually substitute one for the other. Therefore, each firm can charge different prices for their distinct products and services without being influenced by the other firms, unless through a cartel arrangement.
One of the key decisions employers must make is the level of compensation provided to employees. Compensation is a significant cost, and employees are one of the most important assets of the organization. It is important that the organization makes and executes good strategic choices. To facilitate this process, many organizations think systematically about its job structures for compensation and pay levels for different jobs.
An organization's job structure consists of relative pay for different functions and different levels of responsibility. It defines, for example, the difference in pay between entry-level and management jobs, as well as different entry-level jobs in different departments, such as in production or accounting. Pay level is the average amount that an organization pays for a particular job and includes wages, salaries, and bonuses. Job structure and pay levels together form the pay structure, a policy that helps the organization achieve goals related to employee motivation, cost control, and the ability to attract and retain talented employees.
This activity is important because it will help you distinguish between the various factors that impact an organization’s pay structure. The goal of this activity is to classify decisions based on the factors used to establish a pay structure.
HR professionals develop pay structures for their organations based on such factors as legal requirements, company goals, and market forces. Drag each item into the appropriate column on the chart.
1. Equal pay for equal work
2. National compensation survey
3. Product markets
4. Benchmarking
5. Equitable pay rates
6. Child labor laws
7. Federal minum- wage laws
8. Overtime pay
9. Retention of talented staff
10. Trends in labor markets
11. Company cost centers
A. Legal Requirements
B. Organizational Goals
C. Market Forces
Answer:
1. Company goals
2.Market forces
3. market forces
4. company goals
5. market forces
6. legal requirement
7. legal requirement
8. company goals
9. company goals
10. market survey
11. company goals
Explanation:
Company goals is to maintain its business profitable. It is important for a business to retain its talented employees for maintaining quality of products. Legal requirements are the laws which are required to be followed by the businesses.
For each additional room in the house, we estimate the appraised value to increase $74,800. For a house with 0 rooms, we estimate the appraised value to be $74,800. For each additional room in the house, we estimate the appraised value to increase $17,800. For each additional dollar of appraised value, we estimate the number of rooms in the house to increase by 17.80 rooms.
Answer:
Answer is explained in the explanation section below.
Explanation:
Note: This question is incomplete and lacks necessary data to solve. Because, it contains only the options of the real question and the real question itself is missing. However I have found that real question. And will be choosing the right option from the given choices. And for your reference, I have attached the real question in the attachment below.
Solution:
The correct option for this question is:
For each additional room in the house, we estimate the appraised value to increase $17,800.
As this is the regression equation question.
y = βo + β1x
The intercept of the line βo = 17.80
Because the intercept of the regression model with the sample of n = 74 is 17.80, so the appraised value to increase is $17800.
Amazon Company uses predetermined departmental overhead rates based on direct labor cost to apply manufacturing overhead to jobs. The predetermined overhead rate for Department A this year was 200% of direct labor cost. The predetermined overhead rate for Department B this year was 50% of direct labor cost. Job Delta, which used labor time in both departments, was charged with the following costs.
Dept A Dept B
Direct materials $50,000 $10.000
Direct labor ? $60.000
Manufacturing overhead $80.000 ?
What was the total manufacturing cost assigned to Job Delta?
a. $270,000
b. $360,000
c. $390.000
d. $480.000
Answer:
a. $270,000
Explanation:
Department A:
Manufacturing overhead=200% of direct labor
80000 = 200% of direct labor
So, direct labor = 80000/200%=$40,000
Department B:
Manufacturing overhead=50% of direct labor
So, Manufacturing overhead = 50%*60000=$30,000
Total manufacturing cost = Material cost + Labor cost + Manufacturing overhead
- Material cost = 50000+10000=$60,000
- Direct labor cost = 40000+60000=$100,000
- Manufacturing overhead = 80000+30000=$110,000
Total manufacturing cost = $60,000 + $100,000 + $110,000
Total manufacturing cost = $270,000
Bonita Industries pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Bonita accrues salaries expense only at its December 31 year end. Data relating to salaries earned in December 2020 are as follows: Last payroll was paid on 12/26/20, for the 2-week period ended 12/26/20. Overtime pay earned in the 2-week period ended 12/26/20 was $26000. Remaining work days in 2020 were December 29, 30, 31, on which days there was no overtime. The recurring biweekly salaries total $445000.
