The Accounts And Balances For Paw Prints Pet Sitters On November 1 Are Provided
the accounts and balances for paw prints pet sitters on november 1 are provided below post the above transactions into the appropriate t accounts
7. Please Calculate The Revenue Volume Variance And Indicate Whether It Is Favorable
7. Please calculate the revenue volume variance and indicate whether it is favorable or unfavorable using the information below: Use flex analysis. The revenue change is split between two sources, volume and rate. This question was asking for the impact of the volume Budgeted Actual Variance Visits 800 1,000 200 Revenues 260,000 220,000 (40,000) Expenses 200,000 155,000 45,000 Net Income 60,000 65,000 5,000
In Five Years, Kent Duncan Will Retire. He Is Exploring The Possibility Of Opening
In five years, Kent Duncan will retire. He is exploring the possibility of opening a self-service car wash. The car wash could be managed in the free time he has available from his regular occupation, and it could be closed easily when he retires. After careful study, Mr. Duncan determined the following: a.A building in which a car wash could be installed is available under a five-year lease at a cost of $5,000 per month. b.Purchase and installation costs of equipment would total $320,000. In five years the equipment could be sold for about 7% of its original cost. c.An investment of an additional $7,000 would be required to cover working capital needs for cleaning supplies, change funds, and so forth. After five years, this working capital would be released for investment elsewhere. d.Both a wash and a vacuum service would be offered. Each customer would pay $1.23 for a wash and $.62 for access to a vacuum cleaner. e.The only variable costs associated with the operation would be 7.5 cents per wash for water and 10 cents per use of the vacuum for electricity. f.In addition to rent, monthly costs of operation would be: cleaning, $4,800; insurance, $75; and maintenance, $1,925. g.Gross receipts from the wash would be about $3,690 per week. According to the experience of other car washes, 60% of the customers using the wash would also use the vacuum. Mr. Duncan will not open the car wash unless it provides at least a 13% return. Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using tables. Required: 1. Assuming that the car wash will be open 52 weeks a year, compute the expected annual net cash receipts from its operation. 2-a. Determine the net present value using the net present value method of investment analysis. 2-b. Would you advise Mr. Duncan to open the car wash?
Fill Up The Balance Sheet In The Required Highlight Spaces . Alao Error In
fill up the balance sheet in the required highlight spaces . Alao error in data om the right sheet ,find the error also.
Part 1. On October 1, Ebony Ernst Organized Ernst Consulting; On October 3, The
Part 1. On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 in assets in exchange for its common stock to launch the business. On October 31, the company’s records show the following items and amounts. Retained earnings, October 1 as $0. Cash $9,390 Cash dividends $2,650 Accounts receivable 16,020 Consulting revenue 16,020 Office supplies 3,830 Rent expense 4,190 Land 45,980 Salaries expense 7,570 Office equipment 18,550 Telephone expense 830 Accounts payable 9,060 Miscellaneous expenses 650 Common stock 84,580 ERNST CONSULTING Statement of Retained Earnings For Month Ended Oct. 31 Retained earnings, October 1 __________ Add: Net income __________ Less: Dividends __________ Retained earnings, October 31 ___________
Assignment 2 Question 1 The Following Are The Post-closing Trial Balances Of Crazehill Ltd
please answer homework fully as required see additional information Show transcribed image text
Nature Of Transactions Teri West Operates Her Own Catering Service. Summary Financial Data For
Nature of Transactions Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in stockholders’ equity, except transaction (5), affects net income. Assets = Liabilities Stockholders’ Equity Cash Supplies Land = Accounts Payable Capital Stock Retained Earnings – Dividends Fees Earned – Expenses Bal. 30,100 3,900 75,300 8,100 36,200 65,000 1. 35,200 35,200 2. -15,100 15,100 3. -26,200 -26,200 4. 1,500 1,500 5. -2,000 -2,000 6. -7,200 -7,200 7. -3,000 -3,000 Bal. 14,800 2,400 90,400 2,400 36,200 65,000 -2,000 35,200 -29,200 a. (1) Select the description for transaction 1. Provided catering services for cash. a. (2) Select the description for transaction 2. Purchase of land for cash. a. (3) Select the description for transaction 3. Payment of cash for expenses. a. (4) Select the description for transaction 4. Purchase of supplies on account. a. (5) Select the description for transaction 5. Paid cash dividends. a. (6) Select the description for transaction 6. Payment of cash to creditors. a. (7) Select the description for transaction 7. Recognition of cost of supplies used. b. What is the amount of the net decrease in cash during the month? Enter decrease as a positive number. $ 15,300 c. What is the amount of the net increase in stockholders’ equity during the month? $ 111,700 d. What is the amount of the net income for the month? $ e. How much of the net income for the month was retained in the business? $
