Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March.

  
Required:
1. Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690).
2. Post the journal entries from part 1 to the ledger accounts.
3. Prepare a trial balance as of the end of March

^{I did some already not sure if they are right}

Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company’s unadjusted trial balance as of December 31, 2018.

The following information in a through h applies to the company at the end of the current year.

a. The bank reconciliation as of December 31, 2018, includes the following facts.

Reported on the bank statement is a canceled check that the company failed to record. (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.)

b. An examination of customers’ accounts shows that accounts totaling $679 should be written off as uncollectible. Using an aging of receivables, the company determines that the ending balance of the Allowance for Doubtful Accounts should be $700.

c. A truck is purchased and placed in service on January 1, 2018. Its cost is being depreciated with the straight-line method using the following facts and estimates.

d. Two items of equipment (a sprayer and an injector) were purchased and put into service in early January 2016. They are being depreciated with the straight-line method using these facts and estimates.

e. On August 1, 2018, the company is paid $3,840 cash in advance to provide monthly service for an apartment complex for one year. The company began providing the services in August. When the cash was received, the full amount was credited to the Extermination Services Revenue account.

f. The company offers a warranty for the services it sells. The expected cost of providing warranty service is 2.5% of the extermination services revenue of $42,760 for 2018. No warranty expense has been recorded for 2018. All costs of servicing warranties in 2018 were properly debited to the Estimated Warranty Liability account.

g. The $15,000 long-term note is an 8%, five-year, interest-bearing note with interest payable annually on December 31. The note was signed with First National Bank on December 31, 2018.

h. The ending inventory of merchandise is counted and determined to have a cost of $11,700. Bug-Off uses a perpetual inventory system.

(Need answers for the following)

4-a. Prepare a single-step income statement for year 2018.

4-b. Prepare a statement of retained earnings (cash dividends during 2018 were $10,000) for year 2018.

4-c. Prepare a classified balance sheet as at 2018

Given a file of size 274 Mbits, a server holding the file with upload capacity 8 Mbps, 3 users wanting the file with upload capacities of 3, 3, and 4, and download capacities of 20, 27, and 17 (all in Mbps).

What is the minimum file distribution time (in sec) under peer-to-peer architecture? (answer to the 1st decimal places)

How much time do you spend talking on your phone per day? Initial post by Wednesday at 11:59 PM: Guess the number of minutes you think you spend talking on the phone each day. This is your null hypothesis. Posting from Thursday to Sunday, 11:59 PM: Secure the data from your phone for the past month and conduct a one sample hypothesis test of the mean length of your phone calls per day. Be sure to show all your work by using excel and include your data set. Please check out the video if you need help on using excel to find the mean and sample standard deviation. Video on using excel Use a significance level of 0.05. You will have 30 data values showing the total of minutes you spend per day. (The easiest way to secure this data is to look at your "Recent" calls on your phone and list the total number of minutes that you have spent on the phone each day in the last 30 days. This will be the data that you will use.)

My guess is 60 mins per day, below is the data to utilize........

A fire recently destroyed a substantial portion of Culver Company’s production capacity. It will be many months before capacity can be restored. During this period, demand for the firm’s products will exceed the company’s ability to produce them. Per-unit data on the firm’s three major products is summarized as follows:

Fixed costs have been allocated to the products on the basis of the labour hours required to produce each product. The major capacity constraint is the availability of time on a processing machine. Each unit of Product A and Product C requires 2 hours of processing on the machine, whereas Product B requires 3 hours.

a) Assume that the firm has enough capacity to meet the demand of the two products you identified in previous part. If estimated demand for the next product to be produced exceeds capacity by 950 units, what is the maximum amount the firm would be willing to pay to increase capacity?

b) Management adopted your plan from first part. Shortly thereafter, a strategically important customer requested that the firm supply 500 units of Product D, which has been discontinued but could be produced again if needed. Management wants to meet the customer’s request to maintain goodwill but wants to know the cost before making the decision. In the past, Product D sold for $43, incurred $22 in variable costs, was allocated $4 of fixed costs, and required 1.5 hours of processing on the machine. What is the opportunity cost of accepting the order?

Net Present Value Method—Annuity

Briggs Excavation Company is planning an investment of $1,077,200 for a bulldozer. The bulldozer is expected to operate for 3,000 hours per year for 10 years. Customers will be charged $150 per hour for bulldozer work. The bulldozer operator costs $29 per hour in wages and benefits. The bulldozer is expected to require annual maintenance costing $30,000. The bulldozer uses fuel that is expected to cost $38 per hour of bulldozer operation.

a. Determine the equal annual net cash flows from operating the bulldozer. Use a minus sign to indicate cash outflows.

Feedback

b. Determine the net present value of the investment, assuming that the desired rate of return is 15%. Use the present value of an annuity of $1 table above. Round to the nearest dollar. If required, use the minus sign to indicate a negative net present value.

C. Determine the number of operating hours such that the present value of cash flows equals the amount to be invested. Round interim calculations and final answer to the nearest whole number.
hours

Three different companies each purchased trucks on January 1, 2018, for $50,000. Each truck was expected to last four years or 200,000 miles. Salvage value was estimated to be $5,000. All three trucks were driven 66,000 miles in 2018, 42,000 miles in 2019, 40,000 miles in 2020, and 60,000 miles in 2021. Each of the three companies earned $40,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation.

Answer each of the following questions. Ignore the effects of income taxes.

b-1. Calculate the net income for 2021?

Company A:

Company B:

Company C:

c-1. Calculate the book value on the December 31, 2020, balance sheet? (Round "Per Unit Cost" to 3 decimal places.)

Company A:

Company B:

Company C:

d-1 Calculate the retained earnings on the December 31, 2021, balance sheet?

Company A:

Company B:

Company C:

Cost of Trade Credit

Grunewald Industries sells on terms of 3/10, net 30. Gross sales last year were $4,964,000 and accounts receivable averaged $476,000. Half of Grunewald's customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald's nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.) Do not round intermediate calculations. Round your answers to two decimal places.

Nominal cost of trade credit: _____ %

Effective cost of trade credit: _____ %

Cost-Volume Profit Analysis

Guiseppe is operating a restaurant. Fixed costs are 45,000 $. Average cost of food and other variable costs are 3.20 $. The average bill is 8$. The income tax rate is 30 %, the net target profit is 105,000 $ (i.e. after income tax).

a) How many customers are needed to earn a net target profit of 105,000 $ and to break even? (6 points)

b) Calculate the net target profit if you have 15,000 customers! (3 points) c) What is the normal-markup percentage for an average bill given 15,000

customers?
d) Calculate the operating leverage for 15,000 customers.

Edit question

Grunewald Industries sells on terms of 3/10, net 30. Gross sales last year were $4,672,000 and accounts receivable averaged $320,000. Half of Grunewald's customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald's nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.) Do not round intermediate calculations. Round your answers to two decimal places.

Nominal cost of trade credit:   %

Effective cost of trade credit:   %