Questions
Components of a certain type are shipped to a supplier in batches of ten. Suppose that...

Components of a certain type are shipped to a supplier in batches of ten. Suppose that 49% of all such batches contain no defective components, 27% contain one defective component, and 24% contain two defective components. Two components from a batch are randomly selected and tested. What are the probabilities associated with 0, 1, and 2 defective components being in the batch under each of the following conditions? (Round your answers to four decimal places.)

(a) Neither tested component is defective.

no defective components:     
one defective component:     
two defective components :   


(b) One of the two tested components is defective. [Hint: Draw a tree diagram with three first-generation branches for the three different types of batches.]

no defective components     
one defective component     
two defective components     

In: Math

The following ledger accounts are used by the Shawanda Race Track: Cash Accounts Receivable Prepaid Printing...

The following ledger accounts are used by the Shawanda Race Track:
Cash
Accounts Receivable
Prepaid Printing
Prepaid Rent
Unearned Admissions Revenue
Note Payable
Interest payable
Admissions Revenue
Concessions Revenue
Interest Expense
Printing Expense
Rent Expense

Instructions
For each of the transactions below, prepare the journal entry (if one is required) to
record the initial transaction and then prepare the adjusting entry, if any, required on
November 30, the end of the fiscal year.
a) On November 1, paid rent on the track facility for three months, $105,000.
b) On November 1, sold season tickets for admission to the racetrack. The racing season
is year-round with 25 racing days each month. Season ticket sales totalled $900,000.
c) On November 1, borrowed $150,000 from their bank by issuing a 6% note payable
due in three months. Interest is payable at maturity.
d) On November 5, schedules for 20 racing days in November, 25 racing days in
December and 15 racing days in January were printed for $3,000.
e) The accountant for the concessions company reported that gross receipts for
November were $140,000. Ten percent is due to Shawanda and will be remitted by
December 10.

In: Accounting

1. The following ledger accounts are used by the Shawanda Race Track: Cash --Accounts Receivable-- Prepaid...

1. The following ledger accounts are used by the Shawanda Race Track:

Cash --Accounts Receivable-- Prepaid Printing-- Prepaid Rent-- Unearned Admissions Revenue --Note Payable --Interest payable --Admissions Revenue --Concessions Revenue-- Interest Expense --Printing Expense --Rent Expense

Instructions: For each of the transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on November 30, the end of the fiscal year.

a) On November 1, paid rent on the track facility for three months, $105,000.

b) On November 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totalled $900,000.

c) On November 1, borrowed $150,000 from their bank by issuing a 6% note payable due in three months. Interest is payable at maturity.

d) On November 5, schedules for 20 racing days in November, 25 racing days in December and 15 racing days in January were printed for $3,000.

e) The accountant for the concessions company reported that gross receipts for November were $140,000. Ten percent is due to Shawanda and will be remitted by December 10.

In: Accounting

The following ledger accounts are used by the Shawanda Race Track: Cash Accounts Receivable Prepaid Printing...

The following ledger accounts are used by the Shawanda Race Track:
Cash
Accounts Receivable
Prepaid Printing
Prepaid Rent
Unearned Admissions Revenue
Note Payable
Interest payable
Admissions Revenue
Concessions Revenue
Interest Expense
Printing Expense
Rent Expense

Instructions
For each of the transactions below, prepare the journal entry (if one is required) to
record the initial transaction and then prepare the adjusting entry, if any, required on
November 30, the end of the fiscal year.
a) On November 1, paid rent on the track facility for three months, $105,000.
b) On November 1, sold season tickets for admission to the racetrack. The racing season
is year-round with 25 racing days each month. Season ticket sales totalled $900,000.
c) On November 1, borrowed $150,000 from their bank by issuing a 6% note payable
due in three months. Interest is payable at maturity.
d) On November 5, schedules for 20 racing days in November, 25 racing days in
December and 15 racing days in January were printed for $3,000.
e) The accountant for the concessions company reported that gross receipts for
November were $140,000. Ten percent is due to Shawanda and will be remitted by
December 10.