Determine Whether The Following Statements Are Correct And Why: The Historical Cost Of Inventory
Determine whether the following statements are correct and why: The historical cost of inventory is $60000at year end. When it is converted to constant end of year dollars by multiplying by 110/100 to get $66000, the $66000 is still the historical cost of the inventory Last month the quantity variance was determined to be $12000 favourable, and this month it is $24000 favourable: therefore, the efficient use of materials has been doubled On the basis of savings income tax, Company X ascertained that the diminishing- balance method for depreciation is better than the straight line method. By using the diminishing balance method rather than the straight line method, company X saved $10000 in income tax this year, therefore, the former method is 10000 times better than the latter On the basis of the amount of assets, we can say that Company X is twice as large as Company Y is twice as large as Company Y, because its total assets amount to $1,000,000 compared with $500,000 for Y
Explain Whether The Following Statements Are Facts: Canberra Is 320 Kilometres From Sydney Depreciation
Explain whether the following statements are facts: Canberra is 320 kilometres from Sydney Depreciation expense for Company X for 2008 was $1294000. (This is the amount reported on the income statement) Smoking leads to lung cancer Sales revenue for Telex Ltd for 2009 was $2800000 (this is the amount reported on the income statement) Equipment (net of accumulated depreciation of $400000) for Mc Nair Ltd for 2008 was worth $1800000. (this is the amount reported on the statement of financial position)
What Is The Difference Between Accuracy And Reliability In Measurement? How Are These
What is the difference between accuracy and reliability in measurement? how are these notions related to the testing of a theory? Discuss whether accounting measurements is fiat or fundamental. Can accounting numbers ever be related to fundamental values? If so, what are some possible measurements that can be used?
Enter The Data Provided In Highlighted Cells In Data Sheet, There S An Error
enter the data provided in highlighted cells in data sheet, there s an error in 2016 ,fix the error and fix the balance sheet
Q1:The Accounts Receivable Ledger: Is Also The Controlling Account. Stores Transaction Data For Individual
Q1:The accounts receivable ledger: Is also the controlling account. Stores transaction data for individual customers. Is a substitute for the cash receipts journal. Stores transaction data for individual creditors. Is a substitute for the sales journal. Q2:The number of days’ sales uncollected is used to: Estimate how much time is likely to pass before the current amount of accounts receivable is received in cash. Identify the likelihood of collecting sales on account. Determine the number of days that have passed without collecting on accounts receivable. Measure how many days of sales remain until the end of the year. Measure the amount of cash sales during a period. Q3:Subsidiary ledgers do all of the following except: Aid in error identification for individual accounts. Remove excessive detail from the general ledger. Eliminate the need for individual postings to the customer or supplier accounts. Provide up-to-date information on customer or other specific account balances. Help with division of labor (recordkeeping tasks)
Main Question: In Its Ongoing Efforts To Make The Student Life Easier, Large Mart
Main Question: In its ongoing efforts to make the student life easier, Large Mart is currently attempting to develop a “study pillow” which will allow students to upload study material into their brain whilst sleeping. However, Large Mart has recently discovered that an American company called Bpple already holds a patent for this type of device. As a result, Large Mart has given up on its development attempts and decided to sell the Bpple product, which is called iSLEEP. In order to sell the iSLEEP, Large Mart has rented a second store in Armidale. Large Mart signs a one year renting contract on 1st May 201x. The rent for the store will be $250 per month, and the renting contract requires Large Mart to pay rent at the end of every quarter (this means that Large Mart will pay the rent for January/February/March at end of March, the rent for April/May/June at the end of June, the rent for July/August/September at the end of September, and the rent for October/November/December at the end of December). As soon as the renting contract for the new store is signed, Large Mart employs a ABC student (Morgan) to manage an iSLEEP fan-site on Facebook. Morgan is employed for 2 hours every day of the week (7 days a week). He starts his jobs on 1st May 201x and will be paid $30 per hour. Morgan’s wage for the month will be paid on the last day of the month. However, instead of receiving his entire wage in cash at the end of the first month, Morgan