Answer:
(C)
Explanation:
First, what does it mean for a firm to be a price-taker and then in 2 market places?
If a firm is a price-taker, this means that the firm accepts the price presented by the other group. The other group in this case is either laborers (labor market) or customers/other firms (output market).
A firm that is a price-taker does not set or use its own desired price and this is usually for business reasons.
The labor market is a resource market; since labor is one of the resource inputs or factors used in production.
A price-taker firm in the labor market is one that accepts the price at which labor(ers) chooses to work. This price could be lower or higher than what the firm is willing and able to pay.
The output market is the market for buying and selling of finished or semi-finished goods/products. It is the final market; where manufactured goods are made available to their various consumers.
A price-taker firm in the output market is one that accepts the price set by other firms in the industry or the price agreed upon by consumers. Again, this price could be higher or lower than the price at which the producer is willing to give the product away.
Now, what happens to the income statistics of firm that is a price-taker in both the labor market and the output market?
The firm will be running on less than the marginal revenue product of labour.
In the following examples, state how you would use the principle of marginal analysis to make a decision.
a. Deciding how many days to wait before doing your laundry
b. Deciding how much library research to do before writing your term paper
c. Deciding how many bags of chips to eat
d. Deciding how many lectures of a class to skip
Answer:
Human beings make decisions at the margin which means that they make decisions depending on if the marginal benefits outweigh the marginal cost.
a. Deciding how many days to wait before doing your laundry.
Here the marginal benefit of waiting before you do your laundry is that you will have extra time to do other things you want to do. The marginal cost however would be that you will keep having less and less clothes to be able to choose from. Therefore the amount of time that you will take before doing your laundry depends on whether you value your free time over the amount of clothes you have to choose from.
b. Deciding how much library research to do before writing your term paper.
The marginal benefit here would be that if you use a lot of research your work will be more in-depth as you will find more information ( past or present) that will help you do the research. The marginal cost however is that you will have less time to do other things such as going to classes. Your decision would depend on if you think the research is more important than time for those other things or vice versa.
c. Deciding how many bags of chips to eat
Marginal benefit would be satiating your hunger. Marginal cost would be the calories you might gain as well as the cost of the chips. You will make a decision depending on if you believe the hunger being satiated is more beneficial than the calories gained and the money spent.
d. Deciding how many lectures of a class to skip
Like the first decision, the marginal benefit here would be the extra time you would gain to do other things. The marginal cost however, would be the risk of falling behind on material. Your decision will depend on if you value your extra time more than falling behind. If you do, you will miss more lectures. If you don't you will miss less lectures.
Team morale depends on the following except for:
a. Support
b. Resources
c. Connections
d. Communication
Explanation:
Except for resources.........
McDonald’s pressed on with the strategic plan of offering all-day breakfast in spite of initial struggles because strategic decisions require long-term commitment.a. Trueb. False
Answer: True
Explanation:
Strategic decisions do indeed take long-term commitment because they are meant to help the company in the long term not the short.
Strategic decisions usually set goals and achieve results in the long term. They are not expected to yield results in the short terms which is why MacDonald's pressed on with the all-day breakfast despite initial challenges.
Why might workers dislike a lean production environment?
Answer:
Workers do not like to work in a lean production environment because there are fewer opportunities for an employee to advancement within the company. Pursuant to a leaner production line, more workers become stress due to higher levels of responsibility.
Explanation:
Wims, Inc., has sales of $18.4 million, total assets of $13.4 million and total debt of $4.2 million. The profit margin is 12 percent. a. What is the company's net income? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.) b. What is the company's ROA? (Do not round intermediate calculations and enter your answer as a percent rounded 2 decimal places, e.g., 32.16.) c. What is the company's ROE? (Do not round intermediate calculations and enter your answer as a percent rounded 2 decimal places, e.g., 32.16.)
