
Concept explainers
Comprehensive Care Nursing Home is required by statute and regulation to maintain a minimum 3 to 1 ratio of direct service staff to residents to maintain the licensure associated with the Nursing Home beds. The salary expense associated with direct service staff for the Comprehensive Care Nursing Home would most likely be classified as:
- 1. Variable cost.
- 2. Fixed cost.
- 3.
Overhead costs. - 4. Inventoriable costs.

Learn your wayIncludes step-by-step video

Chapter 2 Solutions
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Additional Business Textbook Solutions
Operations Management
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
Corporate Finance (4th Edition) (Pearson Series in Finance) - Standalone book
Fundamentals of Management (10th Edition)
Essentials of Corporate Finance (Mcgraw-hill/Irwin Series in Finance, Insurance, and Real Estate)
MARKETING:REAL PEOPLE,REAL CHOICES
- The following data were taken from the balance sheet accounts of Marigold Corporation on December 31, 2024. $575,000 Current assets Debt investments (trading) 567,000 Common stock (par value $10) 535,000 Paid-in capital in excess of par 139,000 Retained earnings 802,000 Prepare the required journal entries for the following unrelated items. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) a. A 5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $39. b. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. C. A dividend is declared January 5, 2025, and paid January 25, 2025, in bonds held as an investment. The bonds have a book value of $101,000 and a fair value…arrow_forwardwhat type of hardware would a cpa use or requirearrow_forwardThe original sale of the $50 par value common shares of Swifty Company was recorded as follows: Cash Common Stock Paid-in Capital in Excess of Par Transactions: 278,400 240,000 38,400 (a) Bought 390 shares of common stock as treasury shares at $63. (b) Sold 140 shares of treasury stock at $60. (c) Sold 70 treasury shares at $68. Record the treasury stock transactions (given above) under the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)arrow_forward
- The original sale of the $50 par value common shares of Splish Company was recorded as follows: Cash Common Stock Paid-in Capital in Excess of Par 256,500 225,000 31,500 Transactions: (a) Bought 380 shares of common stock as treasury shares at $61. (b) Sold 100 shares of treasury stock at $59. (c) Sold 50 treasury shares at $67. Record the treasury stock transactions (given above) under the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)arrow_forwardIndicate the principal effects of a stock dividend versus a stock split on the issuing corporation. Respond in the spaces as follows: Change and No Change. Number of Shares Outstanding Par Value per Share Total Par Outstanding Stock Dividend Stock Split Retained Earnings Total Stockholders' Equity Composition of Stockholders' Equity > > > >arrow_forwardThe following information has been taken from the ledger accounts of Metlock Corporation. Total income since incorporation $298,000 Total cash dividends paid 55,000 Total value of stock dividends distributed 30,000 Gains on treasury stock transactions 18,000 Unamortized discount on bonds payable 34,000 Determine the current balance of retained earnings. Current balance of retained earnings $arrow_forward
- what is meant by restrictions on retained earnings?arrow_forwardAs you can see below, a tutor explained that Row 25 shows current portion of long-term debt at $1,381 but I am not seeing this. So, can someone break down where they are receiving this figure? It's literally the only thing I am stuck on. Step 1: Locate the Long-term Debt on the Balance Sheet In the 2021 Balance Sheet: Row 30: "Long-term debt" = $9,413 millionThis value represents the non-current portion of long-term debt — i.e., the amount not due within the next year. Step 2: Locate the Current Portion of Long-term Debt Row 25: "Current portion of long-term debt" = $1,381 million (WHERE???????)This refers to the portion of long-term debt that will mature within the next 12 months, and therefore, it is classified under current liabilities.arrow_forwardJenny D's Salon was petitioned into bankruptcy involuntarily on August 2, Year 3 and received an order of relief on August 26, Year 3. The claims and expenses against Jenny D's Salon estate are as follows: Claims and expenses: Fees earned by the bankruptcy trustee $10,000 Fees earned by the bankruptcy attorney 4,000 Claims by unsecured general creditors 22,000 Claims by Skin Buff, Inc., Jenny D's Salon's skin care supplier for supplies ordered on August 10 and shipped August 15 1,000 Claims by employee Lisa for wages earned within 90 days of filing 3,000 Claims by employee Lisa for benefits earned within 120 days of filing 2,000 Claims by State tax authorities for the year-end of Year 1 1,000 For each claimant below, enter the dollar amount that will be distributed. After all assets are liquidated, $32,000 will be available for distribution. A B 1 How much will the bankruptcy attorney receive? 2 How much will Lisa receive?…arrow_forward
- I am trying to plug this formula in excel to recieve 25% (0.2527) ROIC, but I am returning an incorrect value. There is something wrong with the way I am plugging this into a cell. Can you please provide me with the correct way to insert this formula into excel?arrow_forwardThe following data were accumulated for use in reconciling the bank account of Spectrum Co.for July:a. Cash balance according to the company’s records on July 31, $8,346.50.b. Cash balance according to the bank statement on July 31, $9,066.35.c. Checks outstanding, $3,175.25.d. Deposit in transit, not recorded by bank, $2,615.40.e. A check for $240 in payment of an account was erroneously recorded in the check register as $420.f. Bank debit memorandum for service charges, $20.00 Journalize the following entries.arrow_forwardThe following were selected from among the transactions completed by Hunter Co. during the currentyear. Hunter Co. sells and installs home and business security systems. Jan. 15. Loaned $6,000cash to Dan Hough, receiving a 90-day, 8% note.Feb. 6. Sold merchandise on account to Kent and Son, $16,000. The cost of the merchandise sold was$9,000.Feb.13. Sold merchandise on account to Centennial Co., $30,000. The cost of merchandise sold was$15,750.Mar. 5. Accepted a 60-day, 6% note for $16,000 from Kent and Son on the account.Mar.14. Accepted a 60-day, 12% note for $30,000 from Centennial Co. on the account.Apr. 15. Received the interest due from Dan Hough and a new 90-day, 10% note as a renewal of theloan of January 15. (Record both the debit and the credit to the notes receivable account.) May 4.Received from Kent and Son the amount due on the note of March 5. May 13. Centennial Co. dishonored its note dated March 14. June 12. Received from Centennial Co. the amount owed on the…arrow_forward
- Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College PubFinancial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,


