Questions
Required: 1. & 2. Prepare journal entries to record the transactions for April and post them...

Required:
1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts.
3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30.
4. Journalize and post the adjusting entries for the month and prepare the adjusted trial balance.
5a. Prepare the income statement for the month of April 30, 2017.
5b. Prepare the statement of retained earnings for the month of April 30, 2017.
5c. Prepare the balance sheet at April 30, 2017.
6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b.
6b. Post the journal entries to the ledger.
7. Prepare a post-closing trial balance.

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.

April 1 Nozomi invested $45,000 cash and computer equipment worth $25,000 in the company in exchange for common stock.
2 The company rented furnished office space by paying $1,900 cash for the first month’s (April) rent.
3 The company purchased $1,600 of office supplies for cash.
10 The company paid $2,500 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
14 The company paid $800 cash for two weeks' salaries earned by employees.
24 The company collected $17,500 cash on commissions from airlines on tickets obtained for customers.
28 The company paid $800 cash for two weeks' salaries earned by employees.
29 The company paid $450 cash for minor repairs to the company's computer.
30 The company paid $1,500 cash for this month's telephone bill.
30 The company paid $2,500 cash in dividends.

The company's chart of accounts follows:

101 Cash 405 Commissions Earned
106 Accounts Receivable 612 Depreciation Expense—Computer Equip.
124 Office Supplies 622 Salaries Expense
128 Prepaid Insurance 637 Insurance Expense
167 Computer Equipment 640 Rent Expense
168 Accumulated Depreciation—Computer Equip. 650 Office Supplies Expense
209 Salaries Payable 684 Repairs Expense
307 Common Stock 688 Telephone Expense
318 Retained Earnings 901 Income Summary
319 Dividends

Use the following information:

Two-thirds (or $139) of one month’s insurance coverage has expired.

At the end of the month, $400 of office supplies are still available.

This month’s depreciation on the computer equipment is $400.

Employees earned $560 of unpaid and unrecorded salaries as of month-end.

The company earned $1,800 of commissions that are not yet billed at month-end.

In: Accounting

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions...

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.

April 1 Nozomi invested $41,000 cash and computer equipment worth $30,000 in the company in exchange for common stock.
2 The company rented furnished office space by paying $2,700 cash for the first month’s (April) rent.
3 The company purchased $1,400 of office supplies for cash.
10 The company paid $2,800 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
14 The company paid $900 cash for two weeks' salaries earned by employees.
24 The company collected $22,500 cash on commissions from airlines on tickets obtained for customers.
28 The company paid $900 cash for two weeks' salaries earned by employees.
29 The company paid $400 cash for minor repairs to the company's computer.
30 The company paid $1,400 cash for this month's telephone bill.
30 The company paid $2,500 cash in dividends.

The company's chart of accounts follows:

101 Cash 405 Commissions Earned
106 Accounts Receivable 612 Depreciation Expense—Computer Equip.
124 Office Supplies 622 Salaries Expense
128 Prepaid Insurance 637 Insurance Expense
167 Computer Equipment 640 Rent Expense
168 Accumulated Depreciation—Computer Equip. 650 Office Supplies Expense
209 Salaries Payable 684 Repairs Expense
307 Common Stock 688 Telephone Expense
318 Retained Earnings 901 Income Summary
319 Dividends

Use the following information:

  1. Two-thirds (or $156) of one month’s insurance coverage has expired.
  2. At the end of the month, $500 of office supplies are still available.
  3. This month’s depreciation on the computer equipment is $500.
  4. Employees earned $370 of unpaid and unrecorded salaries as of month-end.
  5. The company earned $2,300 of commissions that are not yet billed at month-end.

Required:
1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts.
3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30.
4. Journalize and post the adjusting entries for the month and prepare the adjusted trial balance.
5a. Prepare the income statement for the month of April 30, 2017.
5b. Prepare the statement of retained earnings for the month of April 30, 2017.
5c. Prepare the balance sheet at April 30, 2017.
6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b.
6b. Post the journal entries to the ledger.
7. Prepare a post-closing trial balance.

