During November, the following summary transactions were completed. Journalize the November Transactions.
Nov. 8 Paid $4,189 for salaries due employees, of which $2,183 is for November and $2,006 is for October.
10 Received $2,242 cash from customers in payment of account.
11 Purchased merchandise on account from Dimas Discount Supply for $9,440, terms 2/10, n/30.
12 Sold merchandise on account for $6,490, terms 2/10, n/30. The cost of the merchandise sold was $4,720.
15 Received credit from Dimas Discount Supply for merchandise returned $354.
19 Received collections in full, less discounts, from customers billed on sales of $6,490 on November 12.
20 Paid Dimas Discount Supply in full, less discount.
22 Received $2,714 cash for services performed in November.
25 Purchased equipment on account $5,900.
27 Purchased supplies on account $2,006.
28 Paid creditors $3,540 of accounts payable due.
29 Paid November rent $443.
29 Paid salaries $1,534.
29 Performed services on account and billed customers $826 for those services.
29 Received $797 from customers for services to be performed in the future.

Answer:

Journal Entries:

Nov. 8:

Debit Salaries Expense $2,183

Debit Salaries Payable $2,006

Credit Cash Account $4,189

To record the payment of salaries for October and November.

Nov. 10:

Debit Cash Account $2,242

Credit Accounts Receivable $2,242

To record the receipt of cash on account

Nov. 11:

Debit Inventory $9,440

Credit Accounts Payable (Dimas Discount Supply) $9,440

To record the purchase of goods on account, terms 2/10, n/30.

Nov. 12:

Debit Accounts Receivable $6,490

Credit Sales Revenue $6,490

To record the sale of goods on account, terms, 2/10, n/30.

Debit Cost of goods sold $4,720

Credit Inventory $4,720

To record the cost of goods sold.

Nov. 15:

Debit Accounts Payable (Dimas Discount Supply) $354

Credit Inventory $354

To record the credit received.

Nov. 19:

Debit Cash Account $6,360

Debit Cash Discount $130

Credit Accounts Receivable $6,490

To record the receipt of cash on account.

Nov. 20:

Debit Accounts Payable (Dimas Discount Supply) $9,086

Credit Cash Discount $182

Credit Cash Account $8,904

To record payment on account.

Nov. 22:

Debit Cash Account $2,714

Credit Service Revenue $2,714

To record receipt of cash for services performed.

Nov. 25:

Debit Equipment $5,900

Credit Accounts Payable $5,900

To record the purchase of equipment on account.

Nov. 27:

Debit Supplies $2,006

Credit Accounts Payable $2,006

To record the purchase of supplies on account.

Nov. 28:

Debit Accounts Payable $3,540

Credit Cash Account $3,540

To record payment on accounts.

Nov. 29:

Debit Rent Expense $443

Credit Cash Account $443

To record the payment of November rent.

Debit Salaries Expense $1,534

Credit Cash Account $1,534

To record the payment of salaries.

Debit Accounts Receivable $826

Credit Service Revenue $826

To record services performed on account.

Debit Cash Account $797

Credit Unearned Service Revenue $797

To record receipt of cash for services.

Explanation:

The journal entries record the business transactions as they occur on daily basis.  The records show the accounts to be debited and credited in the general ledger.

SNC is considering working with Nutrilife on a half-size contract for its herbal nutraceutical product line, with an incremental sales benefit to the top line of $2 million (a one-time 20% increase). In addition, Ayurveda Naturals, the India-based supplier of herbs for the Nutrilife contract, is offering very favorable payment terms: 2/30 net 60. In other words, SNC could lower its accounts payable liability to $153,000 by paying Ayurveda Naturals within 30 days, thereby realizing a 2% discount on raw materials. What would you like to do about this opportunity?Accept or Decline2013 2014 2015 Post 2015Incremental Summary Income Statement ($ in thousands)Sales $2,000 $2,000 $2,000 $2,000Cost of Sales $1,833 $1,833 $1,833 $1,833EBIT $167 $167 $167 $167Incremental Balance Sheet ($ in thousands)Accounts Receivable $603 $603 $603 $603Inventories $452 $452 $452 $452Accounts Payable $151 $151 $151 $151

What countries are Canada’s top ten service import partners?

