In spite of its governmental-sounding name, the National Foundation for Infantile Paralysis (later renamed the March of Dimes) was a private organization that obtained all funding through private donations. Describe the advantages and disadvantages of private funding for the development of the polio vaccine. Compare and contrast the development of the polio vaccine with today’s development of vaccines that are, for the most part, publicly funded. (answer preferred in one page and half if possible).
In: Nursing
C7-2 Recording Inventory Transactions, Making Accrual and Deferral Adjustments, and Preparing and Evaluating Financial Statements (Chapters 4, 6, and 7) [LO 4-2, 6-3, 6-4, 7-3, 7-5] (General Ledger)
|
College Coasters is a San Antonio–based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1. |
| Cash | $ | 10,005 |
| Accounts Receivable | 2,000 | |
| Inventory | 500 | |
| Prepaid Rent | 600 | |
| Equipment | 810 | |
| Accumulated Depreciation | 110 | |
| Accounts Payable | 1,500 | |
| Salaries and Wages Payable | 300 | |
| Income Taxes Payable | 0 | |
| Common Stock | 6,500 | |
| Retained Earnings | 3,030 | |
| Sales Revenue | 15,985 | |
| Cost of Goods Sold | 8,900 | |
| Rent Expense | 1,100 | |
| Salaries and Wages Expense | 2,000 | |
| Depreciation Expense | 110 | |
| Income Tax Expense | 0 | |
| Office Expenses | 1,400 | |
|
The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1, consisted of 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.50. College Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method. |
|
During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below. |
| 1. |
Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of 2/10, n/30. |
| 2. |
Purchased 1,000 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55, with terms of 2/10, n/30. |
| 3. | Sold 2,000 coasters on account on 12/3 at a unit price of $0.90. |
| 4. | Collected $1,000 from customers on account on 12/4. |
| 5. |
Paid the supplier $1,600 cash on account on 12/18. |
| 6. | Paid employees $500 on 12/23, of which $300 related to work done in November and $200 was for wages up to December 22. |
| 7. |
Loaded 100 coasters on a cargo ship on 12/31 to be delivered to a customer in Hawaii. The sale was made FOB destination with terms of 2/10, n/30. |
| Other relevant information includes the following at 12/31: |
| 8. |
College Coasters has not yet recorded $200 of office expenses
incurred in December on account. |
| 9. |
The company estimates that the equipment depreciates at a rate
of $10 per month. One month |
| 10. | Wages for the period from December 23–31 are $100 and will be paid on January 15. |
| 11. | The $600 of Prepaid Rent relates to a six-month period ending on May 31 of next year. |
| 12. | The company incurred $789 of income tax but has made no tax payments this year. |
| 13. | No shrinkage or damage was discovered when the inventory was counted on December 31. |
| 14. |
The company did not declare dividends and there were no
transactions involving common I JUST NEED THE GENERAL JOURNAL |
In: Accounting
Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from kayaking, rain, fishing, or even diving up to 100 feet won’t damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $501 each. Jul. 17 Purchased 51 watches for $7,701 ($151 per watch) on account. Jul. 31 Sold 41 watches for $20,541 cash. Aug. 12 Purchased 41 watches for $6,601 ($161 per watch) cash. Aug. 22 Sold 31 watches for $15,531 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $9,600 for watches sold on account on August 22. Oct. 27 Purchased 81 watches for $13,851 ($171 per watch) cash. Nov. 20 Sold 91 watches for $45,591 cash. Dec. 4 Purchased 102 watches for $18,462 ($181 per watch) on account. Dec. 8 Sold 41 watches for $20,541 on account. Required: 1-a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2022, assuming Suzie uses FIFO to account for inventory. 1-b. Prepare the gross profit section of a partial income statement for transactions related to MU watches.
Required:
1-a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2022, assuming Suzie uses FIFO to account for inventory.
1-b. Prepare the gross profit section of a partial income statement for transactions related to MU watches.
In: Accounting
STOCHOS INC.
STATEMENT of FINANCIAL POISTION
June 30, 2018
ASSETS LIABILITIES
Cash $222,000 Accounts Payable $150,000
Accounts Rec. 58,000 Mortgage Payable 500,000
Inventory 4,000
Supplies 6,000 TOTAL LIABILITIES $650,000
Land 210,000
Buildings $900,000 STOCKHOLDER EQUITY
Acc. Depr. <200,000> 700,000
Equipment 260,000 Common Stock $5 Par $500,000
Acc. Depr <60,000> 200,000 Excess $100,000
Retained Earnings $150,000
TOTAL EQUITY $750,000
TOTAL ASSETS $1,400,000 TOTAL LIAB. & EQUITY $1,400,000
July 1 Sold 220,000 shares of common stock for $6,600,000.
July 3 Purchased on account $100,000 of inventory for resale to customers.
July 5 Purchased a 2-year insurance policy for $4,800 in cash. Effective date is July 1.
July 7 Paid cash for $100,000 in inventory acquired July 3.
July 10 Sales revenue generated was $400,000. Cash received this date was $75,000 the
balance would be received later in the year.
July 30 Paid $40,000 in wages for the month of July.
July 30 Acquired $800,000 of equipment. Useful life is 10 years. Signed a note (12%)
for the full amount.
