Questions
Wildhorse Co. is trying to determine the value of its ending inventory as of February 28,...

Wildhorse Co. is trying to determine the value of its ending inventory as of February 28, 2022, the company’s year-end. The accountant counted everything that was in the warehouse as of February 28, which resulted in an ending inventory valuation of $53,500. However, she didn’t know how to treat the following transactions so she didn’t record them.


For each of the transactions below, specify whether the item in question should be included in ending inventory, and if so, at what amount. (If item is not included in the ending inventory, then enter 0 for the amounts.)

(a)

On February 26, Wildhorse shipped to a customer goods costing $830. The goods were shipped FOB shipping point, and the receiving report indicates that the customer received the goods on March 2.

select an option                                                          IncludedNot Included

$enter a dollar amount

(b)

On February 26, Martine Inc. shipped goods to Wildhorse FOB destination. The invoice price was $435 plus $15 for freight. The receiving report indicates that the goods were received by Wildhorse on March 2.

select an option                                                          IncludedNot Included

$enter a dollar amount

(c)

Wildhorse had $450 of inventory at a customer’s warehouse “on approval.” The customer was going to let Wildhorse know whether it wanted the merchandise by the end of the week, March 4.

select an option                                                          IncludedNot Included

$enter a dollar amount

(d)

Wildhorse also had $350 of inventory at a Belle craft shop, on consignment from Wildhorse.

select an option                                                          IncludedNot Included

$enter a dollar amount

(e)

On February 26, Wildhorse ordered goods costing $830. The goods were shipped FOB shipping point on February 27. Wildhorsereceived the goods on March 1.

select an option                                                          IncludedNot Included

$enter a dollar amount

(f)

On February 28, Wildhorse packaged goods and had them ready for shipping to a customer FOB destination. The invoice price was $425 plus $30 for freight; the cost of the items was $350. The receiving report indicates that the goods were received by the customer on March 2.

select an option                                                          IncludedNot Included

$enter a dollar amount

(g)

Wildhorse had damaged goods set aside in the warehouse because they are no longer saleable. These goods originally cost $520 and, originally, Wildhorse expected to sell these items for $660.

select an option                                                          IncludedNot Included

$enter a dollar amount

In: Accounting

Platinum (Pt) is used in part of your car's catalytic converter to reduce carbon monoxide emissions...

Platinum (Pt) is used in part of your car's catalytic converter to reduce carbon monoxide emissions by the following chemical reaction: 2CO(g) + O2(g) Pt 2CO2(g) ---> 1) A matrix contains 7.1mg Pt/g of matrix. What is the %Pt in the matrix by mass? 2) Using this platinum catalyst, you want to create a catalytic system for an automobile so it can handle the following requirements: A) When accelerating, the automobile engine produces 148 L/s of exhaust gases. CO is present at about 2 mg CO per 1 L exhaust before passing through your catalyst matrix. You want the catalytic converter to convert all of the CO(g) to CO2(g) before passing it through the rest of the exhaust system. How many grams of CO will pass through your catalytic matrix per minute? B) When operating properly, each gram of Pt can react 2.6 g of CO each minute. How many g of Pt catalyst will you need? How many g of matrix will be necessary to contain this amount of Pt? C) The matrix has a high surface area (240 m2/g matrix) to allow exhaust gases to contact as much Pt as possible. How much surface area will this much catalyst matrix have? D) The catalyst matrix has a density of 0.81 g/mL. What volume of catalytic matrix is needed to reduce CO emissions? E) What if you were designing an engine for a SUV that produced 266 L/s of exhaust with a CO content of 3.4 mg CO per 1L of exhaust? What volume of catalytic matrix would you need to reduce the CO emission in this automobile?

In: Chemistry

Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the years,...

Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton has gained a local reputation for knowledge of music from classical to rap and the ability to put together sets of recordings that appeal to all ages.

During the last several months, Peyton served as a guest disc jockey on a local radio station. In addition, Peyton has entertained at several friends’ parties as the host deejay.