Flint Corporation provides security services. Selected transactions for Flint Corporation are presented below.
Oct.
1 Issued common stock in exchange for $75,200 cash from investors.
2 Hired part-time security consultant. Salary will be $2,300 per month. First day of work will be October 15.
4 Paid 1 month of rent for building for $2,300.
7 Purchased equipment for $20,500, paying $4,600 cash and the balance on account.
8 Paid $2,300 for advertising.
10 Received bill for equipment repair cost of $480.
12 Provided security services for event for $3,600 on account.
16 Purchased supplies for $470 on account.
21 Paid balance due from October 7 purchase of equipment.
24 Received and paid utility bill for $169.
27 Received payment from customer for October 12 services performed.
31 Paid employee salaries and wages of $5,800.
Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Post the transactions to T-accounts. (Post entries in the order of journal entries presented in the previous part. For accounts with zero balance select "Balance" from the list and enter "0" or leave it blank.)
Prepare a trial balance at October 31, 2017.

Wildhorse Co. entered into these transactions during May 2022, its first month of operations.

1. Stockholders invested $33,000 in the business in exchange for common stock of the company.
2. Purchased computers for office use for $26,900 from Ladd on account.
3. Paid $3,100 cash for May rent on storage space.
4. Performed computer services worth $15,300 on account.
5. Performed computer services for Wharton Construction Company for $3,500 cash.
6. Paid Western States Power Co. $8,700 cash for energy usage in May.
7. Paid Ladd for the computers purchased in (2).
8. Incurred advertising expense for May of $3,400 on account.
9. Received $11,100 cash from customers for contracts billed in (4).

Required:
Using a tabular analysis, show the effect of each transaction on the accounting equation. Provide explanations for changes to Stockholders' Equity.

Your younger sister is just starting high school, and 5 years from today she should be entering college. Your father plans to start a college fund for her, beginning today. He will invest $5,000 per year in a mutual fund, beginning today, and he expects to earn an annual return of 8%. What is the expected value of the college fund when your sister enters college?

Constructing and Assessing Income Statements Using Cost-to-Cost Method Assume General Electric Company agreed in May 2016 to construct a nuclear generator for NSTAR, a utility company serving the Boston area. General Electric Company estimated that its construction costs would be $840 million. The contract price of $1,050 million is to be paid as follows: $350 million at the time of signing; $350 million on December 31, 2016; and $350 million at completion in May 2017. General Electric incurred the following costs in constructing the generator: $336 million in 2016 and $504 million in 2017.

Required:
Compute the amount of General Electric's revenue, expense, and income for both 2016 and 2017, and for both years combined, under the cost-to-cost revenue recognition method.

The difference between the revenue from selling inventory and the cost of that inventory is measured as:

We know that most decisions are in part, based on expectations of the future. Suppose we have two people who are trying to decide whether to consume today (assume it is currently January 2008) or save for the future and consume one year later, in January 2009. One person, let's call him Joe, is basing his decision on the ex-ante real rate of interest like most of us do. The other person who has a crystal ball, we'll call her Crystal, can see exactly what the actual rate of inflation is going to be and thus, has perfect foresight and bases her decision on the ex-post real rate. Look at the difference in the ex-ante and ex-post real rates you calculated in #25 and # 26 above. Who would be more likely to save and who would be more likely to spend? A. Both Joe and Crystal are savers. B. Both Joe and Crystal are spenders. C. Crystal saves, Joe spends. D. Crystal spends, Joe saves.

On November 1 of the current year, Rob Elliot invested $30,000 of his cash to form a corporation, GGE Enterprises Inc., in exchange for shares of common stock. No other common stock was issued during November or December. After a very successful first month of operations, the retained earnings as of November 30 were reported at $5,000. After all transactions have been entered into the accounting equation for the month of December, the ending balances for selected items on December 31 follow. On that date, the financial statements were prepared. The balance sheet reported total assets of $56,150 and total stockholders' equity of $37,785.
Cash Accounts Accounts Common Retained Fees Supplies
Recivable Land Payable Stock Earnings Dividends Earned Expense
$8,350.00 $15,500.00 $5,000.00 $5,750.00 $27,250.00 $6,450.00
Utilities Wages Miscellaneous
Expense Expense Expense
$4,625.00 $1,220.00 $400.00
Balance Income Retained Earnings
Sheet Statement Statement Amount
1. What is the amount reported for total
liabilities and stockholders' equity on
December 31? $54,400.00
2. What is the retained earnings amount
reported on December 31? $8,455.00
3. How much does GGE Enterprises Inc.
owe to its creditors?
4. How much cash is being held by GGE
Enterprises Inc.? $30,550.00
5. By what amount did retained earnings
increase or decrease during the period?
6. What is the amount of profit or loss during
December?
7. What were the total expenses for December? $9,205.00
8. How much was paid for utilities?

