Eaton Co. sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, or three-year period. Cash receipts from contracts are credited to Unearned Service Revenue. This account had a balance of $3,800,000 at December 31, 2014 before year-end adjustment. Service contract costs are charged as incurred to the Service Contract Expense account, which had a balance of $900,000 at December 31, 2014. Service contracts still outstanding at December 31, 2014 expire as follows:
During 2015 $960,000
During 2016 1,140,000
During 2017 700,000
What amount should be reported as Unearned Service Revenue in Eaton's December 31, 2014 balance sheet?
a. $2,900,000.
b. $2,800,000. (Correct answer: $960,000 + $1,140,000 + $700,000 = $2,800,000.)
c. $1,900,000.
d. $1,000,000.

Answer:

b. $2,800,000.

Explanation:

Since the contracts are accepted on cash basis, receipts are recorded in Unearned Service Revenue. In this case, the contracts outstanding as on 31st December 2014 is recorded in unearned service revenue as those cash is received in advance and will be credited to unearned service revenue

Unearned service revenue in Eaton's December 31, 2014 Balance sheet = $960,000 + $1,140,000 + $700,000 = $2,800,000

In each of the following cases, determine how much GDP and each of its components is affected, if at all:
A. Debbie spends $200 to buy her husband dinner at the finest restaurant in Boston.
B. Sarah spends $1800 on a new laptop to use in her publishing business. The laptop was built in China.
C. Jane spends $1200 on a computer to use in her editing business. She got last year’s model on sale for a great price from a local manufacturer.
D. General Motors builds $500 million worth of cars, but consumers only buy $470 million worth of them.
Computing GDP: 2018 (base year) 2019 2020 P Q P Q P QGood A $30 $900 $31 $1000 $36 $1050Good B $100 $192 $102 $200 $100 $205
2. Use the above data to solve these problems:A. Compute nominal GDP in 2018.B. Compute real GDP in 2019.C. Compute the GDP deflator in 2020.

A new aluminum part production facility opened for business, selling products for $9,000 each. The rent on the facility building is $5,000/month and additional utilities cost $15,000/month. The production line is open 24 hours every day of the month (calculate with 30 days per month). Each day has three 8-hour shifts with 10 workers present in each of these snifts. All workers get paid $30/hour. The materials used for your product cost $2,500/product. Your accountant advises you that your corporate taxes are estimated to be $500/product.
Calculate, how many products you must make and sell in one month to make a $1,000,000 profit per month.

The number of internal disk drives​ (in millions) made at a plant in Taiwan during the past 5 years​ follows:______. Year Disk Drives 1 1402 160 3 1904 200 5 ​ 210a) Using simple linear regression LOADING...​, the forecast for the number of disk drives to be made next year​ = 243.6 disk drives ​(round your response to one decimal​ place). ​b) The mean squared error​ (MSE) when using simple linear regression​ = 4.5 ​(round your response to one decimal​ place). ​c) The mean absolute percentage error​ (MAPE) when using simple linear regression​ = 1.04​% ​(round your response to one decimal​ place).

Following are income statements for Hossa Corporation for 20X1 and 20x2. Percentage of sales amounts are also shown for each operating expense item. Hossa's income tax rate was 22% in 20X1 and 24% in 20X2
2011 2012
($ in millions) ($ in millions) of sales % ($ in millions) of sales % Sales
Cost of sales $5,500.0 $6,500.0
Other operating expenses (2,475.0) 45% (3,055.0) 47%
Operating income (825.0) 15% (1,040.0) 16%
Provision for income taxes 2,200.0 2,405,0
Net income 484.0 (577.2)
Income tax rate $1,716.0 $2,827.8
22% 24%
Hossa’s management was pleased that 20X2 net income was up 6.5% from the prior year. Although you are also happy with the increase in net income, you are not so sure the news is all positive. You have modeled Hossa’s income as follows:
NET INCOME = SALES × (1 − COGS% − OPEX%) × (1 − TAX RATE)
Using this model, net income in 20X1 is computed as $5,500 × (1 − 45% − 15%) × (1 − 22%) = $1,716.0. Net income in 20X2 is computed as $6,500 × (1 − 47% − 16%) × (1 − 24%) = $1,827.8.
Required:
Prepare a cause-of-change analysis to show the extent to which each of the following items contributed to the $111.8 million increase in Hossa’s net income from 20X1 to 20X2: (Do not round intermediate calculations.
Increase in sales (SALES)
Increase in cost of sales as a percent of sales (COGS%)
Increase in other operating expenses as a percent of sales (OPEX%)
Increase in income tax rate (TAX RATE)

Why is investing in gold beneficial?
A. It is easy to mine.
B. It is considered a stable investment
C. Gold is more expensive than stocks.
D. The value of hold is subject to inflation.

