Questions
Serial Problem Business Solutions LO P1, P2, P3, P4, P5, P6 After the success of the...

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

$

38,564

106

Accounts receivable

12,818

126

Computer supplies

2,645

128

Prepaid insurance

1,860

131

Prepaid rent

3,200

163

Office equipment

8,700

164

Accumulated depreciation—Office equipment

$

0

167

Computer equipment

22,400

168

Accumulated depreciation—Computer equipment

0

201

Accounts payable

0

210

Wages payable

0

236

Unearned computer services revenue

0

307

Common stock

68,000

318

Retained earnings

0

319

Dividends

6,500

403

Computer services revenue

34,064

612

Depreciation expense—Office equipment

0

613

Depreciation expense—Computer equipment

0

623

Wages expense

2,150

637

Insurance expense

0

640

Rent expense

0

652

Computer supplies expense

0

655

Advertising expense

1,688

676

Mileage expense

644

677

Miscellaneous expenses

170

684

Repairs expense—Computer

725

Totals

$

102,064

$

102,064

Business Solutions had the following transactions and events in December 2019.   

Dec.

2

Paid $995 cash to Hillside Mall for Business Solutions’ share of mall advertising costs.

3

Paid $460 cash for minor repairs to the company’s computer.

4

Received $4,850 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 $7,700 on a proposed project has been accepted. Alex’s paid a $2,000 cash advance to Business Solutions.

15

Purchased $1,300 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 $6,525 cash.

22–26

Took the week off for the holidays.

28

Received $3,200 cash from Gomez Co. on its receivable.

29

Reimbursed S. Rey for business automobile mileage (500 miles at $0.32 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.

  1. The December 31 inventory count of computer supplies shows $630 still available.

  2. Three months have expired since the 12-month insurance premium was paid in advance.

  3. As of December 31, Lyn Addie has not been paid for four days of work at $110 per day.

  4. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.

  5. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.

  6. Three of the four months' prepaid rent have 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 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 After the success of the company’s...

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, 2016, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2016) follows.

No. Account Title Debit Credit
101 Cash $ 38,664
106 Accounts receivable 12,718
126 Computer supplies 2,545
128 Prepaid insurance 2,160
131 Prepaid rent 3,020
163 Office equipment 8,400
164 Accumulated depreciation—Office equipment $ 0
167 Computer equipment 22,000
168 Accumulated depreciation—Computer equipment 0
201 Accounts payable 0
210 Wages payable 0
236 Unearned computer services revenue 0
307 Common stock 63,000
318 Retained earnings 0
319 Dividends 6,200
403 Computer services revenue 38,374
612 Depreciation expense—Office equipment 0
613 Depreciation expense—Computer equipment 0
623 Wages expense 2,500
637 Insurance expense 0
640 Rent expense 0
652 Computer supplies expense 0
655 Advertising expense 1,628
676 Mileage expense 664
677 Miscellaneous expenses 150
684 Repairs expense—Computer 725
Totals $ 101,374 $ 101,374

Business Solutions had the following transactions and events in December 2016.

Dec. 2 Paid $940 cash to Hillside Mall for Business Solutions’s share of mall advertising costs.
3 Paid $420 cash for minor repairs to the company’s computer.
4 Received $4,350 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 $100 per day.
14 Notified by Alex’s Engineering Co. that Business Solutions’s bid of $7,500 on a proposed project has been accepted. Alex’s paid a $1,800 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 $6,475 cash.
22–26 Took the week off for the holidays.
28 Received $3,500 cash from Gomez Co. on its receivable.
29 Reimbursed S. Rey for business automobile mileage (400 miles at $0.32 per mile).
31 The company paid $1,400 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 $620 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 $100 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.

2.1 Prepare adjusting entries to reflect a through f.

2.2 Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger.


General Ledger Accounts


3. Prepare an adjusted trial balance as of December 31, 2016.

4. Prepare an income statement for the three months ended December 31, 2016.


5. Prepare a statement of retained earnings equity for the three months ended December 31, 2016.


6. Prepare a balance sheet as of December 31, 2016.


7. Record and post the necessary closing entries for Business Solutions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a) Record the entry to close the revenue account.
b)Record the entry to close the expense accounts.
c)Record the entry to close the income summary account.
d)Record the entry to close the dividends accounts.

