Pardon Company, a retail entity makes all of its sales to customers on account and purchases 100% of its Merchandise Inventory on account from vendor, Power Company. Pardon provides you with the following selected account balances all of which are normal: 12/31/2018 12/31/2019 Accounts Receivable $32,000 $28,000 Merchandise Inventory 70,000 82,000 Prepaid Insurance Expense 6,500 5,800 Supplies 12,000 9,000 Equipment 130,000 115,000 Accumulated Depreciation 78,000 86,000 Accounts Payable- Power Company 26,000 40,000 Salaries Payable 3,200 5,400 Sales Revenue $615,000 Gain on Equipment Disposal 4,000 Cost of Goods Sold 470,000 Depreciation Expense 19,000 Insurance Expense 17,500 Salaries Expense 52,000 Supplies Expense 75,000 Consider the above account balances and consider further that during 2019 Pardon sold a single piece of equipment and did not make any new equipment purchases. What was the amount of cash collected from the sale of the equipment? A. None of the other answer choices provided are correct. B. $11,000 C. $8,000 D. $15,000 E. $19,000
In: Accounting
1-) On December 31, 2018 the balance in Energy Exploration Company's Unearned Revenue account was a credit of $10,000. In January, 2019, the company received an advance payment of $11,000 from a new customer for services to be performed. By January 31, adjustments were made to recognize $6,000 of the revenue that had been earned during January. What was the balance in Unearned Revenue on January 31, 2019?
A.
$11,000 debit
B.
$6,000 credit
C.
$10,000 credit
D.
$15,000 credit
2 )-
Which of the following statements is true of a trial balance?
A.
A trial balance is prepared after the balance sheet.
B.
A trial balance shows the total amounts of assets and liabilities, but not equity.
C.
A trial balance has the same format as a balance sheet.
D.
A trial balance presents data in debit and credit format.
3-)
On June 1, Edison, Inc. borrowed $21,000 on a
oneminus−year
Note Payable with an interest rate of 10% per year. It will repay the principal and interest at the end of the
oneminus−year
period. The company makes accrual adjustments at the end of each month. The company should record interest expense of $2,100 on June 30.
In: Accounting
Company had the following account balances, in random order, on December 31, 2020.
| Equipment | 50000 | Land | 150000 | |
| Drawings | 2000 | Accumulated depreciation - building | 300000 | |
| Salaries expense | 20000 | Cash | 24500 | |
| Service revenue | 140200 | Capital | 464200 | |
| Rent expense | 3000 | Prepaid expense | 5000 | |
| Unearned service revenue | 2500 | Accounts receivable | 26000 | |
| Insurance expense | 1500 | Depreciation expense - equipment | 2000 | |
| Interest revenue | 5000 | Utilities expense | 4000 | |
| Notes payable | 55000 | Salaries payable | 4500 | |
| Accounts payable | 4600 | Accumulated depreciation - equipment | 20000 | |
| Building | 700000 | Depreciation expense - building | 8000 |
Additional Information:
Required:
1. Prepare income statement
2. Prepare statement of owner’s equity
3. Prepare balance sheet
In: Accounting
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In: Accounting
You are the proud new owner of a local deli, Garibaldo's, situated in a great neighborhood. When you bought the deli, you also received an accounts receivable listing of customers who owed money to the deli along with a shoe box filled with slips of paper that contained the names of the "house account" customers. (These people all had charge privileges with the former owner of Garibaldi's.) The former owner did not like computers or recordkeeping. He said he could spot a good credit risk by "a handshake and a look in the eye. " Bills were not sent to house accounts as the former owner asked these customers to pay "when he needed cash flow and they (the customers) were in a good mood. " This is your first week of business and sales seem slow. Most of the activity comes at the lunch rush and many of your customers hurry in, grab stuff from the deli case and say, "Put it on my tab. " You think you need to make some changes, but you also don't want to make any of the customers mad. Use this grid to jot down your responses to the three questions listed
1. What are Garibaldi's current credit policies?
2. How are accounts receivable recorded on the company books?
3. What three changes would you make to the current way of doing business for Garibaldi's house accounts?
In: Accounting
Heller Company offers an unconditional return policy to its customers. During the current period, the company records total sales of $850,000, with a cost of merchandise to Heller of $340,000. Based on past experience, Heller Company expects 4% of sales to be returned. How much gross profit will Heller Company recognize for the current period? Select one:
A. $510,000 B. $816,000 C. $489,600 D. $360,400 E. $850,000
In: Accounting
Approximate the measures of center for following GFDT.
| Data | Frequency |
|---|---|
| 70 - 74 | 2 |
| 75 - 79 | 1 |
| 80 - 84 | 3 |
| 85 - 89 | 3 |
| 90 - 94 | 6 |
| 95 - 99 | 12 |
| 100 - 104 | 13 |
| 105 - 109 | 20 |
| 110 - 114 | 15 |
mode =
median =
mean =
Report mode and median accurate to one decimal place. Report the
mean accurate to two decimal places (or enter as a fraction).
In: Statistics and Probability
Calculate the following ratios and comment if the ratio is favorable or unfavorable. All amounts listed are correct and don’t worry if some of the ratios look out of sync, they are intentional.
a. Company 1 current assets are $500,000 and current liabilities are $325,000.
b. Company 2-Cash and cash equivalents are $100,000, net receivables are $250,000 and current liabilities are $300,000
c. Company 3-total liabilities are $750,000 and the balance in the unrestricted Fund Balance is $850,000
d. Company 4- Operating loss of $125,000 and total operating revenue is $6,000,000
e. Company 5 EBIT is $600,000 and total assets are $4,250,000
In: Finance
On July 25, 2019 Starbucks announce that it would raise its full-year financial outlook due to strong performance. Starbucks is a global provider of exceptional products that include more than 30 blends and single origin premium coffee’s hand-crafted beverages merchandise such as coffee and tea brewers consumer products good sold in grocery stores and other retail outlets and fresh foods.
The company’s mission is to inspire and nurture the human spirit one person one cup and neighborhood at a time Starbucks 2018 Starbucks has more than 22,500 stores across the world in over 50 different countries. The company has successful brands such as Starbucks coffee Seattle’s best coffee, Teavana, Tazo, Evolution Fresh, LaBoulange, Ethos Water, and Torrefazione Italia Coffee.
In 2019 Starbucks had revenues of 26.5 billion and an operating income of 4.07 billion the revenue is broken down as follows beverages = 74%, food = 20%, packed & single serves coffee = 1%, and other serveware and ready to drink beverages equals 5% major competitors of Starbucks include but are not limited to Dunkin Brands group Inc. Jacobs Douwe Egberts jamba juice company krispy kreme doughnuts inc. Luigi lavazza S.p.A Mcdonalds corporation nestle SA panera bread company peet’s coffee & tea inc and the J.M. Smucker Co.
Given your understanding of the Company and industry described above address the following questions
a) Identify the most likely business level strategy the company is pursuing as its primary business level strategy take care to offer at least three supporting arguments/statements.
b) Given the company described above please describe the competitive rivalry and dynamics this from faces please offer at least two supporting statements or points for each (4 in total)
c) Describe the level of diversification pursued by the company and offer at least two supporting points to justify your classification. Label your answers
In: Operations Management
A sales related system was developed by a local company to satisfy and to be configured based on customers requirements. For example:
based on the 3 scenarios above, do you think it is a good idea for the company to make its system as an open source?
In: Computer Science