journalize each transaction.
Background:
Top Quality Appliance - Long Beach has just purchased a franchise from Top Quality Appliance (TQA). TQA is a manufacturer of kitchen appliances. TQA markets its products via retail stores that are operated as franchises. As a TQA franchise, Top Quality Appliance - Long Beach will receive many benefits, including having the exclusive rights to sell TQA brand appliances in Long Beach. In exchange for these benefits, Top Quality Appliance - Long Beach will pay an annual franchise fee to TQA based on a percentage of sales. The annual franchise fee is a separate cost and in addition to the purchase of the franchise. Top Quality Appliances - Long Beach entered into all transactions listed in the Transactions section below during 2018, its first year of operations.
01/01/2018
Received $500,000 cash and issued common stock. Opened a new checking account at Long Beach National Bank and deposited the cash received from the stockholders.
01/01/2018
Paid $50,000 cash for the TQA franchise.
01/01/2018
Paid $75,000 for store fixtures.
01/01/2018
Paid $45,000 for office equipment.
01/01/2018
Paid $600 for office supplies.
01/01/2018
Paid $3,600 for a two-year insurance policy.
01/01/2018
Paid $200,000 cash and issued a $400,000, 10-year, 5% notes payable for land with an existing building. An independent appraiser valued the land and building at $100,000 and $500,000, respectively.
01/10/2018
Purchased appliances from TQA (merchandise inventory) on account for $425,000.
01/15/2018
Established a petty cash fund for $150.
01/20/2018
Sold appliances on account to B&B Contractors for $215,000, terms n/30 (cost, $86,000). Record two separate entries.
02/01/2018
Sold appliances to Davis Contracting for $150,000 (cost, $65,000), receiving a 6-month, 8% note. Record two separate entries.
02/05/2018
Recorded credit card sales of $80,000 (cost, $35,000), net of processor fee of 2%. Record two separate entries.
02/24/2018
Received payment in full from B&B Contractors.
03/01/2018
Purchased appliances from TQA on account, $650,000.
04/01/2018
Made payment on account to TQA, $300,000.
06/01/2018
Sold appliances for cash to LB Home Builders for $350,000 (cost, $175,000). Record two separate entries.
08/01/2018
Received payment in full on the maturity date from Davis Contracting for the note from February 1.
11/01/2018
Sold appliances to Leard Contracting for $265,000 (cost, $130,000), receiving a 9-month, 8% note. Record two separate entries.
11/03/2018
Made payment on account to TQA, $500,000.
11/10/2018
Sold appliances on account to various businesses for $985,000, terms n/30 (cost, $395,000). Record two separate entries.
11/15/2018
Collected $715,000 cash on account.
12/01/2018
Paid cash for expenses: Salaries, $180,000; Utilities, $12,650 (prepare one compound entry).
12/01/2018
Replenished the petty cash fund when the fund had $62 in cash and petty cash tickets for $85 for office supplies.
12/15/2018
Paid dividends, $5,000.
12/31/2018
Paid the franchise fee to TQA of 5% of total sales of $2,045,000.
12/31/2018
The bank reconciliation revealed $1,565 of interest earned on the checking account.
12/31/2018
The bank reconciliation revealed bank fees totaling $2,465 for the year.
12/31/2018
(Adjustment 9) Calculate the interest owed on the note payable.
12/31/2018
(Adjustment 2) Management estimated that 5% of Accounts Receivable will be uncollectible.
12/31/2018
(Adjustment 3) An inventory of office supplies indicates $475 of supplies have been used.
12/31/2018
(Adjustment 4) Accrued interest revenue on the Leard Contracting note (round your answer to the nearest whole dollar).
12/31/2018
(Adjustment 5) Record depreciation expense on the building. The company uses the straight-line depreciation method, and believes the building will last for 30 years and have a $50,000 residual value.
12/31/2018
(Adjustment 6) Record depreciation expense on the fixtures. The company uses straight-line depreciation method, and believes the fixtures will last for 15 years with zero residual value.
