Lynbrook Automotive sells a variety of merchandise to retail stores on account, but it insists that any customer who fails to pay an invoice when due must replace it with an interest-bearing note. The company adjusts and closes its accounts at December 31.
On November 1, 2019 Lynbrook converted an Accounts Receivable balance from Scan House in the amount of $5,000 to a 120 day 8% Note Receivable.
Required: A. Prepare journal entries (in general journal form) to record: (1) the creation of the note on November 1, 2019; (2) the adjustment for interest on December 31, 2019; (3) the collection of principal and interest when it matures in 2020, including the maturity date. (Lynbrook makes adjusting entries only at year-end.) B. Explain why Lynbrook insists that any customer who fails to pay an invoice when due must replace it with an interest-bearing note.
In: Accounting
Garden Glory is a company that provides yard maintenance services
to its customers. Garden Glory offers many types of services such
as grass cutting, shrubby maintenance, flowering planting,
trimming, etc. Many of its customers have multiple properties
[houses, office buildings, apartment complexes] that require
gardening and lawn maintenance services. Garden Glory wants to
maintain data on customers, properties, services offered and also
track services provided. For services provided, they want to know
what property, who that property belongs to and what services the
property receives.
Which of the following represent entities for this scenario. THERE
MAY BE MORE THAN ONE ANSWER.
Answers to choose from:
Property
Who the property belongs to
Type of property such as apartment complex
Customer
Customer Last Name
Street Address
Service Tracking
Type of service such as grass cutting
In: Computer Science
Mel O’Conner operates rental properties in Michigan. Each property has a manager who collects rent, arranges for repairs, and runs advertisements in the local newspaper. The property managers transfer cash to O’Conner monthly and prepare their own bank reconciliations. The manager in Lansing has been stealing from the company. To cover the theft, he overstates the amount of the outstanding checks on the monthly bank reconciliation. As a result, each monthly bank reconciliation appears to balance. However, the balance sheet reports more cash than O’Conner actually has in the bank. O’Conner is currently putting his entire business up for sale. In negotiating the sale of the business, O’Conner is showing the balance sheet to prospective buyers.
Requirements
In: Accounting
15.In a limited liability partnership (LLP)
a.a partner may avoid liability for the malpractice of other partners.
b.a partner who commits malpractice is automatically expelled from the partnership under the UPA.
c.the maximum number of partners is limited by the law of most states.
d.it is deemed unethical to employ non-professionals.
17.A limited liability company
a.is presumed to be member managed.
b.is presumed to be manager managed.
c.may not have members who are foreign nationals under federal law.
d.can have a duration of no more than 25 years under the law of most states.
19.A syndicate
a.cannot be incorporated under the law of most states.
b.is a type of criminal(organized crime) organization.
c.is an investment group formed to finance a particular project.
d.is an income tax avoidance device.
In: Finance
READ THE FOLLOWING CAREFULLY TO GET FULL VALUE FROM THE PRACTICE. IF NOT COMFORTABLE WITH CLASSES,I WOULD START WITH DEFINING THE CLASS WITH ONE constructor AND GO FROM THEREUse the following to calculate a GPA (the following is for calculation information only):A = 4.00 grade points per credit hourA- = 3.70 grade points per credit hourB+ = 3.33 grade points per credit hourB = 3.00 grade points per credit hourB- = 2.70 grade points per credit hourC+ = 2.30 grade points per credit hourC = 2.00 grade points per credit hourC- = 1.70 grade points per credit hourD+ = 1.30 grade points per credit hourD = 1.00 grade points per credit hourD- = 0.70 grade points per credit hourgpa calculation = total grade points received (see above)/ number hours attemptedIf you took 3 classes; 3 credit hours each; received an 'A' in each classA = 4.00 points per credit hour means a total of 36 grade points earnedfor 9 attempted hoursgpa = 36/9 = 4.01. Create a header file (*.h) for a class named Student defined as follows:Private variables to hold:first namelast namestreet addresscitystatezipearned grade pointsattempted credit hoursgpaPublic methods:constructor of type Student; set all the private variables to spaceor zero, depending on the data typeconstructor of type Student; set all name values and all address values
to values passed in as parameters, do not include earned grade point orattempted credit hours as parametersconstructor of type Student; set ALL private variables to valuespassed in as parametersmethod to display all private variables of the class (i.e., cout)method to calculate the gpa (no parameters)method to calculate the gpa with earned and attempted values passed in as parametersmethod to set the earned value; earned value passed in as parametermethod to set the attempted value; attempted value passed in as parameter2. Create an implementation program (*.cpp file) for class Student and code all the public methods.3. Create a client program (*.cpp) that uses class Student. Create three students using each ofthe three constructors defined in 1. Be aware of what data gets initialized or set to values.4. Calculate the gpa for each of the students.5. Display ALL the data for each of the students after the gpa has been calculated (name, full address,grade points earned, grade points attempted, gpa)6. Be aware that if the first two constructors are used, the earned and attemptedvalues will NOT be set to calculate the gpa. Try using your set methodsto give these a value.You will need to create a project.If you like to include the following line of code: system("pause");You MAY need to: #include <cstdlib>Complete as much as you can before you submit ensuring what you've completed compiles. You do not have to correctlysolve the coding exercise, however, you MUST include code that ATTEMPTS to solve the problem to get credit.The program may be named any name of your choice and must have a .cpp extention. Do NOT includespaces in program names; variables may be any name of your choice.