Assuming a five-day workweek, Bonita should record a liability at December 31, 2020 for accrued salaries of:________
Answer:
$159,500
Explanation:
Liability for accrued salaries = $26,000 + ($445,000/10*3)
Liability for accrued salaries = $26,000 + $133,500
Liability for accrued salaries = $159,500
So, Bonita should record a liability at December 31, 2020 for accrued salaries of $159,500
A machine at a cost of $5,000 was purchased 3 years ago. It can be sold now for $3,000. If the machine is kept, the annual operating and maintenance costs will be $1,500. If it is kept and operated for next five years, determine the amount at time 0 (now) equivalent to the cost of owning and operating the machine for the next five-year period. It is anticipated that the machine can be sold for $1,000 at the end of the five-year period. Use an interest rate of 10%
Answer:
$10,065.26
Explanation:
First, we need to calculate the present value of machine operating cost using the following formula
PV of operating cost = Yearly Operating cost x ( 1 - ( 1 + Interest rate )^-numbers of years ) / Interest rate
Where
Yearly operating cost = $1,500
Interest rate = 10%
Numbers of years = 5 years
Placing values in the formula
PV of operating cost = $1500 x ( 1 - ( 1 + 10% )^-5 ) / 10%
PV of operating cost = $5,686.18
Now calculate the present vlaue of salvahge value
PV of SAlvage value = Slavage value / ( 1 + Interest rate )^Numbers of years
where
Salvage Value = $1,000
Interest rate = 10%
Numbers of years = 5 years
PLacing values in the formula
PV of SAlvage value = $1,000 / ( 1 + 10% )^5
PV of SAlvage value = $620.92
Net cost at time 0 = Initial purchase cost + PV of operating cost - Present value of salvage value = $5,000 + $5,686.18 - $620.92 = $10,065.26
Freedom Company had 450,000 shares of common stock issued as of December 31, 2020. 350,000 had been issued and outstanding as of January 1, 2020 and 100,000 of which were issued on September 1, 2020. Net income for the year ended December 31, 2020, was $1,160,000. What should be Freedom Company's 2020 earnings per common share, rounded to the nearest penny
Answer:
$3.03
Explanation:
Calculation for What should be Freedom Company's 2020 earnings per common share,
Earnings per common share =$1,160,000/ [$350,000 + ($100,000 × 4/12 )]
Earnings per common share=$1,160,000/($350,000+$33,333)
Earnings per common share=$1,160,000/$383,333
Earnings per common share= $3.03
Therefore What should be Freedom Company's 2020 earnings per common share is $3.03
Which of the following is NOT a way to help you with time
management during a meeting?
O Check the clock frequently
O Ask for help resolving issues
O Ask attendees to help keep track of time
O Follow-up on issue you can solve immediately
Answer:
check the clock frequently
The distance between defects in an automated weaving process at Craft Mills, Inc. is exponentially distributed. On average there are 0.025 defects per foot. Use the random number 0.749 to simulate the distance between two defects.
Answer:
28.57 ft
Explanation:
On an average there are about : 0.025 defects per foot
using a random number of 0.749 to simulate the distance between two defects is = 28.57 ft
attached below is a detailed solution of the above problem
Mutual interdependence occurs when
a. all firms in an industry are affected by the same macro economic conditions, such as a recession, inflation, interest rates, exchange rates, etc.
b. the actions of firms are independent of each other.
c. the actions of one firm in an industry are easily recognized and perhaps copied by others.
d. monopolists recognize that they must face eventual competition in the long run.
Answer:
See below
Explanation:
Mutual interdepence means that action of one firm is seen and copied by others.
If the mean of three observations x + 2, x + 4, and x + 6 is 15, then x is equal to
a) 12
(b) 13
(c) 15
(d) 11
Answer:
x+2+x+4+x+6/3=15
3x+12=15x3
3x+12=45
3x=45-12
3x=33
x=33/3
x=11
hope it helps u
Answer:
D
Explanation
3x+12 divided by 3 multiple by 15
You are researching Time Manufacturing and have found the following accounting statement of cash flows for the most recent year. You also know that the company paid $98 million in current taxes and had an interest expense of $48 million. Calculate the cash flows from assets and the cash flows to creditors and shareholders using the accounting information in the statement of cash flows.
Answer:
a. Cash Flows from Assets is $29m
b. Cash flow from creditors is 91.90m
Explanation:
a. Cash Flow to creditors = Interest Paid - Net new borrowings + retirement of debt
CFC = $48m - (-139.90) + 0
CFC = $91.90 m
b. Cash flow from Assets = Operating Cash Flow - Net capital spending - Change in net working capital
Cash flow from Assets = $520 - $375 - $116
Cash Flow from Assets = $29m
Imagine that your country takes in $100 million each year in tax money but chooses to spend $500 million on various services it provides. What type of stance does your country take on fiscal policy?
