Approximently 72% of freshmen entering public high schools in the United States in 2005 graduated with their class in 2009. A random sample of 136 freshmen is chosen. around your answers to four decimal places as needed.
Part 1 of 6
Find the mean u ^p is
In: Math
Entity A is a Hong Kong-based limited company that participates in building material industry for many years. It sells high-quality raw materials to different local and foreign manufacturers. Entity B is one of its loyal customers for more than 30 years.
On 1 January 2019, Entity A received advanced payment of $3,845,000 from Entity B through the Hong Kong City Bank for selling Material X. According to the contract terms, Entity A would only deliver Material X to Entity B on 31 December 2019. The regular cash-selling price of Material X was $3,845,000. The cost of sales of Material X was $2,856,000.
On 1 January 2020, Entity A entered into another contract with Entity B. This contract stated that Entity A was required to transfer Material Y and Material Z to Entity B in exchange for $658,550. According to the contract terms, Entity A could invoice this full amount on 31 January 2020. Material Y was to be delivered on 28 February 2020 and Material Z was to be delivered on 31 March 2020. Both promises to transfer Material Y and Material Z were identified as separate performance obligations. The amount of $258,000 was allocated to Material Y and $400,550 to Material Z. The costs of sales of Material Y and Material Z were 75% and 80% of their selling prices respectively. Entity A received a crossed cheque from Entity B of Material Y and Material Z on 30 April 2020.
The market interest rates for the year of 2019 and 2020 were 5.50% and 6.75% respectively. Entity A adopts perpetual inventory system for keeping its inventory accounting records. Entity A recognises revenue when control of each material transfers to Entity B.
REQUIRED:
Provide journal entries for Entity A from 1 January 2019 to 30 April 2020 in accordance with the relevant accounting standards.
ACCOUNT NAMES FOR INPUT:
| Plant | Machine | Motor van | Equipment | Land | Building | Inventory | Intangible assets |
| Bank | Payable | Receivable | Other income | Other expense | Interest expense | Interest revenue |
| Depreciation | Accum. depreciation | Impairment loss | Reversal of impairment loss | Goodwill |
| Loss on disposal | Gain on disposal | Restoration liability | Revaluation surplus | Revaluation deficit |
| Asset for product to be returned | Commission expense | Commission revenue | Revenue |
| Cost of sales | Refund liability | Contract asset | Contract liability | Retained earnings | No entry |
ANSWERS:
Journal Entries:
| Date | Account Name | Debit ($) | Credit ($) | Hints For Sequence |
| 1-Jan-19 | Blank 1 | Blank 2 | ||
| Blank 3 | Blank 4 | |||
| 31-Dec-19 | Blank 5 | Blank 6 | ||
| Blank 7 | Blank 8 | Judge Dr/Cr side | ||
| Blank 9 | Blank 10 | Judge Dr/Cr side | ||
| Blank 11 | Blank 12 | Judge Dr/Cr side | ||
| Blank 13 | Blank 14 | Judge Dr/Cr side | ||
| Blank 15 | Blank 16 | Judge Dr/Cr side | ||
| 1-Jan-20 | Blank 17 | Blank 18 | ||
| Blank 19 | Blank 20 | |||
| 31-Jan-20 | Blank 21 | Blank 22 | ||
| Blank 23 | Blank 24 | |||
| 28-Feb-20 | Blank 25 | Blank 26 | ||
| Blank 27 | Blank 28 | Judge Dr/Cr side | ||
| Blank 29 | Blank 30 | Judge Dr/Cr side | ||
| Blank 31 | Blank 32 | Judge Dr/Cr side | ||
| 31-Mar-20 | Blank 33 | Blank 34 | ||
| Blank 35 | Blank 36 | Judge Dr/Cr side | ||
| Blank 37 | Blank 38 | Judge Dr/Cr side | ||
| Blank 39 | Blank 40 | Judge Dr/Cr side | ||
| 30-Apr-20 | Blank 41 | Blank 42 | ||
| Blank 43 | Blank 44 | |||
In: Accounting
Brown Company makes copper fire pits. Each job is unique in size and design. Brown has provided you with the following January 1, 2011 account balances.
Raw Materials, 1/1/2021 $35,000
Work-in-process 1/1/2021 $80,000
Finished Goods 1/1/2021 $72,000
During 2011, the following transactions occurred:
1. Brown purchased raw materials for $125,000 on account.
2. Brown used $150,000 of raw materials in production. Ninety percent were direct materials and 10 percent were indirect materials.
3. $72,000 of direct labor and $30,000 of indirect labor was incurred and paid.
4. Other manufacturing overhead incurred and paid totaled $55,000.
5. Brown completed production on goods costing $275,000
6. Brown’s sales revenue was $520,000. All goods were sold on account.
7. Brown cost of goods sold was $330,000 before adjusting for over-/under-applied overhead.
8. Brown applies overhead at 150% of direct labor cost.
9. Brown collected $530,000 from customers and paid $140,000 to vendors.
10. Brown closes over-/under-applied overhead to Cost of Goods Sold.
Required:Provide the ending balance in:
1. Materials Inventory
2. Work-in-Process Inventory
3. Finished Goods Inventory
4. COGS prior to the disposition of under or over applied overhead
5. How much overhead was applied?
6. Was it under or over applied?
7. COGS after the disposition of under or over applied overhead.
In: Accounting
Rose Company started its operations on January 1, 2018. The following transactions took place during the first month of operations:
January 1: Rose invests $1,150,000 cash to start the business.
January 3: Purchased furniture for $124,000, paying $24,000 in cash and sign a note for
the remaining balance.
January 7: Purchased office supplies for $5,000 on credit.
January 11: Paid $11,000 cash for January rent.
January 15: Paid $3,600 cash for office supplies purchased on January 7.
January 20: Services billed to customers amount to $64,000.
January 22: Received utility bills for $7,000 for the month of January.
January 25: Paid $31,600 cash as salaries for the month.
January 29: Received $44,000 cash from customers in payment for services billed on
January20.
January 31: Rose withdrew $10,400 from the business for personal use.
Required:
1-Using a table, show the effect of the above transactions on the accounting equation.
2- Prepare Journal entries to record the above transactions.
3- Post to the appropriate ledger accounts.
4- Prepare the trial balance on January 31 2018.
5. Prepare the financial statements of Rose Company on January 31 2018.
Note : the Answers should be computerized
In: Accounting
During March, Seconds Best Company had cash sales of $35,000 and sales on account of $210,000. In April, payments on account totaled $175,000. The journal entry prepared by Seconds Best to record the March sales would include a debit to: Multiple Choice
Cash for $35,000, debit to Accounts Receivable for $210,000, and credit to Sales Revenue for $245,000.
Cash for $35,000, debit to Deferred Revenue for $210,000, and credit to Sales Revenue for $245,000.
Cash for $35,000, debit to Accounts Payable for $210,000, and credit to Sales Revenue for $245,000.
Cash and credit to Sales Revenue for $35,000.
In: Accounting
Compare answer A and B and give comment on any change occurred between year 2005 to 2015.
A) Ratio of GDP per capita (Middle to high wages) -2005 year.
i. 3980/38293=0.1039*100=10.4%
ii. Ratio of GDP per capita (low to high wages)
507/ 38293=0.013*100=1.3%
iii. Ratio of GDP per capita (low to middle wage)
507/3980=0.127*100=12.7%
B) i. Ratio of GDP per capita (Middle to high wages)- 2015 year
154192.5/77024.76 = 2.00 *100= 200%
ii. Ratio of GDP per capita (low to high wages)
I 5085.24/77024.76 = 0.066 *100 =6.6%
iii. Ratio of GDP per capita (low to middle wages)
5085.24/154192.5 = 0.033 *100=3.3%
In: Economics
Develop a minimum 700-word analysis of inflation. Include the following:
In: Economics
GGG uses a perpetual inventory system. The company’s beginning inventory of a particular product and its purchases during the months of January and February were as follows:
Quantity Unit Cost
Beginning inventory (Jan. 1)................................................. 50 $6.00
Purchase (Jan. 10)................................................................. 25 7.00
Purchase (Jan. 22)................................................................. 25 8.52
Purchase (Feb. 9)………………………………………… 65 11.00
Total ...............................................................................
On February 25, GGG sells 65 units of this product. The other units remain in inventory at February 25.
a Determine the cost of goods sold using each of the following flow assumption. SHOW ALL WORK!
(1) LIFO $_____________
(2) FIFO $_____________
(3) Average cost $_____________
b Determine the cost of the units in ending inventory at February 25 using each of the following flow assumptions. SHOW ALL WORK!
(1) LIFO $_____________
(2) FIFO $_____________
(3) Average cost $_____________
c. Assume that the units are sold to customers at a price of $17 per unit. Compute the total sales revenue to be recognized upon sale of the product?
In: Accounting
The Brown Company follows a market-oriented approach, whereas The Columbia Company believes in a sales-oriented approach. Considering their approaches, it is evident that _______ has/have an advantage in today’s marketplace because it/they finds/find out what customers want and what they need.
Group of answer choices
The Brown Company
neither
both
The Columbia Company
In: Economics
Which of the following amounts would be included on the right side of a balance sheet?
A.
the cash held by the company
B.
the amount of money owed to the company by customers who have not yet paid for goods and services they have received
C.
the amount of deferred tax liability held by the company
D.
the value of government bonds held by the company
In: Finance