Not sure about question f-j . looking to confirm my answers with someone
Health spending per person from a random sample of 20 countries is shown below.
|
Country |
Per capita health expenditure in 2010 |
|
Bahrain |
868 |
|
Belarus |
324 |
|
Belize |
243 |
|
Brunei Darussalam |
886 |
|
Colombia |
476 |
|
Congo, Rep. |
76 |
|
Cote d’Ivorie |
64 |
|
Cuba |
611 |
|
Finland |
3988 |
|
Germany |
4672 |
|
Guinea-Bissau |
51 |
|
Guyana |
184 |
|
Jamaica |
247 |
|
Lesotho |
113 |
|
Malta |
1701 |
|
Morocco |
152 |
|
Namibia |
365 |
|
Phillipines |
81 |
|
Qatar |
1493 |
|
Saudi Arabia |
684 |
In: Math
Explain how the strategy of the School of Management within Metropolitan State University is or should be different than the strategy for Metropolitan State University?
In: Finance
As an Account executive for a marketing consulting firm, your newest client is a university. Develop a positioning strategy and Marketing plan for Federation University.
In: Finance
On January 1, 2020, McGee Co. had the following balances:
Projected benefit obligation $7,800,000
Fair value of plan assets 7,800,000
Other data related to the pension plan for 2020:
Service cost 315,000
Contributions to the plan 459,000
Benefits paid 450,000
Actual return on plan assets 444,000
Settlement rate 9%
Expected rate of return 6%
No prior service cost, no prior OCI gains/losses
Required:
(a) Prepare the journal entry to record pension expense, the contributions for 2020 and adjustments to Pension Asset/Liability and OCI (g/l).
(b) Answer the following questions:
(1) What is the plan assets balance on 12/31/2020?
(2) What is the Pension Benefit Obligation balance at December 31, 2020?
(3) What is the ending balance in the pension asset/liability at December 31, 2020?
(4) What is Pension Expense for 2020?
A pension worksheet is provided to help you calculate and answer the questions, although you are not required to use it but feel free to fill it out here if you would like to. If you do, please make sure to answer the questions in the response area, do not expect to be graded only on what you might have included in the worksheet.
(a) Prepare the journal entry to record pension expense, the contributions for 2020 and adjustments to Pension Asset/Liability and OCI (g/l).
(enter Journal entry here)
-->
(b) Answer the following questions. Type your response after each question:
(1) What is the plan assets balance on 12/31/2020? -->
(2) What is the Pension Benefit Obligation balance at December 31, 2020? -->
(3) What is the ending balance in the pension asset/liability at December 31, 2020? -->
(4) What is Pension Expense for 2020?
-->
|
McGee Company, Pension Worksheet—2020 |
||||||
|
General Ledger Entries |
Memo Record |
|||||
|
Items |
Annual Pension Expense |
Cash |
OCI – Gains/losses |
Pension Asset/Liability |
Projected Benefit Obligation |
Plan Assets |
|
Journal Entry |
||||||
In: Accounting
Here is the problem:
The Neon Lumber Company uses the periodic inventory method, and it has a policy of adjusting and closing its books only at year end. The following adjusted trial balance for the company was prepared after posting the normal adjusting entries on December 31, 2020:
| Account Title | Debit | Credit |
| Cash | 66,240 | |
| Accounts Receivable | 140,500 | |
| Merchandise Inventory, January 1, 2020 | 289,620 | |
| Supplies on Hand | 5,200 | |
| Prepaid Insurance | 4,800 | |
| Prepaid Rent | 56,000 | |
| Equipment | 92,000 | |
| Accumulated Depreciation | 16,460 | |
| Accounts Payable | 96,800 | |
| Capital Stock | 50,000 | |
| Retained Earnings, January 1, 2020 |
456,210 |
|
| Dividends | 4,000 | |
| Sales | 910,120 | |
| Sales Discounts | 4,220 | |
| Sales Returns and Allowances | 6,530 | |
| Interest Revenue | 820 | |
| Purchases | 624,440 | |
| Purchase Discounts | 4,650 | |
| Purchase Returns and Allowances | 2,400 | |
| Transportation In | 9,420 | |
| Advertising Expense | 36,840 | |
| Sales Salaries Expense | 120,550 | |
| Administrative Salaries Expense | 60,300 | |
| Utilities Expense | 9,560 | |
| Delivery Expenses (Freight Out) | 2,610 | |
| Legal and Accounting Expense | 3,200 | |
| Interest Expense | 400 | |
| Miscellaneous Administrative Expense | 1,030 | |
| Totals | 1,537,460 | 1,537,460 |
The ending inventory balance at Dec. 31, 2020 was $280,000.
Required:
A. Following the example on page 242 of the textbook, prepare the income statement for the year ended December 31, 2020. Do your best to distinguish between selling expenses and administrative expenses. Both interest revenue and interest expense, of course, are non-operating items.
B. Using the example on page 249 of the textbook, prepare the statement of retained earnings for the year ended December. 31, 2020.
C. Using the example on page 250 and other locations in the textbook, prepare the balance sheet as of December. 31, 2020.
D. Prepare the closing entries as of December 31,2020
In: Accounting
Swifty Company purchased a delivery truck for $26,000 on January 1, 2020. The truck has an expected salvage value of $1,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,800 in 2020 and 12,000 in 2021.
Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.)
| Depreciation expense | $ | per mile |
eTextbook and Media
List of Accounts
Compute depreciation expense for 2020 and 2021 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50 and depreciation rate to 0 decimal places, e.g. 15%. Round final answers to 0 decimal places, e.g. 2,125.)
|
Depreciation Expense |
||||||
|
2020 |
2021 |
|||||
| (1) | Straight-line method | $ | $ | |||
| (2) | Units-of-activity method | $ | $ | |||
| (3) | Declining-balance method | $ | $ | |||
eTextbook and Media
List of Accounts
Assume that Swifty uses the straight-line method. Prepare the journal entry to record 2020 depreciation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 2,125.)
|
Account Titles and Explanation |
Debit |
Credit |
eTextbook and Media
List of Accounts
Assume that Swifty uses the straight-line method. Show how the truck would be reported in the December 31, 2020, balance sheet. (Round answers to 0 decimal places, e.g. 2,125.)
|
SWIFTY COMPANY |
|||
|
$ |
|||
|
AddLess: |
|||
|
$ |
|||
In: Accounting
Here is the problem:
The Neon Lumber Company uses the periodic inventory method, and it has a policy of adjusting and closing its books only at year end. The following adjusted trial balance for the company was prepared after posting the normal adjusting entries on December 31, 2020:
| Account Title | Debit | Credit |
| Cash | 66,240 | |
| Accounts Receivable | 140,500 | |
| Merchandise Inventory, January 1, 2020 | 289,620 | |
| Supplies on Hand | 5,200 | |
| Prepaid Insurance | 4,800 | |
| Prepaid Rent | 56,000 | |
| Equipment | 92,000 | |
| Accumulated Depreciation | 16,460 | |
| Accounts Payable | 96,800 | |
| Capital Stock | 50,000 | |
| Retained Earnings, January 1, 2020 |
456,210 |
|
| Dividends | 4,000 | |
| Sales | 910,120 | |
| Sales Discounts | 4,220 | |
| Sales Returns and Allowances | 6,530 | |
| Interest Revenue | 820 | |
| Purchases | 624,440 | |
| Purchase Discounts | 4,650 | |
| Purchase Returns and Allowances | 2,400 | |
| Transportation In | 9,420 | |
| Advertising Expense | 36,840 | |
| Sales Salaries Expense | 120,550 | |
| Administrative Salaries Expense | 60,300 | |
| Utilities Expense | 9,560 | |
| Delivery Expenses (Freight Out) | 2,610 | |
| Legal and Accounting Expense | 3,200 | |
| Interest Expense | 400 | |
| Miscellaneous Administrative Expense | 1,030 | |
| Totals | 1,537,460 | 1,537,460 |
The ending inventory balance at Dec. 31, 2020 was $280,000.
Required:
A. Following the example on page 242 of the textbook, prepare the income statement for the year ended December 31, 2020. Do your best to distinguish between selling expenses and administrative expenses. Both interest revenue and interest expense, of course, are non-operating items.
B. Using the example on page 249 of the textbook, prepare the statement of retained earnings for the year ended December. 31, 2020.
C. Using the example on page 250 and other locations in the textbook, prepare the balance sheet as of December. 31, 2020.
D. Prepare the closing entries as of December 31,2020
In: Accounting
Nash Company sells on credits goods that cost $310,000 to Ricard
Company for $409,500 on January 2, 2020. The sales price includes
an installation fee, which has a standalone selling price of
$42,500. The standalone selling price of the goods is $367,000. The
installation is considered a separate performance obligation and is
expected to take 6 months to complete.
(a) Prepare the journal entries (if any) to record
the sale on January 2, 2020. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the
amounts.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
Jan. 2, 2020 |
enter an account title to record the transaction on January 2, 2017 |
enter a debit amount |
enter a credit amount |
|
enter an account title to record the transaction on January 2, 2017 |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to record the transaction on January 2, 2017 |
enter a debit amount |
enter a credit amount |
|
| (To record sales on account) | |||
|
Jan. 2, 2020 |
enter an account title to record the transaction on January 2, 2017 |
enter a debit amount |
enter a credit amount |
|
enter an account title to record the transaction on January 2, 2017 |
enter a debit amount |
enter a credit amount |
|
| (To record cost of goods aold) | |||
(b) Nash prepares an income statement for the
first quarter of 2020, ending on March 31, 2020 (installation was
completed on June 18, 2020). How much revenue should Nash recognize
related to its sale to Ricard?
| First Quarter | |||
|---|---|---|---|
|
Sales Revenue |
$enter a dollar amount |
||
|
Cost of Goods Sold |
enter a dollar amount |
||
|
Gross Profit |
$enter a total amount for this statement |
show work and explain
In: Accounting
If Desmond originally planned to donate $250,000 to the university today, what equivalent amount could he donate at the end of 10 years from now instead? Assume his interest rate is still 7% per year, compounded annually.
In: Economics
Suppose that the university elected to report as a special-purpose government engaged in governmental and business-type activities. How would the financial statements differ from those presented? What are the pros and cons associated with reporting under each approach? Explain.
In: Accounting