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3 years ago

APEX : Which of the following would appear in the Debits column of a bank statement for a checking account?

Business

2 answers:

Fantom [35]3 years ago

6 0

Answer:

An online bill payment isn't an option for my apex test.

The second answer is ATM Withdrawal.

Explanation:

I'm doing Apex right now.

Deffense [45]3 years ago

3 0

Answer: an online bill payment

Explanation:

I’m doing apex and it shows that the correct answer is an online bill payment

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EXERCISE 5-11 Missing Data; Basic CVP Concepts LO5-1 LO5-9 Fill in the missing amounts in each of the eight case situations belo

irina1246 [14]

Answer:

Explanation:

A) contribution per unit:

(180,000 - 120,000) / 15,000 = $4

B) net income: 180,000 - 120,000 - 50,000 = 10,000

C) units sold: contribution x units - fixed cost = income

$10 x units sold - 32,000 = 8,000

units sold: 4,000

D) variable cost:

(sales - expense) / units = contribution per unit

(100,000 - expense)/4,000 = 10

expense = 60,000

E) sales:

contribution x units + expense

10,000 x $13 + 70,000 = 200,000

F) fixed expense:

units x contribution - fixed = income

10,000 x $13 - fixed = 12,000

130,000 -12,000 = fixed = 118,000

H) contribution margin unit

contribution x units - fixed cost = income

6,000 x contribution - 100,000 = -10,000

contribution = 90,000 / 6,000 = 15

G) variable expenses:

sales = variable expense + contribution x units sold

300,000 = var expense + 15 x 6000

variable expense = 210,000

5 0

2 years ago

A company CEO created an ethics policy, made ethical training mandatory and installed feedback systems for ethics violation. Whe

igor_vitrenko [27]

Answer

lost / lost

A company CEO created an ethics policy, made ethical training mandatory and installed feedback systems for ethics violation. When ethics violations were reported to the executives however, no changes or reprimands were made. Consequently, the policies ____lost____ value and executives __lost______ the respect of employees

Explanation:

Creating ethics policies is extremely important for an organization to align employee behavior with its organizational culture. Business values, when clearly and effectively established, help at various organizational levels, such as good team relationships, conflict resolution, and effective communication among all employees. In the above question, as there was no compliance with the ethics policy implemented by the CEO and no correction of the failures, there was a lost of value of the policy and lost of respect for employees.

4 0

2 years ago

You are considering two mutually exclusive projects. Project A has cash flows of −$72,000, $21,400, $22,900, and $56,300 for Yea

gladu [14]

Answer:

Choose Project A whose payback is 2.492 years and therefore falls within the 2.5 year required payback period.

Explanation:

Project A

Year Cash-flow Balance

0 (72,000) (72,000)

1 21,400 (50,600)

2 22,900 (27,700)

3 56,300 28,600

$Payback = YearsWithNegativeCumulativeCashflowBalance + \frac{-LastNegativeBalance}{CashInflowfollowingYear}
$

$= 2years + \frac{-(-27,700}{56300}=2.492 years$

Project B

Year Cash-flow Balance

0 (81,000) (81,000)

1 20,100 (60,900)

2 22,200 (38,700)

3 74,800 36,100

$Payback = YearsWithNegativeCumulativeCashflowBalance + \frac{-LastNegativeBalance}{CashInflowfollowingYear}
$

$= 2years + \frac{-(-38,700}{74,800}=2.517 years$

5 0

2 years ago

Kingbird Company had the following select transactions. Apr. 1.2022 Accepted Goodwin Company's 12-month, 8% note in settlen July

Bad White [126]

Answer:

4/1/22: Dr Notes Receivable x

Cr Cash x

(to record the acceptance of $x from Goodwin Company's note)

7/1/22: Dr Notes Receivable 22,000

Cr Cash 22,000

( to record the acceptance of $22,000 from Slocombe notes)

12/31/22: Dr Interest Receivable (x x 8%) x (9 : 12)

Cr Interest Income (x x 8%) x (9 : 12)

(to record interest accured from Goodwin Company's note)

Dr Interest Receivable 1,210

Cr Interest Income 1,210

(to recored interest accured from Slocombe notes which is calculated as: 22,000 x 11% x (6/12) =1,210)

4/1/23: Dr Cash x

Cr Notes Receivable x

(to record collection of principle from Goodwin's note)

Dr Cash ( x x 8%)

Cr Interest Receivable (x x 8%) x (9 : 12)

Cr Interest Income (x x 8%) x (3 :12)

(to record interest income receipt on termination of Goodwin's note)

For Slocombe's notes, as Kingbird expects it will eventually collect, at 4/1/23, although Slocombe's note is due yet not paid, Kingbird does not book provision for bad debt regarding to this note. Besides, the income earned but not yet received in 2023 from holding this note will not be recorded because the adjusting entries once a year on December 31 and in fact it is not paid yet ( together with the note's principal amount).

Explanation:

The explanations have been given following each entry in the answer. Beside the rules of double entries in accounting, accural accounting has to be well-understood in order to answer this question right. Accrual accounting is the accounting which records incomes/expenses when they are earned/incurred, rather than when they are received/paid.

Thus, the interest income has been earned from the very first day holding the two companies' notes has to be recorded (accured) at the end of the year 2022 rather than when it is received in order to accurately reflect the business result of the year 2022. At this point, a simple calculation ( as shown in the answer) needs to be done to determine an accurate amount of interest income to be booked for 2022.

8 0

2 years ago

Chow Publications Inc. is a publicly traded media company focused on products for the home chef market. The company publishes a

DochEvi [55]

Answer:

A. $575,415.67

Dr Cash $575,415.67

Cr Revenue from sales $575,415.67

Explanation:

Chow Publications Inc

Revenue recognition it stated that a five step model is been developed to help recognized the revenue from sale of goods and service to customer which is why revenue should be recognized by

1. Identify the contract with customer in which both the seller and buyer are agreed for the contract and must know their rights and obligation in the contracts.

2. Obligation of performance in contract : In above contract the seller know that he has to deliver the content of magazine and the buyer as well know the price for such goods.

The $ 115,000 subscription received are:

$80,500 for paper form and $34500 for digital form and $25,000 copied are been sold out at news stands.

3. Determine the transaction price in which $50 is for the paper copy and $40 is for the digital copy and $ 5 is for copy which is sold at news Stands.

4. Allocation of transaction price to performance obligation will be by calculating the revenue from the transaction and by applying the rate of performance obligation which is why the Total revenue was $ 575,416.67.

5. Recognizing the revenue in the books occured in a situation where the risk and rewards which relate to the ownership of the goods has been passed which led to the customer been satisfied which inturn means that there is no uncertainty regarding the creation of performance obligation on buyer.

Chow Publications Inc

Total Revenue

Online subscription

Paper form $335,415.67

Online form $115,000.00

$450,415.67

Add Copy at News Stand $125,000

Total $575,415.67

B. Journal entry

Dr Cash $575,415.67

Cr Revenue from sales $575,415.67

Monthly share in Annual Revenue

Annual rate Monthly rate

Paper form $50 4.17

Digital rate $40 3.33

Distribution of subscription total received $115,000

Paper rate 70% ×$115,000

= $80,500

Digital rate 30% ×115,000

= $34,500

4 0

2 years ago