JKL Company uses the perpetual inventory method and sells to its customers under 2/10/ net 30 terms.

What entry would JKL Company make if it sold 100 widgets to Customer Company for $10,000 that it had in inventory at a cost of $6,000 on October 1.

What entry would JKL make on October 4 if Customer Company returned 10 widgets for credit because they were damaged in shipment?

What entry would JKL make if Customer Company paid for the remaining 90 widgets on October 9?

What is the net sales amount on this transaction?

What entry would JKL make if it discovered after the performance of a physical inventory on October 31 that the count sheets indicated that the perpetual record was overstated by $200?

Acme Materials Company manufactures and sells synthetic coatings that can withstand high temperatures. Its primary customers are aviation manufacturers and maintenance companies. The following table contains financial information pertaining to cost of quality (COQ) in 2019 and 2020 (in thousands of dollars):

QUESTIONS:

1. Classify the cost items in the table into cost-of-quality (COQ) categories. Calculate the ratio of each COQ category to revenues in each of the 2 years.

2. Calculate the percentage change in each COQ category and total COQ and comment on the results:

Scenario: Top Secret, Inc. (TSI) is a successful operating system company whose customers include Fortune 500 companies, governments throughout the world, and major U.S. contractors. TSI makes embedded operating systems for secure terminals that control ingress/egress control systems for Wall Street firms, camera systems fordrone aircraft for government contractors, and alarm systems for top-secret government installations. TSI operating systems are worldrenowned for their quick response to sensor input, highly reliable operation, limited memory utilization, small size on disk, and low power consumption. The TSI Operating System (TSI OS) works exceptionally well on the devices owned by TSI customers, but it does not work well in the TSI back office. Like many startup companies, TSI had to cut costs when it launched a few years ago. To save money, the company decided notto use enterprise-class operating systems for its own workstations and servers. Instead, it chose to use a single-purpose TSI OS,reasoning that TSI OS was good enough for TSI customers, so it should be good enough for TSI. Unfortunately, TSI OS lacks many features of a modern operating system and does not take advantage of the architectural optimizations present in the latest hardware.

What are the Business-Related Challenges Faced by TSI?

Suppose Jones Company has orders from three customers located in the same market area. One order has a total weight of 3,600 pounds, the second weighs 8,300 pounds, and the third weighs 12,100 pounds. The transportation carrier quotes a freight rate of $20 per hundredweight (or cwt.) for direct shipment to the customer for shipments weighing 1,000 to 4,999 pounds, $18 per cwt. for orders weighing 5,000 to 9,999 pounds, and $16 for shipments weighing between 10,000 and 15,000 pounds. Alternatively, the carrier’s rate for shipments weighing more than 20,000 pounds is $13.00 per cwt. However, if the orders are combined into one consolidated shipment, the carrier will charge $260 for each stop it is required to make. Calculate the total cost with or without consolidated shipment charge.

a) total cost using separate shipments

b) total cost using consolidated shipment

A television cable company receives numerous phone calls throughout the day from customers reporting service troubles and from would-be subscribers to the cable network. Most of these callers are put “on hold” until a company operator is free to help them. The company has determined that the length of time a caller is on hold is normally distributed with a mean of 3.1 minutes and a standard deviation 0.9 minutes. Company experts have decided that if as many as 5% of the callers are put on hold for 4.8 minutes or longer, more operators should be hired. a. What proportion of the company’s callers are put on hold for more than 4.8 minutes? Should the company hire more operators? Show these probabilities on a sketch of the normal curve. b. At another cable company (length of time a caller is on hold follows the same distribution as before), 2.5% of the callers are put on hold for longer than x minutes. Find the value of x, and show this on a sketch of the normal curve.

A suburban hotel derives its revenue from its hotel and restaurant operations. The owners are interested in the relationship between the number of rooms occupied on a nightly basis and the revenue per day in the restaurant. Below is a sample of 25 days (Monday through Thursday) from last year showing the restaurant income and number of rooms occupied.

1. Choose the scatter diagram that best fits the data.

• Scatter diagram 1

• Scatter diagram 2

• Scatter diagram 3

2. Determine the coefficient of correlation between the two variables. (Round your answer to 3 decimal places.)

Pearson correlation _______

1. c-1. State the decision rule for 0.01 significance level: H₀: ρ ≤ 0; H₁: ρ > 0. (Round your answer to 3 decimal places.)

Reject H0 if t > ________

1. c-2. Compute the value of the test statistic. (Round your answer to 2 decimal places.)

