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

Answer:

                                 Journal Entries

Date        Account Titles and Explanation      Debit       Credit

Oct. 1       Cash                                                  $34,040

                     Common Stock                                           $34,040

              (To record the cash is invested in the business)  

Oct. 2 No Journal Entry                               $0

Oct. 3      Office Furniture                                  $4,110

                    Accounts Payable                                         $4,110

               (To record the purchase of office furniture on account)  

Oct. 6      Accounts Receivable                          $10,780

                       Service Revenue                                         $10,780

                 (To record the services provided but cash is not yet collected)

Oct. 10      Cash                                                    $165

                      Service Revenue                                           $165

                (To record the services provided by cash)  

Oct. 27      Accounts Payable                              $690

                        Cash                                                             $690

                 (To record the payment made on accounts payable

                  relating to office furniture)  

Oct. 30      Salaries Expense                                 $2,740

                         Cash                                                           $2,740

                  (To record the payment of salaries to the assistant)

Owners of a local restaurant are concerned about their ability to provide quality service as they continue to grow and attract more customers. They have collected data from Friday and Saturday nights, their busiest times of the week. During these time periods about 126 customers arrive per hour for service. Given number of tables and chairs, and the typical time it takes to serve a customer, the owners estimate they can serve on average about 121 customers per hour.
During these nights, are they in the zone of service, the critical zone , or the zone of non service?
A. zone of service
B. zone of non service
C. critical zone

Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,192,500 in manufacturing overhead cost at an activity level of 559,000 machine-hours. The company spent the entire month of January working on a large order for 12,300 custom-made machined parts. The company had no work in process at the beginning of January. Cost data relating to January follow:

a. Raw materials purchased on account, $322,000.
b. Raw materials used in production, $258,000 (80% direct materials and 20% indirect materials).
c. Labor cost accrued in the factory, $159,000 (one-third direct labor and two-thirds indirect labor).
d. Depreciation recorded on factory equipment, $63,100.
e. Other manufacturing overhead costs incurred on account, $85,000.
f. Manufacturing overhead cost was applied to production on the basis of 40,720 machine-hours actually worked during the month.
g. The completed job for 12,300 custom-made machined parts was moved into the finished goods warehouse on January 31 to await delivery to the customer. (In computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct labor, and applied overhead.)

Required:
1. Prepare journal entries to record items (a) through (f) above (ignore item (g) for the moment).
2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these T-accounts.
3. Prepare a journal entry for item (g) above.
4. Compute the unit product cost that will appear on the job cost sheet.

Which of the following is NOT an example of a professional degree?
O Master of Science
O Doctor of Medicine
O Master of Divinity
O Juris Doctor

Harry loves both hot dogs and hamburgers. He receives about the same satisfaction from eating one hamburger as he does from eating one hot​ dog, and the two goods fill the same need in​ Harry's life. The price of hot dogs has been extremely volatile for the past several​ years, and this year is no exception. Hot dog prices tremendously this month. Assuming hot dogs and hamburgers are substitutes for​ Harry, what will happen to​ Harry's demand for​ hamburgers?

Required:
Using the line drawing​ tool, depict the effect on​ Harry's demand for hamburgers due to the in the price of hot dogs. Properly label this line. Carefully follow the instructions above and only draw the required object.

The Dougherty Furniture Company manufactures tables. In March, the two production departments had budgeted allocation bases of 4,000 machine-hours in Department 100 and 8,000 direct manufacturing labor-hours in Department 200. The budgeted manufacturing overheads for the month were $57,500 and $62,500, respectively. For Job A, the actual costs incurred in the two departments were as follows:

Department 100 Department 200
Direct materials purchased on account $110,000 $177,500
Direct materials used 32,500 13,500
Direct manufacturing labor 52,500 53,500
Indirect manufacturing labor 11,000 9,000
Indirect materials used 7,500 4,750
Lease on equipment 16,250 3,750
Utilities 1,000 1,250

Job A incurred 800 machine-hours in Department 100 and 300 manufacturing labor-hours in Department 200. The company uses a budgeted overhead rate for applying overhead to production.

Required:
a. Determine the budgeted manufacturing overhead rate for each department.
b. Prepare the necessary journal entries to summarize the March transactions for Department 100.
c. What is the total cost of Job A?