Answer:
(A) $2,208,000
(B) 16.48%
(C) 24%
Explanation:
Wims incorporation has a sales of $18.4 million
Total assets of $13.4 million and total debt of $4.2 million
The profit margin is 12%
(A) The net income can be calculated as follows
= profit margin × sales
= 12/100 × 18,400,000
= 0.12 × 18,400,000
= $2,208,000
(B) The ROA can be calculated as follows
= Net income/Average assets × 100
= 2,208,000/ 13,400,000
= 0.16477 ×100
= 16.48%
(C) The ROE can be calculated as follows
= Net income / Total equity
Total equity= 13,400,000-4,200,000
= $9,200,000
= $2,208,000/9,200,000 × 100
= 0.24 × 100
= 24%
Of all the pieces of the planning puzzle, the ________ is the most strategic and critical
Answer:
facility location
Explanation:
For operations manager in a business organization, selecting the facility layout is the most strategic and critical factor of all the pieces of planning puzzle. This is because if a wrong location is selected for the layout, it could create inefficiency for the business as well as increase costs for them.
Some of the determinants of facility layout are; how close is the facility location to the required labor, customers, suppliers etc. Also , environmental regulations are also considered when citing a facility.
One of the basic importance of facility location is to know how workers would work which would in turn bring about production efficiency.
Given the situation of a simultaneous decrease in demand and increase in supply, what is the net effect on equilibrium price?
a) Equilibrium price will always go up
b) Equilibrium price will always go down
c) Equilibrium price could go up or down
Answer:
b) Equilibrium price will always go down
Explanation:
Remember, the equilibrium price refers to the price where the quantity demanded is equal to the quantity supplied.
Thus, given the situation of a simultaneous decrease in demand and increase in supply note that;
1. A decrease in demand will result in a reduction in the equilibrium price (let's say of apples) because with less demand there will be an excess in supply.
2. An increase in supply will cause a reduction in the equilibrium price of apples because there will be an excess supply of apples at the initial price.
With the passage of Title VII of the Civil Rights Act of 1964, the Re-construction Civil Rights Acts were no longer available as a means to pursue a claim of discrimination based on race.
A. True
B. False
How has PepsiCo employed a product development strategy?
Answer:
Providing new goods to attract more customers.
Explanation:
Although the key intensive growth plan, PepsiCo introduces growth potential. This intense approach promotes economic activity by growing revenue, perhaps from a greater share of the market. The supplementary intensive strategy for PepsiCo is the production of goods. This intense approach demands that new goods be launched to attract more customers.What is the definition of the Voice of the Customer?
Answer:
The VOC is the name of a process used in marketing to obtain more information about the consumers.
Explanation:
To begin with, the term known as "Voice of the Customer" or VOC, in the field of business and marketing, refers to a method used by the companies, generally when they want to put a new product in the market, with the purpose of getting enough information about the costumers' expectations, preferences and aversions in order to understand them better so that the company can make a better and more profitable product. It consists of a process that focus on market research done by the company's expertises whose main job is to see what the consumer is looking for.
What was the total manufacturing cost assigned to Job P? (Do not round intermediate calculations.) Total manufacturing cost_________.
Answer:
$52,285
Explanation:
The computation of the total manufacturing cost assigned to Job P is shown below:-
Total manufacturing cost = Direct material + Direct labor + Manufacturing overhead applied
= $13,000 + $21,000 + (2,300 × $7.95)
= $13,000 + $21,000 + $18,285
= $52,285
Therefore for computing the total manufacturing cost assigned to Job P we simply applied the above formula.
Supply has the potential to contribute to: ___________a. Cost management, profitability, return on assets, competitive position and corporate social policy. b. Cost management, profitability, return on assets and competitive position. c. Cost management, profitability and return on assets. d. Cost management and profitability. e. Cost management.
Answer: Cost management, profitability, return on assets, competitive position and corporate social policy
Explanation:
Supply has the potential to contribute to cost management, profitability, return on assets, competitive position and corporate social policy.
Supply is defined as the amount of goods or services that a supplier is willing to offer for sale at a particular price and at a certain period. The amount of goods offered can determine the revenue generated and hence the profit made.
An asset source transaction increases a business's assets and the claims to assets.a) trueb) false
Answer: True
Explanation:
An Asset source transaction is one where a company gains an asset by using funds from equity, liabilities or earnings from business operations (which is still equity).
As a result of such a transaction, the company gains an asset but as the asset was financed by liabilities or equity, the claims on assets increases as the holders of these liabilities and equity now have more interest in the company.
