The following balances were included in the Adjusting Trial Balance of Q-Mart, Inc. at September 31, 2018
Note: not all balances from the adjusting trial balance were given:
| Sales | $5,375,000 |
| Depreciation Expense (admin) | 91,300 |
| Sales Discounts | 15,000 |
| Cost of Goods Sold | 3,589,000 |
| Property Tax Expense (admin) | 17,000 |
| Sales Salaries Expense | 57,000 |
| Bad Debt Expense (selling) | 18,500 |
| Sales Bonus Expense | 17,500 |
| Building expense (admin) | 225,000 |
| Travel expense | 28,500 |
| Freight-out (shipping) | 37,000 |
| Miscellaneous Expenses (admin) | 15,000 |
| Entertainment expense (customers) | 6,000 |
| Sales Returns | 55,000 |
| Telephone and Internet expense (selling) | 15,000 |
| Dividend Revenue | 29,000 |
| Depreciation Expense (selling) | 6,000 |
| Bond Interest expense | 39,000 |
| Building expense (selling) | 16,000 |
| Income taxes Expense | 350,000 |
| Miscellaneous expense (selling) | 4,700 |
| Depreciation understated due to error in 2015 (net of tax) | 73,000 |
| Office Supplies Expense - admin | 5,100 |
| telephone and internet expense | 3,500 |
| rent expense (admin) | 75,000 |
| rent expense (admin) | 35,000 |
| dividends declared on preferred stock | 275,000 |
| dividends declared on common stock | 158,000 |
The retained earnings account had a balance of $229,000 at October 1, 2017 (at the start of the fiscal year)
There were 50,000 shares of common stock outstanding for the entire year.
Instructions
Create:
1. a multiple-step income statement for the year ending September
31, 2018
2. A retained earning statement for the year ending September 31,
2018
In: Accounting
Jordana is self employed in the T shirt distribution business, the following is Jordana’s income statement, for the calendar year ending December 31.
| Statement of Income | ||
| For the Year ended Dec 31 | ||
| Gross Revenue | 60,000 | |
| Cost of Goods sold | (10,000) | |
| Gross Profit | 50,000 | |
| Expenses: | ||
| Accounting and Legal | 2,000 | |
| Advertising | 800 | |
| Golf Dues | 3,000 | |
| Reasonable estimated bad debt expense | 2,000 | |
| Business, taxes, and licenses | 1,000 | |
| Amortization Expense | 8,000 | |
| Cycle Safety Program | 1,200 | |
| Interest | 7,800 | |
| Meals & Entertainment | 4,000 | |
| Rent and Lease | 2,200 | |
| Office Rent | 1,000 | |
| Salaries and Wages – Staff | 6,000 | (39,000) |
| 11,000 | ||
Notes
a) Legal fees include $500 of accrued fees for a pending lawsuit against Jordana for the sale of distasteful T shirts
b) Accounting fees include the purchase of $1,200 computerized cash register.
c) Interest expense includes $3,000 paid to the CRA for late installment interest
d) The Cycle Safety Program cost was for Jordana, who is an active environmentalist and rides her bicycle to work every day
e) Included in the cost of goods sold is $3,200 incurred for the purchase of shelving and lighting.
f) Due to the nature of transaction, the sale of Disney rights were not included in the financial statements. Jordana actively trades rights for T shirt logos. Net proceeds from the sale of the Disney rights were $15,000, and the cost of the logo rights was $6,800.
Required:
Jordana has asked you to calculate her income from a business for tax purposes, before CCA, for the calendar year ending Dec 31.
In: Accounting
Intel made Intel inside marketing and branding campaign in order to distinguish itself from competitors and build brand awareness in customer minds. They chose Pentium name that could be trademark for its latest microprocessor. This marketing campaign included Intel logo in their PC and sticker on outside of laptops and their PC by giving rebates to computer manufacturer. It aided to move the Intel brand name from outside the PC and into the consumer minds in the marketplace. After that Intel used special advertisements for their products. Such as: Bunny People. Commodity product into one of famous brands was built in history through their innovative marketing campaign.
Intel promoted new product’s development and searched new opportunities to extend its growth and market. It launched new platform Unwired which is integration of new microprocessor, classmate PC for children, home entertainment, Atom processor for mobile internet devices, netbooks and Intel Core i7 which is useful for advanced computer activities video and 3d gaming. It brought big revenue for company. When they replace the logo from familiar Intel Inside to Leap Ahead, They lost some old value. But new slogan reflected their ambition to lead market and new Intel direction which meet the needs of customer.
Do you agree with the posted above? why?
In: Operations Management
Below the Adjusted Trial Balance for Torr's Towing Services is
given.