In: Accounting

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions...

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.

April 1 Nozomi invested $30,000 cash and computer equipment worth $30,000 in the company in exchange for common stock.
2 The company rented furnished office space by paying $2,000 cash for the first month’s (April) rent.
3 The company purchased $1,800 of office supplies for cash.
10 The company paid $2,300 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
14 The company paid $1,700 cash for two weeks' salaries earned by employees.
24 The company collected $20,000 cash on commissions from airlines on tickets obtained for customers.
28 The company paid $1,700 cash for two weeks' salaries earned by employees.
29 The company paid $550 cash for minor repairs to the company's computer.
30 The company paid $850 cash for this month's telephone bill.
30 The company paid $1,900 cash in dividends.

The company's chart of accounts follows:

101 Cash 405 Commissions Earned
106 Accounts Receivable 612 Depreciation Expense—Computer Equip.
124 Office Supplies 622 Salaries Expense
128 Prepaid Insurance 637 Insurance Expense
167 Computer Equipment 640 Rent Expense
168 Accumulated Depreciation—Computer Equip. 650 Office Supplies Expense
209 Salaries Payable 684 Repairs Expense
307 Common Stock 688 Telephone Expense
318 Retained Earnings 901 Income Summary
319 Dividends

Use the following information:

  1. Two-thirds (or $128) of one month’s insurance coverage has expired.
  2. At the end of the month, $500 of office supplies are still available.
  3. This month’s depreciation on the computer equipment is $600.
  4. Employees earned $340 of unpaid and unrecorded salaries as of month-end.
  5. The company earned $2,400 of commissions that are not yet billed at month-end.

Required:
1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts.
3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30.
4. Journalize and post the adjusting entries for the month and prepare the adjusted trial balance.
5a. Prepare the income statement for the month of April 30, 2017.
5b. Prepare the statement of retained earnings for the month of April 30, 2017.
5c. Prepare the balance sheet at April 30, 2017.
6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b.
6b. Post the journal entries to the ledger.
7. Prepare a post-closing trial balance.

In: Accounting

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions...

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.

April 1 Nozomi invested $34,000 cash and computer equipment worth $25,000 in the company in exchange for common stock.
2 The company rented furnished office space by paying $2,000 cash for the first month’s (April) rent.
3 The company purchased $1,400 of office supplies for cash.
10 The company paid $2,300 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
14 The company paid $1,300 cash for two weeks' salaries earned by employees.
24 The company collected $18,500 cash on commissions from airlines on tickets obtained for customers.
28 The company paid $1,300 cash for two weeks' salaries earned by employees.
29 The company paid $550 cash for minor repairs to the company's computer.
30 The company paid $1,150 cash for this month's telephone bill.
30 The company paid $2,500 cash in dividends.

The company's chart of accounts follows:

101 Cash 405 Commissions Earned
106 Accounts Receivable 612 Depreciation Expense—Computer Equip.
124 Office Supplies 622 Salaries Expense
128 Prepaid Insurance 637 Insurance Expense
167 Computer Equipment 640 Rent Expense
168 Accumulated Depreciation—Computer Equip. 650 Office Supplies Expense
209 Salaries Payable 684 Repairs Expense
307 Common Stock 688 Telephone Expense
318 Retained Earnings 901 Income Summary
319 Dividends

Use the following information:

  1. Two-thirds (or $128) of one month’s insurance coverage has expired.
  2. At the end of the month, $700 of office supplies are still available.
  3. This month’s depreciation on the computer equipment is $500.
  4. Employees earned $600 of unpaid and unrecorded salaries as of month-end.
  5. The company earned $1,750 of commissions that are not yet billed at month-end.

Required:
1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts.
3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30.
4. Journalize and post the adjusting entries for the month and prepare the adjusted trial balance.
5a. Prepare the income statement for the month of April 30, 2017.
5b. Prepare the statement of retained earnings for the month of April 30, 2017.
5c. Prepare the balance sheet at April 30, 2017.
6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b.
6b. Post the journal entries to the ledger.
7. Prepare a post-closing trial balance.

