At June 30, 2017, the end of its most recent fiscal year, Bramble Computer Consultants’ post-closing trial balance was as follows:
| Debit | Credit | |||
|---|---|---|---|---|
| Cash | $4,080 | |||
| Accounts receivable | 940 | |||
| Supplies | 540 | |||
| Accounts payable | $310 | |||
| Unearned service revenue | 870 | |||
| Common stock | 2,800 | |||
| Retained earnings | 1,580 | |||
| $5,560 | $5,560 |
The company underwent a major expansion in July. New staff was
hired and more financing was obtained. Bramble conducted the
following transactions during July 2017, and adjusts its accounts
monthly.
| July | 1 | Purchased equipment, paying $3,600 cash and signing a 2-year note payable for $15,600. The equipment has a 4-year useful life. The note has a 6% interest rate which is payable on the first day of each following month. | |
| 2 | Issued 15,600 shares of common stock for $39,000 cash. | ||
| 3 | Paid $3,000 cash for a 12-month insurance policy effective July 1. | ||
| 3 | Paid the first 2 (July and August 2017) months’ rent for an annual lease of office space for $3,100 per month. | ||
| 6 | Paid $3,000 for supplies. | ||
| 9 | Visited client offices and agreed on the terms of a consulting project. Bramble will bill the client, Connor Productions, on the 20th of each month for services performed. | ||
| 10 | Collected $940 cash on account from Milani Brothers. This client was billed in June when Bramble performed the service. | ||
| 13 | Performed services for Fitzgerald Enterprises. This client paid $870 in advance last month. All services relating to this payment are now completed. | ||
| 14 | Paid $310 cash for a utility bill. This related to June utilities that were accrued at the end of June. | ||
| 16 | Met with a new client, Thunder Bay Technologies. Received $9,400 cash in advance for future services to be performed. | ||
| 18 | Paid semi-monthly salaries for $8,600. | ||
| 20 | Performed services worth $21,800 on account and billed customers. | ||
| 20 | Received a bill for $1,700 for advertising services received during July. The amount is not due until August 15. | ||
| 23 | Performed the first phase of the project for Thunder Bay Technologies. Recognized $7,800 of revenue from the cash advance received July 16. | ||
| 27 | Received $11,700 cash from customers billed on July 20. |
Adjustment data:
| 1. | Adjustment of prepaid insurance. | |
| 2. | Adjustment of prepaid rent. | |
| 3. | Supplies used, $1,000. | |
| 4. | Equipment depreciation, $400 per month. | |
| 5. | Accrual of interest on note payable. | |
| 6. | Salaries for the second half of July, $8,600, to be paid on August 1. | |
| 7. | Estimated utilities expense for July, $620 (invoice will be received in August). | |
| 8. | Income tax for July, $940, will be paid in August. |
The chart of accounts for Bramble Computer Consultants contains the
following accounts: Cash, Accounts Receivable, Supplies, Prepaid
Insurance. Prepaid Rent, Equipment, Accumulated
Depreciation—Equipment, Accounts Payable, Notes Payable, Interest
Payable, Income Taxes Payable, Salaries and Wages Payable, Unearned
Service Revenue, Common Stock, Retained Earnings, Dividends, Income
Summary, Service Revenue, Supplies Expense, Depreciation Expense,
Insurance Expense, Salaries and Wages Expense, Advertising Expense,
Income Tax Expense, Interest Expense, Rent Expense, Supplies
Expense, and Utilities Expense.
In: Accounting
At June 30, 2017, the end of its most recent fiscal year, Blue
Computer Consultants’ post-closing trial balance was as
follows:
| Debit | Credit | |||
|---|---|---|---|---|
| Cash | $6,380 | |||
| Accounts receivable | 1,460 | |||
| Supplies | 840 | |||
| Accounts payable | $490 | |||
| Unearned service revenue | 1,370 | |||
| Common stock | 4,400 | |||
| Retained earnings | 2,420 | |||
| $8,680 | $8,680 |
The company underwent a major expansion in July. New staff was
hired and more financing was obtained. Blue conducted the following
transactions during July 2017, and adjusts its accounts
monthly.
| July | 1 | Purchased equipment, paying $4,400 cash and signing a 2-year note payable for $24,400. The equipment has a 4-year useful life. The note has a 6% interest rate which is payable on the first day of each following month. | |
| 2 | Issued 24,400 shares of common stock for $61,000 cash. | ||
| 3 | Paid $4,200 cash for a 12-month insurance policy effective July 1. | ||
| 3 | Paid the first 2 (July and August 2017) months’ rent for an annual lease of office space for $4,900 per month. | ||
| 6 | Paid $4,600 for supplies. | ||
| 9 | Visited client offices and agreed on the terms of a consulting project. Blue will bill the client, Connor Productions, on the 20th of each month for services performed. | ||
| 10 | Collected $1,460 cash on account from Milani Brothers. This client was billed in June when Blue performed the service. | ||
| 13 | Performed services for Fitzgerald Enterprises. This client paid $1,370 in advance last month. All services relating to this payment are now completed. | ||
| 14 | Paid $490 cash for a utility bill. This related to June utilities that were accrued at the end of June. | ||
| 16 | Met with a new client, Thunder Bay Technologies. Received $14,600 cash in advance for future services to be performed. | ||
| 18 | Paid semi-monthly salaries for $13,400. | ||
| 20 | Performed services worth $34,200 on account and billed customers. | ||
| 20 | Received a bill for $2,700 for advertising services received during July. The amount is not due until August 15. | ||
| 23 | Performed the first phase of the project for Thunder Bay Technologies. Recognized $12,200 of revenue from the cash advance received July 16. | ||
| 27 | Received $18,300 cash from customers billed on July 20. |
Adjustment data:
| 1. | Adjustment of prepaid insurance. | |
| 2. | Adjustment of prepaid rent. | |
| 3. | Supplies used, $1,550. | |
| 4. | Equipment depreciation, $600 per month. | |
| 5. | Accrual of interest on note payable. | |
| 6. | Salaries for the second half of July, $13,400, to be paid on August 1. | |
| 7. | Estimated utilities expense for July, $980 (invoice will be received in August). | |
| 8. | Income tax for July, $1,460, will be paid in August. |
The chart of accounts for Blue Computer Consultants contains the
following accounts: Cash, Accounts Receivable, Supplies, Prepaid
Insurance. Prepaid Rent, Equipment, Accumulated
Depreciation—Equipment, Accounts Payable, Notes Payable, Interest
Payable, Income Taxes Payable, Salaries and Wages Payable, Unearned
Service Revenue, Common Stock, Retained Earnings, Dividends, Income
Summary, Service Revenue, Supplies Expense, Depreciation Expense,
Insurance Expense, Salaries and Wages Expense, Advertising Expense,
Income Tax Expense, Interest Expense, Rent Expense, Supplies
Expense, and Utilities Expense.
Prepare an adjusted trial balance.
In: Accounting
At June 30, 2017, the end of its most recent fiscal year, Blue
Computer Consultants’ post-closing trial balance was as
follows:
| Debit | Credit | |||
|---|---|---|---|---|
| Cash | $6,380 | |||
| Accounts receivable | 1,460 | |||
| Supplies | 840 | |||
| Accounts payable | $490 | |||
| Unearned service revenue | 1,370 | |||
| Common stock | 4,400 | |||
| Retained earnings | 2,420 | |||
| $8,680 | $8,680 |
The company underwent a major expansion in July. New staff was
hired and more financing was obtained. Blue conducted the following
transactions during July 2017, and adjusts its accounts
monthly.
| July | 1 | Purchased equipment, paying $4,400 cash and signing a 2-year note payable for $24,400. The equipment has a 4-year useful life. The note has a 6% interest rate which is payable on the first day of each following month. | |
| 2 | Issued 24,400 shares of common stock for $61,000 cash. | ||
| 3 | Paid $4,200 cash for a 12-month insurance policy effective July 1. | ||
| 3 | Paid the first 2 (July and August 2017) months’ rent for an annual lease of office space for $4,900 per month. | ||
| 6 | Paid $4,600 for supplies. | ||
| 9 | Visited client offices and agreed on the terms of a consulting project. Blue will bill the client, Connor Productions, on the 20th of each month for services performed. | ||
| 10 | Collected $1,460 cash on account from Milani Brothers. This client was billed in June when Blue performed the service. | ||
| 13 | Performed services for Fitzgerald Enterprises. This client paid $1,370 in advance last month. All services relating to this payment are now completed. | ||
| 14 | Paid $490 cash for a utility bill. This related to June utilities that were accrued at the end of June. | ||
| 16 | Met with a new client, Thunder Bay Technologies. Received $14,600 cash in advance for future services to be performed. | ||
| 18 | Paid semi-monthly salaries for $13,400. | ||
| 20 | Performed services worth $34,200 on account and billed customers. | ||
| 20 | Received a bill for $2,700 for advertising services received during July. The amount is not due until August 15. | ||
| 23 | Performed the first phase of the project for Thunder Bay Technologies. Recognized $12,200 of revenue from the cash advance received July 16. | ||
| 27 | Received $18,300 cash from customers billed on July 20. |
Adjustment data:
| 1. | Adjustment of prepaid insurance. | |
| 2. | Adjustment of prepaid rent. | |
| 3. | Supplies used, $1,550. | |
| 4. | Equipment depreciation, $600 per month. | |
| 5. | Accrual of interest on note payable. | |
| 6. | Salaries for the second half of July, $13,400, to be paid on August 1. | |
| 7. | Estimated utilities expense for July, $980 (invoice will be received in August). | |
| 8. | Income tax for July, $1,460, will be paid in August. |
The chart of accounts for Blue Computer Consultants contains the
following accounts: Cash, Accounts Receivable, Supplies, Prepaid
Insurance. Prepaid Rent, Equipment, Accumulated
Depreciation—Equipment, Accounts Payable, Notes Payable, Interest
Payable, Income Taxes Payable, Salaries and Wages Payable, Unearned
Service Revenue, Common Stock, Retained Earnings, Dividends, Income
Summary, Service Revenue, Supplies Expense, Depreciation Expense,
Insurance Expense, Salaries and Wages Expense, Advertising Expense,
Income Tax Expense, Interest Expense, Rent Expense, Supplies
Expense, and Utilities Expense.
Prepare a trial balance at July 31
In: Accounting
At June 30, 2017, the end of its most recent fiscal year,
Flounder Computer Consultants’ post-closing trial balance was as
follows:
| Debit | Credit | |||
|---|---|---|---|---|
| Cash | $4,390 | |||
| Accounts receivable | 1,010 | |||
| Supplies | 580 | |||
| Accounts payable | $340 | |||
| Unearned service revenue | 940 | |||
| Common stock | 3,000 | |||
| Retained earnings | 1,700 | |||
| $5,980 | $5,980 |
The company underwent a major expansion in July. New staff was
hired and more financing was obtained. Flounder conducted the
following transactions during July 2017, and adjusts its accounts
monthly.
| July | 1 | Purchased equipment, paying $3,600 cash and signing a 2-year note payable for $16,800. The equipment has a 4-year useful life. The note has a 6% interest rate which is payable on the first day of each following month. | |
| 2 | Issued 16,800 shares of common stock for $42,000 cash. | ||
| 3 | Paid $3,000 cash for a 12-month insurance policy effective July 1. | ||
| 3 | Paid the first 2 (July and August 2017) months’ rent for an annual lease of office space for $3,400 per month. | ||
| 6 | Paid $3,200 for supplies. | ||
| 9 | Visited client offices and agreed on the terms of a consulting project. Flounder will bill the client, Connor Productions, on the 20th of each month for services performed. | ||
| 10 | Collected $1,010 cash on account from Milani Brothers. This client was billed in June when Flounder performed the service. | ||
| 13 | Performed services for Fitzgerald Enterprises. This client paid $940 in advance last month. All services relating to this payment are now completed. | ||
| 14 | Paid $340 cash for a utility bill. This related to June utilities that were accrued at the end of June. | ||
| 16 | Met with a new client, Thunder Bay Technologies. Received $10,100 cash in advance for future services to be performed. | ||
| 18 | Paid semi-monthly salaries for $9,200. | ||
| 20 | Performed services worth $23,500 on account and billed customers. | ||
