Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company’s unadjusted trial balance as of December 31, 2018.

The following information in a through h applies to the company at the end of the current year.

a. The bank reconciliation as of December 31, 2018, includes the following facts.

Reported on the bank statement is a canceled check that the company failed to record. (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.)

b. An examination of customers’ accounts shows that accounts totaling $679 should be written off as uncollectible. Using an aging of receivables, the company determines that the ending balance of the Allowance for Doubtful Accounts should be $700.

c. A truck is purchased and placed in service on January 1, 2018. Its cost is being depreciated with the straight-line method using the following facts and estimates.

d. Two items of equipment (a sprayer and an injector) were purchased and put into service in early January 2016. They are being depreciated with the straight-line method using these facts and estimates.

e. On August 1, 2018, the company is paid $3,840 cash in advance to provide monthly service for an apartment complex for one year. The company began providing the services in August. When the cash was received, the full amount was credited to the Extermination Services Revenue account.

f. The company offers a warranty for the services it sells. The expected cost of providing warranty service is 2.5% of the extermination services revenue of $67,760 for 2018. No warranty expense has been recorded for 2018. All costs of servicing warranties in 2018 were properly debited to the Estimated Warranty Liability account.

g. The $15,000 long-term note is an 8%, five-year, interest-bearing note with interest payable annually on December 31. The note was signed with First National Bank on December 31, 2018.

h. The ending inventory of merchandise is counted and determined to have a cost of $11,700. Bug-Off uses a perpetual inventory system.

Required:

1. Use the preceding information to determine amounts for the following items.

a. Correct (reconciled) ending balance of Cash, and the amount of the omitted check.

b. Adjustment needed to obtain the correct ending balance of the Allowance for Doubtful Accounts.

c. Depreciation expense for the truck used during year 2018.

d. Depreciation expense for the two items of equipment used during year 2018.

e. The adjusted 2018 ending balances of the Extermination Services Revenue and Unearned Services Revenue accounts.

f. The adjusted 2018 ending balances of the Warranty Expense and the Estimated Warranty Liability accounts.

g. The adjusted 2018 ending balances of the Interest Expense and the Interest Payable accounts.

2. Use the results of part 1 to complete the six-column table by first entering the appropriate adjustments for items a through g and then completing the Adjusted Trial Balance columns. (Hint: Item b requires two adjustments.)

3. Prepare journal entries to record the adjustments entered 4n the six-column table. Assume Bug-Off’s adjusted balance for Merchandise Inventory matches the year-end physical count.

4-a. Prepare a single-step income statement for year 2018.

4-b. Prepare a statement of retained earnings (cash dividends during 2018 were $10,000) for year 2018.

4-c. Prepare a classified balance sheet as at 2018.

I am working on an accounting assignment and am having problems. Firstly,

1.I need to journalize these entries and post the closing entries

2. i need to prepare Dalhanis multi-step income statement and statement of owners equity for August 2010

3. i need to prepare the blance sheet at august 31,2010

4. i need to prepare a post-closing trial balance at august 31,2010

DALHANI makes all credit sales on terms 2/10 n/30 and uses the Perpetual Inventory System

Aug 1 Issued check no 682 for august office rent 2,000
Aug 2 Issued chek no 683 to pay salaries of 3,240, which includes salary payable of 930 from july 31. The company does not use reversing entries.
Aug 2* Issued invoice no 503 for sale on account to R.T. Loeb $600 Dalhani's cost of this merchandise was $190.
Aug 3 Purchased inventory on credit terms of 1/15 n/60 from grant ltd $1,400
Aug 4 recieved net amount of cash on account from fullam corp, $4,116 within the discount period.
Aug 4 sold inventory for cash $2,330 (cost $1,104)
Aug 5 received from park-hee inc. merchandise that had been sold earlier for $550 (cost $174). the wrong merchandise had been sent
Aug 5 issued check no 684 to purchase supplies for cash $780
Aug 6 collected interest revenue of $1,100
Aug 7 issued invoice no 504 for sale on account to k.d. skipper inc $2,400 (cost $760)
Aug 8 issued check no 685 to pay fayda corp $2,600 of the amount owed at july 31st. This payment occurred after the end of the discount period
Aug 11 issued check no 686 to pay grant led the net amount owed from august 3.
Aug 12* received cash from r.t. loeb in full settlement of her account from aug 2nd. r.t. loeb notified dalhani that only one quarter of the goods ordered had been received, but agreed to pay now if dalhani held the remaining goods in his warehouse until september.

