Answer:
Depreciation expense for 2018 was $880
Depreciation expense for 2019 was $2,640
Explanation:
The company uses straight-line depreciation method, Depreciation Expense each year is calculated by following formula:
Annual Depreciation Expense = (Cost of furniture − Residual Value )/Useful Life = ($31,000-$4,600)/10 = $2,640
Depreciation Expense per month = $2,640/12 = $220
Depreciation Expense for 2018 (from September 1, 2018 to December 31, 2018) = $220 x 4 = $880
Depreciation Expense for 2019 = $2,640
Answer:
Ski West, Inc.
1. What Ski West 2018 should include in its Income statement and balance sheet related to the sale of the season pass to Jake Lawson?
a) Income Statement:
Season Passes Revenue = $90 ($450/5). This represents December season pass by Jake Lawson.
b) Balance Sheet:
Unearned Season Passes Revenue $360 as a current liability.
2. When Ski West should recognize revenue from the sale of its season passes:
Revenue should be recognized on December 31.
3. Journal Entries on November 6 and December 31:
November 6:
Debit Cash Account $450
Credit Unearned Season Passes Revenue $450
To record the receipt from Jake Lawson.
If this sale was on account, then the Accounts Receivable is debited instead.
December 31:
Debit Unearned Season Passes Revenue $90
Credit Season Passes Revenue $90
To record the earned revenue from Jake Lawson's.
Explanation:
Unearned revenue is not recognized in the income statement. It is taken to the Balance Sheet as a current liability. It is not recognized because it does not belong to the current period, as specified by the accrual concept and matching principle.
Answer:
UCLp = 0.157
LCLp = 0
Day:
11 - yes
12 - yes
13 - yes
Explanation:
The upper and lower 3-sigma control chart limits are
UCLp = 0.157
LCLp = 0
Given the limits, is the process in control for the following days?
Day:
11 - yes
12 - yes
13 - yes
The 3-sigma control chart utilizes mean and standard deviation to set the upper and lower limits. The upper limit in this scenario is 19 while the lower limit is 1, consequently, 99.7% of the defects would fall within this range.
The question involves understanding the 3-sigma control chart and setting appropriate limits. The upper control limit (UCL) and lower control limit (LCL) are boundaries in the control chart that you set, based on the standard deviations of the population. Anything beyond these boundaries may be deemed out of the control. Defectives are considered as elements that do not meet specific requirements, and the proportion is calculated based on the total number of observations.
The calculation of UCL and LCL involves determining the mean (µ) and standard deviation (ơ) of the dataset, then calculating upper and lower limits based on the z-score, which is typically ±3 for a 3-sigma control chart. For example, if µ = 10 and ơ = 3, we use the formula x = µ + zơ to get UCL (x₁ = 10 + 3(3) = 19) and the formula x = µ - zơ to get LCL (x₂ = 10 - 3(3) = 1). This means 99.7% of the defects would fall between 1 and 19.
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Answer:
The correct answers are letters "B" and "C": Talk about his three summer internships; Emphasize his leadership position in an on-campus organization.
Explanation:
Employers tend to look for relevant information on resumes. Usually, applicants that go further in selection processes are those whose resumes highlighted outstanding, unique information that shows the applicants have skills not easy no find for recruiters.
Thus, Andrew should include his core competencies on his resume but pointing out capabilities that employees might be interested in such as leadership and teamwork. In case he has remarkable experiences such as cultural exchanges or internships, they must be added to his curriculum vitae as well.
When developing his brand, Andrew should emphasize his three summer internships, and his leadership role in an on-campus organization, and include referrals. These factors demonstrate practical experience, leadership skills, and personal recommendations which are highly valued by potential employers.
As Andrew works on developing his brand, all the options presented should be utilized to a certain extent as they each provide valuable information about his experiences and qualifications. However, some aspects may carry more weight than others. Firstly, mentioning his three summer internships, where he gained practical experience, will go a long way. Employers value hands-on experience since it shows a candidate's initiative to learn and thrive in a real-world environment.
