|
In: Accounting
| Windsor Corporation | |||
| Trial Balance | |||
| June 30, 2017 | |||
| Accounts | Balance | ||
| Sales revenue | 1,583,270 | ||
| Sales discounts | 31,410 | ||
| Cost of goods sold | 898,200 | ||
| Salaries and wages expense (sales) | 56,480 | ||
| Sales commissions | 98,010 | ||
| Travel expense (salespersons) | 34,800 | ||
| Delivery expense | 22,840 | ||
| Entertainment expense | 15,090 | ||
| Telephone and Internet expense (sales) | 9,070 | ||
| Depreciation expense (sales equipment) | 4,902 | ||
| Maintenance and repairs expense (sales) | 6,085 | ||
| Miscellaneous selling expenses | 4,920 | ||
| Office supplies used | 3,325 | ||
| Telephone and Internet expense (administration) | 2,748 | ||
| Depreciation expense (office furniture and equipment) | 6,832 | ||
| Property tax expense | 7,602 | ||
| Bad debt expense (selling) | 4,608 | ||
| Maintenance and repairs expense (administration) | 9,270 | ||
| Office expense | 6,040 | ||
| Sales returns and allowances | 58,411 | ||
| Dividends received | 41,560 | ||
| Interest expense | 17,500 | ||
| Income tax expense | 109,130 | ||
| Depreciation understatement due to error—2014 (net of tax) | 18,308 | ||
| Dividends declared on preferred stock | 9,790 | ||
| Dividends declared on common stock | 34,320 | ||
| The Retained Earnings account had a balance of $339,770 at July 1, 2016. | |||
| There are 80,550 shares of common stock outstanding. | |||
| In the space below, prepare the following statements for the year ended June 30, 2017: | |||
| multiple-step income statement, single-step income statement, and statement of retained earnings | |||
In: Accounting
| Windsor Corporation | |||
| Trial Balance | |||
| June 30, 2017 | |||
| Accounts | Balance | ||
| Sales revenue | 1,583,270 | ||
| Sales discounts | 31,410 | ||
| Cost of goods sold | 898,200 | ||
| Salaries and wages expense (sales) | 56,480 | ||
| Sales commissions | 98,010 | ||
| Travel expense (salespersons) | 34,800 | ||
| Delivery expense | 22,840 | ||
| Entertainment expense | 15,090 | ||
| Telephone and Internet expense (sales) | 9,070 | ||
| Depreciation expense (sales equipment) | 4,902 | ||
| Maintenance and repairs expense (sales) | 6,085 | ||
| Miscellaneous selling expenses | 4,920 | ||
| Office supplies used | 3,325 | ||
| Telephone and Internet expense (administration) | 2,748 | ||
| Depreciation expense (office furniture and equipment) | 6,832 | ||
| Property tax expense | 7,602 | ||
| Bad debt expense (selling) | 4,608 | ||
| Maintenance and repairs expense (administration) | 9,270 | ||
| Office expense | 6,040 | ||
| Sales returns and allowances | 58,411 | ||
| Dividends received | 41,560 | ||
| Interest expense | 17,500 | ||
| Income tax expense | 109,130 | ||
| Depreciation understatement due to error—2014 (net of tax) | 18,308 | ||
| Dividends declared on preferred stock | 9,790 | ||
| Dividends declared on common stock | 34,320 | ||
| The Retained Earnings account had a balance of $339,770 at July 1, 2016. | |||
| There are 80,550 shares of common stock outstanding. | |||
| In the space below, prepare the following statements for the year ended June 30, 2017: | |||
| multiple-step income statement, single-step income statement, and statement of retained earnings | |||
In: Accounting
| Windsor Corporation | |||
| Trial Balance | |||
| June 30, 2017 | |||
| Accounts | Balance | ||
| Sales revenue | 1,583,270 | ||
| Sales discounts | 31,410 | ||
| Cost of goods sold | 898,200 | ||
| Salaries and wages expense (sales) | 56,480 | ||
| Sales commissions | 98,010 | ||
| Travel expense (salespersons) | 34,800 | ||
| Delivery expense | 22,840 | ||
| Entertainment expense | 15,090 | ||
| Telephone and Internet expense (sales) | 9,070 | ||
| Depreciation expense (sales equipment) | 4,902 | ||
| Maintenance and repairs expense (sales) | 6,085 | ||
| Miscellaneous selling expenses | 4,920 | ||
| Office supplies used | 3,325 | ||
| Telephone and Internet expense (administration) | 2,748 | ||
| Depreciation expense (office furniture and equipment) | 6,832 | ||
| Property tax expense | 7,602 | ||