Using the Adjusted Trial Balance prepare the closing entries at
June 30, 2019 (on a piece of paper) and select the correct answer
to the questions asked about the closing entries.
| TORR'S TOWING SERVICES | ||||||||
| WORKSHEET | ||||||||
| FOR THE YEAR ENDED JUNE 30, 2019 | ||||||||
| ADJUSTED TRIAL BALANCE | ||||||||
| ACCOUNT TITLES | DEBIT ($) | CREDIT ($) | ||||||
| Cash | 56,820.00 | |||||||
| Accounts Receivable | 28,200.00 | |||||||
| Towing Supplies | 9,000.00 | |||||||
| Notes Receivable | 2,500.00 | |||||||
| Land | 180,000.00 | |||||||
| Vehicles | 66,000.00 | |||||||
| Accumulated depreciation - | ||||||||
| Vehicles | 60,000.00 | |||||||
| Accounts Payable | 31,100.00 | |||||||
| Unearned Revenue | 1,400.00 | |||||||
| Notes Payable | 20,000.00 | |||||||
| Capital - Torr Tait | 205,500.00 | |||||||
| Withdrawals - Torr Tait | 3,000.00 | |||||||
| Towing Service Revenue | 143,500.00 | |||||||
| Rent Revenue | 28,000.00 | |||||||
| Advertising Expense | 3,500.00 | |||||||
| Insurance Expense | 1,200.00 | |||||||
| Internet Expense | 1,160.00 | |||||||
| Meals and Entertainment Expense | 2,500.00 | |||||||
| Telephone Expense | 1,120.00 | |||||||
| Utilities Expense | 10,800.00 | |||||||
| Wage Expense | 121,750.00 | |||||||
| Depreciation - Vehicles | 7,200.00 | |||||||
| Interest Expense | 400.00 | |||||||
| Supplies Expense | 9,000.00 | |||||||
| Interest Payable | 400.00 | |||||||
| Wages Payable | 14,250.00 | |||||||
| 504,150.00 | 504,150.00 | |||||||
|
What is the journal entry to close out the Withdrawal's account? |
Answer 1Choose...$12,870 Credit$171,500 Credit$12,870 DebitTemporary Account$171,500 Debit$158,630 Debit$143,500 Credit$172,900 CreditRevenue AccountDr. Withdrawals $3,000 Cr. Capital $3,000No entry required$151,430 DebitPermanent AccountDr. Capital $3,000 Cr. Withdrawals $3,000 |
|
What is the total amount posted to the Income Summary account to close out the revenue account(s)? |
Answer 2Choose...$12,870 Credit$171,500 Credit$12,870 DebitTemporary Account$171,500 Debit$158,630 Debit$143,500 Credit$172,900 CreditRevenue AccountDr. Withdrawals $3,000 Cr. Capital $3,000No entry required$151,430 DebitPermanent AccountDr. Capital $3,000 Cr. Withdrawals $3,000 |
|
What is the total amount posted to the Owners' Capital account to close out the Income Summary account? |
Answer 3Choose...$12,870 Credit$171,500 Credit$12,870 DebitTemporary Account$171,500 Debit$158,630 Debit$143,500 Credit$172,900 CreditRevenue AccountDr. Withdrawals $3,000 Cr. Capital $3,000No entry required$151,430 DebitPermanent AccountDr. Capital $3,000 Cr. Withdrawals $3,000 |
|
What type of account is the Income Summary account? |
Answer 4Choose...$12,870 Credit$171,500 Credit$12,870 DebitTemporary Account$171,500 Debit$158,630 Debit$143,500 Credit$172,900 CreditRevenue AccountDr. Withdrawals $3,000 Cr. Capital $3,000No entry required$151,430 DebitPermanent AccountDr. Capital $3,000 Cr. Withdrawals $3,000 |
|
What is the total amount posted to the Income Summary account to close out the expense accounts? |
Answer 5Choose...$12,870 Credit$171,500 Credit$12,870 DebitTemporary Account$171,500 Debit$158,630 Debit$143,500 Credit$172,900 CreditRevenue AccountDr. Withdrawals $3,000 Cr. Capital $3,000No entry required$151,430 DebitPermanent AccountDr. Capital $3,000 Cr. Withdrawals $3,000 |
In: Accounting
The following data represent the amount of money and invenstor has in an investment account each year for 10 years.
a. Let x=number of years since 1994 and find an exponential regression model of the form y=ab* for this data set, where y is the amount in the account x years since 1994.
_________________________
b. If the investor plans on retiring in 2021, what will be the predicted value of this accoutn at that time?
________________________________
c. When will the account be worth $50,000?
d. Make a graph of the scatterplot and exponential model below.
Year value of account
1994 $10,000
1995 $10,573
1996 $ 11,260
1997 $11,733
1998 $12,424
1999 $13,269
2000 $13,698
2001 $14,823
2002 $15,297
2003 $16,539
In: Advanced Math
Provide an example of transaction that follows five-step revenue recognition principle. Please identify each revenue recognition steps.