| 20 | Received a bill for $1,800 for advertising services received during July. The amount is not due until August 15. | ||
| 23 | Performed the first phase of the project for Thunder Bay Technologies. Recognized $8,400 of revenue from the cash advance received July 16. | ||
| 27 | Received $12,600 cash from customers billed on July 20. |
Adjustment data:
| 1. | Adjustment of prepaid insurance. | |
| 2. | Adjustment of prepaid rent. | |
| 3. | Supplies used, $1,050. | |
| 4. | Equipment depreciation, $425 per month. | |
| 5. | Accrual of interest on note payable. | |
| 6. | Salaries for the second half of July, $9,200, to be paid on August 1. | |
| 7. | Estimated utilities expense for July, $670 (invoice will be received in August). | |
| 8. | Income tax for July, $1,010, will be paid in August. |
The chart of accounts for Flounder Computer Consultants contains
the following accounts: Cash, Accounts Receivable, Supplies,
Prepaid Insurance. Prepaid Rent, Equipment, Accumulated
Depreciation—Equipment, Accounts Payable, Notes Payable, Interest
Payable, Income Taxes Payable, Salaries and Wages Payable, Unearned
Service Revenue, Common Stock, Retained Earnings, Dividends, Income
Summary, Service Revenue, Supplies Expense, Depreciation Expense,
Insurance Expense, Salaries and Wages Expense, Advertising Expense,
Income Tax Expense, Interest Expense, Rent Expense, Supplies
Expense, and Utilities Expense.
Please journalize the july transactions
In: Accounting
Accounting Cycle Review 4-4 (Part Level Submission)
At June 30, 2017, the end of its most recent fiscal year, Blue Computer Consultants’ post-closing trial balance was as follows:
| Debit | Credit | |||
|---|---|---|---|---|
| Cash | $6,380 | |||
| Accounts receivable | 1,460 | |||
| Supplies | 840 | |||
| Accounts payable | $490 | |||
| Unearned service revenue | 1,370 | |||
| Common stock | 4,400 | |||
| Retained earnings | 2,420 | |||
| $8,680 | $8,680 |
The company underwent a major expansion in July. New staff was
hired and more financing was obtained. Blue conducted the following
transactions during July 2017, and adjusts its accounts
monthly.
| July | 1 | Purchased equipment, paying $4,400 cash and signing a 2-year note payable for $24,400. The equipment has a 4-year useful life. The note has a 6% interest rate which is payable on the first day of each following month. | |
| 2 | Issued 24,400 shares of common stock for $61,000 cash. | ||
| 3 | Paid $4,200 cash for a 12-month insurance policy effective July 1. | ||
| 3 | Paid the first 2 (July and August 2017) months’ rent for an annual lease of office space for $4,900 per month. | ||
| 6 | Paid $4,600 for supplies. | ||
| 9 | Visited client offices and agreed on the terms of a consulting project. Blue will bill the client, Connor Productions, on the 20th of each month for services performed. | ||
| 10 | Collected $1,460 cash on account from Milani Brothers. This client was billed in June when Blue performed the service. | ||
| 13 | Performed services for Fitzgerald Enterprises. This client paid $1,370 in advance last month. All services relating to this payment are now completed. | ||
| 14 | Paid $490 cash for a utility bill. This related to June utilities that were accrued at the end of June. | ||
| 16 | Met with a new client, Thunder Bay Technologies. Received $14,600 cash in advance for future services to be performed. | ||
| 18 | Paid semi-monthly salaries for $13,400. | ||
| 20 | Performed services worth $34,200 on account and billed customers. | ||
| 20 | Received a bill for $2,700 for advertising services received during July. The amount is not due until August 15. | ||
| 23 | Performed the first phase of the project for Thunder Bay Technologies. Recognized $12,200 of revenue from the cash advance received July 16. | ||
| 27 | Received $18,300 cash from customers billed on July 20. |
Adjustment data:
| 1. | Adjustment of prepaid insurance. | |
| 2. | Adjustment of prepaid rent. | |
| 3. | Supplies used, $1,550. | |
| 4. | Equipment depreciation, $600 per month. | |
| 5. | Accrual of interest on note payable. | |
| 6. | Salaries for the second half of July, $13,400, to be paid on August 1. | |
| 7. | Estimated utilities expense for July, $980 (invoice will be received in August). | |
| 8. | Income tax for July, $1,460, will be paid in August. |
The chart of accounts for Blue Computer Consultants contains the
following accounts: Cash, Accounts Receivable, Supplies, Prepaid
Insurance. Prepaid Rent, Equipment, Accumulated
Depreciation—Equipment, Accounts Payable, Notes Payable, Interest
Payable, Income Taxes Payable, Salaries and Wages Payable, Unearned
Service Revenue, Common Stock, Retained Earnings, Dividends, Income
Summary, Service Revenue, Supplies Expense, Depreciation Expense,
Insurance Expense, Salaries and Wages Expense, Advertising Expense,
Income Tax Expense, Interest Expense, Rent Expense, Supplies
Expense, and Utilities Expense.
