Questions
Church Company completes these transactions and events during March of the current year (terms for all...

Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30).

Mar. 1 Purchased $34,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30.
2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $13,600 (cost is $6,800).
3 (a) Purchased $1,020 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM.
3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $6,800 (cost is $3,400).
6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable.
9 Purchased $17,000 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EOM.
10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,400 (cost is $1,700).
12 Received payment from Min Cho for the March 2 sale less the discount.
13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount.
13 (b) Received payment from Linda Witt for the March 3 sale less the discount.
14 Purchased $30,000 of merchandise from the CD Company, invoice dated March 13, terms 1/10, n/30.
15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $14,400. Cashed the check and paid the employees.
15 (b) Cash sales for the first half of the month are $54,400 (cost is $43,520). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.)
16 Purchased $1,540 of store supplies on credit from Gabel Company, invoice dated March 16, terms n/10 EOM.
17 Received a $3,000 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14.
19 Received a $510 credit memorandum from Spell Supply for office equipment received on March 9 and returned for credit.
20 Received payment from Jovita Albany for the sale of March 10 less the discount.
23 Issued Check No. 418 to CD Company in payment of the invoice of March 13 less the March 17 return and the discount.
27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $10,200 (cost is $4,080).
28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,080 (cost is $1,632).
31 (a) Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $14,400. Cashed the check and paid the employees.
31 (b) Cash sales for the last half of the month are $59,840 (cost is $35,904).
31 (c) Verify that amounts impacting customer and creditor accounts were posted and that any amounts that should have been posted as individual amounts to the general ledger accounts were posted. Foot and crossfoot the journals and make the month-end postings.


Assume the following ledger account amounts Inventory (March 1 beg. bal. is $64,000), Z. Church, Capital (March 1 beg. bal. is $64,000) and Church Company uses the perpetual inventory system.

Required:
2-a. Enter the transactions in a sales journal.
2-b. Enter the transactions in a purchases journal.
2-c. Enter the transactions in a cash receipts journal.
2-d. Enter the transactions in a cash disbursements journal.
2-e. Enter the transactions in a general journal.

In: Accounting

On a normal weekend, 12% of those attending Mass at a local Catholic church donate over...

On a normal weekend, 12% of those attending Mass at a local Catholic church donate over $200 per week, 26% donate between $100 and $200 per week, and the remaining donate less than $100 per week. At Christmas time, a survey of 225 people attending Masses finds that 29% donate over $200, 48% donate between $100 and $200, and the remaining donate less than $100. When testing (at the 10% level of significance) whether the proportions are different at Christmas time than during other weekends, what is the test statistic (please round your answer to 3 decimal places)

In: Statistics and Probability

Church Company completes these transactions and events during March of the current year (terms for all...

Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30).

Mar.

1

Purchased $33,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30.

2

Sold merchandise on credit to Min Cho, Invoice No. 854, for $13,200 (cost is $6,600).

3

(a)

Purchased $990 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM.

3

(b)

Sold merchandise on credit to Linda Witt, Invoice No. 855, for $6,600 (cost is $3,300).

6

Borrowed $72,000 cash from Federal Bank by signing a long-term note payable.

9

Purchased $16,500 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EOM.

10

Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,300 (cost is $1,650).

12

Received payment from Min Cho for the March 2 sale less the discount.

13

(a)

Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount.

13

(b)

Received payment from Linda Witt for the March 3 sale less the discount.

14

Purchased $30,000 of merchandise from the CD Company, invoice dated March 13, terms 2/10, n/30.

15

(a)

Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $14,600. Cashed the check and paid the employees.

15

(b)

Cash sales for the first half of the month are $52,800 (cost is $42,240). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.)

16

Purchased $1,510 of store supplies on credit from Gabel Company, invoice dated March 16, terms n/10 EOM.

17

Received a $3,000 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14.

19

Received a $495 credit memorandum from Spell Supply for office equipment received on March 9 and returned for credit.

20

Received payment from Jovita Albany for the sale of March 10 less the discount.

23

Issued Check No. 418 to CD Company in payment of the invoice of March 13 less the March 17 return and the discount.

27

Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $9,900 (cost is $3,960).

28

Sold merchandise on credit to Linda Witt, Invoice No. 858, for $3,960 (cost is $1,584).

31

(a)

Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $14,600. Cashed the check and paid the employees.

31

(b)

Cash sales for the last half of the month are $58,080 (cost is $34,848).

