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2 years ago

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Eric wanted a new tv and entertainment center and got them both from abc electronics. he will pay off his tv and entertainment c

enter in 12 monthly payments of $150 each. eric most likely entered what type of agreement when he got his tv and entertainment center

1 answer:

satela [25.4K]2 years ago

7 0

The answer on Apex is finance agreement.

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The Southern Division of Barstol Company makes and sells a single product, which is a part used in manufacturing trucks. The ann

kenny6666 [7]

Answer:

The lowest acceptable transfer price from the standpoint of the Southern Division should be closest to $45.5 per unit

Explanation:

The annual production capacity of The Southern Division is 12,000 units. The Southern Division sells 11,000 units per year to outside customers at $49 per unit.

Therefore, the Southern Division can produce 1,000 units more.

There would be no savings in variable costs from transferring the units internally rather than selling them externally.

The lowest acceptable transfer price from the standpoint of the Southern Division = (1,000 x $35 + 3,000 x $49)/4,000 = $45.5 per unit

4 0

2 years ago

Oscar’s Red Carpet Store maintains a checking account with Academy Bank. Oscar’s sells carpet each day but makes bank deposits o

igomit [66]

Answer:

Explanation:

Balance as per cash book = 6,650

Deduct uncleared check (450)

Check 323 (650)

Rent ( 1200)

Interest 165

Titanic payment not captured 5,500

Service fee (100)

Total adjustment 3,265

Adjusted balance 9,915

Balance as per bank statement 10,665

Cash receipt 1250

Check 325 ( 450)

Check 327 (1550)

Total adjustment (750)

Adjusted balance 9,915

b)

Cash adjustment

Uncleared customer check

Debit customer = 450

Credit Cash = 450

Advertising

Debit Advertising 650

Credit Cash 650

Rent

Debit rent 1200

Credit Cash 1200

Interest

Debit cash 165

Credit interest expenses 165

Payment from Titanic

Debit cash 5,500

Credit Oscar 5300

Credit Interest exp. 200

Service fee

Credit cash 100

Debit service charges 100

4 0

2 years ago

Molina Company has beginning and ending work in process inventories of $130,000 and $145,000 respectively. If total manufacturin

taurus [48]

Answer:

cost of goods manufactured= $665,000

Explanation:

Giving the following information:

Molina Company has a beginning and ending work in process inventories of $130,000 and $145,000 respectively. If total manufacturing costs are $680,000

We need to use the following formula:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 130,000 + 680,000 - 145,000

cost of goods manufactured= 665,000

8 0

2 years ago

I'm having a difficult time with my accounting workbook. I post the adjusting entries, but my balance sheet never equalizes. Can

Marta_Voda [28]

Answer:

PEYTON APPROVED

TRIAL BALANCE

As of December 31, 2017

Unadjusted Adjusting Adjusted

Trial balance Entries Trial balance

Dr Cr ref Dr Cr ref Dr Cr

Cash 67,520.04 3 1,000 68,520.04

Accounts Receivable 68,519.91 68,519.91

Other Receivable -

Insurance Baking

Supplies 15,506.70 15,506.70

Merchandise

Inventory 1,238.07 1 3,175 1 4,413.07

Consignment

Inventory 2 200 2 200

Prepaid Rent 2,114.55 2,114.55

Prepaid Insurance 2,114.55 2,114.55

Misc. Supplies 170.49 170.49

Baking Equipment 14,000.00 4 2,000 4 12,000.00

Accumulated Depreciation 1,606.44 4 4 406.44

Customer Deposit

- Accounts Payable 20,262.11 20,262.11

Wages Payable 3,383.28 3,383.28

Interest Payable 211.46 211.46

Notes Payable 5,000.00 5,000.00

Common Stock 20,000.00 20,000.00

Beginning Retained

earnings 50,144.84 50,144.84

Dividends 105,000.00 105,000.00

Bakery Sales 327,322.55 327,322.55

Merchandise Sales 1,205.64 1,205.64

Cost of Goods

Sold - Baked 105,834.29 105,834.29

Cost of Goods

Sold -

Merchandise 859.77 859.77

Rent Exp. 24,549.19 24,549.19

Wages Exp. 10,670.72 10,670.72

Misc. Supplies

Expense 3,000.46 3,000.46

Business

License

Expense 2,045.77 2,045.77

Misc.

Expense 1,363.84 1,363.84

Depreciation

Expense 677.86 677.86

Insurance

Expense 1,091.08 1,091.08

Advertising

Expense 1,549.74 1,549.74

Interest

Expense 818.31 818.31

Telephone

Expense 490.98 490.98

Gain/Loss on

disposal of equipment 429,136.32 429,136.32 - - 429,136.32 429,136.32

Explanation:

a) Data and Calculations:

PEYTON APPROVED

TRIAL BALANCE

As of December 31, 2017

Unadjusted trial balance Adjusting entries Adjusted trial balance

Dr Cr ref Dr Cr ref Dr Cr

Cash 67,520.04 67,520.04

Accounts Receivable 68,519.91 68,519.91

Other Receivable - Insurance Baking Supplies 15,506.70 15,506.70

Merchandise Inventory 1,238.07 1,238.07

Consignment Inventory Prepaid Rent 2,114.55 2,114.55

Prepaid Insurance 2,114.55 2,114.55

Misc. Supplies 170.49 170.49

Baking Equipment 14,000.00 14,000.00

Accumulated Depreciation 1,606.44 1,606.44

Customer Deposit - Accounts Payable 20,262.11 20,262.11

Wages Payable 3,383.28 3,383.28

Interest Payable 211.46 211.46

Notes Payable 5,000.00 5,000.00

Common Stock 20,000.00 20,000.00

Beginning Retained earnings 50,144.84 50,144.84

Dividends 105,000.00 105,000.00

Bakery Sales 327,322.55 327,322.55

Merchandise Sales 1,205.64 1,205.64

Cost of Goods Sold - Baked 105,834.29 105,834.29

Cost of Goods Sold - Merchandise 859.77 859.77

Rent Expense 24,549.19 24,549.19

Wages Expense 10,670.72 10,670.72

Misc. Supplies Expense 3,000.46 3,000.46

Business License Expense 2,045.77 2,045.77

Misc. Expense 1,363.84 1,363.84

Depreciation Expense 677.86 677.86

Insurance Expense 1,091.08 1,091.08

Advertising Expense 1,549.74 1,549.74

Interest Expense 818.31 818.31

Telephone Expense 490.98 490.98

Gain/Loss on disposal of equipment 429,136.32 429,136.32 - - 429,136.32 429,136.32

b) The adjustments are made in the Adjusting entries column and referenced accordingly, while the effect is reflected in the adjusted trial balance column.

3 0

2 years ago

The following are a trial balance and several transactions that relate to Lewisville's Concert Hall Bond Fund:

Vera_Pavlovna [14]

Answer:

a. Journal entries

1. Estimated revenues (Dr.) $100,000

Estimated other financing sources (Dr.) $50,000

Appropriations (Cr.) $125,000

Fund Balance Budget (Cr.) $25,000

2. Cash (Dr.) $50,000

General Fund Transfer (Cr.) $50,000

3. Property Tax receivable (Dr.) $100,000

Uncollectable Taxes (Cr.) $5,000

Collectable Property taxes revenue (Cr.) $95,000

4. Cash (Dr.) $60,000

Collectable property tax revenue (Cr.) $60,000

5. Cash (Dr.) $1,000

Revenue From Investments (Cr.) $1,000

6. Cash (Dr.) $30,000

Collectable property tax revenue (Cr.) $30,000

7. Interest expense (Dr.) $37,500

Interest Payable (Cr.) $37,500

8. Fiscal Agent fee (Dr.) $500

Cash (Cr.) $500

9. Cash (Dr.) $1,000

Investment Revenue (Cr.) $1,000

10. Interest Expense (Dr.) $37,500

Principal payment (Dr.) $50,000

[Fiscal Agent] Cash (Cr.) $87,500

11. Investment Revenue Receivable (Dr.) $500

Investment Revenue (Cr.) $500

Explanation:

b. Trial Balance

Particulars : Debit (Dr.) $ ; Credit (Cr.) $

Cash: 76,500 ; 0

Property Taxes receivable 10,000 ; 0

Allowance for uncollectable property 0 ; 5,000

Investments 40,000 ; 0

Investment revenue receivable 500 ; 0

Restricted fund balance 0 ; 100,000

Revenue - property taxes 0 ; 95,000

Revenue- Investments 0 ; 2,500

Transfer to general fund 0 ; 50,000

Interest Expense 75,000 ; 0

Bond principal 50,000 ; 0

Fiscal agent fees 500 ; 0

Estimated revenues 100,000 ; 0

Estimated other financing sources 50,000 ; 0

Appropriations 0 ; 125,000

Fund balance Budget 0 ; 25,000

6 0

2 years ago