In: Accounting

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions...

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.

April

1

Nozomi invested $31,000 cash and computer equipment worth $40,000 in the company in exchange for common stock.

2

The company rented furnished office space by paying $2,100 cash for the first month’s (April) rent.

3

The company purchased $1,200 of office supplies for cash.

10

The company paid $2,700 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.

14

The company paid $1,400 cash for two weeks' salaries earned by employees.

24

The company collected $20,000 cash on commissions from airlines on tickets obtained for customers.

28

The company paid $1,400 cash for two weeks' salaries earned by employees.

29

The company paid $500 cash for minor repairs to the company's computer.

30

The company paid $750 cash for this month's telephone bill.

30

The company paid $2,300 cash in dividends.

The company's chart of accounts follows:

101

Cash

405

Commissions Earned

106

Accounts Receivable

612

Depreciation Expense—Computer Equip.

124

Office Supplies

622

Salaries Expense

128

Prepaid Insurance

637

Insurance Expense

167

Computer Equipment

640

Rent Expense

168

Accumulated Depreciation—Computer Equip.

650

Office Supplies Expense

209

Salaries Payable

684

Repairs Expense

307

Common Stock

688

Telephone Expense

318

Retained Earnings

901

Income Summary

319

Dividends

Use the following information:

  1. Two-thirds (or $150) of one month’s insurance coverage has expired.
  2. At the end of the month, $600 of office supplies are still available.
  3. This month’s depreciation on the computer equipment is $500.
  4. Employees earned $370 of unpaid and unrecorded salaries as of month-end.
  5. The company earned $2,300 of commissions that are not yet billed at month-end.

Required:
1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts.
3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30.
4. Journalize and post the adjusting entries for the month and prepare the adjusted trial balance.
5a. Prepare the income statement for the month of April 30, 2017.
5b. Prepare the statement of retained earnings for the month of April 30, 2017.
5c. Prepare the balance sheet at April 30, 2017.
6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b.
6b. Post the journal entries to the ledger.
7. Prepare a post-closing trial balance.

In: Accounting

3-6 On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following...

3-6

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.

April 1 Nozomi invested $34,000 cash and computer equipment worth $25,000 in the company in exchange for common stock.
2 The company rented furnished office space by paying $2,000 cash for the first month’s (April) rent.
3 The company purchased $1,400 of office supplies for cash.
10 The company paid $2,300 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
14 The company paid $1,300 cash for two weeks' salaries earned by employees.
24 The company collected $18,500 cash on commissions from airlines on tickets obtained for customers.
28 The company paid $1,300 cash for two weeks' salaries earned by employees.
29 The company paid $550 cash for minor repairs to the company's computer.
30 The company paid $1,150 cash for this month's telephone bill.
30 The company paid $2,500 cash in dividends.

The company's chart of accounts follows:

101 Cash 405 Commissions Earned
106 Accounts Receivable 612 Depreciation Expense—Computer Equip.
124 Office Supplies 622 Salaries Expense
128 Prepaid Insurance 637 Insurance Expense
167 Computer Equipment 640 Rent Expense
168 Accumulated Depreciation—Computer Equip. 650 Office Supplies Expense
209 Salaries Payable 684 Repairs Expense
307 Common Stock 688 Telephone Expense
318 Retained Earnings 901 Income Summary
319 Dividends

Use the following information:

  1. Two-thirds (or $128) of one month’s insurance coverage has expired.
  2. At the end of the month, $700 of office supplies are still available.
  3. This month’s depreciation on the computer equipment is $500.
  4. Employees earned $600 of unpaid and unrecorded salaries as of month-end.
  5. The company earned $1,750 of commissions that are not yet billed at month-end.