Vintage Fun reproduces old-fashioned style roller skates and skateboards. The annual production and sales of roller skates is 1,000 units, while 1 skates require 1.5 direct labor hours per unit, while skateboards require 1:25 direct labor hours per unit. The total estimated overhead for the period used an activity-based costing system, it would have the following three activity cost pools: Expected activity Estimated overhead cost $6,550 $16,000 $91450 Activity cost pool Roller skates Skateboards Total Setup costs 345 320 665 Engineering costs Maintenance costs 490 630 1,120 2,175 2,178 4,353 The overhead cost per skateboard using an activity-based costing system would be closest to (Round all answers to two decimal places.)
A. $45.14
B. $57.91
C. $114.72
D. $33.47

how do you determine a bond premium or discount

The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year.
Manufacturing Overhead
(a) 488,448 (b) 407,040
Bal. 81,408
Work in Process
Bal. 9,960 (c) 758,000
302,000
91,000
(b) 407,040
Bal. 52,000
Finished Goods
Bal. 38,000 (d) 664,000
(c) 758,000
Bal. 132,000
Cost of Goods Sold
(d) 664,000
The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows:
Work in Process, ending $ 24,960
Finished Goods, ending 63,360
Cost of Goods Sold 318,720
Overhead applied $ 407,040
For example, of the $52,000 ending balance in work in process, $24,960 was overhead that had been applied during the year.
Required:
1. Identify reasons for entries (a) through (d).
2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry.
3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold.
Prepare the necessary journal entry.

What is a green thumb?
An ability to care for animals
An ability to climb trees
An ability to care for plants
An interest in the environment

Please help

when opening a bank account it asks you for a proof of address, can I put an address as the proof one but use a different address to actually get it shipped to a hotel? ...outta town​

Considering all of the factors listed in the preceding SWOT analysis question, which of the following strategies would make the most sense for the Cubs in the upcoming season? A. Assume that as the players age, they will continue to produce at their current levels. B. Keep the Cubs intact and do not hire any new players because the team was good enough to win the World Series. C. Sign a free-agent outfielder to bolster the current roster and sign the current pitchers to long-term contracts. D. Trade the Cubs’ current pitchers to another team for minor-league prospects who aren’t ready for the major league.

Taco Bell processes on average 1,500 customers per day (15 hours). On average there are 75 customers in the restaurant (waiting to place the order, waiting for the order to arrive, eating, etc.). How long does an average customer spend at Taco Bell and what is the average customer turnover

Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records for the most popular item in inventory showed the following;Transactions Units Unit CostBeginning Inventory Jan 1, 2015 400 $3.00Transactions during 2015:a) Purchase, Jan 30 300 $3.40b) Purchase, May 1 460 $4.00c) Sale ($5 each) (160)d) Sale ($5 each) (700)Compute the amount of goods available for sale.Goods available for sale _____________Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Last-in, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)Average Cost First-In, First Out Last-In, First-Out Specific IdentificationEnding Inventory Cost of goods sold

Northstar Company uses ABC to account for its chrome wheel manufacturing process.
Company managers have identified four manufacturing activities that incur manufacturing overhead costs: materials handling, machine setup, insertion of parts and finishing.
The budgeted activity costs for the upcoming year and their allocation bases are as follows:
Activity Total Budgeted Allocation Base
Manufacturing
Overhead Cost
Materials handling $12,000 Number of parts
Machine setup 3,400 Number of setups
Insertion of parts 48,000 Number of parts
Finishing 80,000 Finishing direct labor hours
Total $143,400
Northstar expects to produce 1,000 chrome wheels during the year.
The wheels are expected to use 3,000 parts, require 10 setups and consume 2,000 hours of finishing time.
Job 420 used 150 parts, required 2 setups and consumed 100 finishing hours.
Job 510 used 500 parts, required 4 setups and consumed 310 finishing hours.
Required:
1. Compute the cost allocation rate for each activity.
2. Compute the manufacturing overhead cost that should be assigned to Job 420.
3. Compute the manufacturing overhead cost that should be assigned to Job 510.

According to the video, which of these skills and abilities will help a worker succeed in this career cluster? Check all
that apply

being alert

being a quick learner

having good
communication skills

being assertive

being flexible

being confident

On June 1, 2017, Pharoah Company was started with an initial investment in the company of $22,350 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:


Cash $5,010 Notes payable $12,820
Accounts receivable 4,290 Accounts payable 790
Service revenue 7,910 Supplies expense 1,030
Supplies 2,370 Maintenance and repairs expense 630
Advertising expense 400 Utilities expense 270
Equipment 26,410 Salaries and wages expense 1,810
Common stock 22,350

In June, the company issued no additional stock but paid dividends of $1,650.