On June 1, 2016, Peyton established a corporation known as PS Music. Using an extensive collection of music MP3 files, Peyton will serve as a disc jockey on a fee basis for weddings, college parties, and other events. During June, Peyton entered into the following transactions:

Jun. 1 Deposited $4,000 in a checking account in the name of PS Music in exchange for common stock.
2 Received $3,500 from a local radio station for serving as the guest disc jockey for June.
2 Agreed to share office space with a local real estate agency, Pinnacle Realty. PS Music will pay one-fourth of the rent. In addition, PS Music agreed to pay a portion of the wages of the receptionist and to pay one-fourth of the utilities. Paid $800 for the rent of the office.
4 Purchased supplies from City Office Supply Co. for $350. Agreed to pay $100 within 10 days and the remainder by July 5, 2016.
6 Paid $500 to a local radio station to advertise the services of PS Music twice daily for two weeks.
8 Paid $675 to a local electronics store for renting digital recording equipment.
12 Paid $350 (music expense) to Cool Music for the use of its current music demos to make various music sets.
13 Paid City Office Supply Co. $100 on account.
16 Received $300 from a dentist for providing two music sets for the dentist to play for her patients.
22 Served as disc jockey for a wedding party. The father of the bride agreed to pay $1,000 in July.
25 Received $500 for serving as the disc jockey for a cancer charity ball hosted by the local hospital.
29 Paid $240 (music expense) to Galaxy Music for the use of its library of music demos.
30 Received $900 for serving as PS disc jockey for a local club’s monthly dance.
30 Paid Pinnacle Realty $400 for PS Music’s share of the receptionist’s wages for June.
30 Paid Pinnacle Realty $300 for PS Music’s share of the utilities for June.
30 Determined that the cost of supplies on hand is $170. Therefore, the cost of supplies used during the month was $180.
30 Paid for miscellaneous expenses, $415.
30 Paid $1,000 royalties (music expense) to National Music Clearing for use of various artists’ music during the month.
30

Paid dividends, $500.

Required: 1. Indicate the effect on each transaction

2. Prepare an income statement for PS Music for the month ended June 30, 2016.*

3. Prepare a retained earnings statement for PS Music for the month ended June 30, 2016.*

4. Prepare a balance sheet for PS Music as of June 30, 2016.*

* For guidance in completing the financial statements, be sure to read the instructions above each statement carefully.

In: Accounting

For the past several years, Jeff Horton has operated a part-time consulting business from his home....

For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2019, Jeff decided to move to rented quarters and to operate the business, which was to be known as Rosebud Consulting, on a full-time basis. Rosebud Consulting entered into the following transactions during April:

Apr. 1 The following assets were received from Jeff Horton: cash, $20,000; accounts receivable, $14,700; supplies, $3,300; and office equipment, $12,000. There were no liabilities received.
1 Paid three months’ rent on a lease rental contract, $6,000.
2 Paid the premiums on property and casualty insurance policies, $4,200.
4 Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $9,400.
5 Purchased additional office equipment on account from Smith Office Supply Co., $8,000.
6 Received cash from clients on account, $11,700.
10 Paid cash for a newspaper advertisement, $350.
12 Paid Smith Office Supply Co. for part of the debt incurred on April 5, $6,400.
12 Recorded services provided on account for the period April 1–12, $21,900.
14 Paid receptionist for two weeks’ salary, $1,650.

Record the following transactions on Page 2 of the journal:

Apr. 17 Recorded cash from cash clients for fees earned during the period April 1–17, $6,600.
18 Paid cash for supplies, $725.
20 Recorded services provided on account for the period April 13–20, $16,800.
24 Recorded cash from cash clients for fees earned for the period April 17–24, $4,450.
26 Received cash from clients on account, $26,500.
27 Paid receptionist for two weeks’ salary, $1,650.
29 Paid telephone bill for April, $540.
30 Paid electricity bill for April, $760.
30 Recorded cash from cash clients for fees earned for the period April 25–30, $5,160.
30 Recorded services provided on account for the remainder of April, $2,590.
30 Jeff withdrew $18,000 for personal use.

At the end of April, the adjustment data were assembled. Analyze and use these data to complete requirements (5)

Insurance expired during April is $350.
Supplies on hand on April 30 are $1,225.
Depreciation of office equipment for April is $400.
Accrued receptionist salary on April 30 is $275.
Rent expired during April is $2,000.
Unearned fees on April 30 are $2,350.

INSTRUCTIONS:
1. Journalize each transaction

2. Post to T-accounts/ four column accounts

3. Journalize and post the adjusting entries

4. Prepare an adjusted trial balance

Accounts in the Chart of Accounts for Rosebud Consulting Company: Cash, Accounts Receivable, Supplies, Prepaid Rent, Prepaid Insurance, Office Equipment, Accumulated Depreciation-Office Equipment, Accounts Payable, Salaries Payable, Service Revenue, Jeff Horton Capital, Jeff Horton Drawing, Unearned Revenue, Salary Expense, Supplies Expense, Rent Expense, Depreciation Expense, Insurance Expense, Advertising Expense, Utilities Expense, Telephone Expense

In: Accounting

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