Balance sheet data for Kilroy Company for 2022 appears below:

                               January 1, 2022     December 31, 2022
ASSETS:
  Cash                             27,000               43,000
  Accounts receivable              39,000               26,000
  Inventory                        42,000               88,000
  Prepaid insurance                21,000               29,000
  Land                             37,000               72,000
  Equipment                        61,000               94,000
  Accumulated depreciation        <14,000>             <25,000>

LIABILITIES + EQUITY:
  Accounts payable                 33,000               41,000
  Income taxes payable             21,000               15,000
  Unearned revenue                 25,000               39,000
  Notes payable                    51,000               75,000
  Common stock                     34,000               93,000
  Retained earnings                49,000               64,000

Kilroy Company's 2022 income statement is given below:

  Sales revenue                               329,000
  Cost of goods sold                          242,000
  Depreciation expense                         11,000
  Insurance expense                            16,000
  Loss on sale of land                         22,000
  Income tax expense                           10,000
  Net income                                   28,000

Kilroy Company purchased land for $69,000 cash during 2022.

Calculate the amount of cash paid to suppliers for purchases of
inventory reported by Kilroy Company in its 2022 statement of
cash flows.

The following events apply to Gulf Seafood for the Year 1 fiscal year:

1. The company started when it acquired $60,000 cash by issuing common stock.
2. Purchased a new cooktop that cost $40,000 cash.
3. Earned $72,000 in cash revenue.
4. Paid $25,000 cash for salaries expense.
5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $4,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1.

Required
a. Record the events in general journal format and post to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost formulas and actual results for the month of June:

While gelato is sold by the cone or cup, the shop measures its activity in terms of the total number of liters of gelato sold. For example, wages should be $6,500 plus $2.30 per liter of gelato sold and the actual wages for June were $21,300. Via Gelato expected to sell 6,400 liters in June, but actually sold 6,600 liters.

Required:

Calculate Via Gelato revenue and spending variances for June. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Perfect Competition

1. The characteristics of perfect competition are:

___________________, _____________________, ________________________

___________________, ___________________

2. The demand curve in perfect competition is: ______________ (Shape or slope)

3. The firm operates at the quantity where _________ equals ___________.

4. Total profit is equal to ___________ minus ________________.

5. The marginal revenue curve in perfect competition is: ______________ (Shape or slope)

6. The entrance of one or two new firms (in perfect competition) does what to market price?

_______________________________________,

7. For a firm to operate, price must at least cover: ____________________________

8. In the long run, (in perfect competition) a firm will always: ______________ (make profits, break even, operate at a loss)

9. The marginal revenue curve in perfect competition is equal to: ______________ (curve)

10.The entrance of one or two new buyers (in perfect competition) does what to market price?

_______________________________________,

11. In the long run, given increasing costs, the supply curve for the firm will be __________ (slope)

12. In the long run, given constant costs, the supply curve for the firm will be ____________ (slope)

13. In the long run, given decreasing costs, the supply curve for the firm will be __________ (slope)

14. The profit maximizing quantity is where marginal costs equal ___________

The accountant for Mystique Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year , $21,950; and (b) accrued wages, $6,100.

These financial statement items are for Jordan Company at year-end, July 31, 2012.

Salaries and wages payable $ 2,080 Notes payable (long-term) $ 1,800

Cash 14,200 Accounts receivable 9,780

Equipment 30,400 Accumulated depreciation—equip. 6,000

Accounts payable 4,100 Service Revenue 10,000

Common stocks 31,900 Rent Expense 1,000

Dividends 500

Instructions

(A) Prepare a classified balance sheet at July 31.

(B) please find liquidity ratio, working capital, solvency ratio.

These financial statement items are for Jordan Company at year-end, July 31, 2012.

Salaries and wages payable $ 2,080     Notes payable (long-term) $ 1,800

Cash 14,200 Accounts receivable 9,780

Equipment 30,400             Accumulated depreciation—equip. 6,000

Accounts payable 4,100         Service Revenue 10,000       

Common stocks 31,900        Rent Expense 1,000

Dividends 500

Instructions

(A) Prepare a classified balance sheet at July 31.

(B) please find liquidity ratio, working capital, solvency ratio.

Lakeview Company completed the following two transactions. The annual accounting period ends December 31.

On December 31, calculated the payroll, which indicates gross earnings for wages ($100,000), payroll deductions for income tax ($10,000), payroll deductions for FICA ($7,500), payroll deductions for American Cancer Society ($3,750), employer contributions for FICA (matching), and state and federal unemployment taxes ($875). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded.

Collected rent revenue of $6,375 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue.

Required:

1. & 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31.

3. Show how any of the liabilities related to these items should be reported on the company’s balance sheet at December 31.

Round to two decimal places.

Infinity Designs, an interior design company, has experienced a drop in business due to an increase in interest rates and a corresponding slowdown in remodeling projects. To stimulate business, the company is considering exhibiting at the Home and Garden Expo. The exhibit will cost the company $12,000 for space. At the show, Infinity Designs will present a slide show on a PC, pass out brochures that are printed previously, (the company printed more than needed), and show its portfolio of previous jobs. The company estimates that revenue will increase by $36,000 over the next year as a result of the exhibit. For the previous year, profit was as follows: Revenue $201,000 Less: Design supplies (variable cost) $16,500 Salary of Samantha Spade (owner) 80,000 Salary of Kim Bridesdale (full time employee) 55,000 Rent 18,000 Utilities 6,000 Depreciation of office equipment 3,600 Printing of advertising materials 700 Advertising in Middleton Journal 2,500 Travel expenses other than depreciation of autos (variable cost) $2,400 Depreciation of company cars 9,000 Required: Calculate the impact of the exhibit on company profit. Your Answer: