According to the Bureau of Transportation Statistics, 81.9 % of American Airlines flights were on time in 2017. Assume this percentage still holds true for American Airlines. For the next 46 flights from American Airlines, use the normal approximation to the binomial distribution. Determine the probability that 37, 38, 39, 40, or 41 flights will arrive on time.
In: Statistics and Probability
1- When the American dollar worth more in relation to currencies of other countries, would an American be more likely to buy American-made or foreign-made jeans?
2- Define money and explain the important functions of money?
3- When interest rates fall, how might you change your economic behavior?
In: Economics
In: Economics
What are the key macroeconomic variables that can indicate a cause for concern in a country like south africa for an example
In: Economics
What political ideology explains open and liberal economic negotiations in global cities particularly in the global south?
In: Economics
Overall recommendations to individuals who are planning to go and work in South Korea as an expatriate from United States.
In: Operations Management
What measures should South Africa put in place to ensure that the weakening rand does not affect growth?
In: Economics
After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2019) follows.
| No. | Account Title | Debit | Credit | |||
| 101 | Cash | $ | 38,564 | |||
| 106 | Accounts receivable | 13,018 | ||||
| 126 | Computer supplies | 2,545 | ||||
| 128 | Prepaid insurance | 2,220 | ||||
| 131 | Prepaid rent | 3,280 | ||||
| 163 | Office equipment | 8,800 | ||||
| 164 | Accumulated depreciation—Office equipment | $ | 0 | |||
| 167 | Computer equipment | 20,400 | ||||
| 168 | Accumulated depreciation—Computer equipment | 0 | ||||
| 201 | Accounts payable | 0 | ||||
| 210 | Wages payable | 0 | ||||
| 236 | Unearned computer services revenue | 0 | ||||
| 307 | Common stock | 73,000 | ||||
| 318 | Retained earnings | 0 | ||||
| 319 | Dividends | 6,100 | ||||
| 403 | Computer services revenue | 27,659 | ||||
| 612 | Depreciation expense—Office equipment | 0 | ||||
| 613 | Depreciation expense—Computer equipment | 0 | ||||
| 623 | Wages expense | 2,425 | ||||
| 637 | Insurance expense | 0 | ||||
| 640 | Rent expense | 0 | ||||
| 652 | Computer supplies expense | 0 | ||||
| 655 | Advertising expense | 1,668 | ||||
| 676 | Mileage expense | 664 | ||||
| 677 | Miscellaneous expenses | 220 | ||||
| 684 | Repairs expense—Computer | 755 | ||||
| Totals | $ | 100,659 | $ | 100,659 | ||
Business Solutions had the following transactions and events in December 2019.
| Dec. | 2 | Paid $990 cash to Hillside Mall for Business Solutions’ share of mall advertising costs. | |
| 3 | Paid $500 cash for minor repairs to the company’s computer. | ||
| 4 | Received $4,050 cash from Alex’s Engineering Co. for the receivable from November. | ||
| 10 | Paid cash to Lyn Addie for six days of work at the rate of $125 per day. | ||
| 14 | Notified by Alex’s Engineering Co. that Business Solutions’ bid of $7,400 on a proposed project has been accepted. Alex’s paid a $2,000 cash advance to Business Solutions. | ||
| 15 | Purchased $1,900 of computer supplies on credit from Harris Office Products. | ||
| 16 | Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. | ||
| 20 | Completed a project for Liu Corporation and received $5,675 cash. | ||
| 22–26 | Took the week off for the holidays. | ||
| 28 | Received $3,100 cash from Gomez Co. on its receivable. | ||
| 29 | Reimbursed S. Rey for business automobile mileage (400 miles at $0.31 per mile). | ||
| 31 | The company paid $1,300 cash in dividends. | ||
The following additional facts are collected for use in making
adjusting entries prior to preparing financial statements for the
company’s first three months.
Required:
1. Prepare journal entries to record each of the
December transactions and events for Business Solutions.
2-a. Prepare adjusting entries to reflect
a through f.
2-b. Post the journal entries to record each of
the December transactions from Requirement 1 and adjusting entries
from Requirement 2A. After completing Requirement 7, post the
closing entries to the general ledger accounts.
