Comprehensive Problem 5
On December 1, 2017, Rodriguez Distributing Company had the following account balances.
During December, the company completed the following summary transactions.
Dec. 6 Paid $ 1,500 for salaries and wages due employees, of which $ 500 is for December and $ 1,000 is for November salaries and wages payable.
8 Received $ 1,800 cash from customers in payment of account (no discount allowed).
10 Sold merchandise for cash $ 6,500. The cost of the merchandise sold was $ 3,800.
13 Purchased merchandise on account from Boehm co. $ 8,500, terms 2 / 10, n / 30 .
15 Purchased supplies for cash $ 1,600.
18 Sold merchandise on account $ 12,300, terms 3 / 10, n / 30. The cost of the merchandise sold was $ 8,000.
20 Paid salaries and wages $ 1,500.
23 Paid Boehm Co. in full, less discount.
27 Received collections in full, less discounts, from customers billed on December 18.
Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when mount is entered. De not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order ofj entries presented above
Adjustment data:
1. Accrued salaries and wages payable $500.
2. Depreciation $200 per month.
3. Supplies on hand $1,500.
Journalize adjusting entries.
Post adjusting entries.
Prepare an adjusted trial balance.
Prepare an owner's equity statement for December.
Prepare a classified balance sheet at December 31.
In: Accounting
At the beginning of the current season on 1 October, the ledger of Hancock’s Pro Shop Pty Ltd showed Cash $5000; Inventory $7000; and Share Capital $12 000. The following transactions occurred during October 2015.
| Oct. | 5 | Purchased golf bags, clubs and balls on account from Balata Ltd $5200, FOB shipping point, terms 2/7, n/60. |
| 7 | Paid freight on Balata Ltd purchases $160. | |
| 9 | Received credit from Balata Ltd for inventory returned $200. | |
| 10 | Sold inventory on account $2400, terms n/30. | |
| 12 | Purchased golf shoes, sweaters and other accessories on account from Arrow Sportswear $1320, terms 1/7, n/30. | |
| 12 | Paid Balata Ltd the amount owed. | |
| 17 | Received credit from Arrow Sportswear for inventory returned $120. | |
| 18 | Paid Arrow Sportswear in full. | |
| 20 | Made sales on account $1800, terms n/30. | |
| 27 | Granted credit to customers for clothing that did not fit $60. | |
| 30 | Made cash sales $1200. | |
| 30 | Received payments on
account from customers $2200. The chart of accounts for the pro shop includes Cash, Accounts Receivable, Inventory, Accounts Payable, Share Capital, Sales, Sales Returns and Allowances, Purchases, Purchase Returns and Allowances, Discount Received, and Freight-in. REQUIRED: 1) Using T accounts, enter the beginning balances in the ledger accounts and post the October transactions. 2) Prepare a trial balance as at 31 October 2015. 3) Prepare a statement of profit or loss up to gross profit, assuming inventory on hand at 31 October is $8400. |
In: Accounting
Blossom Hardware Store completed the following merchandising
transactions in the month of May. At the beginning of May,
Blossoms’ ledger showed Cash of $9,300 and Common Stock of
$9,300.
| May 1 | Purchased merchandise on account from Black Wholesale Supply for $9,300, terms 1/10, n/30. | |
| 2 | Sold merchandise on account for $5,700, terms 2/10, n/30. The cost of the merchandise sold was $4,600. | |
| 5 | Received credit from Black Wholesale Supply for merchandise returned $200. | |
| 9 | Received collections in full, less discounts, from customers billed on May 2. | |
| 10 | Paid Black Wholesale Supply in full, less discount. | |
| 11 | Purchased supplies for cash $900. | |
| 12 | Purchased merchandise for cash $4,300. | |
| 15 | Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. | |
| 17 | Purchased merchandise from Wilhelm Distributors for $3,700, terms 2/10, n/30. | |
| 19 | Paid freight on May 17 purchase $250. | |
| 24 | Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. | |
| 25 | Purchased merchandise from Clasps Inc. for $800, terms 3/10, n/30. | |
| 27 | Paid Wilhelm Distributors in full, less discount. | |
| 29 | Made refunds to cash customers for returned merchandise $98. The returned merchandise had cost $80. | |
| 31 | Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $851. |
1)Journalize the transactions using a perpetual inventory system
2)Post the transactions to T-accounts. Be sure to enter the beginning cash and common stock balances.