* dalhani distributors sold inventory on account to r.t. loeb on august 2 and collected in full on august 12th. loeb indicated that the shipment was incomplete and arranged with dalhani that he would ship the goods to loeb in september. at august 31, $450 of unearned sales revenue needs to be recorded and the cost of this merchandise (142) needs to be removed from cost of goods sold and returned to inventory.

Aug 16 issued check no 687 to pay salary expense of $1,240
Aug 19 purchased inventory for cash $850, issuing check no 688
Aug 22 purchased furniture on credit terms of 3/15 n/60 from beaver corporation, $510
Aug 23 sold inventory on account to fullam corp, issuing invoice no 505 for 9,966 (cost 3,152)
Aug 24 received half the july 31st amount receivable from k.d. skipper inc. after the discount period
Aug 25 issued check no 689 to pay utilities $2,432
Aug 26 purchased supplies on credit terms of 2/10 n/30 from fayda corp $180
Aug 30 returned damaged inventory to company from whom dalhani made the cash purchase on august 19th, receiving cash of $850
Aug 30 granted a sales allowance of $176 to k.d. skipper inc.
Aug 31 purchased inventory on credit terms of 1/10 n/30 from suncrest supply ltd $10,330
Aug 31 issued check no 690 to jack west, owner of dalhani for $1,700

I have balances in my general ledger already of:
cash $4,490
accounts receivable $24,560
interest receivable $0
inventory $41,800
supplies $1,340
prepaid insurance $2,200
note receivable, long term $11,000
furniture $37,270
accumulated amortization-furniture $10,550
accounts payable $10,600
salary payable $930
interest payable $4,320
unearned sales revenue $0
note payable long term $42,000
jack west, capital $54,260
jack west withdrawls $$0
the rest start with $0 balances
income summary
sales revenue
sales discounts
sales returns and allowances
interest revenue
cost of goods sold
salary expense
rent expense
amortization expense-furniture
insurance expense
utilities expense
supplies expense
interest expense

I have adjusting entries
a)accrued interest revenue $1,000
b) supplies on hand $990
c)prepaid insurance expired $550
d) amortization expense $230
e) accrued salary expense $1,030
f) accrued interest expense $1,320
g) unearned sales revenue $450 (refers to august 2 transaction)
h) inventory on hand $47,700

i seem to be getting the workings wrong can you please show me the working on excel so that i can see wherei am going wrong

thanking you

Question 1: There are many sellers in a perfectly competitive market. So many that

A. there is tremendous rivalry between firms.

B. if any one of them produced more or less, there would be a change in market price.

C. one producer may have a large market share.

D. each one is a price taker.

Question 2: In a perfectly competitive market,

A. there are many buyers and many sellers.

B. the goods for sale from one producer are perfect substitutes for those produced by another.

C. there is free entry into and exit from the industry.

D. all of the above

Question 3: Perfectly competitive firms produce where

A. profit is maximized

B. MR=MC

C. P= MC

D. all of the above

Question 4: The marginal revenue curve of a perfectly competitive firm is

A. equal to the marginal cost curve.

B. below the marginal cost curve.

C. above the marginal cost curve.

D. perfectly elastic at the market price.

Question 5: Which of the following goods are standardized products or commodities?