3. Prepare an adjusted trial balance as of
December 31, 2019.
4. Prepare an income statement for the three
months ended December 31, 2019.
5. Prepare a statement of retained earnings for
the three months ended December 31, 2019.
6. Prepare a balance sheet as of December 31,
2019.
7. Record the necessary closing entries as of
December 31, 2019 and then post the closing entries to the general
ledger in Requirement 2B.
8. Prepare a post-closing trial balance as of
December 31, 2019.
In: Accounting
Serial Problem Business Solutions LO P1, P2, P3, P4, P5, P6
After the success of the company’s first two months, Santana Rey
continues to operate Business Solutions. The November 30, 2019,
unadjusted trial balance of Business Solutions (reflecting its
transactions for October and November of 2019) follows.
| No. | Account Title | Debit | Credit | |||
| 101 | Cash | $ | 38,264 | |||
| 106 | Accounts receivable | 12,618 | ||||
| 126 | Computer supplies | 2,545 | ||||
| 128 | Prepaid insurance | 2,220 | ||||
| 131 | Prepaid rent | 3,300 | ||||
| 163 | Office equipment | 8,000 | ||||
| 164 | Accumulated depreciation—Office equipment | $ | 0 | |||
| 167 | Computer equipment | 20,000 | ||||
| 168 | Accumulated depreciation—Computer equipment | 0 | ||||
| 201 | Accounts payable | 0 | ||||
| 210 | Wages payable | 0 | ||||
| 236 | Unearned computer services revenue | 0 | ||||
| 307 | Common stock | 73,000 | ||||
| 318 | Retained earnings | 0 | ||||
| 319 | Dividends | 5,600 | ||||
| 403 | Computer services revenue | 25,659 | ||||
| 612 | Depreciation expense—Office equipment | 0 | ||||
| 613 | Depreciation expense—Computer equipment | 0 | ||||
| 623 | Wages expense | 2,625 | ||||
| 637 | Insurance expense | 0 | ||||
| 640 | Rent expense | 0 | ||||
| 652 | Computer supplies expense | 0 | ||||
| 655 | Advertising expense | 1,728 | ||||
| 676 | Mileage expense | 704 | ||||
| 677 | Miscellaneous expenses | 250 | ||||
| 684 | Repairs expense—Computer | 805 | ||||
| Totals | $ | 98,659 | $ | 98,659 | ||
Business Solutions had the following transactions and events in
December 2019.
| Dec. | 2 | Paid $1,025 cash to Hillside Mall for Business Solutions’ share of mall advertising costs. | |
| 3 | Paid $500 cash for minor repairs to the company’s computer. | ||
| 4 | Received $3,950 cash from Alex’s Engineering Co. for the receivable from November. | ||
| 10 | Paid cash to Lyn Addie for six days of work at the rate of $125 per day. | ||
| 14 | Notified by Alex’s Engineering Co. that Business Solutions’ bid of $7,000 on a proposed project has been accepted. Alex’s paid a $1,500 cash advance to Business Solutions. | ||
| 15 | Purchased $1,100 of computer supplies on credit from Harris Office Products. | ||
| 16 | Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. | ||
| 20 | Completed a project for Liu Corporation and received $5,625 cash. | ||
| 22–26 | Took the week off for the holidays. | ||
| 28 | Received $3,000 cash from Gomez Co. on its receivable. | ||
| 29 | Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). | ||
| 31 | The company paid $1,500 cash in dividends. | ||
The following additional facts are collected for use in making
adjusting entries prior to preparing financial statements for the
company’s first three months.
Required:
1. Prepare journal entries to record each of the December
transactions and events for Business Solutions.
2-a. Prepare adjusting entries to reflect
a through f.
2-b. Post the journal entries to record each of
the December transactions, adjusting entries to the accounts in the
ledger.
3. Prepare an adjusted trial balance as of
December 31, 2019.
4. Prepare an income statement for the three
months ended December 31, 2019.
5. Prepare a statement of retained earnings for
the three months ended December 31, 2019.
6. Prepare a balance sheet as of December 31,
2019.
7. Record and post the necessary closing entries
as of December 31, 2019.