8.Prepare a post-closing trial balance as of December 31, 2016.

In: Accounting

Serial Problem Business Solutions LO P1, P2, P3, P4, P5 After the success of the company’s...

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, 2015, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2015) follows.
No. Account Title Debit Credit
101   Cash $ 39,164
106   Accounts receivable 12,918
126   Computer supplies 2,645
128   Prepaid insurance 1,980
131   Prepaid rent 2,960
163   Office equipment 8,400
164   Accumulated depreciation—Office equipment $ 0
167   Computer equipment 21,200
168   Accumulated depreciation—Computer equipment 0
201   Accounts payable 0
210   Wages payable 0
236   Unearned computer services revenue 0
307   Common stock 68,000
318   Retained earnings 0  
319   Dividends 6,400
403   Computer services revenue 33,474
612   Depreciation expense—Office equipment 0
613   Depreciation expense—Computer equipment 0
623   Wages expense 2,500
637   Insurance expense 0
640   Rent expense 0
652   Computer supplies expense 0
655   Advertising expense 1,698
676   Mileage expense 694
677   Miscellaneous expenses 200
684   Repairs expense—Computer 715
   
  Totals $ 101,474   $ 101,474  
  

   

Business Solutions had the following transactions and events in December 2015.
Dec. 2   Paid $995 cash to Hillside Mall for Business Solutions’ share of mall advertising costs.
3   Paid $460 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 $115 per day.
14

  Notified by Alex’s Engineering Co. that Business Solutions’ bid of $7,600 on a proposed    project has been accepted. Alex’s paid a $2,500 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 $5,775 cash.
22–26   Took the week off for the holidays.
28   Received $3,500 cash from Gomez Co. on its receivable.
29   Reimbursed S. Rey for business automobile mileage (500 miles at $0.32 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:
a. The December 31 inventory count of computer supplies shows $640 still available.
b. Three months have expired since the 12-month insurance premium was paid in advance.
c. As of December 31, Lyn Addie has not been paid for four days of work at $115 per day.
d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.
e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.
f. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

        

2.1 Prepare adjusting entries to reflect a through f.

      

2.2

Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger.
General Ledger Accounts

      

3.

Prepare an adjusted trial balance as of December 31, 2015.

        

4.

Prepare an income statement for the three months ended December 31, 2015.

        

5.

Prepare a statement of owner’s equity for the three months ended December 31, 2015..

        

6.

Prepare a balance sheet as of December 31, 2015.

        

7.

Record and post the necessary closing entries for Business Solutions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

     

8.

Prepare a post-closing trial balance as of December 31, 2015.

     

In: Accounting

Serial Problem Business Solutions LO P1, P2, P3, P4, P5 After the success of the company’s...

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, 2015, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2015) follows.
No. Account Title Debit Credit
101   Cash $ 39,164
106   Accounts receivable 12,918
126   Computer supplies 2,645
128   Prepaid insurance 1,980
131   Prepaid rent 2,960
163   Office equipment 8,400
164   Accumulated depreciation—Office equipment $ 0
167   Computer equipment 21,200
168   Accumulated depreciation—Computer equipment 0
201   Accounts payable 0
210   Wages payable 0
236   Unearned computer services revenue 0
307   Common stock 68,000
318   Retained earnings 0  
319   Dividends 6,400
403   Computer services revenue 33,474
612   Depreciation expense—Office equipment 0
613   Depreciation expense—Computer equipment 0
623   Wages expense 2,500
637   Insurance expense 0
640   Rent expense 0
652   Computer supplies expense 0
655   Advertising expense 1,698
676   Mileage expense 694
677   Miscellaneous expenses 200
684   Repairs expense—Computer 715
   
  Totals $ 101,474   $ 101,474  
  

   

Business Solutions had the following transactions and events in December 2015.
Dec. 2   Paid $995 cash to Hillside Mall for Business Solutions’ share of mall advertising costs.
3   Paid $460 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 $115 per day.
14