Consider the following transactions for Thomas Company and their effect ont he accounting equation. Determine the new balance for each component of the accounting equation from the transactioon. If an amount box does not require an entry, leave it blank.1. Investment in the business= $17,010
2. Borrow cash= $7620
3. Purchase equipment= the list price was $8700 but the final price was $8300
4. Revenues earned = $298,600, the cash has been collected from the customers for all revenue earned
5. Expenses incurred= total $210,900 during the same year, all expenses paid in cash
6. Dividens= end of each quarter, the company distributed cash to stockholders, the sum of those quarterly distributions was $15,000
Transaction Assets =Liabilities Stockholders' Equity
Beginning $0 $0 $0
1. Investment in the business $17,010
2. Borrow cash $7620
3. Purchase equipment
4. Revenues earned
5. Expenses incurred
6. Dividends
Answer:
Since there is not enough room here I used an excel spreadsheet. I assumed that all sales and expenses were collected and paid in cash.
Answer:Answer:so here is it explained fully.|Assests=||Liabilities +||StockH.Eq.|Investment n Bus.: |$17160=||$0.00+||$17,160||Borrow Cash: |$24,900=||$7,740+||$17,160||Purchase Equipment:|$24,900=||$7,740+||$17,160||Revenues Earned: |$323,300=||$7,740+||$315,560||Expenses Incurred:|$111,600=||$7,740+||$103,860||Dividends:|$96,200=||$7,740+||$88,460||
Explanation:image explains how I got those numbers and shows that I have the correct on my worksheet.You are basically subtracting and adding the transaction from either the assets or stockholders’ equity. !THESE ANSWERS ARE CORRECT FOR ONLY CERTAIN NUMBERS GIVEN TO YOUR SPECIFIC TRANSACTIONS!check image below if you have different number on your work sheet to figure out how to get the correct answer with the numbers you received on your work sheet.
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments--Molding and Fabrication. It started, completed, and sold only two jobs during March-Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March): Molding Fabrication Total Estimated total machine-hours used 2,500 1,500 $ 4000Estimated total fixed 15,000 $10,000 25000manufacturing overhead Estimated variable manufacturing 1.40 2.20overhead per machine-hour Job P Job Q Direct materials $13,000 $8,000 Direct labor cost $21,000 $7,500 Actual machine-hours used: 1,700 800Molding Fabrication 600 900 Total 2,300 1,700 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required:If Job Q included 30 units, what was its unit product cost? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.)
Answer:
Job Q's unit cost = $1,026.67
Explanation:
Job Q
actual machine hours used
molding 800:
allocated fixed overhead = (800/2,500) x $10,000 = $3,200
variable overhead = 800 x $1.40 = $1,120
sub-total = $4,320
fabrication 900:
allocated fixed overhead = (900/1,500) x $15,000 = $9,000
variable overhead = 900 x $2.20 = $1,980
sub-total = $$10,980
total overhead = $15,300
direct labor = $7,500
direct materials = $8,000
total costs for Job Q = $30,800
Job Q's unit cost = $30,800 / 30 units = $1,026.67
Generally the least expensive source of long-term capital is:______.
a) retained earnings.b) preferred stock.c) long-term debt.d) short-term debt.
Answer:
c) long-term debt
Explanation:
Long term debt is a term that is used in the financial operation to describes a form of debt owed by individuals or organization, in which its payments due or maturity is at least 12 months long, and could be longer depending on the arrangement.
Hence, in this situation, the correct answer is that generally, the least expensive source of long-term capital is LONG -TERM DEBT
Security A has a higher standard deviation of returns than security B. We would expect that: I. Security A would have a higher risk premium than security B. II. The likely range of returns for security A in any given year would be higher than the likely range of returns for security B. III. The Sharpe ratio of A will be higher than the Sharpe ratio of B. A. I only B. I and II only C. II and III only D. I, II, and III
Answer: i. Security A would have a higher risk premium than security B.
II. The likely range of returns for security A in any given year would be higher than the likely range of returns for security B.
Explanation:
From the question, we are informed that Security A has a higher standard deviation of returns than security B. Based on the above scenario, it should be noted that Security A would have a higher risk premium than security B since it has higher standard deviation and also, thee likely range of returns for security A in any given year would be higher than the likely range of returns for security B.
Which of the following are ways of expressing the meaning of ceteris paribus? A) Assuming other things are equal B) Assuming additional factors, other than those under consideration, are given equal consideration C) Assuming factors other than those being considered In a particular analysis do not change D) Assuming additional factors, other than those under consideration, play a significant role in analysis
The different ways of expressing the meaning of ceteris paribus are :
A). Assuming other things are equal.