31

(c)

Verify that amounts impacting customer and creditor accounts were posted and that any amounts that should have been posted as individual amounts to the general ledger accounts were posted. Foot and crossfoot the journals and make the month-end postings.


Assume the following ledger account amounts Inventory (March 1 beg. bal. is $61,000), Z. Church, Capital (March 1 beg. bal. is $61,000) and Church Company uses the perpetual inventory system.

Problem 7-1A Part 3

Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers.

Prepare the March 31 trial balance, schedule of accounts receivable and schedule of accounts payable.

Prepare the March 31 schedule of accounts receivable.

Prepare the March 31 schedule of accounts receivable.

In: Accounting

The following information applies to the questions displayed below.] Church Company completes these transactions and events...

The following information applies to the questions displayed below.]

Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 3/10, n/30).

Mar. 1 Purchased $32,000 of merchandise from Van Industries, terms 3/15, n/30.
2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $12,800 (cost is $6,400).
3 (a) Purchased $960 of office supplies on credit from Gabel Company, terms n/30.
3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $6,400 (cost is $3,200).
6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable.
9 Purchased $16,000 of office equipment on credit from Spell Supply, terms n/30.
10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,200 (cost is $1,600).
12 Received payment from Min Cho for the March 2 sale less the discount of $384.
13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $960.
13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $192.
14 Purchased $28,000 of merchandise from the CD Company, terms 3/10, n/30.
15 (a) Issued Check No. 417 for $17,400, payee is Payroll, in payment of sales salaries expense for the first half of the month.
15 (b) Cash sales for the first half of the month are $51,200 (cost is $40,960). These cash sales are recorded in the cash receipts journal on March 15.
16 Purchased $1,480 of store supplies on credit from Gabel Company, terms n/30.
17 Returned $2,800 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount.
19 Returned $480 of office equipment purchased on March 9 to Spell Supply. Church reduces accounts payable by that amount.
20 Received payment from Jovita Albany for the sale of March 10 less the discount of $96.
23 Issued Check No. 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $756 discount.
27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $9,600 (cost is $3,840).
28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $3,840 (cost is $1,536).
31 (a) Issued Check No. 419 for $17,400, payee is Payroll, in payment of sales salaries expense for the last half of the month.
31 (b) Cash sales for the last half of the month are $56,320 (cost is $33,792). These cash sales are recorded in the cash receipts journal on March 31.
31 (c) Verify that amounts impacting customer and creditor accounts were posted and that any amounts that should have been posted as individual amounts to the general ledger accounts were posted. Foot and crossfoot the journals and make the month-end postings.


Assume the following ledger account amounts Inventory (March 1 beg. bal. is $61,000), Z. Church, Capital (March 1 beg. bal. is $61,000) and Church Company uses the perpetual inventory system.

Required:
2-a. Enter the transactions in a sales journal.
2-b. Enter the transactions in a purchases journal.
2-c. Enter the transactions in a cash receipts journal.
2-d. Enter the transactions in a cash payments journal.
2-e. Enter the transactions in a general journal.

a) Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers.

b) Prepare the March 31 trial balance, schedule of accounts receivable and schedule of accounts payable.

In: Accounting

Church Company completes these transactions and events during March of the current year (terms for all...

Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 3/10, n/30).

Mar. 1 Purchased $38,000 of merchandise from Van Industries, terms 3/15, n/30.
2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,200 (cost is $7,600).
3 (a) Purchased $1,140 of office supplies on credit from Gabel Company, terms n/30.
3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,600 (cost is $3,800).
6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable.
9 Purchased $19,000 of office equipment on credit from Spell Supply, terms n/30.
10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,800 (cost is $1,900).
12 Received payment from Min Cho for the March 2 sale less the discount of $456.
13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $1,140.
13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $228.
14 Purchased $31,000 of merchandise from the CD Company, terms 3/10, n/30.
15 (a) Issued Check No. 417 for $17,500, payee is Payroll, in payment of sales salaries expense for the first half of the month.
15 (b) Cash sales for the first half of the month are $60,800 (cost is $48,640). These cash sales are recorded in the cash receipts journal on March 15.
16 Purchased $1,660 of store supplies on credit from Gabel Company, terms n/30.
17 Returned $3,100 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount.
19 Returned $570 of office equipment purchased on March 9 to Spell Supply. Church reduces accounts payable by that amount.
20 Received payment from Jovita Albany for the sale of March 10 less the discount of $114.
23 Issued Check No. 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $837 discount.
27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $11,400 (cost is $4,560).
28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,560 (cost is $1,824).
31 (a) Issued Check No. 419 for $17,500, payee is Payroll, in payment of sales salaries expense for the last half of the month.
31 (b) Cash sales for the last half of the month are $66,880 (cost is $40,128). These cash sales are recorded in the cash receipts journal on March 31.
31 (c) Verify that amounts impacting customer and creditor accounts were posted and that any amounts that should have been posted as individual amounts to the general ledger accounts were posted. Foot and crossfoot the journals and make the month-end postings.


