Merchandise with a list price of $7,500 and a cost of $7,000 is sold on account, terms 1/10, n/30. Prior to payment, merchandise with a list price of $1,000 and a cost of $800 is returned. The correct amount is paid within the discount period. Record the following transactions, using the integrated financial statement framework that follows:_______. a. Sold the merchandise. If a financial statement doesn't require an entry, select "No Effect" and enter "0" in amount field. Assets = Liabilities + Stockholders' Equity Cash Accounts Receivable Merchandise Inventory Accounts Payable Capital Stock Retained Earnings 7,500 7,000 500 Statement of Cash Flows Income Statement No Effect $ Sales $ 7,500 Cost of Goods Sold 7,000 500 b. Received the returned merchandise. If a financial statements doesn't require an entry, select "No Effect" and enter "0" in amount field. Assets = Liabilities + Stockholders' Equity Cash Accounts Receivable Merchandise Inventory Accounts Payable Capital Stock Retained Earnings 1,000 800 200 Statement of Cash Flows Income Statement No Effect $ Sales Ret & Allow 1,000 Cost of Goods Sold 800 200 c. Received the amount owed. If all the financial statements doesn't require any entry. Select "No Effect" and enter "0" in amount field. Assets = Liabilities + Stockholders' Equity Cash Accounts Receivable Merchandise Inventory Accounts Payable Capital Stock Retained Earnings 7,000 7,000 Statement of Cash Flows Income Statement Operating $ Sales Discounts

Answer:

I used an excel spreadsheet since there is not enough room here.              

Explanation:

a. On July 1, Lopez Company paid $2,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31.
b. Zim Company has a Supplies account balance of $7,000 at the beginning of the year. During the year, it purchased $3,000 of supplies. As of December 31, a physical count of supplies shows $1,300 of supplies available.

Required:
Prepare the year-end adjusting entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December 31.

A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $530,000; March 31, $630,000; June 30, $430,000; October 30, $690,000. To help finance construction, the company arranged a 10% construction loan on January 1 for $760,000. The company’s other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 13% and 6%, respectively.

Required:
Assuming the company uses the specific interest method, calculate the amount of interest capitalized for the year.

what contributes to an empolyee's self worth which in turn increases productivity and reduces absenteeism

The company currently has an operating cycle of 76.4 days. The company is implementing some operational changes that are expected to increase the accounts receivable period by 2.2 days, decrease the inventory period by 5.3 days, and increase the accounts payable period by 1.5 days. What is expected to be the new operating cycle

Larner Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the following six activity cost pools and activity rates:

Activity Cost Pool Activity Rates
Labor-related $9.00 per direct labor-hour
Machine-related $7.00 per machine-hour
Machine setups $60.00 per setup
Production orders $200.00 per order
Shipments $100.00 per shipment
General factory $7.00 per direct labor-hour

Cost and activity data have been supplied for the following products:

J78 B52
Direct materials cost per unit $3.00 $36.00
Direct labor cost per unit $5.00 $7.00
Number of units produced per year 4,000 200

Total Expected Activity
J78 B52
Direct labor-hours 800 40
Machine-hours 3,300 20
Machine setups 3 3
Production orders 8 3
Shipments 12 3

Required:
Compute the unit product cost of each product listed above. (Do not round intermediate calculations. Round your answers to 2 decimal places.)

Happy Selling's had the following accounts at year end: Cash-250,000, Accounts Payable-70,000,
Prepaid Expense-15,000. Compute for the company's current assets.​