A. Automobiles

B. Corn

C.. Computers

D. DVD players

Question 6: In the perfectly competitive market for tomatoes in the long run, the typical tomato farm will

A. break even

B. earn an economic loss

C. earn an economic profit

D. earn an economic loss but continue to produce

Question 7: If Bob, who is operating a perfectly competitive firm, knows that his minimum average total cost is $2, minimum average variable cost is $1.50, and marginal revenue is $3

A. Bob will earn an economic profit.

B. Bob will break even.

C. Bob will earn an economic loss but continue to produce in the short run.

D. Bob will earn an economic loss and shut down in the short run.

Question 8: Tom, who is operating a firm in the perfectly competitive gizmo industry, is hoping to break even. But given the market price of $10 he is incurring a loss. Tom should

A. continue to produce in the short run as long as his average total cost is more than $10.

B. continue to produce in the short run as long as his average variable cost is more than $10.

C. continue to produce in the short run as long as his average variable cost is less than $10.

D. Shut down

Question 9: Julie also is operating a firm in the perfectly competitive gizmo industry. The market price is P = $10 and she produces Q = 12 gizmos a day. Given that Julie's average total cost is ATC = $12 and her total fixed cost is TFC = $24, we know that Julie's

A. average fixed cost is $1.50.

B. average profit is −$4.00.

C. average variable cost is $10.

D. marginal revenue is $12.

Question 10: Julie is operating at a loss when

A. P=MC

B. P<ATC

C. P>ATC

D. ATC=MC

Question 11: Julie's competitive supply curve is the

A. marginal revenue curve.

B. marginal cost curve.

C. average variable cost curve above the market price.

D. marginal cost curve above the minimum point on the average variable cost curve.

Question 12: If the firms in the perfectly competitive gizmo industry are incurring losses but continue to produce, in the long run

A. firms will enter the industry and prices will fall.

B. firms will exit the industry and prices will rise.

C. firms will enter the industry and prices will rise.

D. firms will exit the industry and prices will fall.

Question 13: As firms enter a perfectly competitive industry in the long run, the short run industry supply curve will shift to the _______ and the market price will ______ until the typical firm __________________________.

A. Left Rise Breaks even

B. Right Fall earns an economic profit

C. Right Fall Breaks even

D. Left Rise incurs an economic profit

Question 14: In the perfectly competitive market for corn, long-run market equilibrium is disturbed by an increase in demand for bio-fuel. In the short run, farmers will ______ output and earn (incur) a _______

A. Reduce Profit

B. Increase   Profit

C. Reduce Loss

D. Increase Loss

Question 15: Jack and Jill run a bed-and-breakfast in Booth Bay Harbor, Maine. During the summer business is great, but the winter is another story. Although they get some tourists who enjoy the winter scene in coastal Maine, business is very slow. Jack and Jill are trying to decide whether to shut down during the winter months. They should shut down if

A. total revenue exceeds fixed cost.

B. total revenue exceeds variable cost.

C. total revenue is less than total cost.

D. price is less than average variable cost.

Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is the company's unadjusted trial balance as of December 31, 2017.

The following information in a through h applies to the company at the end of the current year.

a. The bank reconciliation as of December 31, 2017, includes the following facts.

Reported on the bank statement is a canceled check that the company failed to record. (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.)

b. An examination of customers’ accounts shows that accounts totaling $679 should be written off as uncollectible. Using an aging of receivables, the company determines that the ending balance of the Allowance for Doubtful Accounts should be $700.

c. A truck is purchased and placed in service on January 1, 2017. Its cost is being depreciated with the straight-line method using the following facts and estimates.

d. Two items of equipment (a sprayer and an injector) were purchased and put into service in early January 2015. They are being depreciated with the straight-line method using these facts and estimates.

e. On August 1, 2017, the company is paid $3,840 cash in advance to provide monthly service for an apartment complex for one year. The company began providing the services in August. When the cash was received, the full amount was credited to the Extermination Services Revenue account.

f. The company offers a warranty for the services it sells. The expected cost of providing warranty service is 2.5% of the extermination services revenue of $57,760 for 2017. No warranty expense has been recorded for 2017. All costs of servicing warranties in 2017 were properly debited to the Estimated Warranty Liability account.

g. The $15,000 long-term note is an 8%, five-year, interest-bearing note with interest payable annually on December 31. The note was signed with First National Bank on December 31, 2017.

h. The ending inventory of merchandise is counted and determined to have a cost of $11,700. Bug-Off uses a perpetual inventory system.