Which qualities would be best for someone working in Support Services?

patience for performing repetitive tasks, accuracy in performing lab work, and critical-thinking skills
social awareness, integrity for knowledge of patient confidentiality, and hand steadiness
knowledge of nutrition, social awareness, and patience for performing repetitive tasks
integrity, stress-management skills, and specialized knowledge of medical care

Sandals Company is preparing the annual financial statements dated December 31. Ending inventory information about the four major items stocked for regular sale follows:Product Line Quantity on Hand Unit Cost When Acquire(FIFO) Market Value at Year-EndAir Flow 35 $ 15 $ 17 Blister Buster 75 38 36 Coolonite 34 65 60 Dudesly 35 30 35 Required:1. Compute the amount that should be reported for the ending inventory using the LCM rule applied to each item.Ending Inventory 2. How will the write-down of inventory to lower of cost or market affect the company’s expenses reported for the year ended December 31?Cost of goods sold will be by

Concord Windows manufactures and sells custom storm windows for three-season porches. Concord also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Concord enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,360 and chooses Concord to do the installation. Concord charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $620. The customer pays Concord $1,920 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Concord completes installation on October 15, 2020, and the customer pays the balance due.
Prepare the journal entries for Geraths in 2020. (Round amounts to nearest dollar.)

The Morgan Corporation has two different bonds currently outstanding. Bond M has a face value of $20,000 and matures in exactly 20 years. Looking forward, this bond makes no interest payments for the next six years. Beginning in the middle of year seven, the bond makes payments of $800 every six months through the end of year 14. Finally, beginning in the middle of year 15, the bond makes semiannual payments of $1000 up to and including its maturity date.

Required:
What are the current prices of bond M and bond N?

The following trial balance of Sheffield Co. does not balance.

SHEFFIELD CO. TRIAL BALANCE JUNE 30, 2020

Debit Credit
Cash $3,227
Accounts Receivable $2,874
Supplies 1,157
Equipment 4,157
Accounts Payable 3,023
Unearned Service Revenue 1,557
Common Stock 6,357
Retained Earnings 3,357
Service Revenue 2,737
Salaries and Wages Expense 3,757
Office Expense 1,297
Totals $14,799 $18,701

Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.

1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.
2. The purchase of a computer printer on account for $857 was recorded as a debit to Supplies for $857 and a credit to Accounts Payable for $857.
3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.
4. A payment of $422 for telephone charges was recorded as a debit to Office Expense for $422 and a debit to Cash for $422
5. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $682 was performed prior to June 30 (related to Unearned Service Revenue)
6. A debit posting to Salaries and Wages Expense of $1,027 was omitted.
7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260
8. A dividend of $932 was debited to Salaries and Wages Expense for $932 and credited to Cash for $932.

Required:
Prepare a correct trial balance.

With the snow season fast approaching us, Jack Frost, age 15, is considering his income-generating alternatives. Jack runs a snow removal business. He employs his friends at $10.00 per hour to clear sidewalks and driveways for neighbors, family friends, and fellow townsfolk. Last year, he had ten regular customers whose walks were shoveled 14 times each over the course of the winter. All told, Jack paid his friends $2,100 for their work for him this winter. Jack is considering the purchase of a used snowblower, which he believes will reduce the amount of time it takes his crew to complete a job to only 45 minutes. The snowblower will cost $1,176 (and will probably be worthless after one year of use), and will consume about $0.50 worth of gasoline and oil per use (per snow removal job). Given that Jack had no fixed costs, what was Jack's total cost function for last year?a. TC = 15Q b. TC = 100 c. TC = 11760 d. TC=0.5Q

The income statement of Cullumber Company for the month of July shows net income of $2,490 based on Service Revenue $7,100, Salaries and Wages Expense $2,930, Supplies Expense $920, and Utilities Expense $760. In reviewing the statement, you discover the following:
1. Insurance expired during July of $490 was omitted.
2. Supplies expense includes $340 of supplies that are still on hand at July 31.
3. Depreciation on equipment of $240 was omitted.
4. Accrued but unpaid wages at July 31 of $400 were not included.
5. Service performed but unrecorded totaled $730.
Prepare a correct income statement for July 2017.

Firms require capital to invest in productive opportunities. The best firms with the most profitable opportunities can attract capital away from inefficient firms with less profitable opportunities. Investors supply firms with capital at a cost called the __________. The interest rate that investors require is determined by several factors, including the availability of production opportunities, the time preference for current consumption, risk, and inflation.

