1). Credits

a) decrease both assets and liabilities.

b) decrease assets and increase liabilities.

c) increase both assets and liabilities.

d) increase assets and decrease liabilities.

2). The normal balance of an account is the

a) left side.

b) right side.

c) side which increases that account.

d) side that decreases that account.

3). The double-entry system requires that each transaction must be recorded

a) in at least two different accounts.

b) in two sets of books.

c) in a journal and a ledger.

d) first as a revenue and then as an expense.

4). Wilbur Wildcat Company purchased supplies for $1,000. They paid $500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $500. Which of the following would be the correct way to complete the recording of the transaction?

a) credit an asset account for $500.

b) credit another liability account for $500.

c) credit the Wildcat, Capital account for $500.

d) Debit the Wildcat, Capital account for $500.

5). On June 1, 2012, Sparky Inc. reported a cash balance of $15,000. During June, Sparky made deposits of $3,000 and made disbursements totaling $14,000. What is the cash balance at the end of June?

a) $15,000 debit

b) $18,000 debit

c) $4,000 debit

d) $32,000 debit

6). On August 4, 2012 Artie Enterprises performed cash services of $2,300. The entry to record this transaction would include a

a) debit to service revenue of $2300

b) debit to cash of $2300

c) credit to accounts receivable of $2300

d) debit to accounts receivable of $2300.

7). Which account below is not a subdivision of owner's equity?

a) drawing

b) revenues

c) expenses

d) liabilities

8). Which of the following is the correct sequence of steps in the recording process?

a) posting, journalizing, analyzing

b) analyzing, journalizing, posting

c) analyzing, posting, journalizing

d) journalizing, posting, analyzine

9). Wilma Kitty withdraws $500 cash from her business for personal use. The entry for this transaction will include a debit of $500 to

a) Wilma Kitty, drawing

b) Wilma Kitty, capital

c) owner's salary expense

d) salaries expense

10). A credit is the normal balance for which account listed below?

a) cash

b) accounts receivable

c) rent expense

d) unearned revenue

1). Credits

a) decrease both assets and liabilities.

b) decrease assets and increase liabilities.

c) increase both assets and liabilities.

d) increase assets and decrease liabilities.

2). The normal balance of an account is the

a) left side.

b) right side.

c) side which increases that account.

d) side that decreases that account.

3). The double-entry system requires that each transaction must be recorded

a) in at least two different accounts.

b) in two sets of books.

c) in a journal and a ledger.

d) first as a revenue and then as an expense.

4). Wilbur Wildcat Company purchased supplies for $1,000. They paid $500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $500. Which of the following would be the correct way to complete the recording of the transaction?

a) credit an asset account for $500.

b) credit another liability account for $500.

c) credit the Wildcat, Capital account for $500.

d) Debit the Wildcat, Capital account for $500.

5). On June 1, 2012, Sparky Inc. reported a cash balance of $15,000. During June, Sparky made deposits of $3,000 and made disbursements totaling $14,000. What is the cash balance at the end of June?

a) $15,000 debit

b) $18,000 debit

c) $4,000 debit

d) $32,000 debit

6). On August 4, 2012 Artie Enterprises performed cash services of $2,300. The entry to record this transaction would include a

a) debit to service revenue of $2300

b) debit to cash of $2300

c) credit to accounts receivable of $2300

d) debit to accounts receivable of $2300.

7). Which account below is not a subdivision of owner's equity?

a) drawing

b) revenues

c) expenses

d) liabilities

8). Which of the following is the correct sequence of steps in the recording process?

a) posting, journalizing, analyzing

b) analyzing, journalizing, posting

c) analyzing, posting, journalizing

d) journalizing, posting, analyzine

9). Wilma Kitty withdraws $500 cash from her business for personal use. The entry for this transaction will include a debit of $500 to

a) Wilma Kitty, drawing

b) Wilma Kitty, capital

c) owner's salary expense

d) salaries expense

10). A credit is the normal balance for which account listed below?

a) cash

b) accounts receivable

c) rent expense

d) unearned revenue

I've completed a-d, I need answers for E-H, please!

