Required: - Worksheet 10 column
Q: Projected sales in units for the coming five months are given below.
A: 1. Sales BudgetJanuaryFebruaryMarchBudgeted sales in units10,000 10,500 13,000 x Price per unit$…
Q: Question 1 Use the following information for Questions 1 a) and 1 b): a) At the beginning of the…
A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing…
Q: Prepare the following table: eoy is end of year Straight line…
A: A double-declining balance technique is an accelerated depreciation method in which the asset value…
Q: Malcolm has a capital balance of $90,000 after adjusting to fair market value. Celeste contributes…
A: When it is projected that a company's financial or operational performance will at least equal the…
Q: . Entities may apply a simplified approach when recognizing impairment losses on trade receivables…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: At the beginning of the current year, Disgust Company purchased 30,000 shares of an investee's…
A: Solution:- 1)Preparation of journal entries to record the transactions for the current year as…
Q: Tiger Drug Store carries a variety of health and beauty aids, including 500-count bottles of…
A: Solution:- 1)Preparation of a merchandise purchases budget in bottles of vitamins for as many…
Q: Rooney Company reported the following data regarding the product it sells: Sales price Contribution…
A: Introduction: Break even points: The level where there is no profit nor loss to the company for the…
Q: Monte's Coffee Company purchased packaging equipment on January 5, 2014, for $90,000. The equipment…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: Operating Budget, Comprehensive Analysis Ponderosa, Inc., produces wiring harness assemblies used in…
A: A direct materials procurement budget determines how much material must be purchased in order to…
Q: Variable cost per unit cost per unit (based on capacit afety Products Division of Wige ucts,…
A: Transfer pricing The price that one division of a firm charges another division for products and…
Q: Cost of goods sold: Chocss) 199 865,000 $58,400 Ending inventory: 11.2% $34,000 Operating income:…
A: Accounting system defines various formulas to calculate and reconcile the figures recorded in the…
Q: Loan type Interest rate (per annum) 4.5% Bad-debt percentage Education 2.1% Home Car 1.6% 0.7% 1.9%…
A: A rate of return (RoR) is the flow of an asset over a certain time period expressed as a percentage…
Q: In preparation for developing its statement of cash flows for the year ended December 31, 2021,…
A: Cash flow from Financing activities: This section of Statement of Cash Flow includes the…
Q: The journal entries required at Dec 31, 2022 includes:
A: Petty cash fund is the fund which is set by the company in order to make the payments from it for…
Q: Explain the difference between a fixed and flexible budget stating which one is more appropriate for…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: n, in roper soid, and gross profit for the year ended December 31, 2020 using the data. Write your…
A: Solution: Gross profit = Net Sales - Cost of goods sold Net Sales = Gross sales - Sales returns and…
Q: A company had the following amounts at the end of the year: Cash $ 11,200 Income Tax Expense 1,500…
A: Income statement: The income statement shows the company's revenues and expenses earned during the…
Q: urrently has sales of P1,000,000 and its DSO is 30 days, the financial manager estimates that…
A: Due to increase in account receivable there is blockage of money and there will loss due to bad…
Q: Calculate the predetermined plantwide overhead rate. (Note: Round to the nearest cent.) ii)…
A: Variance is the measurement which is used by the company in order to measure about the costs and…
Q: 2.1. Nyhiraba Limited purchased an asset on 1st January 2015 for an amount of R5 million. The asset…
A: Impairment of assets means reducing the book value of assets when carrying amount is more than…
Q: Which of the following is an example of a committee?
A: 1. Production workers at Amoco, Inc., an automotive parts company, who are job rotated every…
Q: The petty cash fund of ABC Corp consisted of the following: Currency and coins, P2,000 Employees…
A: Petty cash is a small amount of cash on hand that is used for paying small amounts owed, rather than…
Q: Indicate whether the breakeven point will increase or decrease based on the following change (each…
A: Break even point = Fixed costs /Contribution margin per unit where, Contribution margin per unit =…
Q: 1.1. Nhyiraba Limited lease a building worth R4 million to Quintin Limited under an operating lease…
A: Investment Property: It is property (land or a building or part of a building or both) held (by the…
Q: Repair Shop after one year of operation: A trial balance and additional information for adjustments…
A: The adjustment entry is the entry that is prepared at the end of the year to update the account…
Q: On January 1, 2019, Heaven Company acquired 20% of the ordinary shares of an associate for…
A: GIVEN On January 1, 2019, Heaven Company acquired 20% of the ordinary shares of an associate for…
Q: East Company leased a new machine from North Company on January 1, 2014 under a lease with the…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Operating Budget, Comprehensive Analysis Ponderosa, Inc., produces wiring harness assemblies used…
A: The direct materials budget is prepared to estimate the raw materials required during the period and…
Q: Patrick King dies on January 15, 2021. On the date of his death, Patrick had a bank account which…
A:
Q: Transactions for the first 3-month period of calendar year 2021 for Sta Cruz Branch of XYZ Company.…
A: To calculate the profit of the branch and prepare an income statement the following calculation of…
Q: Reggie Wilmore has just started a new business—building and installing custom garage organization…
A: The overhead rate is determined by dividing the total indirect expenditures (also known as overhead)…
Q: Operating Budget, Comprehensive Analysis Ponderosa, Inc., produces wiring harness assemblies used…
A: The sales budget is prepared to estimate the number of units to be sold and revenue to earned during…
Q: 3. A component auditor, which is a different accounting firm, may audit a component or subsidiary of…
A: Since you have posted multiple questions, as per answering guidelines we shall be solving first…
Q: Distinguish between tax avoidance and tax evasion.