A work group of 10 workers in a certain month produced 7200 units of output working 8 hr/day for 22 days in the month. Determine the labor productivity ratio using:
Units of output per worker-hour and per worker-month.
For each of these, determine the productivity index for the next month using the prior month as a base. Then, suppose that in the next month, the same work group produced 6800 units but, there were only 20 workdays in the month.

what are the objectives of business​

Consider the following income statement for the Heir Jordan Corporation:_____.
HEIR JORDAN CORPORATION
Income Statement
Sales $ 48,200
Costs 34,000
Taxable income $ 14,200
Taxes (23%) 3,266
Net income $ 10,934
Dividends $ 3,600
Addition to retained earnings 7,334
The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. (Leave no cells blank - be certain to enter "0" whenever the item is not a constant percentage of sales. Enter each answer as a percent rounded 2 decimal places, e.g., 32.16.)

List and describe five potential strategies for conflict resolution in teams. Which methods have been found to be most effective in teams? Which method is likely to be most successful if your manager likes to be involved in every decision?

At the end of the fiscal year, the following adjusting entries were omitted:

a. No adjusting entry was made to transfer the $3,000 of prepaid insurance from the asset account to the expense account.
b. No adjusting entry was made to record accrued fees of $500 for services provided to customers.

Assuming that financial statements are prepared before the errors are discovered, indicate the effect of each error, considered individually, by inserting the dollar amount in the appropriate spaces.

Suppose that Portugal and Austria both produce oil and shoes. Portugal's opportunity cost of producing a pair of shoes is 4 barrels of oil while Austria's opportunity cost of producing a pair of shoes is 10 barrels of oil. By comparing the opportunity cost of producing shoes in the two countries, you can tell that has a comparative advantage in the production of shoes and has a comparative advantage in the production of oil. Suppose that Portugal and Austria consider trading shoes and oil with each other. Portugal can gain from specialization and trade as long as it receives more than of oil for each pair of shoes it exports to Austria. Similarly, Austria can gain from trade as long as it receives more than of shoes for each barrel of oil it exports to Portugal.
Based on your answer to the last question, which of the following prices of trade (that is, price of shoes in terms of oil) would allow both Sweden and Portugal to gain from trade?
a. 1 barrel of oil per pair of shoes
b. 9 barrels of oil per pair of shoes
c. 3 barrels of oil per pair of shoes
d. 8 barrels of oil per pair of shoes

List four job advertisements can be found​

Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $118,660. The seller agreed to allow a 4.25 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,640. Southwest Milling had to hire a specialist to calibrate the loader. The specialists fee was $1,160. The loader operator is paid an annual salary of $18,160. The cost of the companys theft insurance policy increased by $2,040 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $14,000.RequiredDetermine the amount to be capitalized in the asset account for the purchase of the front-end loader. Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign.Cost that are to be capitilized AnswerList Price _______Either ADD or Less: Discount _______Either ADD or Less: Discount _______Either ADD or Less: Discount _______Total Costs $0

Michael’s Bookshelf specializes in used, rare, and out-of-print books. The store has a large base of repeat customers who purchase books on 30-day accounts. At 15 days overdue, each customer gets a phone call from Michael requesting payment. Michael has experienced a high success rate with this collection effort. Michael’s CPA is preparing year-end financial statements and has asked him for his estimate of uncollectible accounts. Michael has a balance of $65,000 in the Accounts Receivable account at the end of the year. He has analyzed his uncollectible accounts using an aging of the accounts receivable. He estimates that only 2.5 percent of his accounts receivable balance will not be collected. The Allowance for Doubtful Accounts has a credit balance of $210 in the trial balance.

Required:
a. Prepare the journal entry to record the bad debt expense at year end.
b. Show the balance sheet presentation of the receivable account.
c. What is the amount of bad debt expense that appears on the income statement? How is this amount classified?
d. What would be the justification, if any, for Michael to use the direct write-off method for accounting for uncollectible accounts?