C). Assuming factors other than those being considered in a particular analysis do not change.
Ceteris Paribus
It is a Latin phrase that means that "things are same".In other words, it means that certain things remain unaltered and are the same and equal.This concept can be used in both scientific laws as well as natural laws.Learn More :
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Mortgage originators issued mortgages to home buyers and sold these mortgages to securitizing firms. These firms bundled these mortgages into pools and created securities that were backed by the mortgage payments. A portion of these pools were called tranches. Groups of tranches were further combined and then divided again into more complex securities called collateralized debt obligations (CDOs). These securities were redivided and recombined to create even more complex securities called CDOs-squared.
This process had important implications: (1) The total risk embedded in the mortgages did not change; (2) since the risk was spread amongst several CDOs, it was difficult to assess the risk in each CDO; and (3) during the process of securitization and resecuritization, financial institutions earned fees and were thus encouraged to continue this process.
These securities were sold to investors across the world. If all went well, home buyers would make their payments and investors would earn their returns. However, a series of mortgage defaults led to the meltdown. Investors who were the indirect lenders to the home buyers didn't receive the expected cash flows, and on top of that, financial institutions skimmed fees during the process.
A. Mortgages were accessible for borrowers who did not meet income and minimum down payment requirements. Moreover, the Fed kept interest rates really low to prevent a recession. This led to a decrease in the demand for homes and a further decline in housing prices.
B. The total amount of risk embedded in the securities created by bundling mortgages did not change. The securitization and resecuritization processes led to a distribution of total risk among different types of collateralized securities.
C. Mortgage payments based on short-term interest rates-called adjustable-rate mortgages (ARMs)—were preferred by subprime borrowers.
D. Rating agencies, such as Moody's and Standard & Poor's, earned fees from securitizing agencies for providing ratings for CDOs. The securitizing agencies were looking for higher ratings for their CDOs, and the rating agencies were earning fees. This led to a conflict of interest; thus, ratings did not reflect the true risk involved in the CDOs, which were backed by mortgages.
Factors that caused the financial crisis
Analysts and theorists have debated over the different factors that caused the subprime mortgage meltdown. According to your understanding of the crisis, which of the following factors led to the financial crisis?
A. Real estate appraisers and rating agencies were lax.
B. Regulations were relaxed, leading to non-qualifying mortgages getting approved for loans.
C. Investors were fully aware of the risks involved, yet still settled with low returns.
D. Home buyers opted for traditional fixed-rate mortgages to avoid any payment delinquency.
Answer:
B. Regulations were relaxed, leading to non-qualifying mortgages getting approved for loans.
Explanation:
Hedge funds, banks, and insurance companies were instrumental to the subprime mortgage meltdown while regulators looked the other way. They were given free rein to construct so many complex securities which somehow contributed to the mortgage defaults with financial institutions skimming fees during the securitization processes, and mortgages were made accessible for borrowers who did not meet the income and minimum down payment requirements.
Use the drop-down menus to identify the personal characteristic that fits each description. Christine is a fast reader: value Leonard is very busy and involved in his community: Rose has worked in a few different restaurants: Olga was raised in the United States by Russian parents who taught her about Russian culture: Randall wants to learn more about other cultures:
Answer:
skill
lifestyle
experience
background
interest
Explanation:
it's just da facts.
The following are correctly matched identify the personal characteristic that fits each description:
Skills: Christine is a fast reader. the capacity to quickly and effectively apply one's knowledge in action or performance.Lifestyle: value Leonard is very busy and involved in his community. Your way of living is a reflection of who you are. You might try to live like a rock star, partying all night and sleeping all day, to look cool, but you'd probably get pretty exhausted.Experience: Rose has worked in a few different restaurants. Experience is significant because it enables personal growth and development. You will develop the ability to adjust to a new setting so that you can succeed.Background: Olga was raised in the United States by Russian parents who taught her about Russian culture.Interest: Randall wants to learn more about other cultures. Racial and ethnic divides can be overcome and prevented through understanding different cultures. Disparities based on race and ethnicity lead to miscommunication, missed opportunities, and occasionally violence.How do you express good experience?Brilliant definition: exhibiting or possessing outstanding intelligence, talent, or quality. Excellent: Having the highest caliber or higher merit; being extraordinarily good. Magnificent: Making a grand entrance or display; having extraordinary beauty or size. Marvelous adjectives include startling, remarkable, and those that evoke amazement, adoration, or awe.
