On August 1, 2017, the following were the account balances of B&B Repair Services.
| Debit | Credit | |||||
| Cash |
$ 6,040 |
Accumulated Depreciation—Equipment |
$ 600 |
|||
| Accounts Receivable |
2,910 |
Accounts Payable |
2,300 |
|||
| Notes Receivable |
4,000 |
Unearned Service Revenue |
1,260 |
|||
| Supplies |
1,030 |
Salaries and Wages Payable |
1,420 |
|||
| Equipment |
10,000 |
Common Stock |
12,000 |
|||
|
|
Retained Earnings | 6,400 | ||||
| $23,980 | $23,980 |
During August, the following summary transactions were completed.
| Aug. |
1 |
Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. | ||
|
3 |
Paid August rent $380. | |||
|
5 |
Received $1,200 cash from customers in payment of account. | |||
|
10 |
Paid $3,120 for salaries due employees, of which $1,700 is for August and $1,420 is for July salaries payable. | |||
|
12 |
Received $2,800 cash for services performed in August. | |||
|
15 |
Purchased store equipment on account $2,000. | |||
|
20 |
Paid creditors $2,000 of accounts payable due. | |||
|
22 |
Purchased supplies on account $800. | |||
|
25 |
Paid $2,900 cash for employees' salaries. | |||
|
27 |
Billed customers $3,760 for services performed. | |||
|
29 |
Received $780 from customers for services to be performed in the future. |
Adjustment data:
Instructions
(a) Enter the August 1 balances in the ledger accounts. (Use T-accounts.)
(b) Journalize the August transactions.
(c) Post to the ledger accounts. B&B's chart of accounts includes Prepaid Advertising, Interest Receivable, Service Revenue, Interest Revenue, Advertising Expense, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense.
(d) Prepare a trial balance at August 31.
(e) Journalize and post adjusting entries.
(f) Prepare an adjusted trial balance.
(h) Journalize and post closing entries and complete the closing process.(g) Prepare an income statement and a retained earnings statement for August and a classified balance sheet at August 31.
(i) Prepare a post-closing trial balance at August 31.
In: Accounting
Suppose that between the ages of 22 and
36,
you contribute
$9000
per year to a 401(k) and your employer contributes
$4500
per year on your behalf. The interest rate is
7.9%
compounded annually. What is the value of the 401(k) after
14
years? b. Suppose that after
14
years of working for this firm, you move on to a new job. However, you keep your accumulated retirement funds in the 401(k). How much money will you have in the plan when you reach age 65? c. What is the difference between the amount of money you will have accumulated in the 401(k) and the amount you contributed to the plan?
a. The value of the 401(k) after
14
years is
$nothing.
(Do not round until the final answer. Then round to the nearest dollar as needed.)
b. The money accumulated in the plan when reaching age 65 is
$nothing.
(Do not round until the final answer. Then round to the nearest dollar as needed.)
c. The difference between the amount of money you will have accumulated in the 401(k) and the amount you contributed to the plan is
$nothing.
(Do not round until the final answer. Then round to the nearest dollar as needed.)
In: Finance
How did the Heian form of government contribute to the flowering of Japan between 794 and 1185? How did medieval rulers in Europe restore order and centralize political power? NO
PLAGIARISM PLEASE MINIMUM 300 WORDS
In: Psychology
In a comparison of the effectiveness of distance learning
with traditional classroom instruction, 12 students
took a business administration course online, while
14 students took it in a classroom. The final
scores were as follows.
Online 64 66 74 69 75 72 77 83 77
91 85 88
Classroom 80 77 74 64 71 80 68 85 83
59 55 75 81 81
Can you conclude that the mean score differs between
the two types of course
In: Statistics and Probability
Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies.
| Company | Cars (1,000s) |
Revenue ($ millions) |
|---|---|---|
| Company A | 11.5 | 120 |
| Company B | 10.0 | 133 |
| Company C | 9.0 | 100 |
| Company D | 5.5 | 39 |
| Company E | 4.2 | 38 |
| Company F | 3.3 | 32 |
(a)Develop a scatter diagram with the number of cars in service as the independent variable.
(b)What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? (Pick one of the options below)
There appears to be a negative linear relationship between cars in service (1,000s) and annual revenue ($ millions).
There appears to be no noticeable relationship between cars in service (1,000s) and annual revenue ($ millions).
There appears to be a positive linear relationship between cars in service (1,000s) and annual revenue ($ millions).
(c) Use the least squares method to develop the estimated regression equation that can be used to predict annual revenue (in $ millions) given the number of cars in service (in 1,000s). (Round your numerical values to three decimal places.)
ŷ = ____
(d)For every additional car placed in service, estimate how much annual revenue will change (in dollars). (Round your answer to the nearest integer.)
Annual revenue will increase by $ ___, for every additional car placed in service.
(e)A particular rental company has 6,000 cars in service. Use the estimated regression equation developed in part (c) to predict annual revenue (in $ millions) for this company. (Round your answer to the nearest integer.)
$___ million
In: Statistics and Probability
Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies.
| Company | Cars (1,000s) |
Revenue ($ millions) |
|---|---|---|
| Company A | 11.5 | 118 |
| Company B | 10.0 | 137 |
| Company C | 9.0 | 100 |
| Company D | 5.5 | 35 |
| Company E | 4.2 | 40 |
| Company F | 3.3 | 32 |
(1)Develop a scatter diagram with the number of cars in service as the independent variable.
(2)What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?
a.There appears to be a positive linear relationship between cars in service (1,000s) and annual revenue ($ millions).
b.There appears to be no noticeable relationship between cars in service (1,000s) and annual revenue ($ millions).
c.There appears to be a negative linear relationship between cars in service (1,000s) and annual revenue ($ millions).
(3)Use the least squares method to develop the estimated regression equation that can be used to predict annual revenue (in $ millions) given the number of cars in service (in 1,000s). (Round your numerical values to three decimal places.)
ŷ = ___
(4)For every additional car placed in service, estimate how much annual revenue will change (in dollars). (Round your answer to the nearest integer.)
Annual revenue will increase by $___, for every additional car placed in service.
(5)A particular rental company has 6,000 cars in service. Use the estimated regression equation developed in part (3) to predict annual revenue (in $ millions) for this company. (Round your answer to the nearest integer.)
$ ___ million
In: Statistics and Probability
1. & 2. The following data are taken from
the unadjusted trial balance of the Westcott Company at December
31, 2017. Complete the work sheet following adjustment. (Enter
their balances in the correct Debit or Credit column.)
Use the following adjustment information to complete the work
sheet.
|
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-really struggling with this chart. I have a few filled out, but I am stuck, please help! thank you
In: Accounting
1. Future costs associated with a restructuring can only be recognized if they:
Select one:
a. will lead to a legal obligation in the future.
b. will lead to a constructive obligation in the future.
2. A construction company has contracted with a major university to build a new sports complex. The contract calls for two sports arenas to be built in the next three years. The company will receive $24,000,000 for the project and their engineers originally estimated a total cost to construct the two arenas of $20,400,000. The two arenas are scheduled for completion in May of 2007. If an actual cost of $9,200,000 is expended in 2004, and the engineers estimate another $12,800,000 is to be expended to complete construction, how much income is to be recognized under the percentage-of-completion method in 2004?
Select one:
a. $1,163,636
b. $836,364
c. $3,600,000
d. $2,000,000
c. will lead to a constructive and legal obligation in the future.
d. will lead to a provision for restructuring cost
In: Accounting
Distinguish between the accounting for capital expenditures and revenue expenditures?
In: Accounting
In: Economics