In: Accounting
| Year | Revenue | (Entry) # of Companies | Employees | Revenue/Employees |
| (Profitability = Y) | ||||
| 2000 | $24,996,750,000 | 39 | 291,227 | 85,832.53 |
| 2001 | $44,745,760,000 | 63 | 446,831 | 100,140.23 |
| 2002 | $65,444,950,000 | 87 | 387,526 | 168,878.86 |
| 2003 | $39,937,040,000 | 85 | 406,374 | 98,276.56 |
| 2004 | $76,985,390,000 | 102 | 442,473 | 173,988.90 |
| 2005 | $41,571,010,000 | 98 | 391,641 | 106,145.70 |
| 2006 | $59,540,940,000 | 104 | 477,869 | 124,596.78 |
| 2007 | $107,513,070,000 | 127 | 611,950 | 175,689.30 |
| 2008 | $118,890,930,000 | 145 | 719,897 | 165,149.92 |
| 2009 | $155,165,540,000 | 160 | 856,854 | 181,087.49 |
| 2010 | $213,437,520,000 | 144 | 916,889 | 232,784.47 |
| 2011 | $159,266,760,000 | 122 | 773,126 | 206,003.63 |
| 2012 | $94,751,110,000 | 54 | 499,211 | 189,801.73 |
| 2013 | $85,184,260,000 | 35 | 498,395 | 170,917.16 |
| 2014 | $113,949,560,000 | 49 | 573,167 | 198,806.91 |
| 2015 | $127,059,310,000 | 65 | 781,837 | 162,513.81 |
| 2016 | $130,005,490,000 | 81 | 813,389 | 159,831.88 |
| 2017 | $129,021,400,000 | 59 | 647,861 | 199,149.82 |
| 2018 | $145,397,350,000 | 59 | 748,140 | 194,345.11 |
Do new entrants and employees affect the Healthcare industry for the years 2000-2018?
Dependent variable - industry's revenue
Independent variable - the number of new entrants and employees + omitted variables
Using the above table create:
- Hypothesis testing
- P-value
- T-test
- Level of significance
- Scatter Plot
- Regression analysis
In: Economics
Explain the relationship between Marketing efforts and actual Revenue dollars? How does Marketing efforts drive Revenue?
In: Operations Management
1A)
Exhibit 8-1 Quantity and total revenue data for a
firm
|
Quantity |
Total Revenue |
|
0 |
$ 0 |
|
1 |
62 |
|
2 |
124 |
|
3 |
186 |
Exhibit 8-1 indicates that this firm is operating in which type of market structure?
| a. |
Nonhomogeneous. |
|
| b. |
Perfect competition. |
|
| c. |
Price-maker. |
|
| d. |
Unprofitable. |
1B)
Suppose a company increases production from a point where marginal cost equals average total cost to a point where marginal revenue and marginal cost are equal. Is it a good idea for the company to do this? Why?
| a. |
No, because the marginal cost of producing the last unit is the same as the marginal revenue. |
|
| b. |
Yes, because average variable costs are always less than average total costs. |
|
| c. |
No, the previous level of output was the most efficient because it had the lowest average total cost. |
|
| d. |
Yes, even though the previous level of output had minimized the average total cost, there was still profit to be earned by producing additional units. |
|
| e. |
No, average total costs have increased which means the company is not minimizing losses. |
In: Economics
1:
Marginal revenue product equals
| a. |
marginal revenue multiplied by marginal product |
|
| b. |
marginal product multiplied by total revenue |
|
| c. |
total revenue multiplied by total product |
|
| d. |
marginal revenue multiplied by total product |
2:
The long-run is a period of time
| a. |
during which at least one input is variable |
|
| b. |
during which at least one input is fixed |
|
| c. |
sufficient to vary all inputs in the production process |
|
| d. |
greater than one year |
3:
Marginal cost equals
| a. |
average variable cost at its maximum point |
|
| b. |
the change in total fixed cost divided by the change in quantity |
|
| c. |
the change in total variable cost divided by the change in quantity |
|
| d. |
total cost divided by quantity |
4:
The unique characteristic of a firm in perfectly competitive market equilibrium is
| a. |
MR continues to decrease |
|
| b. |
P > AC |
|
| c. |
P > MR |
|
| d. |
P = MC |
5:
The distinction between a firm and an industry does not exist in
| a. |
imperfectly ccompetitive markets |
|
| b. |
Oligopoly |
|
| c. |
monopoly |
|
| d. |
perfect competition |
6:
In a perfectly competitive market
| a. |
sellers and buyers have perfect information |
|
| b. |
entry and exit are difficult |
|
| c. |
sellers produce similar, but not identical products |
|
| d. |
each seller can affect the market price by changing output |
In: Economics