Amber, a publicly held corporation, had been paying its chief executive officer (CEO) an annual salary of $900,000. Amber instituted a performance-based compensation plan, effective January 1, 2017, that increased the CEO's 2017 compensation by $300,000. It is anticipated that the plan will provide an additional $350,0000 in 2019. Prepare a letter to Amber's board of directors explaining how much of the CEO's 2019 compensation is deductible and the consequences of any changes that might be made to the compensation plan in 2019. Address the letter to the board chairperson, Angela Riddle, whose address is 100 James Tower, Cleveland, OH 44106. Dear Ms. Riddle:
I am responding to your inquiry regarding the current compensation plans for Amber Corporation's president. The Board agreed to amend the president's compensation plan effective January 1, 2017, to allow an increase in the compensation she can earn through a performance-based compensation plan. In 2017, the president earned an additional $300,000 under her revised contract. This amount increased to $350,000 in 2018 and 2019, and it is projected that she will increase her earnings by $350,000 under this plan in 2020.
In general, any salary paid to the president in excess of $_______ is deemed excessive executive compensation and not deductible. Before 2018, compensation earned under a performance-based compensation option was not subject to this limitation. Therefore, in 2017, Amber deducted $________ as compensation.

Lendell Company has these comparative balance sheet data:
Lendell Company
Balance Sheets
December 31
2020 2019
Cash $ 16,000 $ 29,000
Accounts receivable (net) 71,000 61,000
Inventory 61,000 51,000
Plant assets (net) 200,000 176,000
$348,000 $317,000
Accounts payable $50,000 $59,400
Mortgage payable (15%) 106,000 106,000
Common stock, $10 par 143,000 115,000
Retained earnings 49,000 36,600
$348,000 $317,000
Additional information for 2020:
1. Net income was $25,200.
2. Sales on account were $415,300. Sales returns and allowances amounted to $19,300.
3. Cost of goods sold was $196,000.
4. Net cash provided by operating activities was $44,400.
5. Capital expenditures were $26,200, and cash dividends were $8,900.
Compute the following ratios at December 31, 2020. (Round current ratio to 2 decimal places, e.g. 1.67. Round Accounts receivable turnover, Average collection period, Inventory turnover and Days in inventory to 1 decimal place, e.g. 1.6.)
a. Current ratio
b. Accounts receivable turnover
c. Average collection period
d. Inventory turnover
e. Days in inventory

Presented below are certain account balances of Sheridan Products Co.
Rent revenue $6,510 Sales discounts $8,390
Interest expense 13,340 Selling expenses 99,470
Beginning retained earnings 114,860 Sales revenue 401,600
Ending retained earnings 134,870 Income tax expense 24,627
Dividend revenue 71,020 Cost of goods sold 174,271
Sales returns and allowances 12,900 Administrative expenses 80,940
Allocation to noncontrolling interest 17,960
From the foregoing, compute the following:
(a) Total net revenue $
(b) Net income $
(c) Dividends declared $
(d) Income attributable to controlling stockholders $

How have the evolving business environment and the emergence of free agent workers affected make-or-buy talent decisions?

1. Compute (a) the cost of goods purchased and (b) the cost of goods sold.
2. Prepare the Income Statement for 2017.

The following data are for Marvin Department Store. The account balances (in thousands) are for 2017.

Marketing and advertising costs $24,000
Merchandise inventory, January 1, 2011 45,000
Shipping of merchandise to customers 2,000
Building depreciation $4,200
Purchases 260,000
General and administrative costs 32,000
Merchandise inventory, December 31, 2011 52,000
Merchandise freight-in 10,000
Purchase returns and allowances 11,000
Purchase discounts 9,000
Revenues 320,000

Nitai, who is single and has no dependents, was planning on spending the weekend repairing his car. On Friday, Nitai’s employer called and offered him $525 in overtime pay if he would agree to work over the weekend. Nitai could get his car repaired over the weekend at Autofix for $420. If Nitai works over the weekend, he will have to pay the $420 to have his car repaired, but he will earn $525. Assume Nitai’s marginal tax rate is 12 percent rate.

Required:
a. Strictly considering tax factors, should Nitai work or repair his car if the $420 he must pay to have his car fixed is deductible for AGI?
b. Given the answer in a above, by how much is Nitai better or worse off?

