The following information was taken from the accounting records of CJTR Company as of December 31, 2020: Accounts Payable .......... ? Accounts Receivable ....... $43,000 Building .................. $68,000 Cash ...................... $17,000 Common Stock .............. $62,000 Cost of Goods Sold ........ $41,000 Dividends ................. ? Equipment ................. $79,000 Interest Revenue .......... $46,000 Inventory ................. $63,000 Land ...................... $82,000 Notes Payable ............. $65,000 Rent Expense .............. $17,000 Retained Earnings ......... ? Salaries Expense .......... $52,000 Salaries Payable .......... $29,000 Sales Revenue ............. $94,000 Supplies .................. $28,000 Trademark ................. $18,000Additional information: 1) At January 1, 2020, CJTR Company reported total assets of $223,000; total liabilities of $121,000; and common stock of $40,000. 2) 20% of CJTR’s 2020 net income was paid to stockholders as dividends. Calculate the balance in the accounts payable account at December 31, 2020.
In: Accounting
Question 5
A pure monopolist's short-run profit-maximizing or loss-minimizing position is such that price
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always exceeds ATC. |
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equals marginal revenue. |
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will always equal ATC. |
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will vertically intersect demand where MR = MC. |
Question 8
In a natural monopoly case, the socially optimal pricing policy rule will often yield a higher price than the fair-return pricing rule.
True
False
Question 10
If a monopolist's marginal revenue is $3.00 and its marginal cost is $4.50, it will increase its profits by
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raising price while keeping output unchanged. |
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reducing output and raising price. |
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reducing both output and price. |
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increasing both price and output. |
Question 4
A monopolist is free to charge whatever price it wishes, to sell a certain level of output.
True
False
In: Economics
On December 1, Macy Company sold merchandise with a selling price of $9,000 on account to Mrs. Jorgensen, with terms 4/10, n/30. On December 3, Mrs. Jorgensen returned merchandise with a selling price of $700. Mrs. Jorgensen paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used?
A) Debit Cash for $7,968 and credit Accounts Receivable for $7,968.
B) Debit Sales Revenue for $7,968, debit Sales Discounts for $332, and credit Accounts Receivable for $8,300.
C) Debit Sales Revenue for $8,300, credit Sales Discount for $332 and credit Cash for $7,968.
D) Debit Cash for $7,968, debit Sales Discounts for $332, and credit Accounts Receivable for $8,300.
In: Accounting
Randall's Service Company began operations on January 1, 2019. The following Trial Balance was prepared on December 31, 2019. Capital contributions during the year were
$56,000.
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Randall's Service Company |
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Trial Balance |
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December 31, 2019 |
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Account Title |
Debit |
Credit |
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Cash |
$25,400 |
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Accounts Receivable |
5,000 |
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Prepaid Rent |
1,200 |
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Office Supplies |
3,400 |
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Land |
45,000 |
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Building |
16,500 |
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Equipment |
23,000 |
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Accounts Payable |
$15,000 |
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Unearned Revenue |
5,000 |
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Notes Payable |
25,000 |
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Common Stock |
56,000 |
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Dividends |
6,500 |
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Service Revenue |
79,100 |
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Salaries Expense |
34,000 |
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Rent Expense |
14,000 |
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Office Expense |
5,000 |
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Repair Expense |
1,100 |
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Total |
180,100 |
$180,100 |
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What is the December 31, 2019 balance of Retained Earnings?
In: Accounting
The balances of select accounts of Elliott, Inc. as of December 31, 2018 are given below: Notes Payablelong dash—shortminus−term $ 1 comma 300$1,300 Salaries Payable 5 comma 0005,000 Notes Payablelong dash—longminus−term 25 comma 00025,000 Accounts Payable 3 comma 0003,000 Unearned Revenue 3 comma 0003,000 Interest Payable 2 comma 3002,300 The Unearned Revenue is the amount of cash received for services to be rendered in January, 2019. The Interest Payable is due on February 15, 2019. What are the total current liabilities shown on the balance sheet at December 31, 2018? A. $ 5 comma 300$5,300 B. $ 14 comma 600$14,600 C. $ 13 comma 300$13,300 D. $ 12 comma 300$12,300
In: Accounting
Allegience Insurance Company’s management is considering an advertising program that would require an initial expenditure of $165,500 and bring in additional sales over the next five years. The projected additional sales revenue in year 1 is $75,000, with associated expenses of $25,000. The additional sales revenue and expenses from the advertising program are projected to increase by 10 percent each year. Allegience’s tax rate is 30 percent. (Hint: The $165,500 advertising cost is an expense.) Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Required: 1. Compute the payback period for the advertising program. 2. Calculate the advertising program’s net present value, assuming an after-tax hurdle rate of 10 percent. (Round your intermediate calculations and final answer to the nearest whole dollar.)
