1998 revenue $126,231,000 entertainment questions

Questions

Adjusted Trial Balance Debit Credit Cash $40,000 Accounts receivable 38,000 Supplies 1,000 Prepaid Insurance 5,200 Property,...

Adjusted Trial Balance	Debit	Credit
Cash	$40,000
Accounts receivable	38,000
Supplies	1,000
Prepaid Insurance	5,200
Property, Plant & Equipment	909,000
Accumulated depreciation		$250,000
Accounts payable		22,000
Salaries payable		20,000
Utilities payable		1,500
Deferred revenue		6,000
Notes payable (due in 5 yrs)		100,000
Common stock		300,000
Retained earnings		250,000
Dividends	50,000
Service revenue-new construction		356,000
Service revenue-remodeling		574,000
Salaries expense	750,200
Depreciation expense	50,000
Interest expense	8,000
Supplies expense	2,600
Utilities expense	24,000
Service fee expense	1,500
Total	$1,879,500	$1,879,500

Identify & Explain the Following:

Net Income:
Total Current Assets:
Book Value of Equipment:
Total Assets:
Identify ALL the Temporary Accounts from the following:

Cash, notes payable, depreciation expense, service fee expense, accumulated depreciation, salaries expense, dividends, service revenue, supplies.

In: Accounting

The following trial balance of Bramble Co. does not balance Bramble Trial Balance June 30, 2020...

The following trial balance of Bramble Co. does not balance

Bramble Trial Balance June 30, 2020

DEBIT CREDIT

Cash		$3,179
Accounts Receivable	$2,952
Supplies	1,109
Equipment	4,109
Accounts Payable		2,975
Unearned Service Revenue	1,509
Common Stock		6,309
Retained Earnings		3,309
Service Revenue		2,689
Salaries and Wages Expense	3,709
Office Expense	1,249
Totals	$14,637	$18,461

Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.

1.		Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.
2.		The purchase of a computer printer on account for $809 was recorded as a debit to Supplies for $809 and a credit to Accounts Payable for $809.
3.		Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.
4.		A payment of $80 for telephone charges was recorded as a debit to Office Expense for $80 and a debit to Cash for $80.
5.		When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $634 was performed prior to June 30 (related to Unearned Service Revenue).
6.		A debit posting to Salaries and Wages Expense of $979 was omitted.
7.		A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.
8.		A dividend of $884 was debited to Salaries and Wages Expense for $884 and credited to Cash for $884.

PREPARE A CORRECT TRIAL BALANCE

YEAR ENDED JUNE 30,2020, MONTH ENDED JUNE 30,2020 OR JUNE 30, 2020

In: Accounting

Howarth Company’s fiscal year-end is December 31. Below are the unadjusted and adjusted trial balances for...

Howarth Company’s fiscal year-end is December 31. Below are the unadjusted and adjusted trial balances for December 31, 2018.

	Unadjusted				Adjusted
Account Title	Debits		Credits		Debits		Credits
Cash		58,000				58,000
Accounts receivable		43,000				43,000
Prepaid rent		2,100				1,100
Supplies		1,800				900
Inventory		68,000				68,000
Note receivable		38,000				38,000
Interest receivable		0				1,900
Office equipment		53,000				53,000
Accumulated depreciation				14,200				22,300
Accounts payable				42,000				42,000
Salaries and wages payable				0				7,000
Note payable				58,000				58,000
Interest payable				0				3,300
Deferred rent revenue				0				2,800
Common stock				54,000				54,000
Retained earnings				45,600				45,600
Sales revenue				252,000				252,000
Rent revenue				7,600				4,800
Interest revenue				0				1,900
Cost of goods sold		134,000				134,000
Salaries and wages expense		52,200				59,200
Rent expense		11,600				12,600
Depreciation expense		0				8,100
Supplies expense		1,700				2,600
Interest expense		6,200				9,500
Advertising expense		3,800				3,800
Totals		473,400		473,400		493,700		493,700

Required:
Prepare the adjusting journal entries that were recorded at December 31, 2018. (If no entry is required for a particular event, select "No journal entry required" in the first account field.)