Prepare a classified balance sheet at July 31
In: Accounting
At June 30, 2017, the end of its most recent fiscal year, Blue
Computer Consultants’ post-closing trial balance was as
follows:
| Debit | Credit | |||
|---|---|---|---|---|
| Cash | $6,380 | |||
| Accounts receivable | 1,460 | |||
| Supplies | 840 | |||
| Accounts payable | $490 | |||
| Unearned service revenue | 1,370 | |||
| Common stock | 4,400 | |||
| Retained earnings | 2,420 | |||
| $8,680 | $8,680 |
The company underwent a major expansion in July. New staff was
hired and more financing was obtained. Blue conducted the following
transactions during July 2017, and adjusts its accounts
monthly.
| July | 1 | Purchased equipment, paying $4,400 cash and signing a 2-year note payable for $24,400. The equipment has a 4-year useful life. The note has a 6% interest rate which is payable on the first day of each following month. | |
| 2 | Issued 24,400 shares of common stock for $61,000 cash. | ||
| 3 | Paid $4,200 cash for a 12-month insurance policy effective July 1. | ||
| 3 | Paid the first 2 (July and August 2017) months’ rent for an annual lease of office space for $4,900 per month. | ||
| 6 | Paid $4,600 for supplies. | ||
| 9 | Visited client offices and agreed on the terms of a consulting project. Blue will bill the client, Connor Productions, on the 20th of each month for services performed. | ||
| 10 | Collected $1,460 cash on account from Milani Brothers. This client was billed in June when Blue performed the service. | ||
| 13 | Performed services for Fitzgerald Enterprises. This client paid $1,370 in advance last month. All services relating to this payment are now completed. | ||
| 14 | Paid $490 cash for a utility bill. This related to June utilities that were accrued at the end of June. | ||
| 16 | Met with a new client, Thunder Bay Technologies. Received $14,600 cash in advance for future services to be performed. | ||
| 18 | Paid semi-monthly salaries for $13,400. | ||
| 20 | Performed services worth $34,200 on account and billed customers. | ||
| 20 | Received a bill for $2,700 for advertising services received during July. The amount is not due until August 15. | ||
| 23 | Performed the first phase of the project for Thunder Bay Technologies. Recognized $12,200 of revenue from the cash advance received July 16. | ||
| 27 | Received $18,300 cash from customers billed on July 20. |
Adjustment data:
| 1. | Adjustment of prepaid insurance. | |
| 2. | Adjustment of prepaid rent. | |
| 3. | Supplies used, $1,550. | |
| 4. | Equipment depreciation, $600 per month. | |
| 5. | Accrual of interest on note payable. | |
| 6. | Salaries for the second half of July, $13,400, to be paid on August 1. | |
| 7. | Estimated utilities expense for July, $980 (invoice will be received in August). | |
| 8. | Income tax for July, $1,460, will be paid in August. |
The chart of accounts for Blue Computer Consultants contains the
following accounts: Cash, Accounts Receivable, Supplies, Prepaid
Insurance. Prepaid Rent, Equipment, Accumulated
Depreciation—Equipment, Accounts Payable, Notes Payable, Interest
Payable, Income Taxes Payable, Salaries and Wages Payable, Unearned
Service Revenue, Common Stock, Retained Earnings, Dividends, Income
Summary, Service Revenue, Supplies Expense, Depreciation Expense,
Insurance Expense, Salaries and Wages Expense, Advertising Expense,
Income Tax Expense, Interest Expense, Rent Expense, Supplies
Expense, and Utilities Expense.
Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.)
In: Accounting
A consumer researcher wanted to know if customers really are
influenced to buy more from sales clerks who smile. To test this,
clerks at eight stores in a large Canadian clothing chain were
given special instructions at the start of a week and then sales
over the week were recorded. Four of the stores were randomly
selected to have the clerks receive instructions to be especially
courteous and to smile a lot. Clerks at four other stores were
simply instructed to be especially courteous. Sales (in thousands
of dollars) for the four stores in the smile condition were 36, 40,
36, and 44; sales for the four stores in the control condition were
40, 31, 27, and 30. Do these results suggest that customers might
buy more if they encounter smiling sales clerks? (Use the .05
level.)
Below are questions you should be asking yourself in preparing for
the test in class (not to be answered here):
Using the five steps of hypothesis testing, think about "why is
this a test for independent means?", "what are the steps involved"
and "what is my goal in this exercise? That is, which distribution
am I trying to construct so I can get the comparison
distribution?"
Question to be answered here:
What is the pooled estimate population variance of the two
populations from which your samples come from?
Questions to answer regarding the question above :
1) In the question above, what is the variance of the distribution of means corresponding to the condition in which the clerks smile? (It may help you to draw the steps using the curves to figure out which variance goes with which distribution). Note that the variance is the same for both distribution of means due to the fact that N is the same for both.
2) In the question above, what is SDifference?
3) In the question above, what is tCutoff? (Answer to the three decimal places on this one)
In: Statistics and Probability
| The firm's demand is as follows: | Total variable costs are: | |||||
| Price | Quantity | Quantity | TVC | |||
| $18 | 2 | 2 | $15 | |||
| 16 | 3 | 3 | 21 | |||
| 15 | 4 | 4 | 27 | |||
| 14 | 5 | 5 | 32 | |||
| 13 | 6 | 6 | 37 | |||
| 12 | 7 | 7 | 44 | |||
| 10 | 8 | 8 | 52 | |||
| Fixed costs are $15 | ||||||
|
at all quantities |
||||||
1. What is the Marginal Revenue at a quantity of 5?
2, What is the Marginal Cost at a quantity of 7?
3. Using the MR-MC rule, what is the profit maximizing quantity this firm should produce?
4. How much profit do they make at this quantity?
In: Economics
| The firm's demand is as follows: | Total variable costs are: | |||||
| Price | Quantity | Quantity | TVC | |||
| $18 | 2 | 2 | $15 | |||
| 16 | 3 | 3 | 21 | |||
| 15 | 4 | 4 | 27 | |||
| 14 | 5 | 5 | 32 | |||
| 13 | 6 | 6 | 37 | |||
| 12 | 7 | 7 | 44 | |||
| 10 | 8 | 8 | 52 | |||
| Fixed costs are $15 | ||||||
|
at all quantities |
||||||
1. What is the Marginal Revenue at a quantity of 5?
2, What is the Marginal Cost at a quantity of 7?
3. Using the MR-MC rule, what is the profit maximizing quantity this firm should produce?
4. How much profit do they make at this quantity?
In: Economics
Out of a sample of 480 faculty from public community colleges, 259 were women (p1) . Out of a sample of 620 faculty from public bachelor’s institutions, 279 were women (p2) . (Data simulated from Faculty Pay 2006-2007, 2008). Determine a 90% confidence interval for the difference in proportions of women among public community colleges and public bachelor’s institutions.
a. Are the criteria for normality met? Justify your answer.
b. Compute the sample proportions of female faculty from both public community colleges and public bachelor’s institutions.
c. Estimate the standard error of differences between these sample proportions.
d. Compute the margin of error at the 90% confidence level.
e. Compute the difference of the sample proportions (p1−p2).
f. Compute the 90% confidence interval.
g. Interpret your confidence interval in the context of the problem.
In: Statistics and Probability