  Notified by Alex’s Engineering Co. that Business Solutions’ bid of $7,600 on a proposed    project has been accepted. Alex’s paid a $2,500 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 $5,775 cash.
22–26   Took the week off for the holidays.
28   Received $3,500 cash from Gomez Co. on its receivable.
29   Reimbursed S. Rey for business automobile mileage (500 miles at $0.32 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:
a. The December 31 inventory count of computer supplies shows $640 still available.
b. Three months have expired since the 12-month insurance premium was paid in advance.
c. As of December 31, Lyn Addie has not been paid for four days of work at $115 per day.
d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.
e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.
f. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

        

2.1 Prepare adjusting entries to reflect a through f.

      

2.2

Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger.
General Ledger Accounts

      

3.

Prepare an adjusted trial balance as of December 31, 2015.

        

4.

Prepare an income statement for the three months ended December 31, 2015.

        

5.

Prepare a statement of owner’s equity for the three months ended December 31, 2015..

        

6.

Prepare a balance sheet as of December 31, 2015.

        

7.

Record and post the necessary closing entries for Business Solutions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

     

8.

Prepare a post-closing trial balance as of December 31, 2015.

     

In: Accounting

Serial Problem Business Solutions LO P1, P2, P3, P4, P5 After the success of the company’s...

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, 2015, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2015) 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  
307   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 2015.

   

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:
a. The December 31 inventory count of computer supplies shows $580 still available.
b. Three months have expired since the 12-month insurance premium was paid in advance.
c. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day.
d.

The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.
e.

The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.
f. 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

2.1

Prepare adjusting entries to reflect a through f.

2.2

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, 2015.

4.

Prepare an income statement for the three months ended December 31, 2015.

5.

Prepare a statement of owner’s equity for the three months ended December 31, 2015. (Enter all amounts as positive values.)
6.

Prepare a balance sheet as of December 31, 2015.

7.

Record and post the necessary closing entries for Business Solutions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

8.

Prepare a post-closing trial balance as of December 31, 2015.

In: Accounting

1. Many immigrants and many American high school dropoutspossess very few skills. What impact will...

1.
Many immigrants and many American high school dropouts possess very few skills. What impact will these low-skill immigrants likely have on the labor market opportunities of American high school dropouts?



A.

Immigration of low-skilled workers is associated with higher wages paid to American high school dropouts.




B.

Immigration of low-skilled workers is associated with greater employment among American high school dropouts.



C.

Immigration of low-skilled workers is associated with lower wages paid to American high school dropouts.


D.

None of the above.


2.

The taxes are inefficient because:


A.

they decrease worker’s net wage




B.

they increase the cost of hiring for a firm


C.

they decrease the level of employment

3.

Under which conditions the imposition of a tax on a labor marker will NOT lead to a reduction in employment?


A.

If labor supply is perfectly inelastic


B.

if labor supply is unit elastic


C.

if labor supply is more elastic than labor demand


D.

None of the above


In: Economics

About 72% of 100 randomly sampled MCC students believe they can achieve the American dream and...

About 72% of 100 randomly sampled MCC students believe they can achieve the American dream and about 62% of 100 randomly sampled Ferris State Universtiy students believe they can achieve the American dream. Construct a 98% confidence interval for the difference in the proportions of Montcalm Community College students and Ferris State University students who believe they can achieve the American dream.

Round to 3 decimal places where appropriate.

If the assumptions are met, we are 98% confident that the difference in the population proportions of MCC and FSU students who believe they can achieve the American dream is between ________ and _________.

If many groups of 100 randomly selected MCC students and 100 randomly selected FSU students were surveyed, then a different confidence interval would be produced from each group. About __________% of these confidence intervals will contain the true population proportion of the difference in the proportions of MCC students and FSU students who believe they can achieve the American dream about _______________% will not contain the true population difference in proportions.

In: Statistics and Probability

You are the CEO of a major US equipment manufacturer that sells its industrial construction equipment...

