The following transactions occurred during 2021:

month begin the following January. Ignore interest considerations.

truck on May 31, but not unloaded until June 3 because the recipient delayed paying the freight bill until then. The vendor prepares and mails the invoice to the customer on June 10.

March 31. Installation is completed by April 30, after which the system is ready for use. The vendor provides monthly support and upgrades for 4 months following the month of installation (through end of August). The value of the system and cables is $50,000, the value of the installation services is $22,000, and the value of the monthly support totals $6,000.

truck January 31 and delivered on February 1.

completed for this customer.

Instructions
Identify in which month revenue should be recognized in each situation. If revenue should be recognized in more than one month, calculate the amounts that apply to each relevant month

Assume that Denis Savard Inc. has the following accounts at the end of the current year.

Prepare a classified balance sheet in good form. (List Current Assets in order of liquidity. For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds Payable, and Restricted Cash, enter the account name only and do not provide the descriptive information provided in the question.)

show work and explain, especially total liabilities and equity

Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria’s owner has determined that the shop has two major cost drivers—the number of pizzas sold and the number of deliveries made.

The pizzeria’s cost formulas appear below:

In November, the pizzeria budgeted for 2,010 pizzas at an average selling price of $14 per pizza and for 210 deliveries.

Data concerning the pizzeria’s actual results in November appear below:

Required:

1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria’s owner has determined that the shop has two major cost drivers—the number of pizzas sold and the number of deliveries made. Data concerning the pizzeria’s costs appear below: Fixed Cost per Month Cost per Pizza Cost per Delivery Pizza ingredients $ 4.80 Kitchen staff $ 6,210 Utilities $ 760 $ 0.80 Delivery person $ 2.60 Delivery vehicle $ 780 $ 1.80 Equipment depreciation $ 520 Rent $ 2,170 Miscellaneous $ 880 $ 0.20 In November, the pizzeria budgeted for 2,010 pizzas at an average selling price of $14 per pizza and for 210 deliveries. Data concerning the pizzeria’s operations in November appear below: Actual Results Pizzas 2,110 Deliveries 190 Revenue $ 30,240 Pizza ingredients $ 9,910 Kitchen staff $ 6,150 Utilities $ 960 Delivery person $ 494 Delivery vehicle $ 1,016 Equipment depreciation $ 520 Rent $ 2,170 Miscellaneous $ 880 Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

equired information

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Leach Inc. experienced the following events for the first two years of its operations:

Year 1:

1. Issued $26,000 of common stock for cash.
2. Provided $95,600 of services on account.
3. Provided $52,000 of services and received cash.
4. Collected $85,000 cash from accounts receivable.
5. Paid $54,000 of salaries expense for the year.
6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 4 percent of the ending accounts receivable balance will be uncollectible.
7. Closed the revenue account.
8. Closed the expense account.

Year 2:

1. Wrote off an uncollectible account for $750.
2. Provided $104,000 of services on account.
3. Provided $48,000 of services and collected cash.
4. Collected $97,000 cash from accounts receivable.
5. Paid $81,000 of salaries expense for the year.
6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 4 percent of the ending accounts receivable balance will be uncollectible.

Required:
a. Record the Year 1 events in general journal form and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet

cash

common stock

account receivable

retained earrning

service revenue

allowance for doubtful accounts

salaries expence

uncoll accts expense

Pool Corporation, Inc., is the world’s largest wholesale distributor of swimming pool supplies and equipment. Pool Corp. reported the following information related to bad debt estimates and write-offs for a recent year.

Allowance for doubtful accounts:

Balance at beginning of year $ 9,002

Bad debt expense 4,098

Write-offs (5,110 )

Balance at end of year $ 7,990

Required:

1. Prepare journal entries for the bad debt expense adjustment and total write-offs of bad debts for the current year.

2. Pool Corp. reduces net sales by the amount of sales returns and allowances, cash discounts, and credit card fees. Bad debt expense is recorded as part of selling and administrative expense. Assume that gross sales revenue for the month was $146,756, bad debt expense was $336, sales discounts were $1,704, sales returns were $1,236, and credit card fees were $2,609. What amount would Pool Corp. report for net sales for the month?

Pool Corp. reduces net sales by the amount of sales returns and allowances, cash discounts, and credit card fees. Bad debt expense is recorded as part of selling and administrative expense. Assume that gross sales revenue for the month was $143,256, bad debt expense was $266, sales discounts were $1,494, sales returns were $1,096, and credit card fees were $2,329.

What amount would Pool Corp. report for net sales for the month?

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company’s costs:

For example, electricity costs are $1,000 per month plus $0.06 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.80 per car washed.

The actual operating results for August appear below.

Required:

Prepare a flexible budget performance report that shows the company’s revenue and spending variances and activity variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

ounts as positive values.)

Horace Culpepper reviewed the records and found the following errors.

Prepare an analysis of each error showing (1) the incorrect entry, (2) the correct entry, and (3) the correcting entry. Items 4 and 5 occurred on April 30, 2017

Grant’s Graphics has a December 31 year end. Grant’s Graphics records adjusting entries on an annual basis.

Prepare the adjusting journal entries based on the following information. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

4. A. A consumer has $360. Good X costs $4 each. Good Y costs $8 each. Draw the budget line. Label it “budget line A.” Preferences are perfect complements: utility = min{X,Y}. Both X and Y are normal goods. Numerically solve the consumer’s budget choice. Label it on the diagram, including the indifference curve, and all solved numbers. B. A consumer has $400. Good X costs $6 each. Good Y costs $7 each. Draw a new budget line, on a new graph. Label it “budget line

B.” Once again, preferences are perfect complements: utility = min{X,Y}. Both are normal goods. Numerically solve the consumer’s budget choice. Label it on the diagram, including the indifference curve, and all solved numbers.

C. Herman Cain ran for president in the year 2000. He made the following policy proposal: Reduce the federal income tax, and make up the federal revenue shortfall with a new national sales tax charged, in addition to the state and local sales tax. Total federal tax revenue would be unchanged. Herman Cain stated that the average person would be better off. Use the objective of the consumer (utility maximization, as illustrated in parts A and B) to explain and evaluate if Herman Cain was right or wrong.