8. Prepare a post-closing trial balance as of
December 31, 2019.
In: Accounting
Serial Problem Business Solutions LO P1, P2, P3, P4, P5
After the success of the company’s first two months, Santana Rey
continues to operate Business Solutions. The November 30, 2017,
unadjusted trial balance of Business Solutions (reflecting its
transactions for October and November of 2017) follows.
| No. | Account Title | Debit | Credit | |||
| 101 | Cash | $ | 38,764 | |||
| 106 | Accounts receivable | 13,418 | ||||
| 126 | Computer supplies | 2,545 | ||||
| 128 | Prepaid insurance | 2,040 | ||||
| 131 | Prepaid rent | 3,140 | ||||
| 163 | Office equipment | 8,000 | ||||
| 164 | Accumulated depreciation—Office equipment | $ | 0 | |||
| 167 | Computer equipment | 21,600 | ||||
| 168 | Accumulated depreciation—Computer equipment | 0 | ||||
| 201 | Accounts payable | 0 | ||||
| 210 | Wages payable | 0 | ||||
| 236 | Unearned computer services revenue | 0 | ||||
| 307 | Common stock | 71,000 | ||||
| 318 | Retained earnings | 0 | ||||
| 319 | Dividends | 5,900 | ||||
| 403 | Computer services revenue | 29,989 | ||||
| 612 | Depreciation expense—Office equipment | 0 | ||||
| 613 | Depreciation expense—Computer equipment | 0 | ||||
| 623 | Wages expense | 2,275 | ||||
| 637 | Insurance expense | 0 | ||||
| 640 | Rent expense | 0 | ||||
| 652 | Computer supplies expense | 0 | ||||
| 655 | Advertising expense | 1,718 | ||||
| 676 | Mileage expense | 654 | ||||
| 677 | Miscellaneous expenses | 230 | ||||
| 684 | Repairs expense—Computer | 705 | ||||
| Totals | $ | 100,989 | $ | 100,989 | ||
Business Solutions had the following transactions and events in December 2017.
| Dec. | 2 | Paid $980 cash to Hillside Mall for Business Solutions’ share of mall advertising costs. | |
| 3 | Paid $480 cash for minor repairs to the company’s computer. | ||
| 4 | Received $4,750 cash from Alex’s Engineering Co. for the receivable from November. | ||
| 10 | Paid cash to Lyn Addie for six days of work at the rate of $110 per day. | ||
| 14 | Notified by Alex’s Engineering Co. that Business Solutions’ bid of $7,900 on a proposed project has been accepted. Alex’s paid a $1,900 cash advance to Business Solutions. | ||
| 15 | Purchased $1,500 of computer supplies on credit from Harris Office Products. | ||
| 16 | Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. | ||
| 20 | Completed a project for Liu Corporation and received $5,975 cash. | ||
| 22–26 | Took the week off for the holidays. | ||
| 28 | Received $3,900 cash from Gomez Co. on its receivable. | ||
| 29 | Reimbursed S. Rey for business automobile mileage (500 miles at $0.29 per mile). | ||
| 31 | The company paid $1,200 cash in dividends. | ||
The following additional facts are collected for use in making
adjusting entries prior to preparing financial statements for the
company’s first three months:
The December 31 inventory count of computer supplies shows $590 still available.
Three months have expired since the 12-month insurance premium was paid in advance.
As of December 31, Lyn Addie has not been paid for four days of work at $110 per day.
The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.
The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.
Three of the four months' prepaid rent has expired.
Required:
1. Prepare journal entries to record each of the
December transactions and events for Business Solutions.
2-a. Prepare adjusting entries to reflect a
through f.
2-b. Post the journal entries to record each of
the December transactions, adjusting entries to the accounts in the
ledger.
3. Prepare an adjusted trial balance as of
December 31, 2017.
4. Prepare an income statement for the three
months ended December 31, 2017.
5. Prepare a statement of retained earnings for
the three months ended December 31, 2017.
6. Prepare a balance sheet as of December 31,
2017.
7. Record and post the necessary closing entries
as of December 31, 2017.
8. Prepare a post-closing trial balance as of
December 31, 2017.
In: Accounting