receives a flat-screen TV (with a value of $1,000) from the store’s inventory and a cash payment for the difference between the value of the TV and his overall wage. The furniture in the new store is designed and manufactured in Melbourne. An important part of the store design is a big bed on which customers can lie to test the iSLEEP before purchasing the product. The bed is delivered on 1st June 201x. On that day, Large Mart also receives an invoice of $40,000 from the Melbourne designer/manufacturer of the bed. When the bed was produced in Melbourne, the director of the Large Mart sales department visited the design/manufacturing team to approve the final design of the bed before the start of the manufacturing process. The director made this trip for the specific purpose of visiting the design/manufacturing team and to approve the bed. The costs of the director’s trip to Melbourne are $2,000, and all costs of this trip were incurred on credit and will be paid on 15th July 201x. After the new store is completed, Large Mart orders 20 iSLEEPs from Bpple for a price of $400 per iSLEEP, and these iSLEEPs arrive on 1st June 201x, and are paid via bank transfer 5 days later. On 5th June 201x, ABC purchases 15 iSLEEPs for the library for a price of $2,000 per iSLEEP on credit. ABC then pays the iSLEEPs on 6th June 201x. On 6th June 201x, Large Mart purchases another 60 iSLEEPs from Bpple for a special price of $450. Normally the iSLEEP would currently cost $460, but Large Mart was able to receive a volume discount of $10 for each iSLEEP. The iSLEEPs arrive on the same day, and Large Mart pays this new delivery of iSLEEPs on the next day after deducting an early payment discount of 5%. On 8th June 201x, ABC returns two of the iSLEEPs that were purchased on 5th June 201x because the library does not have sufficient space for all purchased iSLEEPs. Large Mart accepts the return, amends the original invoice on 8th June 201x, and returns the money paid for the two iSLEEPs to ABC on that day. Large Mart also keeps the two returned iSLEEPs in its inventory (valued at their full original cost) and will sell them again at a later date. On 12th June 201x, Large Mart sells 5 iSLEEPs to Wright College for $1,600 per iSLEEP. Wright College pays via bank transfer on the same day. On 1st July 201x, Large Mart leases a company car for the service department of the new store (called the “Nerd Herd”). The duration of the lease is 6 years, and the car has an expected useful life of 8 years. The lease contract requires Large Mart to pay $3,000 at the time the lease is signed. This payment is made via a bank transfer. A further $9,000 must be paid (also via bank transfer) on 30th June of each year during the lease period. The lease contract states that Large Mart cannot cancel the lease once the contract is signed. At the end of the lease period, Large Mart will be able to retain the car without having to pay any additional amount. The interest rate in the lease is 12%. Large Mart decided to enter into the lease agreement instead of purchasing the car because the purchase price would have been $40,500 and Large Mart did not have sufficient cash resources to make such a purchase at that time. IMPORTANT NOTE: Large Mart has decided to use the exemption rules outlined in AASB 16, paragraphs 5-8 for all leased items to which these exemptions apply. Please answer the following questions about the scenario outlined above: Question 1) Provide all journal entries that are necessary in the books of Large Mart to account for the signing of the renting contract as well as the incurrence and payment of rent for the quarter ended June 201x, AND provide a detailed explanation of your journal entries. Question 2) Provide all journal entries that are necessary in the books of Large Mart to account for the wage of Morgan between 1st May 201x and the end of the month, as well as the “payment” of wages (in cash and the TV) on 31 May 201x Question 3) Provide a detailed explanation whether or not the expenditures associated with the director’s visit to the design/manufacturing team in Melbourne are part of the cost of the bed , and calculate the cost of the bed . Question 4) Provide all journal entries that are necessary in the books of Large Mart to account for all inventory purchase and sales transactions (including the payment and receipt of funds) of the new store, assuming that Large Mart uses a PERPETUAL INVENTORY SYSTEM and the FIRST-IN-FIRST-OUT cost flow assumption . Question 5) Calculate the total Cost of Goods Sold (COGS) for the financial year ended 30 June 201x , the value of all iSLEEPs that remain in the inventory account (including any adjustments for relevant freight and discounts (if any exist)) at the end of the year (the 30 June 201x), and the total amount of revenue that Large Mark collected through the sale of the iSLEEP during the year ended 30 June 201x AND provide an outline of all necessary calculations. Question 6) Determine the lessor will have to account for the outlined car lease as an operating lease or a finance lease, AND provide a detailed explanation for your decision.