Required:
Prepare an income statement for the month of June.

On January 2, Chaz transfers cash of $143,400 to a newly formed corporation for 100% of the stock. In its initial year, the corporation has net income of $35,850. The income is credited to its earnings and profits account. The corporation distributes $10,755 to Chaz.
A. How do Chaz and the corporation treat the $10,755 distribution?
B. Assume instead that Chaz transfers to the corporation cash of $71,700 for stock and cash of $71,700 for a note of the same amount. The note is payable in equal annual installments of $7,170 and bears interest at the rate of 6%. No distributions are made during the year to Chaz. However, at the end of the year, the corporation pays an amount to meet the loan obligation(i.e., the annual $7,170 principal payment plus the interest due). Determine the total amount of the payment and its tax treatment to Chaz and the corporation.
The corporate payment to Chaz totals $_____. Chaz has interest of $______ and a note repayment of $____ of which $____is taxable to Chaz. The corporation has a deduction of $____$ of which $ is taxable to Chaz. The corporation has a deduction of $.

Prepare the necessary adjusting entries at December 31, 2019 for the Washington Apple Company. Assume that no adjustments were made during the year. Use the journal below.

a. On October 1, 2019 the company purchased for cash a one year fire policy for $4000.
b. The company had depreciation on equipment of $12,500 for the year.
c. On December 28, 2019 the company received $4000 cash for products. The entire $4000 was counted as revenues for the year when the transaction was made. One half of the product was shipped on December 30, 2019 and the other half won't be produced and shipped until mid-January.

ASSUMPTIONS
Sales Price per Unit $49.99
Gross Margin = (Revenues - cost of goods sold) / Revenues 25%
Depreciation & amortization as a % of capital expenditures 25%
Tax Rate 35%
Year 2014 2015 2016 2017 2018
Units Sold 200,000
Growth Rate Of Unit Sold 5% 13% 15% 9%
Operating Expenses as % of Sales (2014 Only) 10%
Operating Expense Growth Rate 4% 4% 4% 4%
Capital Expenditures $1,750,000 $1,775,000 $1,800,000 $1,825,000 $1,850,000
Interest Expense $0 $10,000 $10,000 $10,000 $12,500
Income Statement
Year 2014 2015 2016 2017 2018
Units Sold
Price per Unit
Revenue
Cost of goods sold
Gross Profit (defined as Revenue - COGS)
Operating Expenses
Earnings Before Interest Taxes Depreciation And Amortization (Ebitda)
EBITDA / Revenue (%)
Depreciation and Amortization
Operating Income (defined as EBITDA - Depreciation and Amortization)
Interest Expense
Pre-tax Net Income (Operating Income - Interest Expense)
Income Taxes
Net Income (Pret-tax Net Income - Income Taxes)
If Depreciation & Amortization as a % of Capital Expenditures is changed to 30%, what is Net Income in 2017?

Crane Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:

Estimated annual overhead cost $1700000
Actual annual overhead cost $1675000
Estimated machine hours 400000
Actual machine hours 390000


$1657500 applied and $17500 overapplied
$1657500 applied and $17500 underapplied
$1675000 applied and neither under-nor overapplied
$1700000 applied and $17500 overapplied

The PE ratio is useful because it measures: A. how much an investor is willing to pay for $1 of earnings. B. how much a stock is expected to earn. C. how much earnings are going to grow.

What businesses have the biggest contribution to socioeconomic development of the philippines

The following selected accounts appear in the adjusted trial balance for Deane Company.Indicate the financial statement on which each account would be reported.Account (a) Accumulated Depreciation. (b) Depreciation Expense. (c) Retained Earnings (beginning). (d) Dividends. (e) Service Revenue. (f) Supplies. (g) Accounts Payable. Financial Statements:1. Balance Sheet2. Income Statement3. Retained Earnings Statement

1. What are the different types of economic measurements used to analyze most
economies?​

During September 20Y2, Lisa managed the tennis courts and entered into the following transactions:

9/1 Opened a business account by contributing $950.
9/1 Paid $300 for tennis supplies (practice tennis balls, etc.).
9/1 Paid $275 for the rental of video equipment to be used in offering lessons during September.
9/1 Arranged for the rental of two ball machines during September for $250. Paid $100 in advance, with the remaining $150 to be paid October 1.
9/30 Received $1,750 for lessons given during September.
9/30 Received $600 in fees from the use of the ball machines during September.
9/30 Paid $800 for salaries of part-time employees who answered the telephone and took reservations while Lisa was giving lessons.
9/30 Paid $290 for miscellaneous expenses.
9/30 Received $1,300 (325 per week) from the club for managing the tennis courts during September.
9/30 Determined that the cost of supplies on hand at the end of the month totaled $180; therefore, the cost of supplies used was $120.
9/30 Withdrew $400 (similar to Dividend) for personal use on September 30.