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: What are the uses of manual accounting information systems in business? What are the benefits of…
A: Manual accounting information system is the system of bookkeeping in which business transactions and…
Q: Double Entry Principles and Striking of Trial Balance QUESTION 1. Record the following detail…
A: A trial balance is an internal report that is kept in the accounting department. The trial balance…
Q: Observation of the four previous months has identified the following total cost data for production…
A: Formula under High low method: Variable cost per unit = (Highest activity cost - Lowest activity…
Q: On January 1, 2020, Charmaine Company entered into an eight-year lease for an equipment. Charmaine…
A: Carrying value represents the value of the asset which is based on the balance sheet of the company.…
Q: The Melbo Foundation is contemplating the purchase of new equipment, which may potentially increase…
A: Incremental tax payment is based on the incremental revenue being earned due to any change in the…
Q: What is the present value if you can earn 8% interest compounded annually?
A: NOTES: PV : Present Value FV : Future Value r : rate n : number of years.
Q: 7
A: Bonds are priced by discounting future cash flows. Future cash flows include coupons and par value…
Q: Selling price (per unit) R116 Units in opening inventory 600 Jnits manufactured 2 550 Units sold 3…
A: The income statement is prepared using various methods as variable costing and absorption costing…
Q: for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The…
A: The answer has been prepared below.
Q: How much will Frederick pay for the television if he pays the entire amount on September 15 of the…
A: NOTES: He purchase television on August 15, with buy now and pay later plan, the price is $1995.95…
Q: fiscal yea S900 of t ce of sup
A: Calculation of closing stock = Opening stock + purchases - consumption = Closing stock
Q: or the Sleepeze, 12,340 for the Plushette, and 4,620 for the Ultima. Gene Dixon, vice president of…
A: Activity-based budget refers to the budget which collects, documents, and evaluates the business…
Q: Modupe owns a retail shop. The following are the list of balances extracted from his books of…
A: Statement of income means the statement which shows all the nominal account and balancing figure is…
Q: Hattie Company has been purchasing 40,000 units of component, Part A25 for $38.40 per unit. Hattie…
A: Under differential analysis, the relevant cost of buying the component should be compared with…
Q: On January 1, 2023, Jones Corporation issued $2.982.000, 9%, 5-year bonds with interest payable on…
A: Interest expense on bonds is calculated at the market rate of interest on the issue value of the…
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- Sewn for You had the following transactions in its first week of business. A. Jessica Johansen started Sewn for You, a seamstress business, by contributing $20,000 and receiving stock in exchange. B. Paid $2,250 to cover the first three months rent. C. Purchased $500 of sewing supplies. She paid cash for the purchase. D. Purchased a sewing machine for $1,500 paying $200 cash and signing a note for the balance. E. Finished a job for a customer earning $180. The customer paid cash. F. Received a $500 down payment to make a wedding dress. G. Received an electric bill for $125 which is due to be paid in three weeks. H. Completed an altering job for $45. The customer asked to be billed. Prepare the necessary journal entries to record these transactions. If an entry is not required for any of these transactions, state this and explain why.Journal Entries Castle Consulting Agency began business in February. The transactions entered into by Castle during its first month of operations are as follows: Acquired articles of incorporation from the state and issued 10,000 shares of capital stock in exchange for $150,000 in cash. Paid monthly rent of $400. Signed a five-year promissory note for $100,000 at the bank. Purchased software to be used on future jobs. The software costs $950 and is expected to be used on five to eight jobs over the next two years. Billed customers $12,500 for work performed during the month. Paid office personnel $3,000 for the month of February. Received a utility bill of $100. The total amount is due in 30 days. Required Prepare in journal form, the entry to record each transaction.A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?