In: Accounting
Allegience Insurance Company’s management is considering an advertising program that would require an initial expenditure of $193,635 and bring in additional sales over the next five years. The projected additional sales revenue in year 1 is $92,000, with associated expenses of $33,500. The additional sales revenue and expenses from the advertising program are projected to increase by 10 percent each year. Allegience’s tax rate is 40 percent. (Hint: The $193,635 advertising cost is an expense.) Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Required: 1.Compute the payback period for the advertising program. 2.Calculate the advertising program’s net present value, assuming an after-tax hurdle rate of 10 percent. (Round your intermediate and final answers to the nearest whole dollar.)
In: Accounting
Allegience Insurance Company’s management is considering an advertising program that would require an initial expenditure of $193,635 and bring in additional sales over the next five years. The projected additional sales revenue in year 1 is $92,000, with associated expenses of $33,500. The additional sales revenue and expenses from the advertising program are projected to increase by 10 percent each year. Allegience’s tax rate is 40 percent. (Hint: The $193,635 advertising cost is an expense.) Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Required: Compute the payback period for the advertising program. Calculate the advertising program’s net present value, assuming an after-tax hurdle rate of 10 percent. (Round your intermediate and final answers to the nearest whole dollar.)
In: Accounting
Chapter 4-The following is the adjusted trial balance for Baker Services.
Accounts | Debit | Credit |
Cash | $31,100 | |
Accounts Receivable | 30,000 | |
Prepaid Insurance | 3,500 | |
Office Supplies | 3,200 | |
Land | 49,000 | |
Building | 150,000 | |
Accumulated Depreciation—Building | $14,500 | |
Equipment | 77,000 | |
Accumulated Depreciation—Equipment | 7,000 | |
Accounts Payable | 25,000 | |
Salaries Payable | 2,000 | |
Unearned Revenue | 26,000 | |
Mortgage Payable | 106,000 | |
Baker, Capital | 24,500 | |
Baker, Withdrawals | 23,000 | |
Service Revenue | 275,000 | |
Salaries Expense | 64,000 | |
Depreciation Expense—Building and Equipment | 5,600 | |
Supplies Expense | 11,000 | |
Insurance Expense | 14,600 | |
Utilities Expense | 18,000 |
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Total | $480,000 | $480,000 |
There were no new capital contributions during the year. After the closing entries are posted, what is the balance in Baker, Capital? Please show your calculations:
In: Accounting
Presented below is the adjusted trial balance of Martinez
Corporation at December 31, 2017.
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Debit |
Credit |
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Cash |
$ ? |
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Supplies |
1,350 |
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Prepaid Insurance |
1,150 |
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Equipment |
48,150 |
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Accumulated Depreciation-Equipment |
$ 4,150 |
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Trademarks |
1,100 |
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Accounts Payable |
10,150 |
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Salaries and Wages Payable |
650 |
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Unearned Service Revenue |
2,150 |
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Bonds Payable (due 2024) |
9,150 |
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Common Stock |
10,150 |
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Retained Earnings |
25,150 |
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Service Revenue |
10,150 |
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Salaries and Wages Expense |
9,150 |
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Insurance Expense |
1,550 |
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Rent Expense |
1,350 |
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Interest Expense |
1,050 | ||
| Total | $ ? | $ ? |
Additional information:
| 1. | Net loss for the year was $2,950. | |
| 2. | No dividends were declared during 2017. |
Prepare a classified balance sheet as of December 31, 2017.
(List Current Assets in order of
liquidity.)
In: Accounting