Read The Given Details Carefully And Answer All Questions English Furniture Is Planning Strategy
Read the given details carefully and answer all questions English Furniture is Planning strategy for next 5 years and is currently operation in 4 regions North, West, East and south. The current business scenario is described in the following table. Region No. of outlets Comments North 10 35% of national sales here, but economically depressed West 5 Stiff competition East 3 Potential growth area South 14 Planning restrictions on new outlets The company has decided to assign Resources to the extent of $ 80 million with the following objectives: Sustain profitability in short term (PROFIT) Increase market share (MARKET SHARE) Minimize risk (RISK) The company has come up with the following details: . Value of strategies with benefits measured on common scale . Also the following weightages are given: Within-criterion weights for Market share North: 10 West: 50 East: 100 South: 60 Within criterion weights for Risk North: 10 West: 20 East: 100 South: 30 Across-criteria weights are assigned as follows: Profit: 50 Market Share: 100 Risk: 50 The Production manager is proposing package A as follows: In the North: Reduce to 3 outlets In the West: Maintain the status quo In the East: Expand to 10 outlets In the South: Maintain the status quo The Marketing Manager is proposing a package B as follows: In the North: Maintain the status quo In the West: close down operations In the East: Expand to 4 outlets In the South: Expand to 16 outlets . Required Questions: Question 2: Correct calculation of the benefits for the proposed package A Question 3: Correct Calculation of the benefits for the proposed package B Question 4: Recommend with reasons the best package including costs and benefits please give the answer of the below required question
Tinancial Statements At The End Of Atlas Realty’s First Month Of Operations Follow. Y
Complete the missing information with the data given. Please explain your answer, thanks.
What Are The Benefits Of A Company That Overvalue Financial Performance Measures And Undervalue
What are the benefits of a company that overvalue financial performance measures and undervalue non-financial performance measures?
Which Of The Following Is Not A Business Transaction? A. A Business Owner Purchasing
Which of the following is not a business transaction? A. A business owner purchasing a new home B.Receiving cash payment for services provided C.Purchasing stock for the business D.Paying interest on a business loan
Additional Information 1. Deep Limited Acquired Its Holding In Yellow Limited On 30 June
Additional information 1. Deep Limited acquired its holding in Yellow Limited on 30 June 2014 when the balances in the books of Yellow Ltd were as follows: N$ Issued capital 4 000 Non-current replacement reserve 6 000 Retained earnings 20 000 2. On 01 July 2018, Deep Ltd sold a machine with a carrying amount of N$1 000 to Yellow Ltd for N$6 000. The group provides for depreciation on machinery at 20% per annum on the reducing balance method. 3. The group mutually invoices inventory. The following is applicable: Sales of inventory (for the year) by Deep Ltd to: Yellow Ltd N$60 000 Wholesalers 500 000 Sales of inventory (for the year) by Yellow Ltd to: Deep Ltd N$80 000 Wholesalers 600 000 Inter-company sales take place at 20% on cost. No inter-company inventory was at hand at the beginning of the year. The following inter-company inventory was at hand on 31 December 2018 Deep Ltd purchased from Yellow Ltd N$5 000 Yellow Ltd purchased from Deep Ltd 10 000 4. Normal tax should be provided as follows: Deep Ltd N$8 000 Yellow Ltd 2 000 5. Assume a tax rate of 50% 6. Goodwill should be amortised over a period od 5 years. You are required to prepare: (a) The consolidated statement of financial position of Deep Ltd and its subsidiary for the year ended 31 December 2018. (b) The consolidated statement of profit or loss for the year ended 31 December 2018. (c) The consolidated statement of changes in equity for the year ended 31 December 2018.
A Retained Earnings Account Would Be Found In Which Type Of Entity’s Financial Statements?
A retained earnings account would be found in which type of entity’s financial statements? A. all of the above B. sole trader C. partneship D.company
If Total Claims On The Assets Equal $500,000 And Equity Is $100,000, Assets Must
If total claims on the assets equal $500,000 and equity is $100,000, assets must be
If Total Claims On The Assets Equal $950,000 And Equity Is $460,000, Assets Must
If total claims on the assets equal $950,000 and equity is $460,000, assets must be
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