Secondly, his leadership position in an on-campus organization should be highlighted. Leadership roles demonstrate skills such as teamwork, management, and the ability to overcome challenges, which are valuable in any job role.
Lastly, providing referrals or recommendations can be another great asset. Referrals act as testimonials of his abilities, work ethic, and accomplishments.
His GPA and the classes he took might be less influential, depending on the specific job or industry he is interested in.
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Answer:
Debit Depletion Expense $88,095
Credit Accumulated Depreciation for Coal Mine $88,095
Being the record of the depletion expense on the acquired coal Mine.
Explanation:
Step 1: Compute the depletion expense for the coal mine for that first year
Formula= (Depreciable Cost/ Total Quantity of Coals) x The Quantity of Extracted Coals
Depreciable Cost= Cost of the Coal Mine - Value that can be salvaged
Cost of Coal Mine = Cost of Acquisition + Intangible Development Costs + Fair Value of Obligation
Cost of Coal Mine = $444,000 + $111,000 + $88,800 = $643,800
Depreciable Cost = $643,800 - $177,600
= $466,200
Depletion Expense based on Formula
= ($643,800/4,440 tons) x 839 tons extracted the first year
= $88,095
Step 2: Prepare the Journal Entry for the Depletion
Debit Depletion Expense $88,095
Credit Accumulated Depreciation for Coal Mine $88,095
Being the record of the depletion expense on the acquired coal Mine.
Please Note:
Depletion Expense is the expense that is usually incurred when utilizing natural resources such as coal and it is usually charged as expense against profit
The Total cost of coal Mine is a sum of all relevant costs including cost of acquisition, fair value of obligation and intangible development costs.
Answer:
1. Depreciation Expense 2.Credit 3. Accumulated Depreciation
Explanation:
Depreciation is an expense. An increase in expense is always recorded as Debit.
Accumulated Depreciation is an allowance or reserve account which is credited till the time asset is in use.
Accounts receivable turnover is computed by dividing sales revenue by average accounts receivable over a certain period. It gauges a company's effectiveness in extending credit and collecting debts. Higher values of this figure indicate a more proficient collections department and credit policy.
The accounts receivable turnover is a measure used in financial accounting to quantify a firm's effectiveness in extending credit and collecting debts. The formula to calculate this key figure involves the sales revenue divided by the average accounts receivable during a certain period. More specifically, it is computed as Net Credit Sales / Average Accounts Receivable. It's a key indicator of a company's short-term liquidity, with higher values indicating that the business has a more proficient collections department and credit policies.
Learn more about accounts receivable turnover here:
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The Accounts Receivable Turnover is computed by dividing Sales by Average Accounts Receivable. It shows how quickly a firm collects on its credit sales.
The Accounts Receivable Turnover is a measure used to quantify a firm's effectiveness in extending credit and collecting debts. It is computed by dividing Sales by Average Accounts Receivable. This formula indicates how quickly a company collects on its credit sales.An accrued expense best describes an amount not paid and currently matched with earnings. In business accounting, accrued expenses are those expenses that have been incurred, but not yet paid. These are calculated and recognized in the books, even if the payment hasn't been made. That is why they are also matched with earnings. An example might be wages for employees that have been earned but not yet paid out. Therefore, the correct answer is A. Not paid and currently matched with earnings.For example, if a company has total sales of $100,000 and its average accounts receivable is $20,000, the Accounts Receivable Turnover would be 5 ($100,000 / $20,000). This means the company collects its average receivable 5 times in a given year.
An accrued expense best describes an amount not paid and currently matched with earnings. In business accounting, accrued expenses are those expenses that have been incurred, but not yet paid. These are calculated and recognized in the books, even if the payment hasn't been made. That is why they are also matched with earnings. An example might be wages for employees that have been earned but not yet paid out. Therefore, the correct answer is A. Not paid and currently matched with earnings.
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