Journalize entries for above transactions.

A landowner has just acquired 370 acres of new land, and is using the Cost-Benefit Principle to decide between three alternative uses for the land: growing corn, growing soybeans, or renting it to a local farmer. If corn is planted, the landowner expects to earn $980 per acre, while soybeans pay only $575 per acre. Renting the land earns the landowner $400 per acre. In addition, the cost of growing and harvesting corn is estimated to be $203,500, while only $88,800 for soybeans. We can assume there are no costs associated with renting the land.

Required:
a. For this landowner, the opportunity, or implicit cost of growing corn is $___________ from____________
b. The opportunity, or implicit cost of growing soybeans is $___________ from ___________
c. The landowner maximizes economic surplus by ____________

The president of the Super Sip Soda Corporation asks you, as the company economist, to forecast changes in consumer root beer purchases associated with a proposed price change. You conduct a survey and find that if the price of a six-pack increases from $8.50 to $10.50, the quantity demanded will decrease from 2,500 units to 2,350 units a month

Consider two neighboring island countries called Euphoria and Bellissima. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor.Country Jeans Corn (Pairs per hour of labor) (Bushels per hour of labor)Euphoria 5 20Bellissima 8 16Initially, suppose Bellissima uses 1 million hours of labor per week to produce jeans and 3 million hours per week to produce corn, while Euphoria uses 3 million hours of labor per week to produce jeans and 1 million hours per week to produce corn. Consequently, Euphoria produces 15 million pairs of jeans and 20 million bushels of corn, and Bellissima produces 8 million pairs of jeans and 48 million bushels of corn. 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 corn it produces.Euphoria’s opportunity cost of producing 1 pair of jeans is of corn, and Bellissima's opportunity cost of producing 1 pair of jeans is of corn. Therefore, has a comparative advantage in the production of jeans, and 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 producemillion pairs per week, and the country that produces corn will producemillion bushels per week.In the following table, enter each country's production decision on the third row of the table (labeled "Production"). Euphoria Bellissima Jeans Corn Jeans Corn (Millions of pairs) (Millions of bushels) (Millions of pairs) (Millions of bushels)Without TradeProduction 15 20 8 48Consumption 15 20 8 48With TradeProduction Imports/Exports Consumption Gains from TradeIncrease in Consumption Suppose the country that produces jeans trades 18 million pairs of jeans to the other country in exchange for 54 million bushels of corn.In the previous table, use the dropdown menus across the row labeled "Imports/Exports" to select the amount of each good that each country imports and exports. Then enter each country’s final consumption of each good on the line labeled "Consumption."When the two countries did not specialize, the total production of jeans was 23 million pairs per week, and the total production of corn was 68 million bushels per week. Because of specialization, the total production of jeans has increased bymillion pairs per week, and the total production of corn has increased bymillion bushels per week.Because the two countries produce more jeans and more corn under specialization, each country is able to gain from trade.Calculate the gains from trade—that is, the amount by which each country has increased its consumption of each good relative to the first row of the previous table. Enter this difference in the boxes across the last row (labeled "Increase in Consumption").

The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors.
LOS GATOS CORPORATION
Balance Sheet
At December 31, 2018
Assets
Cash $ 74,000
Accounts receivable 131,000
Inventories 72,000
Machinery (net) 137,000
Franchise (net) 47,000
Total assets $ 461,000
Liabilities and Shareholders’ Equity
Accounts payable $ 84,000
Allowance for uncollectible accounts22,000
Note payable 89,000
Bonds payable 127,000
Shareholders’ equity 139,000
Total liabilities and shareholders’ equity $
461,000
Additional information:
Cash includes a $37,000 restricted amount to be used for repayment of the bonds payable in 2022.
The cost of the machinery is $224,000.
Accounts receivable includes a $37,000 note receivable from a customer due in 2021.
The note payable includes accrued interest of $22,000. Principal and interest are both due on February 1, 2019.
The company began operations in 2013. Income less dividends since inception of the company totals $52,000.
67,000 shares of no par common stock were issued in 2013. 100,000 shares are authorized.
Required:
Prepare a corrected, classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)

At December 31, 2019, Concord Corporation had the following stock outstanding.
10% cumulative preferred stock, $100 par, 107,956 shares $10,795,600
Common stock, $5 par, 4,068,220 shares 20,341,100
During 2020, Concord did not issue any additional common stock. The following also occurred during 2020.
Income from continuing operations before taxes $22,234,700
Discontinued operations (loss before taxes) $3,457,200
Preferred dividends declared $1,079,560
Common dividends declared $2,404,100
Effective tax rate 35%
Compute earnings per share data as it should appear in the 2020 income statement of Concord Corporation.