Thus, mentioned above are correctly matched with its descroption.
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Compute and select the correct common-size percent for each account title.Total Assets is $700,000 Accounts Payable is $75,000 Bonds Payable is $225,000 Common Stock is $300,000 Retained Earnings is $100,000
Answer and Explanation:
The computation for each corrected common-size percent for each account is shown below:
Particulars Amount Percentage
Total assets $700,000 100%
Accounts payable $75,000 10.71%
($75,000 ÷ $700,000)
Bonds payable $225,000 32.14%
($225,000 ÷ $700,000)
Common stock $300,000 42.86%
($300,000 ÷ $700,000)
Retained earnings $100,000 14.29%
($100,000 ÷ $700,000)
Therefore each one of assetm liabilities and stockholder equity is presented as a percentage of total assets and the same is to be considered
The approximate cost of building a chip fabrication plant today is:________a. just under $1 billionb. between $1 billion and $15 billionc. between $15 billion and $100 billiond. over $100 billion
Answer: b. between $1 billion and $15 billion
Explanation:
Chips are used in most electronic devices in the world today and so are extremely valuable and quite complex. This is why producing them is a very valuable undertaking and a costly one as well.
Fabrication plants are known to use very advanced and expensive machinery which is why it is estimated that to build a chip fabrication plant will not take less than $1 billion dollars with some estimates going as high as $15 billion in rare cases.
Answer:
just under 1 billions$
Explanation:
if its wrong let me know XD :D
In most businesses, what is the most costly factor of production?
Answer:
the answer to the question is hu,an capital
On September 30 of Year 1, JayBob Company had raw materials inventory of 5,000 pounds. Starting in October, JayBob intends to have an inventory policy of maintaining ending raw materials inventory at the end of every month equal to the next TWO months’ production needs. For example, ending inventory at the end of October should be equal to forecasted raw materials needs for November production plus forecasted raw materials needs for December production.Five pounds of raw materials are needed in the production of one finished unit.Forecasted PRODUCTION for the months October, Year 1 through December, Year 1 is as follows.October 4,500 unitsNovember 6,000 units December 2,000 unitsWhat is the amount of budgeted RAW MATERIALS PURCHASES for October?A- 40,000 poundsB- 52,500 poundsC- 57,500 poundsD- 62,500 poundsE- 67,500 pounds
Answer:
Purchases= 57,500 pounds
Explanation:
Giving the following information:
Beginning inventory= 5,000 pounds
Production:
October= 4,500 units
November= 6,000 units
December= 2,000 units
Each unit requires 5 pounds of direct materials.
To calculate the purchase of direct material required, we need to use the following formula:
Purchases= production + desired ending inventory - beginning inventory
Desired ending inventory= 6,000*5 + 2,000*5= 40,000 pounds
Purchases= 4,500*5 + 40,000 - 5,000
Purchases= 57,500 pounds
When having to have a difficult conversation with upper managers, you can increase success by:___________.A) Framing the issue in familiar language.B) Not asking for further budget allocation.C) Making sure you have just met your last deadline.D) Framing the issue in familiar language and making sure you have just met your last deadline.
Answer: A. Framing the issue in familiar language.
Explanation: Familiar language increases the probability of your issue that you're having will be understood in upper management.
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Listed below are several transactions that took place during the second and third years of operations for RPG Consulting. Year 2 Year 3Amounts billed to customers for services rendered $ 320,000 $ 420,000 Cash collected from credit customers 230,000 370,000 Cash disbursements: Payment of rent 77,000 0 Salaries paid to employees for services rendered during the year 137,000 157,000 Utilities 27,000 37,000 Advertising 13,500 32,000 In addition, you learn that the company incurred advertising costs of $22,000 in year 2, owed the advertising agency $4,700 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3.1. Calculate accrual net income for both years.2. Determine the amount due the advertising agency that would be shown as a liability on RPG’s balance sheet at the end of year 2.