In: Accounting
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In: Other
Here are the three scenarios of the state of the economy in a country A: State of Economy Probability Boom 0.2 Normal 0.6 Recession 0.2 Suppose the rates of return of the bond in three scenarios of the economy are 10% in a boom, 5% in a normal period, and -5% in a recession. The stock returns in the three scenarios are 20%, 10%, and -10%, respectively. Asset Allocation (Two-risky-assets Portfolio) Questions: 1. Compute the covariance between the two risky assets. 2. Compute the correlation coefficient and explain the correlation between these two risky assets. The Three Rules of Two-Risky-Assets Portfolio Based on the results of Question 1 and Question 2. If an investor plans to invest into a risky portfolio P which is composed of the stock and the bond, and he allocates 40% into the stock and the rest 60% into the bond. Apply Rules of Two-Risky-Assets Portfolio and compute: 3. The Expected Return of the risky portfolio P. 4. The Variance of the risky portfolio P.
In: Finance
PacRim Careers provides training to individuals who pay tuition
directly to the business. The business also offers extension
training to groups in off-site locations. Additional information
available at the December 31, 2020, year-end follows:
| PACRIM CAREERS Trial Balances December 31, 2020 |
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| Unadjusted | Adjusted | |||||||||||
| Trial Balance | Adjustments | Trial Balance | ||||||||||
| Account | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | ||||||
| Cash | $ | 18,800 | ||||||||||
| Accounts receivable | 0 | |||||||||||
| Teaching supplies | 7,300 | |||||||||||
| Prepaid insurance | 1,480 | |||||||||||
| Prepaid rent | 8,400 | |||||||||||
| Professional library | 64,800 | |||||||||||
| Accumulated depreciation, professional library | $ | 19,440 | ||||||||||
| Equipment | 108,000 | |||||||||||
| Accumulated depreciation, equipment | 36,000 | |||||||||||
| Accounts payable | 2,900 | |||||||||||
| Salaries payable | 0 | |||||||||||
| Unearned extension revenue | 7,100 | |||||||||||
| Karoo Ashevak, capital | 237,000 | |||||||||||
| Karoo Ashevak, withdrawals | 96,000 | |||||||||||
| Tuition revenue | 214,640 | |||||||||||
| Extension revenue | 80,500 | |||||||||||
| Depreciation expense, equipment | 0 | |||||||||||
| Depreciation expense, professional library | 0 | |||||||||||
| Salaries expense | 214,000 | |||||||||||
| Insurance expense | 0 | |||||||||||
| Rent expense | 52,000 | |||||||||||
| Teaching supplies expense | 0 | |||||||||||
| Advertising expense | 14,800 | |||||||||||
| Utilities expense | 12,000 | |||||||||||
| Totals | $ | 597,580 | $ | 597,580 | ||||||||
In: Accounting
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The calculations for a factorial experiment involving four levels of factor A, three levels of factor B, and three replications resulted in the following data: SST = 272, SSA = 25, SSB = 24, SSAB = 165.
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In: Statistics and Probability
Suppose x has a distribution with μ = 25 and σ = 18.
(a) If a random sample of size n = 34 is drawn, find μx, σ x and P(25 ≤ x ≤ 27). (Round σx to two decimal places and the probability to four decimal places.) μx = σ x = P(25 ≤ x ≤ 27) =
(b) If a random sample of size n = 62 is drawn, find μx, σ x and P(25 ≤ x ≤ 27). (Round σ x to two decimal places and the probability to four decimal places.) μx = σ x = P(25 ≤ x ≤ 27) =
(c) Why should you expect the probability of part (b) to be higher than that of part (a)? (Hint: Consider the standard deviations in parts (a) and (b).) The standard deviation of part (b) is (smaller, same, larger,) part (a) because of the (smaller, same, larger) sample size. Therefore, the distribution about μx is (narrower, same, wider).
In: Statistics and Probability
Discuss three major differences between a “traditional” church and a new paradigm church. Use real-world examples to illustrate your points
In: Economics
Explain the difference between deductive and inductive arguments and further give three inference rules (e.g., Modus, Ponens), illustrating them with examples.
In: Statistics and Probability