12/31/2018
(Adjustment 7) Record depreciation expense on the office equipment. The company uses the double declining-balance depreciation method, and believes the equipment will last for 5 years and have a $5,000 residual value.
12/31/2018
(Adjustment 8) Record amortization expense for the year on the franchise, which has a 10-year life.
12/31/2018
(Adjustment 1) One year of the prepaid insurance has expired.
In: Accounting
The project manager is often faced with the need to reduce the time taken to complete a project. However, the cost usually increased due to the additional resources required. The table below presents normal and crash times and costs for each activity in a project. Immediate predecessor Normal time Normal cost Crash time Crash cost A - 4 50 2 90 B A 6 80 4 160 C A 10 60 8 120 D A 11 50 7 150 E B 8 100 6 160 F C,D 5 40 4 70 G E,F 6 70 4 150 Given the information in the above network and the table, answer the following questions: a) The project manager would like to reduce the duration of the project to 23 days. Identify the activities that you would crash and the resulting total cost for the project. Show workings. (3.5 marks) b) The table below shows the indirect project cost for different durations. What would be the optimal number of days for the project duration? Explain your answer and show workings. Days Indirect Costs 26 500 25 460 24 420 23 400 22 380 21 360 20 320 19 300 18 260 c) Use this data to graphically present the total costs of the project
In: Computer Science
Case Problem - Regression
Are you going to hate your new job?
Getting a new job can be exciting and uplifting. But what if you discover that after a short time on the job, that you hate your new job? Is there any way to determine ahead of time whether you will love or hate your new job? According to the Wall Street Journal, there are a few things to look for in the interview that might help you to determine whether you will be happy on that job.
A study conducted by the University of Connecticut posed several questions to employees to ascertain their job satisfaction. Themes included: relationship with the supervisor, overall quality of the work environment, total weekly hours worked, and opportunity for advancement at the job. Nineteen employees were asked to rate their job satisfaction on a scale of 0-100, with 100 being perfectly satisfied. The results of the survey are as follows. Assume that the relationship with a supervisor is rated from 0-50, with 50 as excellent. Overall workplace quality rated from 0-100, with 100 representing an excellent environment and opportunities for advancement on a scale of 0-50 with 50 representing excellent opportunity.
Job Relationship Overall Quality Total Hrs. Opportunities
Satisfaction w/ Supervisor Work Environ Worked/wk Advancement
55 27 65 50 42
20 12 13 60 28
85 40 79 45 7
65 35 53 65 48
45 29 43 40 32
70 42 62 50 41
35 22 18 75 18
60 34 75 40 32
95 50 84 45 48
65 33 68 60 11
85 40 72 55 33
10 5 10 50 21
75 37 64 45 42
80 42 82 40 46
50 31 46 60 48
90 47 95 55 30
75 36 82 70 39
45 20 42 40 22
65 32 73 55 12
1. Develop a multiple regression model and analyze the data above related to job satisfaction. Use the four step analytical process to analyze the data. Test at the 0.05 level of significance and discuss in detail.
2. Of the variables above that are related to job satisfaction, which variables are stronger predictors of job satisfaction? Are other variables not mentioned here, potentially related to job satisfaction? Discuss in detail.
In: Math
John Wayne is 50 years old and plans to retire in 20 years. His new employer provides 401K retirement plan and he plans to accumulate $1,000,000 in his retirement account by age of 70. Use Excel to answer the following questions.
c.Redo part (a) if the yearly return for the first 10 years is 7% and last 10 years is 9%.
In: Finance
1. A jar contains 100 gummy bears: 50 ordinary candies, and 50 cannabis edibles. Of the ordinary candies, 40 are red and 10 are green. Of the cannabis edibles, 20 are red, and 30 are green. A gummy bear is drawn at random from the jar, in such a way that each gummy bear is equally likely to be the one drawn. What is the probability that the drawn gummy bear is a cannabis edible, conditional on it being red?