Answer:
RPG Consulting
1. RPG Consulting Income Statements:
Year 2 Year 3
Service Revenue $ 320,000 $ 420,000
Expenses:
Rent 38,500 38,500
Salaries 137,000 157,000
Utilities 27,000 37,000
Advertising 22,000 18,800
Total Expenses $224,500 $251,300
Accrual Net Income $95,500 $168,700
2. Amount due to the advertising agency at the end of year 2 = $13,200.
Explanation:
a) Data and Calculations:
Year 2 Year 3
Amounts billed to customers
for services rendered $ 320,000 $ 420,000
Cash collected from credit customers 230,000 370,000
Cash disbursements:
Payment of rent 77,000 0
Salaries paid to employees for services 137,000 157,000
Utilities 27,000 37,000
Advertising 13,500 32,000
Advertising:
Year 1 Ending Balance (Credit) $4,700
Year 2 Expense 22,000
Year 2 Cash payment (13,500)
Year 2 Ending balance (Credit) 13,200
Year 3 Cash payment (32,000)
Year 3 Expense $18,800
Rent:
Year 1 = $38,500
Year 2 - $38,500
If the price of lemons increases, what happens to the supply for lemonade as a result?
Answer:
My answer to the question is "the supply will also decreases".
Why is Business process reengineering and organizational change seen to have a pain-pleasure relationship
Answer:ungesoma bana
Explanation:
Pirates Incorporated had the following balances at the beginning of September.
Trial Balance
September 1
Accounts Debits Credits
Cash $ 6,500
Accounts Receivable 2,500
Supplies 7,600
Land 11,200
Accounts Payable $ 7,500
Notes Payable 3,000
Common Stock 9,000
Retained Earnings 8,300
Totals $ 27,800 $ 27,800
The following transactions occur in September.
September 1 Provide services to customers for cash, $4,700.
September 2 Purchase land with a long-term note for $6,400 from Crimson Company.
September 4 Receive an invoice for $500 from the local newspaper for an advertisement that appeared on September 2. September 8 Provide services to customers on account for $6,000.
September 10 Purchase supplies on account for $1,100.
September 13 Pay $4,000 to Crimson Company for a long-term note.
September 18 Receive $5,000 from customers on account.
September 20 Pay $900 for September's rent.
September 30 Pay September's utility bill of $2,000.
September 30 Pay employees $4,000 for salaries for the month of September.
September 30 Pay a cash dividend of $1,100 to shareholders.
Required:
1. Record each transaction.
2. Post each transaction to the appropriate T-accounts.
3. Calculate the balance of each account at September 30. (Hint: Be sure to include the balance at the beginning of September in each T-account.)
4. Prepare a trial balance as of September 30.
Answer:
Pirates Incorporated
1. Journal Entries;
Sept. 1
Debit Cash $4,700
Credit Service Revenue $4,700
To record provision of services for cash.
Sept. 2
Debit Land $6,400
Credit Notes Payable (Crimson Company) $6,400
To record the purchase of land.
Sept. 4
Debit Advertising Expense $500
Credit Advertising Payable $500
To record advertising expense.
Sept. 8
Debit Accounts Receivable $6,000
Credit Service Revenue $6,000
To record the provision of services on account.
Sept. 10
Debit Supplies $1,100
Credit Accounts Payable $1,100
To record the purchase of supplies on account.
Sept. 13
Debit Notes Payable $4,000
Credit Cash account $4,000
To record payment to Crimson Company.
Sept. 18
Debit Cash Account $5,000
Credit Accounts Receivable $5,000
To record the receipt of cash from customers.
Sept. 20
Debit Rent Expense $900
Credit Cash Account $900
To record the payment of September's rent.
Sept. 30
Debit Utilities Expense $2,000
Credit Cash Account $2,000
To record the payment of September's utilities.
Sept. 30
Debit Salaries Expense $4,000
Credit Cash Account $4,000
To record the payment of September's salaries.
Sept. 30
Debit Dividends $1,100
Credit Cash Account $1,100
To record the payment of dividends to shareholders.