1

Record the adjusting entry for rent expense.
2

Record the adjusting entry for supplies expense.
3

Record the adjusting entry for interest revenue.
4

Record the adjusting entry for depreciation expense.
5

Record the adjusting entry for salaries and wages expense.
6

Record the adjusting entry for interest expense.
7

Record the adjusting entry for deferred rent revenue.

In: Accounting

ABC Ltd. has revenue of N$500 million and sells all of its goods on credit to a variety of different wholesale customers.

ABC Ltd. has revenue of N$500 million and sells all of its goods on credit to a variety of different wholesale customers. At the moment the company offers a standard credit period of 30 days. However, 70% of its customers (by revenue) take an average of 70 days to pay, while the other 30% of customers (by revenue) pay within 30 days. The company is considering offering a 2% discount for payment within 30 days and estimates that 80% of customers (by revenue) will take up this offer (including those that already pay within 30 days).
The Managing Director has asked the credit controller if the cost of this new policy would be worth offering. The company has a £80 million overdraft facility that it regularly uses to the full limit due to the lateness of payment and the cost of this overdraft facility is 15% per annum.
The credit controller also estimates that bad debt level of 2% of revenue would be halved to 1% of revenue as a result of this new policy.
Required

1. Calculate the approximate equivalent annual percentage cost of a discount of 2%, which reduces the time taken by credit customers to pay from 70 days to 30 days.

2. Calculate the value of trade receivables under the existing scheme and the proposed scheme at the year-end. (8 marks

3. Evaluate the benefits and costs of the scheme and explain with reasons whether the company should go ahead and offer the discount. You should also consider other factors in this decision. (Hint: You need to work out the cost of the discount compared to the interest on the overdraft saved and bad debt reduction.)

In: Finance

FINANCIAL STATEMENT ANALYSIS with R programming: Scenario: You are a Data Scientist working for a consulting...

FINANCIAL STATEMENT ANALYSIS with R programming:

Scenario: You are a Data Scientist working for a consulting firm. One of your colleagues from the Auditing

department has asked you to help them with financial statement of their organization.

You have been supplied with two vectors of data: monthly revenue and monthly expenses for the financial

year in question.

revenue in 12 months (14574.49, 7606.46, 8611.41, 9175.41, 8058.65, 8105.44, 11496.28, 9766.09,

10305.32, 14379.96, 10713.97, 15433.50)

expenses

in 12 months (12051.82, 5695.07, 12319.20, 12089.72, 8658.57, 840.20, 3285.73, 5821.12,

6976.93, 16618.61, 10054.37, 3803.96)

=============================

Steps + sloutions:

revenue<- c(14574.49, 7606.46, 8611.41, 9175.41, 8058.65, 8105.44, 11496.28, 9766.09,10305.32, 14379.96, 10713.97, 15433.50)

expenses<- c(12051.82, 5695.07, 12319.20, 12089.72, 8658.57, 840.20, 3285.73, 5821.12,

6976.93, 16618.61, 10054.37, 3803.96)

profit for each month : profit<- revenue - expenses

- profit after tax for each month (the tax rate is 30%): ProfitAfterTax<- profit - profit *0.3

- profit margin for each month in percentage (hint: equals profit after tax divided by revenue): ProfitMargin<- round(profitAfterTax / revenue, 2) * 100

==================================

- good months - where the profit after tax was greater than the mean for the year (mean is computed with mean function as mean(x/n)) (5 points)

- bad months - where the profit after tax was less than the mean for the year (5 points)

- the best month - where the profit after tax was max for the year (5 points)

- the worst month - where the profit after tax was min for the year (5 points)

Hints: round() mean() max() min()

In: Accounting

Which of the following statements is true? [1 mark] Closing entries are required at the end...