The demand for product Q is given by Q = 385 - P and the total cost of Q by: STC=3000+40Q-5Q^2 +(1/3)Q^3

1. Find the price function and then the TR function. See Assignment 3 or 4 for an example.

Q = 385 - P

P = 385 - Q

Total revenue (TR) = P x Q = 385Q - Q²

2. Write the MR and MC functions below. Remember: MR = dTR/dQ and MC = dSTC/DQ. See Assignment 5 for a review of derivatives.

MR = dTR/dQ = 385 - 2Q

MC = dSTC/dQ = 40 - 10Q + Q²

3. What positive value of Q will maximize total profit?   Remember, letting MR = MC signals the objective of total profit maximization. Solve MR = MC for Q. The value of Q you get should not be zero or negative.

385 - 2Q = 40 - 10Q + Q²

Q² - 8Q - 425 = 0

Q² - 25Q + 17Q - 425 = 0

Q(Q - 25) + 17(Q - 25) = 0

(Q - 25) (Q + 17) = 0

Therefore, Q = 25, Q = -17

We dismiss Q=-17 because it is zero or negative, leaving

Q=25 will maximize total profit

4. Use the price function found in (a) to determine the price per unit that will need to be charged at the Q found in (c). This will be the price you should ask for the total profit maximizing quantity.

P = 385 - Q = 385 - 25 = 360

5. What total profit will result from selling the quantity found in (c) at the price found in (d)? Remember, profit is TR – STC.
6. At what level of Q is revenue maximized? Remember let MR = 0 and solve for Q. MR = 0 signals the objective of maximizing revenue.
7. At what positive level of Q is marginal profit maximized? You found the profit function in (e) above.   Marginal profit is the first derivative of the profit function (e). Next, find the derivative of marginal profit, set it equal to zero, and solve for Q.
8. What price per unit should be charged at the quantity found in (g)? Simply plug the Q you got in (g) into the same price function you found in (a) and also used in (d).

(Prepared from a situation suggested by Professor John W. Hardy.) Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount of T-bone steak on hand, and it is trying to decide whether to sell the T-bone steaks as they are initially cut or to process them further into filet mignon and the New York cut. If the T-bone steaks are sold as initially cut, the company figures that a 1-pound T-bone steak would yield the following profit: Selling price ($2.50 per pound) $ 2.50 Less joint costs incurred up to the split-off point where T-bone steak can be identified as a separate product 1.40 Profit per pound $ 1.10 As mentioned above, instead of being sold as initially cut, the T-bone steaks could be further processed into filet mignon and New York cut steaks. Cutting one side of a T-bone steak provides the filet mignon, and cutting the other side provides the New York cut. One 16-ounce T-bone steak cut in this way will yield one 6-ounce filet mignon and one 8-ounce New York cut; the remaining ounces are waste. The cost of processing the T-bone steaks into these cuts is $0.17 per pound. The filet mignon can be sold for $3.60 per pound, and the New York cut can be sold for $3.70 per pound.

Required: 1. Determine the profit per pound from processing the T-bone steaks into filet mignon and New York cut steaks. (Do not round intermediate calculations. Round your answers to 2 decimal places.)

Per 16 ounce t bone

Sales from further processing:

Sales price of one filet mignon

Sales price of one New York cut

Total revenue from further processing

Less sales revenue from one T-bone steak

Incremental revenue from further processing

Less cost of further processing

Profit(loss) per pound from further processing

2. Would you recommend that the T-bone steaks be sold as initially cut or processed further? T-bone steaks should be processed further. T-bone steaks should be sold as initially cut.

Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data.
  

  
Required:
Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2018. Owner Santana Rey contributed $34,000 to the business in exchange for additional stock in the first quarter of 2018 and has received $3,900 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)
  

Business Events and Transactions for September 2019:

The following transactions occurred during the first week of September.

• September 1- Pay the $3,175 August interest owed to the bank. Also make a $40,000 payment on the bank note principal.

• September 1- The company purchased office supplies for the first time in September. They purchased $2,400 in supplies from Office Depot and paid for it in cash.

