Questions
On December 1, 2017, Rodriguez Distributing Company had the following account balances.

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...

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...

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

    It takes a barber 15 minutes to serve one customer.   a. What is...

 
 
It takes a barber 15 minutes to serve one customer.  
a. What is the capacity of the barber expressed in customers per hour?   customers per hour
       
b. Assuming the demand for the barber is 2 customers per hour, what is the flow rate?   customers per hour
       
c. Assuming the demand for the barber is 2 customers per hour, what is the utilization?   percent
       
d. Assuming the demand for the barber is 2 customers per hour, what is the cycle time?   minutes per customer
     

In: Other

Here are the three scenarios of the state of the economy in a country A: State...

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...

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:

  1. An analysis of the company’s policies shows that $1,330 of insurance coverage has expired.
  2. An inventory shows that teaching supplies costing $530 are on hand at the end of the year.
  3. The estimated annual depreciation on the equipment is $9,000
  4. The estimated annual depreciation on the professional library is $4,860.
  5. The school offers off-campus services for specific employers. On November 1, the company agreed to do a special six-month course for a client. The contract calls for a monthly fee of $870, and the client paid the first five months' revenue in advance. When the cash was received, the Unearned Extension Revenue account was credited.
  6. On October 15, the school agreed to teach a four-month class for an individual for $1,280 tuition per month payable at the end of the class. The services to date have been provided as agreed, but no payment has been received.
  7. The school's two employees are paid weekly. As of the end of the year, three days' wages have accrued at the rate of $130 per day for each employee.
  8. The balance in the Prepaid Rent account represents the rent for three months: December, January, and February.
PACRIM CAREERS
Trial Balances
December 31, 2020
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

The calculations for a factorial experiment involving four levels of factor A, three levels of factor...

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.

  1. Set up the ANOVA table and test for significance using  = .05. Show entries to 2 decimals, if necessary. Round p-value to four decimal places. If your answer is zero enter "0".
    Source of Variation Sum of Squares Degrees of Freedom Mean Square F p-value
    Factor A
    Factor B
    Interaction
    Error
    Total

  2. The p-value for Factor A is Select: less than .01, between .01 and .02, between .02 and .05, between .05 and .10, greater than .10

    What is your conclusion with respect to Factor A? Select: Factor A is significant, Factor A is not significant
  3. The p-value for Factor B is Select; less than .01, between .01 and .025, between .025 and .05, between .05 and .10, greater than .10

    What is your conclusion with respect to Factor B? Select; Factor B is significant, Factor B is not significant
  4. The p-value for the interaction of factors A and B is Select; less than .0, between .01 and .025, between .025 and .05, between .05 and .10, greater than .10

    What is your conclusion with respect to the interaction of Factors A and B? Select; The interaction of factors A and B is significant, The interaction of factors A and B is not significant

In: Statistics and Probability

Suppose x has a distribution with μ = 25 and σ = 18. (a) If a...

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...

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,...

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