July 31 Paid $20,000 July monthly mortgage payment. The rate of interest on this
mortgage is 7 per cent.
Aug. 1 Stochos declared a dividend of $1 per share. Shareholders who owned shares on
August 15 would be paid the dividends in October.
Aug. 9 Stochos borrowed $180,000, and signed a note for this amount at 11 per cent.
Aug. 15 Customers returned $80,000 of items they acquired on July 10.
Aug. 18 Stochos sold 100,000 shares for $80 per share.
Aug. 30 Paid August wages – the $40,000 was paid in cash.
Aug. 31 Paid the August mortgage payment of $20,000.
Aug. 30 Paid $30,000 on the equipment note entered into on July 30 of this year.
Aug. 30 Received full amount due from the July 10 sale.
Sept. 30 Supply inventory valued at $200.
Sept. 30 Sales on account to customers amounted to $135,000. Stochos Inc. received
$33,000 in cash on this date from customers.
Sept. 30 Wages were accrued this day in the amount of $40,000. Stochos Inc. informed
their employee that their checks would be available October 5th.
OTHER INFORMATION
1. Tax rate is 20%.
2. Building has a 20-year useful life from date of purchase.
3. All equipment has a useful life of ten years.
4. Inventory at the end of the quarter was $10,000.
PREPARE THE FOLLOWING:
In: Accounting
How do I do independent t test on the data set below and how do I know if its pooled t test or unrolled t test?
Health question for reference: to what extend does the age of MI patients vary by gender
Standard deviation: male = 13.944 female= 13.939
mean: male 65.353 female=73.628
Male female
65 88
77 81
78 82
76 66
40 81
83 73
58 64
43 53
39 69
66 67
61 89
49 85
85 81
54 85
82 84
68 83
78 76
56 77
72 84
50 43
75 87
61 70
48 64
82 59
62 91
39 60
45 80
65 72
68 73
73 85
64 80
80 79
74 48
80 32
92 86
51
41
90
83
61
64
82
48
63
81
52
65
74
62
71
73
43
80
72
57
76
53
44
71
64
86
60
63
74
56
In: Math
Gulf Greetings is a holding company based in Dubai has
started its operations in Oman in January 1, 2020. It has 2
branches in Oman – Muscat and Ibra. The bookkeeper of the Ibra
branch has caused the following errors in the books of the
branch.
i. Purchase of merchandise inventory for OMR 500 cash has not been
posted in Cash Account.
ii. Sales Return Account was overcast by OMR 100.
iii. Sales revenue of OMR 12,000 earned is credited to Service
Revenue Account.
iv. Wages Expense Account was balanced with OMR 600 short.
v. A balance of OMR 1,800 in Interest Revenue Account is carried
forward to next page
as OMR 180.
vi. Prepaid rent of OMR 100 is not recorded.
vii. Purchase of building OMR 100,000 is debited to Repairs and
Maintenance Account.
viii. A service revenue of OMR 500 received in advance is recorded
as Service Revenue
Account.
ix. OMR 1,234 paid for the rent expenses is recorded with an amount
of OMR 1,324.
x. Depreciation expense of OMR 250 on building is recorded
twice.
Question – 5:
a. For each of the above errors, you are required to; i. Identify
the type of error and
ii. Rectifytheerrors.
b. Will the following errors affect the profitability of a company?
Explain.
i. Error of Principle
ii. Error of Commission
iii. Error of Partial Omission
In: Accounting
Background Getswift Ltd (“Getswift”) is a newly listed company involved that provides a software distribution solution. The board has heard that a new revenue standard has been issued and as none of the board has a financial background, they are unsure what it means for them. They have heard though that the impact of the new standard on most businesses will be significant. As a result, they have engaged your consultancy firm to provide them with a letter of advice to explain the impact that the new standard will have on the income recognition of Getswift. REQUIRED You are required to provide a letter of advice to the board of Getswift explaining the requirements of the new revenue standard with a focus on how it will impact their particular revenue recognition. In addition, you are required to write a short transmittal email enclosing the letter of advice. Important Additional Information ? You are expected to research this company and gain an understanding of what they do so that you understand the nature of their revenue. The 2016/2017 annual report should be used as a starting point but you are expected to go further than this. ? This assessment requires much more than copying the requirements from the new standard and those students that just do this will be marked poorly. The majority of the marks will be for the application of the standard to Getswift’s revenue sources. Therefore, you need an understanding of what they do. ? The language of your letter of advice should be tailored to the audience and their level of financial literacy.
In: Accounting
A sample of gas in a balloon has an initial temperature of 27 ∘C and a volume of 1290 L . If the temperature changes to 63 ∘C , and there is no change of pressure or amount of gas, what is the new volume, V2, of the gas?
In: Chemistry
A sample of scores is normally distributed with a mean equal to 27 and a variance equal to 16. What proportion is under 20
In: Statistics and Probability
A boat leaves the harbor entrance and travels 27 miles in the direction ??? ° ?. The captain then travels for another 16 miles in the direction ??? ° ?, which is the boat’s final position. How far is the harbor entrance from the boat’s final position? What is the bearing of the boat from the harbor entrance? Round your answers to the nearest WHOLE numbers.
In: Math