Which of the following statements is true? [1 mark]

Closing entries are required at the end of each accounting period to close all ledger accounts

Closing entries are designed to transfer the end-of-period balances in the revenue accounts, the expense accounts, and the withdrawals account to owner's capital.

Asset, liability, and revenue accounts are not closed while a company continues in business.

The income summary account is used during the adjusting process to hold revenue, expenses, and withdrawals, before the net difference is added to or subtracted from the owner’s capital.

The 4 steps in closing are, close; (1) credit balances in revenue accounts to Income Summary; (2) credit balances in expense accounts to Income Summary; (3) Income Summary to Owner's Capital; (4) Withdrawals to Owner's Capital.

Which of the following is true? [1 mark]

Matching principle requires expenses to be recorded in the same accounting period as they are incurred.
Closing entries are necessary so that owner's capital will begin each period with a zero balance.
When total debits equal the total credits in a trial balance it guarantees no errors were made.
The last 4 steps in the accounting cycle include analyzing, journalizing, posting, and preparing a trial balance.
Temporary accounts accumulate financial data related to one period. Temporary accounts include revenue, expenses, accumulated depreciation, and withdrawals.

. Which of the following statements is false? [1 mark]

The cash basis of accounting recognizes revenues when cash is received from customers.
The accrual basis of accounting recognizes expenses when they are incurred.
The cash basis of accounting recognizes expenses when cash is paid.
The accrual basis of accounting recognizes revenue when it is earned.
The cash basis of accounting requires adjustments to match expenses with revenues.

In: Accounting

Q1)A Company purchased computer equipment on May 1, 2019 for $4,500. The company expects to use...

Q1)A Company purchased computer equipment on May 1, 2019 for $4,500. The company expects to use the equipment for 3 years. It has no salvage value. If financial statements are to be prepared on monthly, the company should make the following adjusting entry: *

1)Debit Depreciation Expense, $125;

Credit Accumulated Depreciation, $125

2Debit Depreciation Expense, $1,500; Credit Accumulated Depreciation, $1,500

3)Debit Depreciation Expense, $1,000; Credit Accumulated Depreciation, $1,000

4)None of the above

Q2))Baden Company received a check for $16,000 on July 1 which represents a 4 month advance payment of rent on a building it rents to a client. Unearned Rent was credited for the full $16,000. Financial statements will be prepared monthly. Baden should make the following adjusting entry on July 31: *

1)Debit Unearned Rent Revenue, $3,000; Credit Rent Revenue, $3,000

2)Debit Rent Revenue, $3,000; Credit Unearned Rent Revenue, $3,000

3)Debit Unearned Rent Revenue, $16,000; Credit Rent Revenue, $16,000

4)None of the above

Q3))A Company purchased office supplies costing $6,000 and debited Office Supplies for the full amount. At the end of the accounting period, a count of office supplies revealed $2,400 had been used. The appropriate adjusting journal entry to be made at the end of the period would be: *

1)Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400

2)Debit Office Supplies, $3,600; Credit Office Supplies Expense, $3,600

3)Debit Office Supplies Expense, $3,600; Credit Office Supplies, $3,600

4)Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400

In: Accounting

Abica Coffee Company produces Columbian coffee in batches of 5,900 pounds. The standard quantity of materials...

Abica Coffee Company produces Columbian coffee in batches of 5,900 pounds. The standard quantity of materials required in the process is 5,900 pounds, which cost $4.00 per pound. Columbian coffee can be sold without further processing for $8.40 per pound. Columbian coffee can also be processed further to yield Decaf Columbian, which can be sold for $11.00 per pound. The processing into Decaf Columbian requires additional processing costs of $12,450 per batch. The additional processing will also cause a 4% loss of product due to evaporation.

a. Prepare a differential analysis report for the decision to sell or process further.