Considering the following labor markets. A slightly different feature of labor markets is that employees are the suppliers of labor and firms are the demanders of labor. Assuming an identical inward shift of the demand curve, which market will cause a higher level of unemployment due to the demand shift, as measured by the number of jobs lost due to the demand shift (not the absolute number of jobs)? Note: We are assuming we are in an industry with market power. While this is not necessarily the best assumption for a labor market, it is reasonable in the presence of a strong labor union.

Consider two neighboring island countries called Bellissima and Dolorium. They each have 4 million labor hours available per week that they can use to produce jeans, rye, or a combination of both. The following table shows the amount of jeans or rye that can be produced using 1 hour of labor.


Jeans Rye

(Pairs per hour of labor) (Bushels per hour of labor)

Bellissima 8 16
Dolorium 5 20

Initially, suppose Bellissima uses 1 million hours of labor per week to produce jeans and 3 million hours per week to produce rye, while Dolorium uses 3 million hours of labor per week to produce jeans and 1 million hours per week to produce rye. Consequently, Bellissima produces 8 million pairs of jeans and 48 million bushels of rye, and Dolorium produces 15 million pairs of jeans and 20 million bushels of rye. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and rye it produces.

Felicidad's opportunity cost of producing 1 pair of jeans is (1/2 bushel, 1/4 bushel, 2 bushel, 4 bushel) of corn, and Bellissima's opportunity cost of producing 1 pair of jeans is (1/2 bushel, 1/4 bushel, 2 bushel, 4 bushel) of corn. Therefore, (Bellissima, Felicidad) has a comparative advantage in the production of jeans, and (Bellissima, Felicidad) has a comparative advantage in the production of corn.

Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. In this case, the country that produces jeans will produce _____ million pairs per month, and the country that produces corn will produce _____ million bushels per month.

What is market demand?

a. The subtraction of the individual quantities demanded by each buyer in a market at each price.
b. The addition of the individual prices of the product at each level of quantity.
c. The multiplication of the prices of each product by the individual quantities demanded by each buyer in a market.
d. The division of the total spending by an individual buyer by the prices paid for the product.
e. The addition of the individual quantities demanded by each buyer in a market at each price

You are an industry analyst for the telecom sector. You are analyzing financial reports from two companies: tt & t Inc. and Phonez Corp. corporate tax for both firms is 35%. Your associate analyst has calculated and compiled, in the following table, a list of important figures you need for the analysis:

TT &T Inc. Phonz Crop.
EBIT $175,000 $124,600
Depreciation $70,000 $49,840
Total operating capital $1,029,000 $802,900
Net investment in operating capital $490,000 $259,000
WACC 8.84% 11.50%

In your analysis, you want to look for several characteristics-one of them being the return on invested capital (ROIC). Using the information available, complete the following statements:

TT&T inc. has a ______________free cash flow than Phonez Corp. does. The net operating profit after tax (NOPAT) for tt&t inc. is___________, whereas the NOPAT for Phonez Corp. is_________. TT&T inc. has a return on invested capital of_________, whereas, Phonez Corp. has a return on invested capital of___________

Your inference from the analysis is that both firms are in a high-growth phase, and their growth will be profitable. Considering your analysis, which of the following statements is true?

a. If ROIC is less than the rate of return that investors require, which is the weighted average cost of capital (WACC), then the firm is adding value.
b. If ROIC is greater than the rate of return that investors require, which is the weighted average cost of capital (WACC), then the firm is adding value.

Hentzel Landscaping commenced its business on January 1, 20X1. During its first year of operations, Hentzel purchased supplies in the amount of $12,000 (debited to Supplies inventory), and of this amount, $3,000 were unused as of December 31, 20X1. On March 1, 20X1, Hentzel received $18,000 for landscaping services to be rendered for 18 months (beginning July 1, 20X1). This amount was credited to a liability called Deferred landscaping revenue. The company’s gasoline bill for $2,500 for the month of December 20X1 was not received until January 15, 20X2. No entry was made. The company borrowed $50,000 from HomeTown Financing on April 1, 20X1, at a 5% interest rate per annum. It credited a liability for notes payable. The principal, along with all the interest, is due on April 1, 20X2. On January 1, 20X1, the company purchased 10 lawnmowers at $3,000 each. It debited fixed assets. The lawnmowers are expected to last for three years with no salvage value. On December 31, 20X1, Hentzel did not record any adjusting entries with respect to these transactions.
Required:
Prepare all adjusting entries necessary to prepare financial state.