| Bad debt expense (selling) | 4,608 | ||
| Maintenance and repairs expense (administration) | 9,270 | ||
| Office expense | 6,040 | ||
| Sales returns and allowances | 58,411 | ||
| Dividends received | 41,560 | ||
| Interest expense | 17,500 | ||
| Income tax expense | 109,130 | ||
| Depreciation understatement due to error—2014 (net of tax) | 18,308 | ||
| Dividends declared on preferred stock | 9,790 | ||
| Dividends declared on common stock | 34,320 | ||
| The Retained Earnings account had a balance of $339,770 at July 1, 2016. | |||
| There are 80,550 shares of common stock outstanding. | |||
| In the space below, prepare the following statements for the year ended June 30, 2017: | |||
| multiple-step income statement, single-step income statement, and statement of retained earnings | |||
In: Accounting
Party Wagon, Inc., provides musical entertainment at weddings, dances, and various other functions. The company performs adjusting entries monthly, but prepares closing entries annually on December 31. The company recently hired Jack Armstrong as its new accountant. Jack’s first assignment was to prepare an income statement, a statement of retained earnings, and a balance sheet using an adjusted trial balance given to him by his predecessor, dated December 31, current year.
From the adjusted trial balance, Jack prepared the following set of financial statements.
| PARTY WAGON, INC. | |||||||
| Income Statement | |||||||
| For the Year Ended December 31, Current Year | |||||||
| Revenue: | |||||||
| Party revenue earned | $ | 156,000 | |||||
| Unearned party revenue | 2,160 | ||||||
| Accounts receivable | 10,800 | ||||||
| Total revenue | $ | 168,960 | |||||
| Expenses: | |||||||
| Insurance expense | $ | 2,160 | |||||
| Office rent expense | 14,400 | ||||||
| Supplies expense | 1,440 | ||||||
| Dividends | 1,200 | ||||||
| Salary expense | 90,000 | ||||||
| Accumulated depreciation: van | 19,200 | ||||||
| Accumulated depreciation: equipment and music | 16,800 | ||||||
| Repair and maintenance expense | 2,400 | ||||||
| Travel expense | 7,200 | ||||||
| Miscellaneous expense | 4,320 | ||||||
| Interest expense | 5,280 | 164,400 | |||||
| Income before income taxes | $ | 4,560 | |||||
| Income taxes payable | 480 | ||||||
| Net income | $ | 4,080 | |||||
| PARTY WAGON, INC. | |||
| Statement of Retained Earnings | |||
| For the Year Ended December 31, Current Year | |||
| Retained earnings (per adjusted trial balance) | $ | 18,000 | |
| Add: Income | 4,080 | ||
| Less: Income taxes expense | 2,400 | ||
| Retained earnings Dec. 31, current year | $ | 19,680 | |
| PARTY WAGON, INC. | |||||||
| Balance Sheet | |||||||
| December 31, Current Year | |||||||
| Assets | |||||||
| Cash | $ | 18,000 | |||||
| Supplies | 600 | ||||||
| Van | $ | 48,000 | |||||
| Less: Depreciation expense: van | 9,600 | 38,400 | |||||
| Equipment and music | $ | 42,000 | |||||
| Less: Depreciation expense: music and equipment | 8,400 | 33,600 | |||||
| Total assets | $ | 90,600 | |||||
| Liabilities & Stockholders' equity | |||||||
| Liabilities: | |||||||
| Accounts payable | $ | 8,400 | |||||
| Notes payable | 46,800 | ||||||
| Salaries payable | 1,920 | ||||||
| Prepaid rent | 2,400 | ||||||
| Unexpired insurance | 5,400 | ||||||
| Total liabilities | $ | 64,920 | |||||
| Stockholders' equity: | |||||||
| Capital stock | 6,000 | ||||||
| Retained earnings | 19,680 | ||||||
| Total stockholders' equity | $ | 25,680 | |||||
| Total liabilities and stockholders' equity | $ | 90,600 | |||||
Required:
a. Prepare a corrected set of financial statements dated December 31, current year. (You may assume that all of the figures in the company’s adjusted trial balance were reported correctly except for Interest Payable of $240, which was mistakenly omitted in the financial statements prepared by Jack.)
b. Prepare the necessary year-end closing entries.
c. Using the financial statements prepared in part a, briefly evaluate the company’s profitability and liquidity. (No transactions affected the capital stock account during the year.)