Assume the following ledger account amounts Inventory (March 1 beg. bal. is $61,000), Z. Church, Capital (March 1 beg. bal. is $61,000) and Church Company uses the perpetual inventory system.

Required information

  • Returned $3,100 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount.

    2-a.

    SALES JOURNAL
    Date Account Debited Invoice Number Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.
    Mar. 2 Min Cho 854 15200 7600
    Mar. 3 Linda Witt 855 7600 3800
    Mar. 10 Jovita Albany 856 3800 1900
    Mar. 27 Jovita Albany 857 11400 4560
    Mar. 28 Linda Witt 858 4560 1824
    Mar. 31 Totals 42560 19684

    2-b.

    PURCHASES JOURNAL
    Date Account Date of Invoice Terms Accounts Payable Cr. Inventory Dr. Office Supplies Dr. Other Accounts Dr.
    Mar. 1 Van Industries Mar. 1 3/15, n/30 38000 38000
    Mar. 3 Gabel Company Mar. 3 n/30 1140 1140
    Mar. 9 Spell Supply Mar. 9 n/30 19000 19000
    Mar. 14 CD Company Mar. 14 3/10, n/30 31000 31000
    Mar. 16 Gabel Company Mar. 16 n/30 1660 1660
    Mar. 31 Totals 90800 69000 1140 20660

    2-c.

    CASH RECEIPTS JOURNAL
    Date Account
    Credited    		 Cash Dr. Sales
    Discount Dr.    		 Accounts Receivable Cr. Sales Cr. Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr.
    Mar. 6 Note payable 72000 72000
    Mar. 12 Min Cho 14744 456 15200
    Mar. 13 Linda Witt 7372 228 7600
    Mar. 15 Sales 60800 60800 48640
    Mar. 20 Jovita Albany 3686 114 3800
    Mar. 31 Sales 66880 66880 40128
    Mar. 31 Totals 225482 798 26600 127680 72000 88768

    2-d.

    CASH PAYMENTS JOURNAL
    Date Ck. No. Payee Account Debited Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable Dr.
    Mar. 13 416 Van Industries Accounts payable 36860 1140 38000
    Mar. 15 417 Payroll Sales salaries expense 17500 17500
    Mar. 23 418 CD Company Accounts payable 27063 837 27900
    Mar. 31 419 Payroll Sales salaries expense 17500 17500
    Mar. 31 Totals 98923 1977 35000 65900

    2-e.

    Date General Journal Debit Credit
    Mar. 17 Accounts payable-CD Company 3100
    Inventory 3100
    Mar. 19 Accounts payable-Spell Supply 570
    Office equipment 570

General Ledger is needed, Trail Balance is needed, Schedule of AR needed and Schedule of AP needed, Thanks

In: Accounting

Question: Consider a project to supply your church with 55,000 gallons of hand sanitizer annually for...

Question:

Consider a project to supply your church with 55,000 gallons of hand sanitizer annually for church services.

You estimate that you will need an initial $4,200,000 in terms of investment to get the project started.

The project will last for 5 years. The project will bring in annual cash flows of $1,375,000. It also estimates a salvage value of $300,000 after dismantling costs.

Your cost of capital is 13 percent. Assume no taxes or depreciation.


Required:

a) What is the NPV of the sanitizer project? Should you pursue this project?


b) Suppose you believe that there is a best case scenario where initial investment could be 15% lower with salvage value and revenue being 10% higher, what would be the NPV under this scenario?


c) In the worst case scenario, you expect annual cash inflows to be 10% lower, salvage value to be 12% lower and initial investment to be 10% higher. Calculate the NPV under this worst case scenario. Would you still pursue the project?


d) You just received additional information that suggests that your base case (answer to a), best case (b) and worst case (c) scenarios have probabilities of 0.35, 0.35 and 0.30 respectively. What will be the expected NPV of the sanitizer project. What about the standard deviation of the sanitizer project? Do you think the project is still viable?