• September 5- the company has collected $225,000 in cash on the August 31 outstanding accounts receivable. Record the collection of the accounts receivable.

• September 5- Sunhurst Country Club, LLC paid its outstanding August 31 Salaries Payable of $3,000.

• September 5- Sunhurst Country Club, LLC paid the August 31 accounts payable of $184,921. Since no purchase discounts were available, the full amount owed for August was paid.

Record the following transactions that occurred during the month of September. Record the transactions on September 30^th:

• Total Rental Fees for golf clubs, carts, etc collected in cash for the month were $22,500.

• Total Greens Fees Revenue collected in cash for the month of September was $245,600.

• The golf instructor has finished the last two weeks of golf lessons for the students that paid in July (4 weeks of revenue earned during last month August and remaining 2 weeks in September). The golf students who paid in August began their lessons in September. The golf course has earned 4 of the six weeks that the students paid for in August. Record the total golf lesson revenue earned during the month of September. Use the Excel Template to help you make the calculation.

• Golf course maintenance expenses paid in cash for the month of September were $155,200.

• Payroll accounting (see Chapter 8): The salary expense for September was $23,000. Payroll withholdings for the employees’ federal, state and FICA withholdings totaled $4,500 which was accrued at month end for payment in October. This resulted in the net payroll paid to employees of $18,500 during September. Credit the “Payroll Taxes Payable” account for the withholdings and cash for the net payroll the employees received. RECORD THE FOLLOWING ENTRY:

Salaries Expense 23,000

Payroll Tax Payable 4,500

Cash 18,500

2

• Utility expenses (electricity, water, sewer) paid in cash during September totaled $48,120.

In a journal please, I want to make sure I did it correctly.

On January 1, 2015, when its $30 par value common stock was selling for $80 per share, a corporation issued $30 million of 10% convertible debentures due in 10 years. The conversion option allowed the holder of each $1,000 bond to convert it into six shares of the corporation’s $30 par value common stock. The debentures were issued for $31 million. At the time of issuance, the present value of the bond payments was $28.50 million, and the corporation believes the difference between the present value and the amount paid is attributable to the conversion feature. On January 1, 2016, the corporation’s $30 par value common stock was split 3 for 1. On January 1, 2017, when the corporation’s $10 par value common stock was selling for $90 per share, holders of 40% of the convertible debentures exercised their conversion options. The corporation uses the straight-line method for amortizing any bond discounts or premiums.

Required:

Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data.
  

Develop a report that includes the following sections: (Use the required sections as headers in your report.) Section I: Overview Provide a general overview of QuickBooks. Make sure the overview provides the reader with a general understanding of the application, including costs, functionality and minimum system requirements. Section II: Transactional Processing and Data Management Describe how QuickBooks handles processing the accounting transactions and recording business activities for the revenue, expenditure and financing cycles. You should provide at least one detailed example of how one would record a specific accounting transaction/ business activity for each of the three transaction cycles below. Address the following questions in this section of the report. Revenue Cycle (Answer the following questions) How can you create and maintain customers? How can you create customer invoices? How can you apply customer payments? What reports can you run to provide you with information regarding your customers and their orders? Describe them. What reports can you run in order to provide you with information regarding key revenue cycle information - sales, accounts receivable, cash? Expenditure Cycle (Answer the following questions) How can you create and maintain vendors? How can you create and maintain inventory? How can you generate payments to vendors? What reports can you run to provide you with information regarding your vendors and your accounts payable? Describe them. What reports can you run in order to provide you with information regarding key expenditure cycle information – purchases, inventory, and cash? Financing Cycle (Answer the following questions) How can you create and maintain the chart of accounts? How can you post journal entries? What are the key financial statements that are available? Describe them. What are some key reports one can generate to measure the firm’s financial performance? Section III: Internal Controls How can QuickBooks enhance internal controls? How can you secure the system and files? What potential security weaknesses exist for QuickBooks? Section IV: Charts and Graphs How are visualizations formatted and used? What charts are available and how are charts created? What is a data diagram in QuickBooks?

Account balances from the ledger of Crosby Company on December 31, 2019, are as follows:

Adjustments required on December 31, 2019: