In: Accounting
If you were the owner of the Taxi Service, which method and why would you deem most appropriate?Summit Company sells equipment on June 30, 2020. The equipment originally cost $45,000 and as of December 31, 2019 had accumulated depreciation of $24,000. Depreciation expense for the first six months of 2020 is $4,000.
Prepare the journal entries to record the depreciation expenses up to the date of sale and to record the sale of the equipment in these two independent situations. (Sales price – Book value = gain or loss)
|
# |
Account Titles and Explanation |
Ref |
Debit |
Credit |
EXTRA CREDIT: Match the statement with the term most directly associated with it.
Goodwill
Intangible Assets
Research and development costs
Amortization
Franchises
In: Accounting
Accounting Cycle Review 11-01 a,b, c1-c3
Morgan Company’s balance sheet at December 31, 2019, is presented below.
|
MORGAN COMPANY |
||||||
| Cash | $31,500 | Accounts Payable | $12,500 | |||
| Inventory | 30,750 | Interest Payable | 233 | |||
| Prepaid Insurance | 5,808 | Notes Payable | 46,500 | |||
| Equipment | 37,800 | Owner’s Capital | 46,625 | |||
| $105,858 | $105,858 | |||||
During January 2020, the following transactions occurred. (Morgan
Company uses the perpetual inventory system.)
| 1. | Morgan paid $233 interest on the note payable on January 1, 2020. The note is due December 31, 2021. | |
| 2. | Morgan purchased $243,000 of inventory on account. | |
| 3. | Morgan sold for $491,000 cash, inventory which cost $261,000. Morgan also collected $31,915 in sales taxes. | |
| 4. | Morgan paid $234,000 in accounts payable. | |
| 5. | Morgan paid $15,000 in sales taxes to the state. | |
| 6. | Paid other operating expenses of $21,000. | |
| 7. | On January 31, 2020, the payroll for the month consists of salaries and wages of $56,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $8,500 federal income taxes are withheld. The salaries and wages are paid on February 1. |
Adjustment data:
| 8. | Interest expense of $233 has been incurred on the notes payable. | |
| 9. | The insurance for the year 2020 was prepaid on December 31, 2019. | |
| 10. | The equipment was acquired on December 31, 2019, and will be depreciated on a straight-line basis over 5 years with a $3,120 salvage value. | |
| 11. | Employer’s payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.8% federal unemployment tax. |
1. Prepare an adjusted trial balance at January 31, 2020.
(Round answers to 0 decimal places, e.g.
5,275.)
2. Prepare an income statement. (Round answers to 0
decimal places, e.g. 5,275.)
3. Prepare an owner’s equity statement for the month ending
January 31, 2020. (Round answers to 0 decimal places,
e.g. 5,275.)
4. Prepare a classified balance sheet as of January 31, 2020.
(List current assets in order of liquidity. Round
answers to 0 decimal places, e.g. 5,275.)
In: Accounting
How much do wild mountain lions weigh? Adult wild mountain lions (18 months or older) captured and released for the first time in the San Andres Mountains gave the following weights (pounds):
| 70 | 110 | 134 | 129 | 60 | 64 |
Assume that the population of x values has an approximately normal distribution.
(a) Use a calculator with mean and sample standard deviation keys to find the sample mean weight x and sample standard deviation s. (Round your answers to one decimal place.)
| x = | lb |
| s = | lb |
(b) Find a 75% confidence interval for the population average
weight μ of all adult mountain lions in the specified
region. (Round your answers to one decimal place.)
| lower limit | lb |
| upper limit |
lb |
Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below. Assume that the population of x values has an approximately normal distribution.
| 90 | 177 | 128 | 92 | 75 | 94 | 116 | 100 | 85 |
(a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup cost x and sample standard deviation s. (Round your answers to one decimal place.)
| x = | thousand dollars |
| s = | thousand dollars |
(b) Find a 90% confidence interval for the population average
startup costs μ for candy store franchises. (Round your
answers to one decimal place.)
| lower limit | thousand dollars |
| upper limit | thousand dollars |
Over the past several months, an adult patient has been treated for tetany (severe muscle spasms). This condition is associated with an average total calcium level below 6 mg/dl. Recently, the patient's total calcium tests gave the following readings (in mg/dl). Assume that the population of x values has an approximately normal distribution.
| 9.7 | 8.6 | 10.9 | 8.9 | 9.4 | 9.8 | 10.0 | 9.9 | 11.2 | 12.1 |
(a) Use a calculator with mean and sample standard deviation keys to find the sample mean reading x and the sample standard deviation s. (Round your answers to two decimal places.)
| x = | mg/dl |
| s = | mg/dl |
(b) Find a 99.9% confidence interval for the population mean of
total calcium in this patient's blood. (Round your answer to two
decimal places.)
| lower limit | mg/dl |
| upper limit | mg/dl |
(c) Based on your results in part (b), do you think this patient
still has a calcium deficiency? Explain.
Yes. This confidence interval suggests that the patient may still have a calcium deficiency.Yes. This confidence interval suggests that the patient no longer has a calcium deficiency. No. This confidence interval suggests that the patient may still have a calcium deficiency.No. This confidence interval suggests that the patient no longer has a calcium deficiency.
What percentage of hospitals provide at least some charity care? Based on a random sample of hospital reports from eastern states, the following information is obtained (units in percentage of hospitals providing at least some charity care):
| 57.2 | 55.9 | 52.5 | 65.9 | 59.0 | 64.7 | 70.1 | 64.7 | 53.5 | 78.2 |
Assume that the population of x values has an approximately normal distribution.
(a) Use a calculator with mean and sample standard deviation keys to find the sample mean percentage x and the sample standard deviation s. (Round your answers to one decimal place.)
| x = | % |
| s = | % |
(b) Find a 90% confidence interval for the population average
μ of the percentage of hospitals providing at least some
charity care. (Round your answers to one decimal place.)
| lower limit | % |
| upper limit | % |
In: Statistics and Probability
Which one of the following best fits the description of a private placement?
A. 3-year commercial bank loan B. 10-year loan from an insurance company C. 2-year direct business loan D. 3-year loan to a firm by its original founder E. 20-year bonds sold in the public markets
In: Finance
1. What does it mean biologically to be human? How can evolution explain both the unity and diversity of human phenotypes? Use specific examples of evidence and some version of the following terms in your answer: neutral genetic variation, evolution, natural selection, drift/bottleneck/founder effect, migration, mutation, and species/population/lineage.
In: Biology
Which of the following is not true for allelic diversity:
Select one:
It can be used to infer past demographic processes like founder events
It can be used to detect recent population genetic bottlenecks
It can be related to future adaptive potential
All of the listed statements are true
When low, it can buffer populations against inbreeding depression
In: Biology
Which one of the following best fits the description of private placement?
a) 3- year commercial bank loan
b) 3-year loan to a firm by its original founder
c) 10-year loan from an insurance company
d) 20-year bonds sold in the public markets
e) 2-year direct business loan
In: Finance
In: Accounting
In: Economics