The U.S. Department of Transportation provides estimated number of miles that residents of large metropolitan areas travel per day in a car. In a random sample of 50 City A residents the mean was 22 miles with a standard deviation of 4 miles, and in a random sample of 50 City B residents the mean was 28 miles with a standard deviation of 8 miles. You want to know if the mean difference in number of miles travelled per day between City A and City B is different from zero in the population.

a. One sample t test
b. Paired samples t test
c. Independent samples t test
d. One-way analysis of variance (ANOVA)

Record the journal entry for each transaction below. Reference each transaction by date:

a. On September 1, Pat Hopkins established Ona Cloud Corporation (OCC) as a provider of cloud computing services.
b. Pat contributed $15,000 for 1,500 shares of OCC.
c. On September 8, OCC borrowed $23,000 from a bank, promising to repay the bank in two years.
d. On September 10, OCC wrote a check for $20,500 to acquire computer equipment.
e. On September 15, OCC received $1,650 of supplies purchased on account and, on September 16, paid $2,250 for September rent. Through September 22, OCC provided its customers $10,250 of services, of which OCC collected $7,500 in cash.
f. On September 28, OCC paid $325 for Internet and phone service this month.
g. On September 29, OCC paid wages of $5,650 for the month.

Finally, on September 30, OCC submitted its electricity meter reading online and determined that the total charges for the month will be $730. This amount will be paid on October 14 through a preauthorized online payment.

What type of business organization offers many benefits and is specific to
the United States?
A. Corporations
B. Limited liability companies
C. Sole proprietors
D. Partnerships

Indicate how you think each of the following would shift demand in the indicated market:
a. The income of buyers in the market for Adirondack vacations increase.
b. Buyers in the market for pizza read a study linking pepperoni consumption to heart disease.
c. Buyers in the market for gas-powered cars learn of an increase in the price of electric cars (a substitute for gas-powered cars).
d. Buyers in the market for electric cars learn of an increase in the price of electric cars.

Rusties Company recently implemented an activity-based costing system. At the beginning of the year, management made the following estimates of cost and activity in the company’s five activity cost pools:

Activity Cost Pool Activity Measure Expected Overhead Cost Expected Activity
Labor-related Direct labor-hours $16,380 1,260 DLHs
Purchase orders Number of orders $1,920 640 orders
Product testing Number of tests $4,275 285 tests
Template etching Number of templates $805 35 templates
General factory Machine-hours $42,600 7,100 MHs

Required:
Compute the activity rate for each of the activity cost pools.

Question 2 Week 8 (7 marks)
The P Ltd acquires all issued capital of the S Ltd for a consideration of $1,000,000 cash and 800,000 shares each
valued at $1.50. The summary statement of the financial position of the subsidiary company immediately
following the acquisition is:
Fair value of assets acquired $2,640,000
Fair value of liabilities acquired $720,000
Total shareholders’ equity of the subsidiary company $800,000
Retained earnings of the subsidiary company $1,120,000
Required:
(a) Pass the necessary journal entry to record the acquisition (2 marks)
(b) Determine the amount of goodwill (or bargain purchase) arising out of the acquisition (2 marks)
(c) Pass the necessary consolidation entry to eliminate the subsidiary by the parent company (2 marks)
(d) Determine the amount of goodwill (or bargain purchase) arising out of the acquisition if the purchase
consideration paid was $1,000,000 cash and 400,000 shares each valued at $1.50 (1 marks)

explain PPP in 300 words ​

Consider the following scenario:

Cold Goose Metal Works Inc.’s income statement reports data for its first year of operation. The firm’s CEO would like sales to increase by 25% next year.

1. Cold Goose is able to achieve this level of increased sales, but its interest costs increase from 10% to 15% of earnings before interest and taxes (EBIT).
2. The company’s operating costs (excluding depreciation and amortization) remain at 70.00% of net sales, and its depreciation and amortization expenses remain constant from year to year.
3. The company’s tax rate remains constant at 40% of its pre-tax income or earnings before taxes (EBT).
4. In Year 2, Cold Goose expects to pay $300,000 and $2,306,475 of preferred and common stock dividends, respectively.


Complete the Year 2 income statement data for Cold Goose, then answer the questions that follow. Round each dollar value to the nearest whole dollar.

Cold Goose Metal Works Inc. Income Statement for Year Ending December 31

Year 1 Year 2 (Forecasted)
Net sales $30,000,000 $
Less: Operating costs, except depreciation and amortization 21,000,000
Less: Depreciation and amortization expenses 1,200,000 1,200,000
Operating income (or EBIT) $7,800,000 $
Less: Interest expense 780,000
Pre-tax income (or EBT) 7,020,000
Less: Taxes (40%) 2,808,000
Earnings after taxes $4,212,000 $
Less: Preferred stock dividends 200,000
Earnings available to common shareholders 4,012,000
Less: Common stock dividends 1,263,600
Contribution to retained earnings $2,748,400 $3,387,850