- Journal Entries Overnight Delivery Inc. is incorporated on February 1 and enters into the following transactions during its first month of operations: February 15: Received $8,000 cash from customer accounts. February 26: Provided $16,800 of services on account during the month. February 27: Received a $3,400 bill from the local service station for gas and oil used during February. February 28: Paid $400 for wages earned by employees for the month. February 28: Paid $3,230 for February advertising. February 28: Declared and paid $2,000 cash dividends to stockholders. Required Prepare journal entries on the books of Overnight to record the transactions entered into during February. Explain why you agree or disagree with the following: The transactions on February 28 all represent expenses for the month of February because cash was paid. The transaction on February 27 does not represent an expense in February because cash has not yet been paid.Review the following transactions and prepare any necessary journal entries for Woodworking Magazine. Woodworking Magazine provides one issue per month to subscribers for a service fee of $240 per year. Assume January 1 is the first day of operations for this company, and no new customers join during the year. A. On January 1, Woodworking Magazine receives advance cash payment from forty customers for magazine subscription services. Handyman had yet to provide subscription services as of January 1. B. On April 30, Woodworking recognizes subscription revenues earned. C. On October 31, Woodworking recognizes subscription revenues earned. D. On December 31, Woodworking recognizes subscription revenues earned.Journalize each of the following transactions or state no entry required and explain why. Be sure to follow proper journal writing rules. A. A company is started with an investment of a machine worth $40,000. Common stock is received in exchange. B. Office furniture is ordered. The furniture worth $7,850 will be delivered in one week. The payment will be due forty-five days after delivery. C. An advertisement was run in the newspaper at a total cost of $250. Cash was paid when the order was placed. D. The office furniture is delivered. E. Services are performed for a client. The client was billed for $535.
- The following information is provided for the first month of operations for Legal Services Inc.: A. The business was started by selling $100,000 worth of common stock. B. Six months rent was paid in advance, $4,500. C. Provided services in the amount of $1,000. The customer will pay at a later date. D. An office worker was hired. The worker will be paid $275 per week. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. G. Received the electricity bill. We will pay the $110 in thirty days. H. Paid the worker hired in D for one weeks work. I. Received $100 from a customer for services we will provide next week. J. Dividends in the amount of $1,500 were distributed. Prepare the necessary journal entries to record these transactions. If an entry is not required for any of these transactions, state this and explain why.Bob Sample opened the Campus Laundromat on September 1, 2022. During the first month of operations, the following transactions occurred. Sept 1 Bob invested $20,000 cash in the business. Sept 2 The company paid $1,000 cash for store rent for September. Sept 3 Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month, 12% note payable. Sept 10 Received a bill from the Daily News for online advertising of the opening of the laundromat $200.…Roben Cruse opened the Campus Laundromat on September 1, 2020. During the first month ofoperations, the following transactions occurred. Sept.1 Roben invested $20,000 cash in the business.2 The company paid $1,000 cash for store rent for September.3 Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month,12% note payable.4 Paid $1,200 for a one-year accident insurance policy.10 Received a bill from the Daily News for online advertising of the opening of the laundromat $200.20 Roben withdrew $700 cash for personal use.30 The company determined that cash receipts for laundry services for the month were $6,200. Instructionsa. Journalize the September transactions.b. Open ledger accounts and post the September transactions.c. Prepare a trial balance at September 30, 2020.
- Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2020: March 1 Invested $50,000 in cash and office equipment that had a fair value of $12,000. 1 Prepaid $9,000 cash for three months’ rent for an office. 3 Made credit purchases of used office equipment for $6,000 and office supplies for $1,200. 5 Completed work for a client and immediately received $6,200 cash. 9 Completed a $4,000 project for a client, who will pay within 30 days. 11 Paid the account payable created on March 3. 15 Paid $3,000 cash for the annual premium on an insurance policy. 20 Received $1,500 as partial payment for the work completed on March 9. 22 Placed an order with a supplier for $4,800 of supplies to be delivered April 7. They must be paid for within 15 days of being received. 23 Completed work for another client for $2,850 on credit. 27 Abe Factor withdrew $3,600 cash from the business to pay some…George Smyth opened a computer repair business on Apr. 1, 20--. During the first month of operations, the firm had the following transactions. Apr. 1 George Smyth invested $30,000 cash in the business. 2 Paid rent for April, $2,100. 8 Bought equipment for $12,000 and issued a check for $3,000 as a down payment. 12 Performed services for $3,200 in cash, and $1,200 on credit. 19 Paid electric bill, $225. 25 Received $900 on account from credit customers. Required: Record these transactions on page 1 of the general journal. Omit explanations. If an amount box does not require, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 Apr. 1 Cash 101 fill in the blank f9fb70ff9f95044_2 fill in the blank f9fb70ff9f95044_3 1 2 George Smyth, Capital 311 fill in the blank f9fb70ff9f95044_5 fill in the blank f9fb70ff9f95044_6 2 3 Apr. 2 Rent Expense 521 fill in the blank f9fb70ff9f95044_8 fill in the blank f9fb70ff9f95044_9 3 4 Cash 101…Rochester Construction begins operations in March and has the following transactions. March 1 Issue common stock for $18,000. March 5 Obtain $8,400 loan from the bank by signing a note. March 10 Purchase construction equipment for $22,000 cash. March 15 Purchase advertising for the current month for $1,100 cash. March 22 Provide construction services for $17,400 on account. March 27 Receive $12,400 cash on account from March 22 services. March 28 Pay salaries for the current month of $5,400. Required: Analyze each transaction and show the effects of each on the accounting equation. Note: Decreases to account classifications should be indicated by a minus sign. Do not give answer in image