A.) expansionary stance
B.) contractionary stance
C.) economic stance
D.) neutral stance brainly
You purchase a property with a Market Value of $520,000 in 2005 using 5-year Interest Only 90% Loan-to-Value financing. In 2010, the Market Value of the property drops to $460,000. You are considering refinancing. The Loan-to-Value you can get for refinancing is only 70%. How much Total Cash Out of Pocket would you need to have to go through with the refinancing and pay back the original loan Principal outstanding
Answer:
$155,660
Explanation:
Note: The table to question is attached below
==> Loan to Value 90% in 2005
==> Loan to Value 70% in 2010
Loan Amount in 2005 = $520,000*0.9 = $468,000
Loan Amount in 2010 = $460,000*0.7 = $322,000
Loan Amount owed = $468,000
Through Refinancing = $322,000
Total cash out of pocket = $322,000*3% + $468,000 - $322,000
Total cash out of pocket = $9,660 + $468,000 - $322,000
Total cash out of pocket = $155,660
Identify the correct order of the four steps used to prepare a production cost summary (report). 1)Summarize the cost flow of physical units; (2) Compute the total cost of equivalent units of production; (3) Compute the cost per equivalent unit of production; and (4) Assign costs to units completed and units in process. (1)Summarize the flow of physical units; (2) Compute the equivalent units of production output; (3) Assign costs to units completed and units in process; and (4) Compute the cost per equivalent unit of production. (1)Summarize the flow of physical units; (2) Compute the equivalent units of production output; (3) Compute the cost per equivalent unit of production; and (4) Assign costs to units completed and units in process. (1)Summarize the flow of physical units; (2) Compute the equivalent units of production output; (3) Compute the total cost of equivalent units of production; and (4) Assign costs to units completed and units in process.
Answer:
The answer is "Option C".
Explanation:
The Costs of production relate to the price of a company producing or producing a service, which can include the range of expenditures, like labor, manufactured goods, supplies of items, and expenses. It has mainly four steps that can be defined as follows:
Complete the physical unit flow.Measure the production unit's equivalent.Compare the value per unit for output equivalent.Assign costs to finished units and manufactured units.Dawn, a sole proprietor, was engaged in a service business and reported her income on a cash basis. In 2018, she incorporated her business by transferring the assets of the business to a new corporation in return for all the stock in the corporation plus the corporation’s assumption of the liabilities of her proprietorship. All the receivables and the unpaid trade payables were transferred to the new corporation. The assets of the proprietorship had total basis of $125,000 and total fair market value of $300,000. The trade accounts payable assumed by the corporation totaled $35,000, and were for services rendered by third parties directly to customers of the business under Dawn’s supervision. The corporation also assumed a note payable to the bank, in the amount of $95,000. The note was issued for a loan used to purchase computers and other business equipment used in the business and transferred to the corporation.
a. Dawn has a taxable gain on the transfer of $5,000.
b. Dawn has a basis of $20,000 in the stock she receives.
c. Dawn has a basis of $10,000 in the stock she receives.
d. Dawn has a basis of $30,000 in the stock she receives.
e. Dawn has a basis of $235,000 in the stock she receives.
Answer:
d. Dawn has a basis of $30,000 in the stock she receives.
Explanation:
The computation is shown below:
= Total assets basis - total liabilities in terms of note payable
= $125,000 - $95,000
= $30,000
So Dawn has the basis of $30,000 in terms of the stock she received
Therefore the option d is correct
Post Adjusting Entries Post all adjusting entries to the t-accounts and calculate ending balances. Post the transactions in the order they appear in the journal entries.
Date Accounts and Explanation Debit Credit
Dec. 31 Salaries Expense 4,400
Salaries Payable 4,400
Date Accounts and Explanation Debit Credit
Dec. 31 Depreciation Expense - Furniture 100
Accumulated Depreciation - Furniture 100
Date Accounts and Explanation Debit Credit
Dec. 31 Insurance Expense 300
Prepaid Insurance 300
Date Accounts and Explanation Debit Credi
Dec. 31 Supplies Expense 110
Office Supplies 110
Date Accounts and Explanation Debit Credit
Dec. 31 Unearned Revenue 200
Service Revenue 200
Date Accounts and Explanation Debit Credit
Dec. 31 Accounts Receivable 700
Service Revenue 700
Answer:
Salaries expense Salaries payable
Debit Credit Debit Credit
4,400 4,400
Depreciation exp, furniture Accumulated dep, furniture
Debit Credit Debit Credit
100 100
Insurance expense Prepaid insurance
Debit Credit Debit Credit
300 300
Supplies expense Office supplies
Debit Credit Debit Credit
110 110
Unearned revenue Service revenue
Debit Credit Debit Credit
200 200
700
900
Accounts receivable
Debit Credit
700
In the FASB ASC, Sections are standardized across all Subtopics. For example, Section 20 will be the Glossary section in every Subtopic. Match the Section number with the appropriate description of the Section below. (Note: Not all Section numbers have been included, and not all of the descriptions will be used.)
- 05 - 25 - 30 - 35 - 50 - 65
A. Scope and Scope Exceptions
B. Recognition
C. Subsequent Measurement
D. Initial Measurement
E. XBRL Elements
F. Disclosure
G. Transition and Open Effective Date Information
H. Overview and Background
I. Implementation Guidance and Illustrations
J. Measurement
Answer:
A. 25
B. 50
C.05
D. 25
E. 30
F. 65
G. 35
H. 05
I. 25
J. 05
Explanation:
FASB is Financial Accounting Standard Board which reviews the standards and monitors its implementation after their issuance. The main purpose of FASB is to improve the financial accounting standards. It is single source of authoritative generally accepted accounting practices.