Required:
1. Determine amounts for the following items:  

1. Correct (reconciled) ending balance of Cash, and the omitted check amount.
2. Adjustment needed to obtain the correct ending balance of the Allowance for Doubtful Accounts.
3. Depreciation expense for the truck used during year 2017.
4. Depreciation expense for the two items of equipment used during year 2017.
5. The adjusted 2017 ending balances of the Extermination Services Revenue and Unearned Services Revenue accounts.
6. The adjusted 2017 ending balances of the accounts for Warranty Expense and Estimated Warranty Liability.
7. The adjusted 2017 ending balances of the accounts for Interest Expense and Interest Payable.

2. Use the results of part 1 to complete the six-column table by first entering the appropriate adjustments for items a through g and then completing the adjusted trial balance columns. (Hint: Item b requires two adjustments.)
3. Prepare journal entries to record the adjustments entered on the six-column table. Assume Bug-Off’s adjusted balance for Merchandise Inventory matches the year-end physical count.
4a. Prepare a single-step income statement for year 2017.
4b. Prepare a statement of owner’s equity (cash withdrawals during 2017 were $10,000) for year 2017 and there were no investments by the owner in the current year.
4c. Prepare a classified balance sheet as at 2017.

Hanson Inn is a 96-room hotel located near the airport and convention center in Louisville, Kentucky. When a convention or a special event is in town, Hanson increases its normal room rates and takes reservations based on a revenue management system. The Classic Corvette Owners Association scheduled its annual convention in Louisville for the first weekend in June. Hanson Inn agreed to make at least 50% of its rooms available for convention attendees at a special convention rate in order to be listed as a recommended hotel for the convention. Although the majority of attendees at the annual meeting typically request a Friday and Saturday two-night package, some attendees may select a Friday night only or a Saturday night only reservation. Customers not attending the convention may also request a Friday and Saturday two-night package, or make a Friday night only or Saturday night only reservation. Thus, six types of reservations are possible: convention customers/two-night package; convention customers/Friday night only; convention customers/Saturday night only; regular customers/two-night package; regular customers/Friday night only; and regular customers/Saturday night only.

The cost for each type of reservation is shown here:

The anticipated demand for each type of reservation is as follows:

Hanson Inn would like to determine how many rooms to make available for each type of reservation in order to maximize total revenue.

1. Define the decision variables and state the objective function. Round your answers to the nearest whole number.
   

   Let	CT = number of convention two-night rooms
   	CF = number of convention Friday only rooms
   	CS = number of convention Saturday only rooms
   	RT = number of regular two-night rooms
   	RF = number of regular Friday only rooms
   	RS = number of regular Saturday only room

   CT

   +

   CF

   +

   CS

   +

   RT

   +

   RF

   +

   RS

2. Formulate a linear programming model for this revenue management application. Round your answers to the nearest whole number. If the constant is "1" it must be entered in the box.
   

   CT

   +

   CF

   +

   CS

   +

   RT

   +

   RF

   +

   RS

   S.T.

   1)	CT
   2)	CF
   3)	CS
   4)	RT
   5)	RF
   6)	RS
   7)	CT	+	CF
   8)	CT	+	CS
   9)	CT	+	CF	+	RT	+	RF
   10)	CT	+	CS	+	RT	+	RS
   11)	CT,	CF,	CS,	RT,	RF,	RS			0

3. What are the optimal allocation and the anticipated total revenue? Round your answers to the nearest whole number.
   

   Variable	Value
   CT
   CF
   CS
   RT
   RF
   RS

   
   Total Revenue = $  
   
4. Suppose that one week before the convention the number of regular customers/Saturday night only rooms that were made available sell out. If another nonconvention customer calls and requests a Saturday night only room, what is the value of accepting this additional reservation? Round your answer to the nearest dollar.
   
   The dual value for constraint 10 shows an added profit of $   if this additional reservation is accepted.

Prepare the Adjusted Trial Balance

Accounts Payable – 65,340

Accounts Receivable – 190,300

Accumulated Depreciation (Building) – 5,400

Accumulated Depreciation (Equipment – 29,359

Accumulated other comprehensive income – 15,000

Additional Paid in Capital – Treasury Stock – 21,000

Advertising Expense – 8,400

Allowance for Doubtful Accounts – 25,000

Bad Debt Expense – 25,000

Bonds Interest Expense – 43,088

Bonds Payable - $1,600,000

Building – 150,000

Cash – 1,270,676

Common Stock – 101,000

Depreciation Expense – 33,759

Dividends – 41,000

Employee Compensation Expense – 10,000

Employee stock option outstanding account – 10,000

Equipment – 50,000

Fair value adjustment (Trading) – (8,000)

Income Taxes Expense – 63,800

Income Taxes Payable – 63,800

Insurance Expense – 82,000

Interest Expense – 1,175

Interest Income – 19,561

Interest Receivable – 16,000

Inventory – 0

Investment in Bonds of Intuit Corp – 200,000

Investment in Bonds of Intuit Corp (Discount) – 18,615

Land – 75,000

Lease Equipment – 43,796

Lease Liability – 33,293

LT (Debt) investments (HTM) – 177,824

Notes Payable – 236,175

Office Expense – 21,700

Patent – 37,500

Pension Expense – 40,000

Pensions-related asset – 10,000

PIC in Excess of Par – Common Stock - 33,000

Premium on Bonds Payable – 118,630

Prepaid Insurance – 17,400

Purchases - $350,000

Rent Revenue – 12,000

Retained Earnings – 0

Sales Revenue – 792,845

Short term Investments – 167,000

Treasury Stock – 0

Unearned Rent Revenue – 24,000

Unrealized Holding Gains and Loss – 8,000

Utilities Expense – 31,000

Wages Expense – 80,350

Wages Payable – 12,000

Sonic, Inc., sells business software. Currently, all of its programs come on disks. Due to their complexity, some of these applications occupy as many as seven disks. Not only are the disks cumbersome for customers to load, but they are relatively expensive for Sonic to purchase. The company does not intend to discontinue using disks altogether. However, it does want to reduce its reliance on the disk medium.

Two proposals are being considered. The first is to provide software on computer chips. Doing so requires a $300,000 investment in equipment. The second is to make software available through a computerized “software bank.” In essence, programs would be downloaded directly from Sonic using telecommunications technology. Customers would gain access to Sonic’s mainframe; specify the program they wish to order; and provide their name, address, and credit card information. The software would then be transferred directly to the customer’s hard drive, and copies of the user’s manual and registration material would be mailed the same day. This proposal requires an initial investment of $240,000.

The following information pertains to the two proposals. Due to rapidly changing technology, neither proposal is expected to have any salvage value or an estimated life exceeding six years.

The only difference between Sonic’s incremental cash flows and its incremental income is attributable to depreciation. A minimum return on investment of 15 percent is required.

a. Compute the payback period of each proposal.

b. Compute the return on average investment of each proposal.

c. Compute the net present value of each proposal using the tables in Exhibits 26–3 and 26–4.

d. What nonfinancial factors should be considered?

Palantir Corp. sells specialized equipment to the healthcare industry. Palantir pays its sales agents a salary plus a 5% commission on sales. Sales agents employed by the company sold 10 Osgilith MRI machines that were delivered and installed in January 2017. The MRI machine sells for $45,600 due at the end of 12 months. Alternatively, customers may elect to pay $40,000 at delivery and installation. All customers purchasing machines during January elected to pay at the end of the 12-month period.

Required:

Chart of Accounts

Analysis

Determine the transaction price of the Osgilith MRI machines, and discuss how Palantir would account for the sales commission.

The transaction price for 10 machines is  when customers elect to pay at the end of the 12-month period. Palantir Corp. should recognize revenue upon delivery and installation   in the amount of  per machine.

In this case, the sales commission is expensed   in January when the machines are delivered and installed.