You are the CEO of a major US equipment manufacturer that sells its industrial construction equipment worldwide. You have seen shrinking profits in the past 5 years due to competition from Chinese equipment manufacturers and your Board of Directors and shareholders are looking to you for profit improvement. You have been approached by the Mexican government to open a factory in Juarez (just across the border from El Paso, Texas) and the Mexican government will subsidize the facility construction if you can create 200 new jobs. Opening this facility in Mexico will mean a reduction of union workers in the US plant, but will save the company $20 million a year in labor costs. On the other hand, the US government is considering a Border Adjustment Tax on parts you produce in Mexico and bring back to the US plant for final assembly. The total costs of this Tax is unknown but it could be up to 40% of the value of items produced in the new Mexican facility.

On top of this, you are looking to expand your global sales presence into third world regions such as Central Africa, South East Asia, Central America and other regions that need construction equipment to expand their infrastructure and improve their local economies. Your Global Sales and Marketing teams have advised that Chinese manufacturers are also targeting these same regions. This same team also advises that the market potential in these regions could expand sales by 50% and profits by 15% over the next 3 years.

Keeping in mind that it is the fiduciary responsibility of all leaders of for-profit corporations to maximize shareholder value, start a thread that begins with your decision to open, or not to open, a facility in Mexico and explain, in detail, your reasoning.

In: Economics

Global Tech LED:Google Analytics Instant Activation of Remarketing Company description: Headquartered in Bonita Springs, Florida, Global...

Global Tech LED:Google Analytics Instant Activation of Remarketing

Company description: Headquartered in Bonita Springs, Florida, Global Tech LED is a LED lighting design and supplier to U.S. and international markets, specializing in LED retrofit kits and fixtures for commercial spaces.


How Google Analytics is being used:

Google Analytics’ Smart Lists were used to automatically identify Global Tech LED prospects who were “most likely to engage”, and to then remarket to those users with more targeted product pages.

Google’s Conversion Optimizer was used to automatically adjust potential customer bids for increased conversions.

Value proposition:

Remarketing campaigns triggered by Smart Lists drove 5 times more clicks than all other display campaigns.

The click-through rate of Global Tech LED’s remarketing campaigns was more than two times the remarketing average of other campaigns.

Traffic to the company’s website grew by more than 100%, and was able to re-engage users in markets in which it was trying to make a dent, including South Asia, Latin America, and Western Europe.

Use of the Conversion Optimizer allowed Global Tech LED to better allocate marketing costs based on bid potential.

Questions:

1. Google analytics is a typical Web mining application. What type of Web mining is it? Please explain why you think so. [5 marks]

2. When using Google Analytics’ Smart Lists to analyse which users are more likely to engage, what data will be used as input? Please name at least three types of data. [5 marks]


Embed Kaltura MediaSnippet (Atto)

In: Computer Science

El Durazno is the only resort hotel on a small desert island off the coast of...

El Durazno is the only resort hotel on a small desert island off the coast of South America. It faces two market segments: bargain travelers and high-end travelers. The demand curve for bargain travelers is given by ??? = 400 ? 2???. The demand curve for high-end travelers is given by ??? = 500 ? ???. In each equation, Q denotes the number of travelers of each type who stay at the hotel each day, and P denotes the price of one room per day. The marginal cost of serving an additional traveler of either type is $20 per traveler per day.  

a. Under the assumption that there is a positive demand from each type of traveler, what is the equation of the overall market demand curve facing the resort?

b. What is the profit-maximizing price under the assumption that the resort must set a uniform price for all travelers? For the purpose of this problem, you may assume that at the profit-maximizing price, both types of travelers are served. Under the uniform price, what fraction of customers are bargain travelers, and what fraction are high end?  

c. Suppose that the resort can engage in third-degree price discrimination based on whether a traveler is a high-end traveler or a bargain traveler. What is the profitmaximizing price in each segment? Under price discrimination, what fraction of customers are bargain travelers and what fraction are high end?  

d. The management of La Durazno is probably unable to determine, just from looking at a customer, whether he or she is a high-end or bargain traveler. How might La Durazno screen its customers (i.e., cause them to self-identify type through their choices) so that it can charge the profit-maximizing discriminatory prices you derived in part (c)?

In: Economics