Value of the test statistic ______

4. What percent of the variation in revenue in the restaurant is accounted for by the number of rooms occupied? (Round your answer to 1 decimal place.)

_____ % of the variation in revenue is explained by variation in occupied rooms.

Metropolis Books sold 50,800 copies of a best-selling novel in July for $13 each. Included in each book was a $3 mail-in rebate for a future book purchase if the customer sends in proof of purchase with a completed rebate form. Metropolis estimates that 14% of the purchasers will claim the rebate.

Calculate the sales revenue and the unearned revenue related to the loyalty program that Metropolis earned in July on this book. (Round answers to 0 decimal places, e.g. 5,276. Do not round intermediate calculation.)

List of Accounts

Prepare the journal entry to record the sale and the unearned revenue Metropolis Books should record. (Credit account titles are automatically indented when the 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.)

section 10.4

Medical research has shown that repeated wrist extension beyond 20 degrees increases the risk of wrist and hand injuries. Each of 24 students at a university used a proposed new computer mouse design. While using the mouse, each student's wrist extension was recorded. Data consistent with summary values given in a paper are given. Use these data to test the hypothesis that the mean wrist extension for people using this new mouse design is greater than 20 degrees. (Use

? = 0.05.

Use a statistical computer package to calculate the P-value. Round your test statistic to two decimal places and your P-value to three decimal places.)

27 26 25 24 27 28 28 25 25 25 28 26

22 28 25 26 27 24 31 28 26 27 27 28

t =

P-value =

Baltic Supplies presented the following unadjusted trial balance as at December 31, 2016

The following information was made available at December 31, 2016

A.) Unearned revenue still not earned at December 31, 2016 amounted 120,000

B.) The prepaid insurance of 156,000 was paid on August 1, 2016 for 6 months to January 2017

C.) The building and equipment has an estimated life of (10) years and is being depreciated on the straight line method of depreciation, down to residual value of 10,000

D.) Accrued travelling expense amounted to 2,300 at December 31, 2016

E.) A physical count of inventory at December 31, 2016, reveals 315,000 worth of inventory on hand

Required to:

1 Prepare the necessary adjusting entries on December 31, 2016

2 Prepare the adjusted trial balance as at December 31, 2016

3 Prepare the company multi-step Income Statement for the year ended December 31, 2016

4 Prepare the company statement of Owner's Equity for the year ended December 31, 2016

5 Prepare the company classified Balance Sheet at December 31, 2016

home / study / business / accounting / accounting questions and answers / the mersey shoe company produces its famous? shoe, the divine loafer that sells for ?$55 ... Question: The Mersey Shoe Company produces its famous? shoe, the Divine Loafer that sells for ?$55 per pair... The Mersey Shoe Company produces its famous? shoe, the Divine Loafer that sells for ?$55 per pair. Operating income for 2017 is as? follows: Sales revenue ($55 per pair) $220,000 Variable cost ($20 per pair) 80,000 Contribution margin 140,000 Fixed cost 70,000 Operating income $70,000 Mersey Shoe Company would like to increase its profitability over the next year by at least? 25%. To do? so, the company is considering the following? options: 1. Replace a portion of its variable labor with an automated machining process. This would result in a 25?% decrease in variable cost per? unit, but a 10?% increase in fixed costs. Sales would remain the same. 2. Spend $35,000 a new advertising? campaign, which would increase sales by 40?%. 3. Increase both selling price by $10 per unit and variable costs by $8 per unit by using a higher quality leather material in the production of its shoes. The higher priced shoe would cause demand to drop by approximately15?%. 4. Add a second manufacturing facility that would double Mersey?'s fixed? costs, but would increase sales by 60?%. Evaluate each of the alternatives considered by MerseyMersey Shoes. ?(Use parentheses or a minus sign for an operating? loss.) Alternative 1 Sales revenue Variable cost Contribution margin Fixed cost Operating income (loss) Alternative 2 Alternative 3 Alternative 4 Do any of the options meet or exceed MerseyMersey?'s targeted increase in income of? 25%? ?(Round your answers to the nearest whole percent. Use parentheses or a minus sign for a negative percentage? change.) Percent change in Alternative operating income Meet or Exceed? 1 % 2 % 3 % 4 % What should MerseyMersey ?do? ? Alternative 1 Alternative 4 Alternative 2 Alternative 3 has the highest operating income. ? This alternative also meets or exceeds However, this alternative does not meet or exceed the targeted increase in income of? 25% ? and should be chosen by Mersey. and, therefore, should only be chosen by Mersey if they are okay with not meeting the target percent. Choose from any list or enter any number in the input fields and then continue to the next question.