The transaction price is the sell price or the cost to the customer. Revenue is calculated using the different pricing options. The treatment of sales commissions depends on the timing of the performance obligation, or the revenue recognition.

Discuss whether the delayed payment contract contains a significant financing component.

Palantir is receiving payment 12 months after the delivery and installation of the equipment, therefore theywill   recognize a portion of the $______received as a financing component. The financing component is therefore$5,600   per machine.

General Journal

Prepare the journal entries for 2017 for the Osgilith MRI machines sold by Palantir to customers who elect the delayed payment option.

Additional instructions: Prepare four entries to record sales and commission on January 1st, and cash received on account and interest earned for the year on December 31st.

GENERAL JOURNAL

Prepare the 2017 journal entries that Palantir would make for the 10 Osgilith MRI machines that are sold if customers elect to pay at delivery on January 1.

GENERAL JOURNAL

Hassellhouf Company’s trial balance at December 31, 2020, is as follows. All 2020 transactions have been recorded except for the items described following the trial balance.

Unrecorded transactions:

a)Prepare journal entries for the transactions listed above

b)Prepare an updated December 31, 2020, trial balance.

c)Prepare a 2020 income statement.

d)Prepare a 2020 an owner’s equity statement.

e)Prepare a December 31, 2020, classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant and Equipment in the order of Land, Buildings and Equipment.)

Hanson Inn is a 96-room hotel located near the airport and convention center in Louisville, Kentucky. When a convention or a special event is in town, Hanson increases its normal room rates and takes reservations based on a revenue management system. The Classic Corvette Owners Association scheduled its annual convention in Louisville for the first weekend in June. Hanson Inn agreed to make at least 50% of its rooms available for convention attendees at a special convention rate in order to be listed as a recommended hotel for the convention. Although the majority of attendees at the annual meeting typically request a Friday and Saturday two-night package, some attendees may select a Friday night only or a Saturday night only reservation. Customers not attending the convention may also request a Friday and Saturday two-night package, or make a Friday night only or Saturday night only reservation. Thus, six types of reservations are possible: convention customers/two-night package; convention customers/Friday night only; convention customers/Saturday night only; regular customers/two-night package; regular customers/Friday night only; and regular customers/Saturday night only.

The cost for each type of reservation is shown here:

The anticipated demand for each type of reservation is as follows:

Hanson Inn would like to determine how many rooms to make available for each type of reservation in order to maximize total revenue.

1. Define the decision variables and state the objective function. Round your answers to the nearest whole number.
   

   Let	CT = number of convention two-night rooms
   	CF = number of convention Friday only rooms
   	CS = number of convention Saturday only rooms
   	RT = number of regular two-night rooms
   	RF = number of regular Friday only rooms
   	RS = number of regular Saturday only room

   Max

   CT

   +

   CF

   +

   CS

   +

   RT

   +

   RF

   +

   RS

2. Formulate a linear programming model for this revenue management application. Round your answers to the nearest whole number. If the constant is "1" it must be entered in the box.
   

   Max

   CT

   +

   CF

   +

   CS

   +

   RT

   +

   RF

   +

   RS

   S.T.

   1)	CT	<
   2)	CF	<
   3)	CS	<
   4)	RT	<
   5)	RF	<
   6)	RS	<
   7)	CT	+	CF	≥
   8)	CT	+	CS	≥
   9)	CT	+	CF	+	RT	+	RF	≤
   10)	CT	+	CS	+	RT	+	RS	≤
   11)	CT,	CF,	CS,	RT,	RF,	RS		≥	0

3. What are the optimal allocation and the anticipated total revenue? Round your answers to the nearest whole number.
   

   Variable	Value
   CT
   CF
   CS
   RT
   RF
   RS

   
   Total Revenue = $  
   
4. Suppose that one week before the convention the number of regular customers/Saturday night only rooms that were made available sell out. If another nonconvention customer calls and requests a Saturday night only room, what is the value of accepting this additional reservation? Round your answer to the nearest dollar.
   
   The dual value for constraint 10 shows an added profit of $   if this additional reservation is accepted.