In: Statistics and Probability
Wesco Incorporated’s only product is a combination fertilizer/weedkiller called GrowNWeed. GrowNWeed is sold nationwide to retail nurseries and garden stores.
Zwinger Nursery plans to sell a similar fertilizer/weedkiller compound through its regional nursery chain under its own private label. Zwinger does not have manufacturing facilities of its own, so it has asked Wesco (and several other companies) to submit a bid for manufacturing and delivering a 35,000-pound order of the private brand compound to Zwinger. While the chemical composition of the Zwinger compound differs from that of GrowNWeed, the manufacturing processes are very similar.
The Zwinger compound would be produced in 1,000-pound lots. Each lot would require 31 direct labor-hours and the following chemicals:
| Chemicals | Quantity in Pounds |
| AG-5 | 340 |
| KL-2 | 210 |
| CW-7 | 140 |
| DF-6 | 310 |
The first three chemicals (AG-5, KL-2, and CW-7) are all used in the production of GrowNWeed. DF-6 was used in another compound that Wesco discontinued several months ago. The supply of DF-6 that Wesco had on hand when the other compound was discontinued was not discarded. Wesco could sell its supply of DF-6 at the prevailing market price less $0.08 per pound selling and handling expenses.
Wesco also has on hand a chemical called BH-3, which was manufactured for use in another product that is no longer produced. BH-3, which cannot be used in GrowNWeed, can be substituted for AG-5 on a one-for-one basis without affecting the quality of the Zwinger compound. The BH-3 in inventory has a salvage value of $520.
Inventory and cost data for the chemicals that can be used to produce the Zwinger compound are shown below:
| Raw Material | Pounds in Inventory |
Actual Price per Pound When Purchased |
Current Market Price per Pound |
||
| AG-5 | 26,000 | $ | 0.75 | $ | 0.85 |
| KL-2 | 5,600 | $ | 0.50 | $ | 0.55 |
| CW-7 | 8,800 | $ | 1.27 | $ | 1.47 |
| DF-6 | 9,450 | $ | 0.46 | $ | 0.60 |
| BH-3 | 5,800 | $ | 0.71 | (Salvage) | |
The current direct labor wage rate is $18 per hour. The predetermined overhead rate is based on direct labor-hours (DLH). The predetermined overhead rate for the current year, based on a two-shift capacity with no overtime, is as follows:
| Variable manufacturing overhead | $ | 4.10 | per DLH |
| Fixed manufacturing overhead | 8.30 | per DLH | |
| Combined predetermined overhead rate | $ | 12.40 | per DLH |
Wesco’s production manager reports that the present equipment and facilities are adequate to manufacture the Zwinger compound. Therefore, the order would have no effect on total fixed manufacturing overhead costs. However, Wesco is within 130 hours of its two-shift capacity this month. Any additional hours beyond the 130 hours must be done in overtime. If need be, the Zwinger compound could be produced on regular time by shifting a portion of GrowNWeed production to overtime. Wesco’s direct labor wage rate for overtime is $27 per hour. There is no allowance for any overtime premium in the predetermined overhead rate.
Required:
1. Wesco has decided to submit a bid for the 35,000 pound order of Zwinger’s new compound. The order must be delivered by the end of the current month. Zwinger has indicated that this is a one-time order that will not be repeated. Calculate the lowest price that Wesco could bid for the order and still exactly cover its incremental manufacturing costs.
2. Refer to the original data. Assume that Zwinger Nursery plans to place regular orders for 35,000-pound lots of the new compound. Wesco expects the demand for GrowNWeed to remain strong. Therefore, the recurring orders from Zwinger would put Wesco over its two-shift capacity. However, production could be scheduled so that 60% of each Zwinger order could be completed during regular hours. As another option, some GrowNWeed production could be shifted temporarily to overtime so that the Zwinger orders could be produced on regular time. Current market prices are the best available estimates of future market prices.
Wesco’s standard markup policy for new products is 40% of the full manufacturing cost, including fixed manufacturing overhead. Calculate the price that Wesco, Inc., would quote Zwinger Nursery for each 35,000 pound lot of the new compound, assuming that it is to be treated as a new product and this pricing policy is followed.
In: Accounting
Wesco Incorporated’s only product is a combination fertilizer/weedkiller called GrowNWeed. GrowNWeed is sold nationwide to retail nurseries and garden stores.
Zwinger Nursery plans to sell a similar fertilizer/weedkiller compound through its regional nursery chain under its own private label. Zwinger does not have manufacturing facilities of its own, so it has asked Wesco (and several other companies) to submit a bid for manufacturing and delivering a 27,000-pound order of the private brand compound to Zwinger. While the chemical composition of the Zwinger compound differs from that of GrowNWeed, the manufacturing processes are very similar.
The Zwinger compound would be produced in 1,000-pound lots. Each lot would require 33 direct labor-hours and the following chemicals:
| Chemicals | Quantity in Pounds |
| AG-5 | 360 |
| KL-2 | 240 |
| CW-7 | 160 |
| DF-6 | 240 |
The first three chemicals (AG-5, KL-2, and CW-7) are all used in the production of GrowNWeed. DF-6 was used in another compound that Wesco discontinued several months ago. The supply of DF-6 that Wesco had on hand when the other compound was discontinued was not discarded. Wesco could sell its supply of DF-6 at the prevailing market price less $0.10 per pound selling and handling expenses.
Wesco also has on hand a chemical called BH-3, which was manufactured for use in another product that is no longer produced. BH-3, which cannot be used in GrowNWeed, can be substituted for AG-5 on a one-for-one basis without affecting the quality of the Zwinger compound. The BH-3 in inventory has a salvage value of $560.
Inventory and cost data for the chemicals that can be used to produce the Zwinger compound are shown below:
| Raw Material | Pounds in Inventory |
Actual Price per Pound When Purchased |
Current Market Price per Pound |
||
| AG-5 | 22,000 | $ | 0.63 | $ | 0.73 |
| KL-2 | 4,800 | $ | 0.51 | $ | 0.56 |
| CW-7 | 8,400 | $ | 1.32 | $ | 1.52 |
| DF-6 | 5,180 | $ | 0.49 | $ | 0.61 |
| BH-3 | 4,800 | $ | 0.61 | (Salvage) | |
The current direct labor wage rate is $10 per hour. The predetermined overhead rate is based on direct labor-hours (DLH). The predetermined overhead rate for the current year, based on a two-shift capacity with no overtime, is as follows:
| Variable manufacturing overhead | $ | 4.00 | per DLH |
| Fixed manufacturing overhead | 7.00 | per DLH | |
| Combined predetermined overhead rate | $ | 11.00 | per DLH |
Wesco’s production manager reports that the present equipment and facilities are adequate to manufacture the Zwinger compound. Therefore, the order would have no effect on total fixed manufacturing overhead costs. However, Wesco is within 130 hours of its two-shift capacity this month. Any additional hours beyond the 130 hours must be done in overtime. If need be, the Zwinger compound could be produced on regular time by shifting a portion of GrowNWeed production to overtime. Wesco’s direct labor wage rate for overtime is $15 per hour. There is no allowance for any overtime premium in the predetermined overhead rate.
Required:
1. Wesco has decided to submit a bid for the 27,000 pound order of Zwinger’s new compound. The order must be delivered by the end of the current month. Zwinger has indicated that this is a one-time order that will not be repeated. Calculate the lowest price that Wesco could bid for the order and still exactly cover its incremental manufacturing costs.