WoolCorp buys sheep’s wool from farmers. The company began operations in January of this year, and is making decisions on product offerings, pricing, and vendors. The company is also examining its method of assigning overhead to products. You’ve just been hired as a production manager at WoolCorp.Currently WoolCorp makes two products: (1) raw, clean wool to be used as stuffing or insulation and (2) wool yarn for use in the textile industry.The company would like you to evaluate its costing methods for its raw wool and wool yarn.Single Plantwide RateWoolCorp is currently using the single plantwide factory overhead rate method, which uses a predetermined overhead rate based on an estimated allocation base such as direct labor hours or machine hours. The rate is computed as follows:Single Plantwide Factory Overhead Rate= (Total Budgeted Factory Overhead) ÷ (Total Budgeted Plantwide Allocation Base)WoolCorp has been using combing machine hours as its allocation base.The company would like to consider activity-based costing. In order to understand their current system better, you evaluate WoolCorp’s current method of costing for raw wool and wool yarn. The production staff has compiled the following information for you on the production of 550 pounds of either raw wool or wool yarn:Factory Overhead Type Budgeted Factory OverheadSorting $25,600Cleaning $38,400Combing $1,200Raw Wool Wool YarnHours of combing machine use required 70 30In the following table, use combing machine hours as the allocation base for assigning overhead costs to each product. When required, round your answers to the nearest dollar.Single Plantwide Factory Overhead Rate:Raw Wool Wool YarnAllocated factory overhead cost Activity-Based CostingIn order to compare WoolCorp’s current method with activity-based costing, you interview the production staff and compile the following information, which relates to the costs for raw wool and wool yarn.Type of Cost Activity Base Total CostSorting Hours of sorting $25,600Cleaning Units of cleaning machine power $38,400Combing Hours of combing machine use $1,200Raw Wool Wool YarnHours of sorting required 800 3,200Units of cleaning machine power required 1,920 4,480Hours of combing machine use required 70 30In the following table, calculate and enter the activity rate for each of the three activities. If required, round your answers to the nearest cent.Activity Activity RateSorting Cleaning Combing In the following table, allocate the costs of sorting, cleaning, and combing based on the rates of activity consumed by each product’s process. When required, round your answers to the nearest dollar.Raw Wool Wool YarnSorting cost $ $Cleaning cost Combing cost Total cost $ $Final QuestionAnswer the question below.After reviewing your work on the Traditional Costing and Activity-Based Costing panels, which of the two costing methods would you recommend to WoolCorp, and why?Traditional costing, because it is a tried-and-true method used for the entire life of the company.Since the methods both give the same costs for each product, there is no advantage to either method.The company should use whichever method is the cheapest to implement.Activity-based costing, because it recognizes differences in how each product uses factory overhead activities, yielding more accurate product costs.

Read the following scenario and answer the question in 5 sentences at least.You have started a successful business and are now ready to buy some property as your storefront location. You find one piece of property on a prime corner lot downtown. The owner of that property is willing to sell it to you with a quitclaim deed. The property has been in his family for multiple generations and he is not sure if any cousins have a legitimate claim to the property. You find another piece of property of similar size that is in a slightly less ideal location, but the owner is willing to sell it to you with a warranty deed. Based on your knowledge of the types of deeds, briefly discuss the risks involved in buying each property, which one might cost you more, and who has the burden of cost if a claim comes against the title of the property after the purchase.

Bakker Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $97,500 and 3,000 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $99,400 and actual direct labor-hours were 2,850. The applied manufacturing overhead for the year was:________

Performed $20,000 of services on account.
Collected $17,400 cash on accounts receivable.
Paid $4,900 cash in advance for an insurance policy.
Paid $990 on accounts payable.
Recorded the adjusting entry to recognize $3,900 of insurance expense.
Received $7,700 cash for services to be performed at a later date.
Purchased land for $1,420 cash.
Purchased supplies for $1,200 c
Required
Record each of the above transactions in general journal form and then show the effect of the transaction in a horizontal statements model.
The first transaction is shown as an example.
Transaction Account Titles Debit Credit
Accounts receivable 8,200
Service revenue 8,200

Boyd Docker engaged in the following activities in establishing his photography studio, SnapShot!:

1. Opened a bank account in the name of SnapShot! and deposited $7,590 of his own money into this account in exchange for common stock.
2. Purchased photography supplies at a total cost of $920. The business paid $290 in cash, and the balance is on account.
3. Obtained estimates on the cost of photography equipment from three different manufacturers.

In what form (type of record) should Joel record these three activities? Prepare the entries to record the transactions.

A Nike women’s-only store in California offers women’s running, training and sportswear products and also contains an in-store fitness studio for group and personal fitness training sessions. The store consistently earns profits in excess of $500,000 per year and is located on prime real estate in the center of town. The store owner pays $15,000 per month in rent for the building. A real estate agent approached the owner and informed her that she could add $8,000 per month to her firm’s profits by renting out the portion of her store that she uses as a fitness studio. While the prospect of acquiring this rental income was enticing, the owner believed the use of that space as a fitness studio was an important contributor to her store’s profits.
What is the opportunity cost of continuing to operate the fitness studio within the store?
$______

Johnson Electronics is considering extending trade credit to some customers previously considered poor risks. Sales would increase by $115,000 if credit were extended to these new customers. Of the new accounts receivable generated, 9 percent will prove to be uncollectible. Additional collection costs will be 6 percent of sales, and production and selling costs will be 75 percent of sales. The firm is in the 30 percent tax bracket.

Required:
a. Compute the incremental income after taxes.
b. What will Johnson’s incremental return on sales be if these new credit customers are accepted?
c. If the accounts receivable turnover ratio is 3 to 1, and no other asset buildup is needed to serve the new customers, what will Johnson’s incremental return on new average investment be?

Princeton Fabrication, Inc., produced and sold 1,400 units of the company's only product in March. You have collected the following information from the accounting records:
Sales price (per unit) $137
Manufacturing costs:
Fixed overhead (for the month) 15,400
Direct labor (per unit) 8
Direct materials (per unit) 34
Variable overhead (per unit) 24
Marketing and administrative costs:
Fixed costs (for the month) 25,200
Variable costs (per unit) 5
Find the following:1. Variable manufacturing cost per unit.2. Full cost per unit.3. Variable cost per unit.4. Full absorption cost per unit.5. Prime cost per unit.6. Conversion cost per unit.7. Profit margin per unit.8. Contribution margin per unit.9. Gross margin per unit.

1.1.1 the name of the business and the title of the job advertisement
1.1.2 A clear job description that is relevant to the advertised vacancy
1.1.3A clear job specification that is to the advertised vacancy​

Presented below are the basic assumptions and principles underlying financial statements. a. Historical cost principle d. Going concern assumption b. Economic entity assumption e. Monetary unit assumption c. Full disclosure principle f. Periodicity assumption Identify the basic assumption or principle that is described below. 1. The economic life of a business can be divided into artificial time periods. select a letter 2. The business will continue in operation long enough to carry out its existing objectives. select a letter 3. Assets should be recorded at their cost. select a letter 4. Economic events can be identified with a particular unit of accountability. select a letter 5. Circumstances and events that make a difference to financial statement users should be disclosed. select a letter 6. Only transaction data that can be expressed in terms of money should be included in the accounting records. select a letter

Stine Corp.'s trial balance reflected the following account balances at December 31, 2024: Accounts receivable (net) $23,000 Trading securities 6,000 Accumulated depreciation on equipment and furniture 15,000 Cash 16,000 Inventory 30,000 Equipment 25,000 Patent 4,000 Prepaid expenses 2,000 Land held for future business site 18,000. In Stine's December 31, 2024 balance sheet, the current assets total is

Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 20Y8, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows:
Foxy Investigative Services
End-of-Period Spreadsheet
For the Year Ended November 30, 20Y8
~ Adjusted Trial Balance
Account Title ~ Dr. Cr.
~
Cash ~ 22,000
Accounts Receivable ~ 68,400
Supplies ~ 4,400
Prepaid Insurance ~ 2,500
Building ~ 433,500
Accumulated Depreciation-Building ~ 42,800
Accounts Payable ~ 11,400
Salaries Payable ~ 4,000
Unearned Rent ~ 2,000
Common Stock ~ 80,000
Retained Earnings ~ 293,400
Dividends ~ 11,700
Service Fees ~ 707,300
Rent Revenue ~ 11,700
Salaries Expense ~ 525,900
Rent Expense ~ 46,800
Supplies Expense ~ 11,000
Depreciation Expense-Building 7,600
Utilities Expense ~ 7,600
Repairs Expense ~ 3,000
Insurance Expense ~ 2,000
Miscellaneous Expense ~6,200
~ 1,152,600 1,152,600
Required:
1.
A. Prepare an income statement for the year ended November 30, 20Y8. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. Refer to the Chart of Accounts for exact wording of account titles.
B. Prepare a statement of stockholders’ equity for the year ended November 30, 20Y8. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names.
C. Prepare a balance sheet as of November 30, 20Y8. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
2. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
3. If Retained Earnings had instead decreased $33,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? If required, use a minus sign to indicate a net loss.
CHART OF ACCOUNTS
Foxy Investigative Services
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Prepaid Insurance
17 Building
18 Accumulated Depreciation-Building
LIABILITIES
21 Accounts Payable
22 Salaries Payable
23 Unearned Rent
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Service Fees
42 Rent Revenue
EXPENSES
51 Salaries Expense
52 Rent Expense
53 Supplies Expense
54 Depreciation Expense-Building
55 Utilities Expense
56 Repairs Expense
57 Insurance Expense
59 Miscellaneous Expense
Labels
Current assets
Current liabilities
Expenses
For the Year Ended November 30, 20Y8
November 30, 20Y8
Property, plant, and equipment
Revenues
Amount Descriptions
Balances, December 1, 20Y7
Balances, November 30, 20Y8
Dividends
Net income
Net loss
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and stockholders’ equity
Total property, plant, and equipment
Total revenues
Total stockholders’ equity