2. T-Accounts:
Cash Account
Date Description Debit Credit
Sept. 1 Balance $6,500
Sept. 1 Service Revenue 4,700
Sept. 13 Notes Payable $4,000
Sept. 18 Accounts Receivable 4,000
Sept. 20 Rent 900
Sept. 30 Utilities 2,000
Sept. 30 Salaries 4,000
Sept. 30 Dividends 1,100
Sept. 30 Balance c/d 3,200
Accounts Receivable
Date Description Debit Credit
Sept. 1 Balance $3,500
Sept. 8 Service Revenue 6,000
Sept. 18 Cash $5,000
Sept. 30 Balance c/d 4,500
Supplies
Date Description Debit Credit
Sept. 1 Balance $7,600
Sept. 10 Accounts Payable 1,100
Sept. 30 Balance c/d $8,700
Land
Date Description Debit Credit
Sept. 1 Balance $11,200
Sept. 2 Notes Payable 6,400
Sept. 30 Balance c/d $17,600
Accounts Payable
Date Description Debit Credit
Sept. 1 Balance $7,500
Sept. 10 Supplies 1,100
Sept. 30 Balance c/d $8,600
Notes Payable
Date Description Debit Credit
Sept. 1 Balance $3,000
Sept. 2 Land 6,400
Sept. 12 Cash $4,000
Sept. 30 Balance c/d $5,400
Common Stock
Date Description Debit Credit
Sept. 1 Balance $9,000
Retained Earnings
Date Description Debit Credit
Sept. 1 Balance $8,300
Service Revenue
Date Description Debit Credit
Sept. 1 Cash $4,700
Sept. 8 Accounts Receivable 6,000
Sept. 30 Balance c/d $10,700
Advertising Expense
Date Description Debit Credit
Sept. 4 Advertising payable $500
Advertising Payable
Date Description Debit Credit
Sept. 4 Advertising Expense $500
Rent Expense
Date Description Debit Credit
Sept. 20 Cash $900
Utilities Expense
Date Description Debit Credit
Sept. 30 Cash $2,000
Salaries Expense
Date Description Debit Credit
Sept. 30 Cash $4,000
Dividend
Date Description Debit Credit
Sept. 30 Cash $1,100
3. Pirates Incorporated
Trial Balance as of September 30:
Accounts Debits Credits
Cash $ 3,200
Accounts Receivable 4,500
Supplies 8,700
Land 17,600
Accounts Payable $ 8,600
Notes Payable 5,400
Common Stock 9,000
Retained Earnings 8,300
Service Revenue 10,700
Advertising Payable 500
Advertising expense 500
Rent expense 900
Utilities expense 2,000
Salaries expense 4,000
Dividends 1,100
Totals $ 42,500 $ 42,500
Explanation:
a) Data and Calculations:
Pirates Incorporated
Trial Balance as of September 1
Accounts Debits Credits
Cash $ 6,500
Accounts Receivable 2,500
Supplies 7,600
Land 11,200
Accounts Payable $ 7,500
Notes Payable 3,000
Common Stock 9,000
Retained Earnings 8,300
Totals $ 27,800 $ 27,800
Centerpiece Arrangements has just completed operations for the year ended December 31, 2024. This is the third year of operations for the company. The following data have been assembled for the business: Prepare the income statement of Centerpiece Arrangements for the year ended December 31, 2024
Question Completion:
Centerpiece Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for the company. The following data have been assembled for the business (Click the icon to view the assembled data of Centerpiece Arrangements.) Prepare the income statement of Centerpiece Arrangements for the year ended December 31, 2018. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Net Income
i Data Table $ $ Insurance Expense Service Revenue Utilities Expense Rent Expense Common Stock Cash Retained Earnings, January 1, 2018 6,500 92,000 800 13,000 7,000 6,400 Salaries Expense Accounts Payable Office Supplies Dividends Accounts Receivable Equipment 42,000 2,600 2,500 4,500 3,500 27,600 5,200
Answer:
Centerpiece Arrangements
Income Statement for the year ended December 31, 2024:
Service Revenue $92,000
Expenses:
Insurance expense $6,500
Utilities expense 800
Rent expense 13,000
Salaries expense 42,000
Total Expense $62,300
Net Income $29,700
Explanation:
a) Data:
Trial Balance as for December 31, 2024:
$ $
Insurance Expense 6,500
Service Revenue 92,000
Utilities Expense 800
Rent Expense 13,000
Common Stock 7,000
Cash 6,400
Retained Earnings,
January 1, 2018 5,200
Salaries Expense 42,000
Accounts Payable 2,600
Office Supplies 2,500
Dividends 4,500
Accounts Receivable 3,500
Equipment 27,600
Total $106,800 $106,800