2. Refer to the original data. Assume that Zwinger Nursery plans to place regular orders for 27,000-pound lots of the new compound. Wesco expects the demand for GrowNWeed to remain strong. Therefore, the recurring orders from Zwinger would put Wesco over its two-shift capacity. However, production could be scheduled so that 60% of each Zwinger order could be completed during regular hours. As another option, some GrowNWeed production could be shifted temporarily to overtime so that the Zwinger orders could be produced on regular time. Current market prices are the best available estimates of future market prices.
Wesco’s standard markup policy for new products is 40% of the full manufacturing cost, including fixed manufacturing overhead. Calculate the price that Wesco, Inc., would quote Zwinger Nursery for each 27,000 pound lot of the new compound, assuming that it is to be treated as a new product and this pricing policy is followed.
In: Accounting
You want to buy 100 shares of XYZ stock, and you don't want to pay more than $20 per share for it. Which option strategy would be the least expensive?
Use letters in alphabetical order to select options
A Buy one XYZ 20 call for $2.
B Sell one XYZ 20 call for $4.
C Buy one XYZ 20 put for $1.
D Sell one XYZ 20 put for $3.
You want to set up a covered call position on 1,000 shares of XYZ stock. Your goal is to collect the greatest premium, and you don't mind being assigned. Which of these would you probably do if XYZ were trading for $40 per share?
Use letters in alphabetical order to select options
A Buy 10 calls on XYZ stock with a strike price of $25.
B Sell 10 calls on XYZ stock with a strike price of $30.
C Sell 10 calls on XYZ stock with a strike price of $45.
D Sell 10 puts on XYZ stock with a strike price of $50.
You sell to open ten ABC 40 puts for $2 each. What's the best thing that can happen now?
Use letters in alphabetical order to select options
A ABC stock stays at $40, and the puts expire worthless.
B ABC stock stays at $40, and you buy back the puts for a profit.
C ABC's price rises to $50, and you're assigned to buy the stock at $40 per share.
D ABC stock falls to $30, and you exercise the puts to sell the stock at $40 per share.
In: Finance
(Gaddis) Programming Challenges 8. Search Function for Customer Accounts Program Program pág. 653, Cap. 11
Instruction: Add the exercise 1 to the program provided.
.1. Search Function for Customer Accounts Program Add a function to Programming Challenge 7 that allows the user to search the structure array for a particular customer’s account. It should accept part of the customer’s name as an argument and then search for an account with a name that matches it. All accounts that match should be displayed. If no account matches, a message saying so should be displayed.
#include<iostream>
using namespace::std;
C++ Program
#include"ArrayBag.h"
int main(){
ArrayBag<int> myArrayInteger;
myArrayInteger.add(5);
myArrayInteger.add(3);
myArrayInteger.add(5);
myArrayInteger.add(10);
myArrayInteger.display();
myArrayInteger.remove(5);
myArrayInteger.display();
myArrayInteger.add(3);
myArrayInteger.add(3);
cout << "El nuemo 3 esta "
<<myArrayInteger.getFrequencyOf(3)
<< "veces repetido en el arreglo\n";
if (myArrayInteger.contains(7)){
cout <"El numero 7 esta dentro del arreglo\n";
}
else{
cout<<"El numero 7 no esta dentro del arreglo\n";
}
system("pause");
return 0;
}//end main
In: Computer Science
PLEASE SHOW WORK
Stock A is selling for $40 per share, has an expected growth rate of 8 percent, is expected to pay a dividend of $4 per share next year, and its beta is estimated to be 2.00.The risk-free rate of interest is 4 percent and the market risk premium is 5 percent.
A.If the expected inflation rate is expected to return to 1 percent, but the market risk premium increases to 7 percent, what is the risk-free rate of interest?
What is the expected return on the market?4%; 11%
B. If the expected inflation rate is expected to remain at 1 percent and the market risk premium is 7 percent, is Stock A over, under, or correctly valued at a market price of $40?correctly valued
C. If the expected inflation rate is expected to remain at 1 percent and the market risk premium is 7 percent, what is Stock A’s equilibrium price?$40
In: Finance