In: Finance

Questions: Consider a project to supply your church with 55,000 gallons of hand sanitizer annually for...

Questions:

Consider a project to supply your church with 55,000 gallons of hand sanitizer annually for church services. You estimate that you will need an initial Gh¢4,200,000 in terms of investment to get the project started. The project will last for 5 years.

The project will bring in annual cash flows of Gh¢1,375,000. It also estimates a salvage value of Gh¢300,000 after dismantling costs.

Your cost of capital is 13 percent. Assume no taxes or depreciation.

Required:

  1. What is the NPV of the sanitizer project? Should you pursue this project?                                                                   

b) Suppose you believe that there is a best case scenario where initial investment could be 15% lower with salvage value and revenue being 10% higher, what would be the NPV under this scenario?              

c) In the worst case scenario, you expect annual cash inflows to be 10% lower, salvage value to be 12% lower and initial investment to be 10% higher. Calculate the NPV under this worst case scenario. Would you still pursue the project?                                                      

d) You just received additional information that suggests that your base case (answer to a), best case (b) and worst case (c) scenarios have probabilities of 0.35, 0.35 and 0.30 respectively. What will be the expected NPV of the sanitizer project. What about the standard deviation of the sanitizer project? Do you think the project is still viable?                                                                                                                               

In: Finance

"Please write the issue about Biblical illiteracy in the church. Describe the problem in your own...

"Please write the issue about Biblical illiteracy in the church. Describe the problem in your own word and trace its causes. Summarize proposed solutions. Then give your opinion about what you think should be done to solve or alleviate this problem. Also explain in detail how your Christian faith is relevant to this issue. For example, what resources does Christianity provide for thinking about and solving this issue?" Please help me write as complete as possible. At least 550 words! Thanks!

In: Psychology

Church Company completes these transactions and events during March of the current year (terms for all...

Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30).

Mar. 1 Purchased $38,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30.
2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,200 (cost is $7,600).
3 (a) Purchased $1,140 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM.
3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,600 (cost is $3,800).
6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable.
9 Purchased $19,000 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EOM.
10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,800 (cost is $1,900).
12 Received payment from Min Cho for the March 2 sale less the discount.
13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount.
13 (b) Received payment from Linda Witt for the March 3 sale less the discount.
14 Purchased $25,000 of merchandise from the CD Company, invoice dated March 13, terms 1/10, n/30.
15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $13,000. Cashed the check and paid the employees.
15 (b) Cash sales for the first half of the month are $60,800 (cost is $48,640). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.)
16 Purchased $1,660 of store supplies on credit from Gabel Company, invoice dated March 16, terms n/10 EOM.
17 Received a $2,500 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14.
19 Received a $570 credit memorandum from Spell Supply for office equipment received on March 9 and returned for credit.
20 Received payment from Jovita Albany for the sale of March 10 less the discount.
23 Issued Check No. 418 to CD Company in payment of the invoice of March 13 less the March 17 return and the discount.
27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $11,400 (cost is $4,560).
28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,560 (cost is $1,824).
31 (a) Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $13,000. Cashed the check and paid the employees.
31 (b) Cash sales for the last half of the month are $66,880 (cost is $40,128).
31 (c) Verify that amounts impacting customer and creditor accounts were posted and that any amounts that should have been posted as individual amounts to the general ledger accounts were posted. Foot and crossfoot the journals and make the month-end postings.


Assume the following ledger account amounts Inventory (March 1 beg. bal. is $61,000), Z. Church, Capital (March 1 beg. bal. is $61,000) and Church Company uses the perpetual inventory system.

Required:
2-a. Enter the transactions in a sales journal.
2-b. Enter the transactions in a purchases journal.
2-c. Enter the transactions in a cash receipts journal.
2-d. Enter the transactions in a cash disbursements journal.
2-e. Enter the transactions in a general journal.

In: Accounting

4. Church Inc. is presently enjoying relatively high growth because of a surge in the demand...

4. Church Inc. is presently enjoying relatively high growth because of a surge in the demand for its new product. Management expects earnings and dividends to grow at a rate of 25% for the next 4 years, after which competition will probably reduce the growth rate in earnings and dividends to zero, i.e., g = 0. The company’s last dividend, D0, was $1.25, its beta is 1.20, the market risk premium is 5.50%, and the risk-free rate is 3.00%. What is the current price of the common stock?

In: Finance