Derick works as a customer service representative in a car showroom. He needs to interact with several customers every day. In which situation would Derick deliver the most effective customer service?

You are given the following information regarding prices for a sample of stocks. PRICE Stock Number of Shares T T+1 A 1,000,000 60 80 B 10,000,000 20 35 C 30,000,000 18 25 a. Construct a price-weighted index for these three stocks, and compute the percentage change in the index for the period from T to T + 1.b. Construct a value-weighted index for these three stocks, and compute the percentage change in the index for the period from T to T + 1.c. Briefly discuss the difference in the results for the two indexes.

Which of the following is not a measure of variability?
a. range
b. variance
c. standard deviation
d. regulated differences

Best Buy Co, Inc., is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the fiscal year ended January 28, 2017, are shown below. Best
Buy Co, Inc.
Balance Sheet
At January 28, 2017
($ in millions)
Assets
Current assets:
Cash and cash equivalents $2,240
Short-term investments 1,681
Accounts receivable (net) 1,347
Inventory 4,864
Other current assets 384
Total current assets 10,516
Long-term assets 3,340
Total assets $13,856
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $4,984
Other current liabilities 2,138
Total current liabilities 7,122
Long-term liabilities 2,025
Shareholders’ equity 4,709
Total liabilities and
shareholders’ equity $13,856
Best Buy Co, Inc.
Income Statement
For the Year Ended January 28, 2017
($ in millions)
Revenues $39,403
Costs and expenses 37,549
Operating income 1,854
Other income (expense) (38)
Income before income taxes 1,816
Income tax expense 609
Net income $1,207
Includes $72 of interest expense.
Required:
1-A. Calculate the current ratio for Best Buy for its fiscal year ended January 28, 2017.
1-B. Calculate the acid-test ratio for Best Buy for its fiscal year ended January 28, 2017.
1-C. Calculate the debt to equity ratio for Best Buy for its fiscal year ended January 28, 2017.
1-D. Calculate the times interest earned ratio for Best Buy for its fiscal year ended January 28, 2017.

On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month:
a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $17,500.
b. Purchased supplies on account, $2,300.
c. Earned sales commissions, receiving cash, $13,300.
d. Paid rent on office and equipment for the month, $3,000.
e. Paid creditor on account, $1,150. Paid dividends, $1,800.
f. Paid automobile expenses (including rental charge) for month, $1,500, and miscellaneous expenses, $400.
g. Paid office salaries, $2,800.
Determined that the cost of supplies used was $1,050.

The rate of flow of a continuous income stream​ (in thousands of dollars per​ day) is given by Find the total income produced during the first ten days of operation. Round to the nearest dollar.

Several transactions for Trolley, Inc. are presented below. The company adjusts its books only at year-end.
a. On August 1, the company rented some land from another company for $2,660 for a three-year time period. Trolley charged an expense account on August 1.
b. On February 1, Trolley received $8,000 for a four-year technical service contract. Trolley is performing the services evenly over the four-year period. The company credited a liability account, Unearned Service Revenue, on February 1.
c. On May 1, Trolley loaned $3,400 to another company on a 12%, one-year note.
d. The weekly (five-day) payroll of Trolley amounts to $2,500. All employees are paid at the close of business each Friday. December 31 falls on a Thursday.
Required:
Prepare the adjusting entries for December 31.

Which feature would clickstream analysis typically capture?
A.
eye color of the consumer
B.
typing speed of the consumer
C.
model of the mouse on the consumer’s machine
D.
last web page the consumer visited

Suppose that both the number of buyers and the number of sellers increase. Which of the following will occur?

a. The equilibrium quantity will increase and the equilibrium price will increase.
b. The equilibrium quantity will increase and the effect on the equilibrium price is undetermined.
c. The total effect on equilibrium price and quantity is undetermined.
d. The equilibrium price will increase and the effect on the equilibrium quantity is undetermined.
e. The equilibrium quantity will increase and the equilibrium price will decrease.

P purchased a machine on January 1, 2018 for $53656 At the time of purchase, the machine was expected to have a useful life of 16 years and a residual value of $4292 P uses straight-line depreciation At the beginning of 2026, P estimated the machine had a remaining useful life of 11 years with no residual value. Determine the following amounts
1. The depreciation expense for the year ending December 31, 2018:
2. The carrying value of the machine on January 1, 2026:
3. The depreciation expense for the year ending December 31, 2026:
4. The carrying value of the machine on December 31, 2026: