Questions
9-4 On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses...

9-4

On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $14 and its retail selling price is $90 in both 2016 and 2017. The manufacturer has advised the company to expect warranty costs to equal 9% of dollar sales. The following transactions and events occurred.

2016

Nov. 11 Sold 50 razors for $4,500 cash.
30 Recognized warranty expense related to November sales with an adjusting entry.
Dec. 9 Replaced 10 razors that were returned under the warranty.
16 Sold 150 razors for $13,500 cash.
29 Replaced 20 razors that were returned under the warranty.
31 Recognized warranty expense related to December sales with an adjusting entry.


2017

Jan. 5 Sold 100 razors for $9,000 cash.
17 Replaced 25 razors that were returned under the warranty.
31 Recognized warranty expense related to January sales with an adjusting entry.

2. How much warranty expense is reported for November 2016 and for December 2016

Warranty expense for November 2016
Warranty expense for December 2016

3. How much warranty expense is reported for January 2017?
  4. What is the balance of the Estimated Warranty Liability account as of December 31, 2016?
  

5. What is the balance of the Estimated Warranty Liability account as of January 31, 2017?
  

In: Accounting

One of the responsibilities often associated with management is the gathering of career-specific information on resources...

One of the responsibilities often associated with management is the gathering of career-specific information on resources or professional development. Familiarity with professional sources shows you have interest in your field and invest time to stay current with developments and debates in your industry. Locker 6th ed Business communications..... sources relating to RN nursing.

For this assignment, you will identify credible sources related to your field. You will identify the sources using accurate APA format. Then, for each source, you will write two complete paragraphs that

  1. Summarize the source;
  2. Comment on the source’s benefits and currency.

For your sources, you should include at least one of each of the three following sources:

  1. An academic or professional source from the Keiser e-library database. Avoid single articles, too. Try to identify a database or a journal relevant to your field.
  2. A professional news in your field or a respected commercial site like The New York Times, The Wall Street Journal. An online magazine such as Forbes or Fortune might be appropriate, depending on your field.
  3. An organizational site such as .org, .edu, and .gov site. Examples could include American Medical Association, the National Criminal Justice Association, the American Dairymen's Association, and so forth.

Clue: When using sources, you want to analyze the source of the data, the numbers, and what the words mean to those who may have been surveyed. For your Final e-Portfolio you will include these sources and an introductory paragraph (250 words minimum) on your skills in researching appropriate sources and vetting them for credibility and relevance to your field.

In: Nursing

South Africa is proposing a project that will increase sugar cane production in the country. South...

South Africa is proposing a project that will increase sugar cane production in the country. South Africa is a net exporter of sugar cane and exports to the UK. Assume the following: • The CIF at Liverpool, UK is £360 per ton • Freight, insurance and unloading from Cape Town, a South African port to Liverpool is £15 per ton • Local port charges at South Africa is 150 Rand per ton • Transport and marketing costs from warehouse to the port in Cape Town is 120 Rand per ton • Storage, transport and marketing cost from point of production to warehouse is 50 rand per ton • No export taxes • The Exchange rate is £1= 12 rands Where the rand is the South African currency and £ is the British Pound Sterling Answer the following questions

a) Estimate the FOB price at the Cape Town port in South Africa in £

b) Estimate the FOB price in Rands

c) Estimate export parity price at a warehouse in South Africa

d) Estimate the export parity price at farm gate in South Africa.

In: Accounting

Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security...

Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the following end-of-period spreadsheet for the year ended October 31, 2016:

Alert Security Services Co.

End-of-Period Spreadsheet

For the Year Ended October 31, 2016

1

Unadjusted

Unadjusted

Adjusted

Adjusted

2

Trial Balance

Trial Balance

Adjustments

Adjustments

Trial Balance

Trial Balance

3

Debit

Credit

Debit

Credit

Debit

Credit

4

Cash

12.00

5

Accounts Receivable

90.00

6

Supplies

8.00

7

Prepaid Insurance

12.00

8

Land

190.00

9

Equipment

50.00

10

Accumulated Depreciation-Equipment

4.00

11

Accounts Payable

36.00

12

Wages Payable

0.00

13

Brenda Schultz, Capital

260.00

14

Brenda Schultz, Drawing

8.00

15

Fees Earned

200.00

16

Wages Expense

110.00

17

Rent Expense

12.00

18

Insurance Expense

0.00

19

Utilities Expense

6.00

20

Supplies Expense

0.00

21

Depreciation Expense

0.00

22

Miscellaneous Expense

2.00

23

Totals

$500.00

$500.00

The data for year-end adjustments are as follows:

Fees earned, but not yet billed, $13.
Supplies on hand, $4.
Insurance premiums expired, $10.
Depreciation expense, $3.
Wages accrued, but not paid, $1.

Prepare the adjusting entries for Alert Security Services Co. Refer to the Chart of Accounts for correct wording of account titles.

Chart of Accounts

CHART OF ACCOUNTS
Alert Security Services Co.
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Prepaid Insurance
15 Land
16 Equipment
17 Accumulated Depreciation-Equipment
LIABILITIES
21 Accounts Payable
22 Wages Payable
EQUITY
31 Brenda Schultz, Capital
32 Brenda Schultz, Drawing
REVENUE
41 Fees Earned
EXPENSES
51 Wages Expense
52 Rent Expense
53 Insurance Expense
54 Utilities Expense
55 Supplies Expense
56 Depreciation Expense
57 Miscellaneous Expense

Journal

Prepare the adjusting entries for Alert Security Services Co. Refer to the Chart of Accounts for correct wording of account titles.

PAGE 10

JOURNAL

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1

Adjusting Entries

2

3

4

5

6

7

8

9

10

11

In: Accounting

Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the...

Sales and Notes Receivable Transactions

The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company:

Jan. 21. Sold merchandise on account to Black Tie Co., $39,900. The cost of merchandise sold was $23,940.
Mar. 18. Accepted a 60-day, 8% note for $39,900 from Black Tie Co. on account.
May 17. Received from Black Tie Co. the amount due on the note of March 18.
June 15. Sold merchandise on account to Pioneer Co. for $15,600. The cost of merchandise sold was $9,360.
21. Loaned $18,000 cash to JR Stutts, receiving a 30-day, 6% note.
25. Received from Pioneer Co. the amount due on the invoice of June 15.
July 21. Received the interest due from JR Stutts and a new 60-day, 9% note as a renewal of the loan of June 21. (Record both the debit and the credit to the notes receivable account.)
Sept. 19. Received from JR Stutts the amount due on her note of July 21.
22. Sold merchandise on account to Wycoff Co., $60,000. The cost of merchandise sold was $36,000.
Oct. 14. Accepted a 60-day, 6% note for $60,000 from Wycoff Co. on account.
Nov. 13. Wycoff Co. dishonored the note dated October 14.
Dec. 28. Received from Wycoff Co. the amount owed on the dishonored note, plus interest for 15 days at 12% computed on the maturity value of the note.

Required:

Journalize the entries to record the transactions. Assume 360 days in a year. For a compound entry, if an amount box does not require an entry, leave it blank.

Jan. 21-sale
Jan. 21-cost
Mar. 18
May 17
June 15-sale
June 15-cost
June 21
June 25
July 21
Sept. 19- note
Sept. 22-sale
Sept. 22-cost
Oct. 14
Nov. 13
Dec. 28

In: Accounting

Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the...

Sales and Notes Receivable Transactions

The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company:

Jan. 21. Sold merchandise on account to Black Tie Co., $39,900. The cost of merchandise sold was $23,940.
Mar. 18. Accepted a 60-day, 8% note for $39,900 from Black Tie Co. on account.
May 17. Received from Black Tie Co. the amount due on the note of March 18.
June 15. Sold merchandise on account to Pioneer Co. for $15,600. The cost of merchandise sold was $9,360.
21. Loaned $18,000 cash to JR Stutts, receiving a 30-day, 6% note.
25. Received from Pioneer Co. the amount due on the invoice of June 15.
July 21. Received the interest due from JR Stutts and a new 60-day, 9% note as a renewal of the loan of June 21. (Record both the debit and the credit to the notes receivable account.)
Sept. 19. Received from JR Stutts the amount due on her note of July 21.
22. Sold merchandise on account to Wycoff Co., $60,000. The cost of merchandise sold was $36,000.
Oct. 14. Accepted a 60-day, 6% note for $60,000 from Wycoff Co. on account.
Nov. 13. Wycoff Co. dishonored the note dated October 14.
Dec. 28. Received from Wycoff Co. the amount owed on the dishonored note, plus interest for 15 days at 12% computed on the maturity value of the note.

Required:

Journalize the entries to record the transactions. Assume 360 days in a year. For a compound entry, if an amount box does not require an entry, leave it blank.

Jan. 21-sale
Jan. 21-cost
Mar. 18
May 17
June 15-sale
June 15-cost
June 21
June 25
July 21
Sept. 19- note
Sept. 22-sale
Sept. 22-cost
Oct. 14
Nov. 13
Dec. 28

In: Accounting

I'll rate make sure to complete all parts Sales and Notes Receivable Transactions The following were...

I'll rate make sure to complete all parts

Sales and Notes Receivable Transactions

The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company:

Jan. 21. Sold merchandise on account to Black Tie Co., $40,800. The cost of merchandise sold was $24,480.
Mar. 18. Accepted a 60-day, 6% note for $40,800 from Black Tie Co. on account.
May 17. Received from Black Tie Co. the amount due on the note of March 18.
June 15. Sold merchandise on account to Pioneer Co. for $18,600. The cost of merchandise sold was $11,160.
21. Loaned $24,000 cash to JR Stutts, receiving a 30-day, 9% note.
25. Received from Pioneer Co. the amount due on the invoice of June 15.
July 21. Received the interest due from JR Stutts and a new 60-day, 8% note as a renewal of the loan of June 21. (Record both the debit and the credit to the notes receivable account.)
Sept. 19. Received from JR Stutts the amount due on her note of July 21.
22. Sold merchandise on account to Wycoff Co., $40,000. The cost of merchandise sold was $24,000.
Oct. 14. Accepted a 60-day, 6% note for $40,000 from Wycoff Co. on account.
Nov. 13. Wycoff Co. dishonored the note dated October 14.
Dec. 28. Received from Wycoff Co. the amount owed on the dishonored note, plus interest for 15 days at 12% computed on the maturity value of the note.

Required:

Journalize the entries to record the transactions. Assume 360 days in a year. For a compound entry, if an amount box does not require an entry, leave it blank.

Jan. 21-sale
Jan. 21-cost
Mar. 18
May 17
June 15-sale
June 15-cost
June 21
June 25
July 21
Sept. 19- note
Sept. 22-sale
Sept. 22-cost
Oct. 14
Nov. 13
Dec. 28

In: Accounting

Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the...

Sales and Notes Receivable Transactions

The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company:

Jan. 21. Sold merchandise on account to Black Tie Co., $32,700. The cost of merchandise sold was $19,620.
Mar. 18. Accepted a 60-day, 8% note for $32,700 from Black Tie Co. on account.
May 17. Received from Black Tie Co. the amount due on the note of March 18.
June 15. Sold merchandise on account to Pioneer Co. for $17,600. The cost of merchandise sold was $10,560.
21. Loaned $24,000 cash to JR Stutts, receiving a 30-day, 6% note.
25. Received from Pioneer Co. the amount due on the invoice of June 15.
July 21. Received the interest due from JR Stutts and a new 60-day, 9% note as a renewal of the loan of June 21. (Record both the debit and the credit to the notes receivable account.)
Sept. 19. Received from JR Stutts the amount due on her note of July 21.
22. Sold merchandise on account to Wycoff Co., $60,000. The cost of merchandise sold was $36,000.
Oct. 14. Accepted a 60-day, 6% note for $60,000 from Wycoff Co. on account.
Nov. 13. Wycoff Co. dishonored the note dated October 14.
Dec. 28. Received from Wycoff Co. the amount owed on the dishonored note, plus interest for 15 days at 12% computed on the maturity value of the note.

Required:

Journalize the entries to record the transactions. Assume 360 days in a year. For a compound entry, if an amount box does not require an entry, leave it blank.

Jan. 21-sale
Jan. 21-cost
Mar. 18
May 17
June 15-sale
June 15-cost
June 21
June 25
July 21
Sept. 19- note
Sept. 22-sale
Sept. 22-cost
Oct. 14
Nov. 13
Dec. 28

In: Accounting

Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the...

Sales and Notes Receivable Transactions

The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company:

Jan. 21. Sold merchandise on account to Black Tie Co., $29,400. The cost of merchandise sold was $17,640.
Mar. 18. Accepted a 60-day, 6% note for $29,400 from Black Tie Co. on account.
May 17. Received from Black Tie Co. the amount due on the note of March 18.
June 15. Sold merchandise on account to Pioneer Co. for $12,300. The cost of merchandise sold was $7,380.
21. Loaned $12,000 cash to JR Stutts, receiving a 30-day, 8% note.
25. Received from Pioneer Co. the amount due on the invoice of June 15.
July 21. Received the interest due from JR Stutts and a new 60-day, 9% note as a renewal of the loan of June 21. (Record both the debit and the credit to the notes receivable account.)
Sept. 19. Received from JR Stutts the amount due on her note of July 21.
22. Sold merchandise on account to Wycoff Co., $20,000. The cost of merchandise sold was $12,000.
Oct. 14. Accepted a 60-day, 6% note for $20,000 from Wycoff Co. on account.
Nov. 13. Wycoff Co. dishonored the note dated October 14.
Dec. 28. Received from Wycoff Co. the amount owed on the dishonored note, plus interest for 15 days at 12% computed on the maturity value of the note.

Required:

Journalize the entries to record the transactions. Assume 360 days in a year. For a compound entry, if an amount box does not require an entry, leave it blank.

Jan. 21-sale
Jan. 21-cost
Mar. 18
May 17
June 15-sale
June 15-cost
June 21
June 25
July 21
Sept. 19- note
Sept. 22-sale
Sept. 22-cost
Oct. 14
Nov. 13
Dec. 28

In: Accounting

The following operating information reports the results of Riverbed Company’s production and sale of 12,500 air-conditioned...



The following operating information reports the results of Riverbed Company’s production and sale of 12,500 air-conditioned motorcycle helmets last year. Based on early market forecasts, Riverbed expects the same results this year.

Sales $1,942,000
Variable manufacturing expenses 960,000
Fixed manufacturing expenses 280,000
Variable selling and administrative expenses 118,000
Fixed selling and administrative expenses 224,000


The American Motorcycle Club has offered to purchase 2,000 helmets at a price of $100 each. Riverbed has sufficient idle capacity to fill the order, which would not affect the company’s cost structure or regular sales.

If Riverbed accepts this order, by how much will its income increase or decrease?

Operating income will ______ by $ _____ .

In: Accounting