Determine the utilization and efficiency for each of the following situations.

a. A loan processing operation that processes an average of 3 loans per day. The operation has a design capacity of 10 loans per day and an effective capacity of 7 loans per day.
b. A furnace repair team that services an average of 2 furnaces a day if the design capacity is 6 furnaces a day and the effective capacity is 5 furnaces a day.
c. Would you say that systems that have higher efficiency ratios than other systems will always have higher utilization ratios than those other systems

Discuss and analyze a situation where you worked on a team/project team consisting of diverse or intercultural team members. Consider the following points in your response:

a. What were some good and/or poor examples of communication?
b. Discuss any examples or interpretation of cultural differences as described in Hofstede's Cultural Values chart on page 46 of your text (e.g., individualism, time orientation, formality, etc.).
c. Was there anything that could have been done to make the communication more effective?

What happened to assets, earnings, dividends, and cash flows during the financial year?
Accounting practice in the United States follows the generally accepted accounting principles (GAAP) developed by the Financial Accounting Standards Board (FASB), which is a nongovernmental, professional standards body that monitors accounting practices and evaluates controversial issues. The Securities and Exchange Commission (SEC) requires all publicly traded companies to periodically report their financial information.
A publicly held corporation must publish an annual report that contains the balance sheet, income statement, statement of cash flows, statement of stockholders’ equity, and other financial information for analysis.
The following table lists descriptions of the major financial statements and reports that a firm publishes. Identify the correct statement or report for each description.
Description
Statement or Report
Explains the changes in a company’s stockholders’ equity over the accounting year. Balance Sheet, Statement of Stockholders equity ,income statement,Statement of cashflows, anual report
Provides details about the flow of funds from operating, investing, and financing activities. statement of cashflows,balance sheet,income statement, anual report,stockholders equity
Is issued once a year by a corporation and contains basic financial statements and an analysis of past performance and future prospects. Statement of CashFlows, Balance sheet, Income Statement, Anual Report, Statment of Stockholders equity
Has three segments that when analyzed together give an idea of what the company owns and what it owes. Same drop-down choices as previous question above!
Gives details about the firm’s sales, costs, and profits for the past accounting period. Same drop-down choices as above from previosus question
Accountants focus on creating financial statements, whereas finance professionals use these statements to evaluate a firm and answer questions about its performance. Indicate which financial statement you would refer to when answering the questions in the following table:
Balance Sheet
Statement of Cash Flows
Does the firm generate enough internal funds to support anticipated investment, or does additional outside capital need to be raised?
Can the firm meet all its short-term obligations using its current assets?
The annual report is very important for investors, because the information contained in the annual report:
A: Helps investors forecast expected earnings and dividends.
B: Shows the prices at which each investor purchased the company’s stocks and bonds.

Click this link to view O'NET's Work Activities section for Accountants. Note that common activities are listed toward
the top, and less common activities are listed toward the bottom. According to O*NET, what are some common work
activities performed by Accountants? Check all that apply.
evaluating information
performing general physical activities
handling and moving objects
interacting with computers
processing information
getting information

Tyare Corporation had the following inventory balances at the beginning and end of May:

May 1 May 30
Raw materials $35,500 $50,000
Finished Goods $85,000 $86,000
Work in Process $23,500 $18,040

During May, $68,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 500 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $8,050 of direct materials cost. The Corporation incurred $45,000 of actual manufacturing overhead cost during the month and applied $45,600 in manufacturing overhead cost. The raw materials purchased during May totaled:__________