In: Computer Science
A partial listing of costs incurred at Archut Corporation during September appears below:
| Direct materials | $ 113,000 |
|---|---|
| Utilities, factory | $ 5,000 |
| Administrative salaries | $ 81,000 |
| Indirect labor | $ 25,000 |
| Sales commissions | $ 48,000 |
| Depreciation of production equipment | $ 20,000 |
| Depreciation of administrative equipment | $ 30,000 |
| Direct labor | $ 129,000 |
| Advertising | $ 135,000 |
The total of the manufacturing overhead costs listed above for September is:
Multiple Choice
$30,000
$50,000
$292,000
$586,000
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Flesch Corporation produces and sells two products. In the most recent month, Product C90B had sales of $19,950 and variable expenses of $5,985. Product Y45E had sales of $26,190 and variable expenses of $10,476. The fixed expenses of the entire company were $17,000. If the sales mix were to shift toward Product C90B with total dollar sales remaining constant, the overall break-even point for the entire company:
Multiple Choice
would increase.
would decrease.
could increase or decrease.
would not change.
***************************************************************************************************
********************************************************************************************
Aaron Corporation, which has only one product, has provided the following data concerning its most recent month of operations:
| Selling price | $102 |
|---|---|
| Units in beginning inventory | 0 |
| Units produced | 3,800 |
| Units sold | 3,230 |
| Units in ending inventory | 570 |
| Variable costs per unit: | |
|---|---|
| Direct materials | $ 18 |
| Direct labor | $ 38 |
| Variable manufacturing overhead | $ 7 |
| Variable selling and administrative expense | $ 5 |
| Fixed costs: | |
| Fixed manufacturing overhead | $64,200 |
| Fixed selling and administrative expense | $ 2,500 |
The total contribution margin for the month under variable costing is:
Multiple Choice
$43,120
$45,620
$109,820
$125,970
*****************************************************
WV Construction has two divisions: Remodeling and New Home Construction. Each division has an on-site supervisor who is paid a salary of $86,000 annually and one salaried estimator who is paid $48,000 annually. The corporate office has two office administrative assistants who are paid salaries of $52,000 and $38,000 annually. The president's salary is $156,000. How much of these salaries are common fixed expenses?
Multiple Choice
$246,000
$156,000
$90,000
$318,000
***************************************************
Younie Corporation has two divisions: the South Division and the West Division. The corporation's net operating income is $89,000. The South Division's divisional segment margin is $39,500 and the West Division's divisional segment margin is $171,900. What is the amount of the common fixed expense not traceable to the individual divisions?
Multiple Choice
$122,400
$128,500
$260,900
$211,400
In: Accounting
In: Economics
Summarize the history (creation) of the Central Bank of the US and trace its impact on the US economy.
In: Economics
Discuss the 14th Amendment to the US Constitution then discuss the erosion of the 14th Amendment to the US Constitution.
In: Operations Management
Show graphically how an increase in US government spending affects the US trade deficit.
In: Economics