Required:
1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts.
3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30.
4. Journalize and post the adjusting entries for the month and prepare the adjusted trial balance.
5a. Prepare the income statement for the month of April 30, 2017.
5b. Prepare the statement of retained earnings for the month of April 30, 2017.
5c. Prepare the balance sheet at April 30, 2017.
6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b.
6b. Post the journal entries to the ledger.
7. Prepare a post-closing trial balance.

In: Accounting

Noah and Kate Hudson are considering purchasing a life insurance policy for Kate. Noah's current annual...

Noah and Kate Hudson are considering purchasing a life insurance policy for Kate. Noah's current annual earnings are $65,000 and Kate's current annual earnings are $72,000. If Kate should die, Noah intends to continue to work and their children will receive Social Security survivor's benefit of around $1,500 a month for 14 years (until the youngest child turns 18). Noah has a $80,000 group policy at work and Kate has a $100,000 group policy. They also have $60,000 investment assets. How much are their total available financial resources should Kate die (up to the youngest child turns 18 and ignore time value of money)?

$181,000

$991,000

$2,310,000

$1,091,000

$1,400,000

2.

Lori ran over a stop sign and collided with another car. She injuries two persons in the other car that cost $136,000 and $21,000 in medical expenses, respectively. If her liability coverage was 100/300/50, what are the total medical expenses the insurance company would pay for this accident?

$157,000

$21,000

$121,000

$136,000

$111,000

3.

Eddie had gross earnings from his salary of $55,000. He earned interest of $600 from taxable savings account and dividends of $1,000 from a taxable brokerage account. He also contributed to a ROTH individual retirement account of $4,500, His adjusted gross income would be:

$61,100

$55,600

$55,000

$52,100

$56,600

In: Accounting

You are consulting with a company who is interested in purchasing a marketing plan from you....

You are consulting with a company who is interested in purchasing a marketing plan from you. Currently, their main product has a sales price of $30 per unit, variable cost of $12 per unit and total fixed costs associated with this produce of $55,000. Last year they sold 18,000 units. In your plan, you recommend that they lower the sales price to $28 and your plan costs $9,500 annually. You estimate that their sales should increase to 21,000 units if they accept your recommendations. Calculate the ROI if the company decides to purchase your marketing plan. answers:

33.33%

41.54%

66.66%

26.32%

In: Accounting

Pick a company who uses offsourcing or offshoring. What are the advantages and/or disadvantages from this?

Pick a company who uses offsourcing or offshoring.

What are the advantages and/or disadvantages from this?

In: Operations Management

The Coca-Cola Company is an American multinational corporation, and manufacturer, retailer, and marketer of non-alcoholic beverage...

The Coca-Cola Company is an American multinational corporation, and manufacturer, retailer, and marketer of non-alcoholic beverage concentrates and syrups. The company is best known for its flagship product Coca-Cola, invented in 1886 by pharmacist John Stith Pemberton in Atlanta, Georgia. In Ghana, the company was formed from a divestiture of Bottling Division of G.N.T.C in March 1995 and started operations on March 7, 1995 at the GNTC plant at Adjabeng. The new premises sited off the Spintex Road, was commissioned in 1996. Since the divestiture, the Company has invested over US$90 million in vehicles, glass bottles, plastic bottles, plastic crates, production and marketing equipment. In 2019, the company contracted an economist who estimated the demand function for the company’s product (Coca-Cola) using data from 28 supermarket as follows:
?= +0.5?−24=0
where P is the price per bottle and ?= is the quantity demanded. In addition, the economist also
estimated the supply function for product as follows.
4?> − 3? + 4 = 0
where P is the price per bottle and ?> is the quantity supplied. As the consultant of this
company, you are to use this information to:
(i) Determine the equilibrium level of price and quantity 1 marks (ii) Represent your answer graphically by sketching the demand and supply curves.
2 marks (iii) Determine the welfare of economic agents using integration 3 marks (iv) Supposethegovernmentimposesataxof¢4oneverybottlesold,determinethenew
equilibrium price and quantity 3 marks (v) Howwilltheconsumersandproducerssharethetaxperunit? 1mark

In: Economics