Bunker makes two types of briefcase, fabric and leather. The company is currently using a traditional costing system with labor hours as the cost driver but is considering switching to an activity-based costing system. In preparation for the possible switch, Bunker has identified two activity cost pools: materials handling and setup. Pertinent data follow: Fabric Case Leather Case Number of labor hours 17,000 11,000 Number of material moves 560 1,040 Number of setups 35 135 Total estimated overhead costs are $249,800, of which $192,000 is assigned to the materials handling cost pool and $57,800 is assigned to the setup cost pool.Required :1. Calculate the overhead assigned to the fabric case using the traditional costing system based on direct labor hours. (Do not round intermediate calculations.)Overhead assigned:2. Calculate the overhead assigned to the fabric case using ABC.Overhead assigned:3. Was the fabric case over- or undercosted by the traditional cost system compared to ABC?Fabric case:

There is a 3% defect rate at a specific point in a production process. If an inspector is placed at this point, all the defects can be detected and eliminated. The inspector would cost $8 per hour and could inspect units in the process at the current production rate of 30 per hour. If no inspector is hired and defects are allowed to pass this point, there is a cost of $10 per defective unit to correct the defects later on.
Assume that the line will operate at the same rate (i.e., the current production rate) regardless of whether the inspector is hired or not.
A. If an inspector is hired, what will be the inspection cost per unit?
B. If an inspector is not hired, what will be the defective cost per unit?
C. Should an inspector be hired based on costs alone?

Neil Webster is the sole proprietor of Prestigious Pugs, a business specializing in the sale of high-end pet gifts and accessories. Prestigious Pugs' sales totaled $1,105,000 during the most recent year. During the year, the company spent $55,000 on expenses relating to website maintenance, $30,500 on marketing, and $29,500 on wrapping, boxing, and shipping the goods to customers. Prestigious Pugs also spent $638,000 on inventory purchases and an additional $19,500 on freight-in charges. The company started the year with $16,250 of inventory on hand and ended the year with $16,000 of inventory. Prepare Prestigious Pugs' income statement for the most recent year.

This information relates to Monty Real Estate Agency.
Oct. 1 Stockholders invest $34,040 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $32,880.
3 Buys office furniture for $4,110, on account.
6 Sells a house and lot for E.C. Roads; commissions due from Roads, $10,780 (not paid by Roads at this time).
10 Receives cash of $165 as commission for acting as rental agent renting an apartment.
27 Pays $690 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $2,740 in salary for October
Journalize the transactions. (If no entry is required, select "No entry for the account titles and enter o 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.) Date Account Titles and Explanation Debit Credit

Which career requires LESS education than an Auditor?

a) Accountant

b) Bookkeeper

c) Credit Analyst

d) Financial Manager​

This company reports only total factory overhead on the schedule of cost of goods manufactured and attaches a separate schedule listing individual overhead costs. For each of the following account balances for a manufacturing company, select yes in the appropriate column indicating that it appears on the balance sheet, the income statement, the schedule of cost of goods manufactured, and/or a detailed listing of factory overhead costs. Assume that the income statement shows the calculation of the cost of goods sold and the schedule of the cost of goods manufacturers shows only the total amount of factory overhead.
Account Balance Sheet Income Statement Schedule of COGM Overhead Report
Accounts receivable
Computer supplies used (office)
Beginning finished goods inventory
Beginning work in process inventory
Cash
Depreciation expense - Factory building
Depreciation expense - Office building
Direct Labor
Ending work in process inventory
Ending raw materials inventory
Factory maintenance wages
Income taxes
Insurance on factory building
Property taxes on factory building
Raw materials purchases
Sales

Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement as true or false.
1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion.
A. True
B. False
2. A process cost system is used when each finished unit is indistinguishable from another.
A. True B. False
3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting.
A. True B. False
4. In a process cost system, costs are tracked by individual jobs.select between True and False
5.Job order costing and process costing track different manufacturing cost elements.
A. True B. False
6. Both job order costing and process costing account for direct materials, direct labor, and manufacturing overhead.
A. True B. False
7. Costs flow through the accounts in the same basic way for both job order costing and process costing.
A. True B. False
8. In a process cost system, only one work in process account is used.
A. True B. False
9. In a process cost system, costs are summarized in a job cost sheet.
A. True B. False
10. In a process cost system, the unit cost is total manufacturing costs for the period divided by the equivalent units produced during the period.
A. True B. False