In: Accounting

Step 1 - Information A new client, OC Ranger, comes to you and asks you to...

Step 1 - Information

A new client, OC Ranger, comes to you and asks you to record the business accounting transactions and prepare financial statements for a business as of December 31, 2019. The company, which uses the calendar year as its annual reporting period, began business on December 1, 2019. The name of the company is OC Ranger’s College Consulting Company.

  1. Analyze the following transactions, calculate the amount of each entry, and use the debit and credit rules to prepare a journal entry for each transaction.
  2. Post each debit and credit from the journal entries to their general ledger accounts (using T-Accounts) and cross-reference each account in the posting reference (PR) columns of the journal and ledger.
  3. Calculate each account balance and list the accounts with their balances on a trial balance. Use the Accounting Worksheet to prepare the trial balance.
  4. Verify that the total debits in the trial balance equal the total credits.

Accounting Transactions:

12/1/2019            OC Ranger invested $25,000 cash into a new business, OC Ranger’s College Consulting Company.

12/1/2019            $600 cash was paid for one month’s rent expense.

12/1/2019            $1,500 cash was paid to purchase a computer system.

12/1/2019            $7,000 of office equipment was purchased. $1,000 cash was paid as a down payment on the equipment and a note payable of $6,000 was signed for the remainder owed on the equipment.

12/1/2019            $3,000 of office supplies were purchased. $1,000 cash was paid and $2,000 was charged as an accounts payable.

12/1/2019            $2,400 cash was paid to purchase a 12-month prepaid insurance policy.

12/1/2019            $400 cash was paid to purchase advertising for the month of December.

12/15/2019         $2,100 cash was received from customers for consulting services revenue paid in cash.

12/15/2019         Customers were billed $3,600 for consulting services revenue earned on credit, which are recorded as accounts receivable.

12/20/2019         $900 cash was paid to a part-time employee for wages earned December 1 through December 15.

12/20/2019         $1,900 cash was received from customers for consulting services revenue paid in cash.

12/21/2019         $1,800 cash was collected from customers’ accounts receivable.

12/22/2019         $1,000 cash was received as a deposit from a customer for a special-order project the customer requested. The $1,000 is to be recorded in unearned revenue.

12/31/2019         Customers were billed $2,500 for consulting services revenue earned on credit, which are recorded as accounts receivable.

12/31/2019         $190 cash was paid for the office telephone bill.

12/31/2019         OC Ranger withdrew $3,000 cash from the business.

Chart of Accounts to be used for this client

101 Cash
106 Accounts Receivable
124 Office Supplies
128 Prepaid Insurance
163 Office Equipment
164 Accumulated Depreciation - Office Equip
167 Computer
168 Accumulated Depreciation - Computer
201 Accounts Payable
202 Interest Payable
208 Wages Payable
212 Unearned Revenue
245 Notes Payable
301 OC Ranger, Owner's Capital
302 OC Ranger, Owner's Withdrawal
403 Consulting Services Revenue
612 Depreciation Expense - Office Equipment
613 Depreciation Expense - Computer
623 Wages Expense
633 Interest Expense
637 Insurance Expense
640 Rent Expense
650 Office Supplies Expense
655 Advertising Expense
688 Telephone Expense
690 Utilities Expense

Step 2 - Information

The following information relates to your new client’s accounts. The company initially records prepaid and unearned items in balance sheet accounts (assets and liabilities, respectively).

  1. Prepare all necessary adjusting entries on December 31, 2019. Use the debit and credit rules to prepare a journal entry for each transaction.
  2. Post each debit and credit from the journal entries to their general ledger accounts (using T-Accounts) and cross-reference each account in the posting reference (PR) columns of the journal and ledger.
  3. Calculate each adjusted account balance and list the adjusted balances on an adjusted trial balance. Use the Accounting Worksheet to prepare the adjusted trial balance.
  4. Verify that the total debits in the adjusted trial balance equal the total credits.

Adjusting Entries

  1. Record one month of depreciation for the computer of $25
  2. Record one month of depreciation for the office equipment of $150
  3. Record one month of insurance used as of December 31, 2019 of $200.
  4. A physical count of the office supplies on December 31, 2019 shows that $1,100 of supplies are still in the storage cabinet.
  5. Half of the $1,000 deposit received from the customer requesting a special-order project (originally recorded as unearned revenue) has been earned as of December 31, 2019.
  6. Record $900 of wages payable as of December 31, 2019.
  7. Record one month of interest payable on the equipment of $50.
  8. Record the cell phone bill payable, but not paid, of $200.

Step 3 - Information

  1. Prepare your client’s financial statements for the year ended December 31, 2019.
  2. Complete the Income Statement and Balance Sheet columns of the Accounting Worksheet.
  3. Prepare the December 31, 2019, Financial Statements, including the Income Statement, Statement of OC Ranger’s Capital, and the Balance Sheet.

Step 4 - Information

Prepare closing entries for your client.

  1. Prepare all necessary closing entries on December 31, 2019. Use the debit and credit rules to prepare a journal entry for each transaction, post the journal entries to the Adjusting and Closing Journal.
  2. Close revenue and expense accounts to the Income Summary account in the general ledger.
  3. Post each debit and credit from the journal entries to their general ledger accounts (using T-Accounts) and cross-reference each account in the posting reference (PR) columns of the journal and ledger.
  4. Calculate each general ledger account balance after the closing entries have been posted.
  5. Enter the closing entries and list the post-closing balances on the Accounting Worksheet.
  6. Verify that the total debits in the post-closing trial balance on the worksheet equal the total credits.

In: Accounting

May 1 Purchased merchandise on account from Hilton Wholesale Supply for $7,600, terms 2/10, n/30. 2...

May 1 Purchased merchandise on account from Hilton Wholesale Supply for $7,600, terms 2/10, n/30.
2 Sold merchandise on account for $4,100, terms 3/10, n/30. The cost of the merchandise sold was $3,500.
5 Received credit from Hilton Wholesale Supply for merchandise returned $300.
9 Received collections in full, less discounts, from customers billed on May 2.
10 Paid Hilton Wholesale Supply in full, less discount.
11 Purchased supplies for cash $840.
12 Purchased merchandise for cash $2,840.
15 Received $250 refund for return of poor-quality merchandise from supplier on cash purchase.
17 Purchased merchandise from Northern Distributors for $2,300, terms 2/10, n/30.
19 Paid freight on May 17 purchase $220.
24 Sold merchandise for cash $5,620. The cost of the merchandise sold was $4,400.
25 Purchased merchandise from Toolware Inc. for $790, terms 3/10, n/30.
27 Paid Northern Distributors in full, less discount.
29 Made refunds to cash customers for returned merchandise $120. The returned merchandise was returned to inventory and had cost $80.
31 Sold merchandise on account for $1,200, terms n/30. The cost of the merchandise sold was $820.

Record the above transactions

In: Accounting

On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Cash $7,000...

On December 1, 2017, Prosen Distributing Company had the following account balances.

Debit

Credit
Cash $7,000 Accumulated Depreciation—Equipment $2,420
Accounts Receivable 5,500 Accounts Payable 4,900
Inventory 12,400 Salaries and Wages Payable 1,000
Supplies 1,200 Common Stock 30,000
Equipment 24,200 Retained Earnings 11,980
$50,300 $50,300


During December, the company completed the following summary transactions.

Dec. 6 Paid $1,550 for salaries and wages due employees, of which $550 is for December and $1,000 is for November salaries and wages payable.
8 Received $1,900 cash from customers in payment of account (no discount allowed).
10 Sold merchandise for cash $7,000. The cost of the merchandise sold was $4,000.
13 Purchased merchandise on account from Maglio Co. $8,600, terms 2/10, n/30.
15 Purchased supplies for cash $1,800.
18 Sold merchandise on account $12,700, terms 3/10, n/30. The cost of the merchandise sold was $8,000.
20 Paid salaries and wages $1,500.
23 Paid Maglio Co. in full, less discount.
27 Received collections in full, less discounts, from customers billed on December 18.

A)Journalize the December transactions using a perpetual inventory system.

B)Enter the December 1 balances in the ledger T-accounts and post the December transactions.

In: Accounting

On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Cash $7,500...

On December 1, 2017, Prosen Distributing Company had the following account balances.

Debit

Credit
Cash $7,500 Accumulated Depreciation—Equipment $2,640
Accounts Receivable 4,600 Accounts Payable 4,900
Inventory 12,400 Salaries and Wages Payable 1,000
Supplies 1,400 Common Stock 30,000
Equipment 26,400 Retained Earnings 13,760
$52,300 $52,300


During December, the company completed the following summary transactions.

Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable.
8 Received $1,900 cash from customers in payment of account (no discount allowed).
10 Sold merchandise for cash $6,800. The cost of the merchandise sold was $4,200.
13 Purchased merchandise on account from Maglio Co. $8,900, terms 2/10, n/30.
15 Purchased supplies for cash $1,800.
18 Sold merchandise on account $12,600, terms 3/10, n/30. The cost of the merchandise sold was $8,200.
20 Paid salaries and wages $1,500.
23 Paid Maglio Co. in full, less discount.
Adjustment data:
1. Accrued salaries and wages payable $700.
2. Depreciation $240 per month.
3.

Supplies on hand $1,700.

e-Prepare an income statement.

27 Received collections in full, less discounts, from customers billed on December 18.

In: Accounting

Date May-01 Collected $1900cash from customer accounts receivable May-02 Purchased supplies on account that cost $360...

Date
May-01 Collected $1900cash from customer accounts receivable
May-02 Purchased supplies on account that cost $360
May-07 Recorded services of catering to customers and cash receipts were $610 and invoices for services on account were $1800
May-08 The catering job was completed that was paid for in advance on April 9
May-10 Paid the utility company for the monthly utility bills that had been received in the previous month, $340
May-15 Paid $1800 cash for employee salaries
May-15 Purchased a one-year insurance policy for $1200 on the refrigerator
May-16 Paid $220 on the account payable that was established when supplies were purchased on May 2.
May-20 Paid a $400cash dividend to the stockholders
May-27

Received monthly utility bills amounting to $360. The bills would be paid in the month of June

  
May-31

Recorded revenues to customers. Cash receipts were $900, and invoices for sales on account were $1400
May-31 Paid $1800 cash for employee salaries

Required:

a. Record the transactions in the general journal.

b. Post into the T-accounts.

c. Record and post the appropriate adjustingentries.

d. Prepare an adjusted trial balance.

e. Prepare an income statement, statement of retained earnings, and balance sheet for May.

In: Accounting

On December 1, 2020, Blossom Company had the following account balances. Debit Credit Cash $7,600 Accumulated...

On December 1, 2020, Blossom Company had the following account balances.

Debit

Credit
Cash $7,600 Accumulated Depreciation—Equipment $2,420
Accounts Receivable 4,800 Accounts Payable 5,000
Inventory 11,500 Salaries and Wages Payable 1,000
Supplies 1,300 Common Stock 30,000
Equipment 24,200 Retained Earnings 10,980
$49,400 $49,400

During December, the company completed the following summary transactions.
Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable.
8 Received $1,800 cash from customers in payment of account (no discount allowed).
10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,800.
13 Purchased merchandise on account from Maglio Co. $8,600, terms 2/10, n/30.
15 Purchased supplies for cash $1,600.
18 Sold merchandise on account $12,000, terms 3/10, n/30. The cost of the merchandise sold was $8,100.
20 Paid salaries and wages $1,500.
23 Paid Maglio Co. in full, less discount.
27 Received collections in full, less discounts, from customers billed on December 18.

(a)

Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

In: Accounting