Abica Coffee Company
Proposal to Process Columbian Coffee Further
Differential Analysis Report
Differential revenue from further processing per batch:
________________________________	$
_______________________________ $ _______________________________ $
The options ( Additional cost of producing Decaf Columbian, Decaf Columbian per batch, Differential revenue, Revenue from sale of Columbian coffee)		$
Differential cost per batch:
________________________________ $
The options (Additional cost of producing Decaf Columbian, Decaf Columbian per batch, Differential revenue, Revenue from sale of Columbian coffee, Revenue from sale of Decaf Columbian) _______________________________ S The Options ( Differential income from further processing Decaf Columbian per batch, Differential loss from further processing Decaf Columbian per batch)

b. Should Abica Coffee sell Columbian coffee or process further and sell Decaf Columbian?

c. Determine the price of Decaf Columbian that would cause neither an advantage nor a disadvantage for processing further and selling Decaf Columbian. Round your answer to the nearest cent.
_________________$ per pound

please I want accurate answer that include the numbers above

In: Accounting

21. The price elasticity of demand for Dell computers is estimated to currently be –3. Assuming...

21. The price elasticity of demand for Dell computers is estimated to currently be –3. Assuming that this estimate is correct, which of the following is true?

A. Total revenue from the sale of its computers will increase this year if Dell raises its prices this year.

B. If Dell lowers the price of its computers, the total revenue from sale of its computers will decrease this year.

C. There will be no effect on its total revenue from the sale of its computers this year if Dell lowers its prices.

D. If Dell lowers the price of its computers, the total revenue from the sale of computers will increase this year.

22. Suppose you run a movie theater and want to increase the total revenue you take in during daytime showings of movies. You can increase your revenue by

A. lowering the price of tickets if the demand for tickets is elastic.

B. lowering the price of tickets if the demand for tickets is inelastic.

C. lowering the price of tickets if the demand for tickets is unit elastic.

D. raising the price of tickets if the demand is inelastic. E. either A or D. 11

23. The long-run supply curve of new automobiles is perfectly elastic. If a 10 percent excise tax is levied on automobiles and collected from manufacturers, then in the long run, other things being equal,

A. the tax will be fully shifted to buyers of automobiles as the market equilibrium price of automobiles increases by 10 percent.

B. the tax will be borne entirely by manufacturers and the net price they receive from selling each automobile will be 10 percent less because of the tax.

C. buyers and sellers of automobiles will share the tax on each automobile.

D. it is not possible to forecast the impact of the tax on the market price of automobiles.

In: Economics

Part 4: UNDERSTANDING THE FINANCIAL STATEMENTS OF BUSINESS CUSTOMERS (10 MARKS) You are provided with the...

Part 4: UNDERSTANDING THE FINANCIAL STATEMENTS OF BUSINESS CUSTOMERS

You are provided with the following financial ratios of Rob Unlimited:

Return on assets: Income before interest and tax/total assets x 100/1 = 61.666666%

Gross profit ratio: Gross profit/Principal revenue x 100/1 = 30%

Operating margin Operating income/principal revenue x 100/1 = 12.333333%

Net income margin: Net income before taxation/ Principal revenue x 100/1 = 10.666667%

Turnover ratio of fixed assets: Principal revenue / fixed assets = 15 times

Turnover ratio of current assets: principal revenue/ current assets = 7.5 times

Current ratio: current assets/current liabilities = 3:1

Asked: Use the information from the ratios to complete the statement of financial position and statement of comprehensive income for Rob Unlimited.

Statement of financial position as at 28 February 20xx

Shareholder Interest

Ordinary share capital $500,000

General reserves $_______

Non-current liabilities

Long term loan $600,000

Current liabilities

Trade creditors $200,000

Other Short term loans $_______

Total $______

Non-current assets

Vehicles and equipment $______

Current assets

cash $150000

Debtors $_______

stock $600000

Total $________

Statement of comprehensive income for the year ended 28 February 20xx

Principle revenue $9000000

Inventory beginning of year $900000

Plus purchase $______

Less Inventory end of year $600000

Cost of goods sold $6300000

Gross income $_______

Operating expenses $_______

Depreciation $90000

Net income before interest and taxation $1110000

Interest payments $_______

Net income before taxation $_______

In: Finance