In: Accounting
Cheyenne Corp. was experiencing cash flow problems and was
unable to pay its $113,000 account payable to Culver Corp. when it
fell due on September 30, 2020. Culver agreed to substitute a
one-year note for the open account. The following two options were
presented to Cheyenne by Culver Corp.:
| Option 1: | A one-year note for $113,000 due September 30, 2021. Interest at a rate of 8% would be payable at maturity. | |
| Option 2: | A one-year non–interest-bearing note for $122,040. The implied rate of interest is 8%. |
Assume that Culver Corp. has a December 31 year end.
A. Assuming Cheyenne Corp. chooses Option 1, prepare the entries required on Culver Corp.’s books on September 30, 2020, December 31, 2020, and September 30, 2021. (Credit account titles are automatically indented when the 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. 5,275. Record journal entries in the order presented in the problem.)
B. Assuming Cheyenne Corp. chooses Option 2,
prepare the entries required on Culver Corp.’s books on September
30, 2020, December 31, 2020, and September 30, 2021.
(Credit account titles are automatically indented when
the 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. 5,275. Record
journal entries in the order presented in the
problem.)
A list of possible accounts is as follows:
| Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation - Equipment Advances to Employees Advertising Expense Allowance for Doubtful Accounts Allowance for Sales Returns and Allowances Bad Debt Expense Bank Charges Expense Cash Cash Over and Short Due from Factor Entertainment Expense Equipment Finance Expense Finance Revenue Freight in Freight out Gain on Disposal of Equipment Gain on Disposal of Land Interest Expense Interest Income Interest Receivable Inventory Land Loss on Disposal of Equipment Loss on Disposal of Land Loss on Disposal of Receivables Loss on Impairment Miscellaneous Expense No Entry Notes Payable Notes Receivable Office Expense Petty Cash Postage Expense Prepaid Expenses Purchase Discounts Recourse Liability Refund Liability Rent Expense Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Servicing Liability Service Revenue Supplies Supplies Expense Unearned Revenue |
In: Accounting
Year production in (000) Year Production in (000)
1996 17 2002 35
1997 20 2003 55
1998 19 2004 50
1999 26 2005 74
2000 24 2006 69
2001 40
Using this data;
In: Statistics and Probability
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places.
Year Nominal GDP, Billions Price Index (2005 = 100) Real GDP, Billions Effect on Nominal GDP
1968 $914.80 22.01 ### ###
1978 2298.80 40.40 ### ###
1988 5105.40 66.98 ### ###
1998 8798.50 85.51 ### ###
2008 14446.40 108.48 ### ###
(Please fill in the (blanks= ###) Thanks)
In: Economics
Question: Evaluate the impact of competition policy and other regulatory mechanisms on the activities of a selected organisation.
Guidlines
Choose any UK based national or international organisation e.g. Tesco, BAA, Primark, and discuss a competition policy (Competition Act 1998) and how it is constrained by competition policies e.g. regarding monopolies, by regulations and by authorities (Competition Commission, Office of Fair Trading; Directorate General for Competition); European Commission); sector regulators e.g. Ofgem, Ofwat, Civil Aviation Authority; Companies Acts; regional policy; industrial policy; training and skills policy
Always give examples to support your answers.
In: Operations Management
For the data below:
|
Year |
Automobile Sales |
Year |
Automobile Sales |
|
1990 |
116 |
1997 |
119 |
|
1991 |
105 |
1998 |
34 |
|
1992 |
29 |
1999 |
34 |
|
1993 |
59 |
2000 |
48 |
|
1994 |
108 |
2001 |
53 |
|
1995 |
94 |
2002 |
65 |
|
1996 |
27 |
2003 |
111 |
(a) Determine the least squares regression line using Excel.
(b) Determine the predicted value for 2004.
(c) Determine the 3 year moving average.
(d) Determine the MSE for the trend line (in a) and the 3 year moving average (in c.) Which forecasting method is better? Explain.
In: Statistics and Probability