Cash 5,345 Accounts Receivable 2,662 Prepaid Expenses 725 Equipment 14,421 Accumulated Depreciation 6,970 Accounts Payable 1,643 Notes Payable 5,223 Common Stock 1,000 Retained Earnings 6,003 Dividends 664 Fees Earned 7,033 Wages Expense 2,463 Rent Expense 804 Utilities Expense 441 Depreciation Expense 234 Miscellaneous Expense 113 Totals 27,872 27,872 Determine the net income (loss) for the period.

Answers

Answer 1
Answer:

Answer:

Net income = $8,318

Explanation:

Current asset

Cash 5,345

Accounts receivables 2,662

Prepaid expenses 725

Total 8,732

Fixed asset

Equipment 14,421

Less dep. 6,970

Balance. 7,451

Total 8,733 + 7,451 = 16,184

Current liabilities

Accounts payable 1,643

Notes payable. 5,223

Total. 6,866

Financed by

Common stock 1,000

Net Income. 8,318

Total 6,866 + 9,318 = 16,184


Related Questions

A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $348,400 and direct labor hours would be 47,000. Actual manufacturing overhead costs incurred were $304,000, and actual direct labor hours were 52,400. The journal entry to apply the factory overhead costs for the year would include a
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Hayes Corp. is a manufacturer of truck trailers. On January 1, 2021, Hayes Corp. leases ten trailers to Lester Company under a six-year non-cancelable lease agreement. The following information about the lease and the trailers is provided: 1) Annual payment of $120,175 is due on January 1, 2021 and at December 31 from 2021 to 2025. Hayes Corp. has an implicit rate of 8% (present value factor for 6 periods at 8% is 4.99271). 2) Titles to the trailers pass to Lester at the end of the lease. 3) The fair value of each trailer is $60,000. The cost of each trailer to Hayes Corp. is $54,000. Each trailer has an expected useful life of nine years. 4) Collectibility of the lease payments is probable. Instructions (a) What type of lease is this for the Lester Company and Hayes Corp? (b) Prepare a lease amortization schedule for Lester Company till 12/31/2021. (c) Prepare the journal entries for Lester Company on 1/1/2021 and 12/31/2021. Round all amounts to the nearest dollar.
University Printers has two service departments (Maintenance and Personnel) and two operating departments (Printing and Developing). Management has decided to allocate maintenance costs on the basis of machine-hours in each department and personnel costs on the basis of labor-hours worked by the employees in each.The following data appear in the company records for the current period:Maintenance Personnel Printing DevelopingMachine-hours — 1,700 1,700 5,100 Labor-hours 700 — 700 2,800 Department direct costs $ 2,400 $ 12,400 $ 14,100 $ 11,000 Required:Use the direct method to allocate these service department costs to the operating departments. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations.)
A firm's current profits are $1,400,000. These profits are expected to grow indefinitely at a constant annual rate of 4 percent. If the firm's opportunity cost of funds is 7 percent, determine the value of the firm: Instructions: Enter your responses rounded to two decimal places. a. The instant before it pays out current profits as dividends. $ 49933333.33 million b. The instant after it pays out current profits as dividends.

The office product division in Hyacinth Company reported $11,250 net operating income with $75,000 average operating assets this year. The office product division has a new investment opportunity that would increase net operating income by $4,375 with $35,000 additional investment. 1. Which of the following statements is TRUE given that the company's minimum required rate of return is 10%?
Multiple Choice:
O Regardless of whether the division is evaluated on the basis of ROI or Residual income, the manager will not accept the new investment because it is bad for the company.
O If the division is evaluated on the basis of Residual income, the manager of the office product division would not accept the new investment because it is bad for the company.
O If the division is evaluated on the basis of Residual income, the manager of the office product division would accept the new investment because it is good for the division.
O If the division is evaluated on the basis of ROI, the manager of the office product division would accept the new investment because it is good for the division.
O If the division is evaluated on the basis of ROI, the manager of the office product division would not accept the new investment because it is bad for the company.

Answers

Answer:

The true statement is that If the division is evaluated on the basis of Residual Income, the manager of the office product division would accept the new investment because it is good for the division

Explanation:

In order to find out which of the following statements is TRUE given that the company's minimum required rate of return is 10%, we would have to calculate the existing residual income and the post investment residual income as follows:

                                               Existing            Post Investment

Income                                  $ 11,250                   $15,625

Assets                                  $75,000           $110,000

ROI                                               15%                        14%

Charge on capital                $ 7,500.0                 $11,000.0

Residual Income                  $3,750.0          $4,625.0

Given that the  Existing Residual Income is $3,750.0 and the Post Investment  Residual Income is $4,625.0 If the division is evaluated on the basis of Residual Income, the manager of the office product division would accept the new investment because it is good for the division.

Amy sets herself a goal and says. "I'd like to lose 10 pounds." Which of the following criteria of the SMART system is missing in Amy's goal?a. Specificity
b. time frame
c. measurability
d. realism

Answers

Answer:

Letter b is correct. Time frame.

Explanation:

The SMART system is defined as an aid tool for achieving goals. It is a tool that can be used both by an individual and in corporations.

In order to achieve a goal, it is necessary to have the ideal planning of the set of actions that will contribute to the achievement.

Therefore, each letter of the word SMART corresponds to a meaning relevant to the effective implementation and achievement of a goal

S: specific. When drawing up a goal you must be direct and specific.

M: Measurable. To achieve goals, it is necessary to use a tangible indicator that assists the measurement.

A: Achievable. A goal must be planned according to the real possibility of being achieved.

R: Relevant. Goals must be relevant and create positive results for a person or organization.

T: Time. It is necessary to determine a time for the goal to be achieved.  In the question above, Amy lacked the planning for the deadline for achieving the goal, because without it there are great chances that the goal will not be taken seriously and not met.

The growing integration of the world economy is: A.increasing the intensity of competition in a wide range of manufacturing and service industries.
B. decreasing the intensity of competition in manufacturing industries, and increasing the intensity of competition in services.
C. increasing the intensity of competition in manufacturing industries, and decreasing the intensity of competition in services.
D. narrowing the scope of competition in a wide range of service, commodity, and manufacturing industries.

Answers

Answer:

The correct answer to the following will be Option A.

Explanation:

They describe economic growth in an economy by an ongoing change in its future economic activity growth curve being dictated by an increase in domestic product nation's total demand.

Six factors are influencing economic growth, such as:

  • Natural resources.
  • Human, or technology capital.
  • Labor or population.
  • The Capital of Person.
  • Technology.
  • Law.

Therefore, the increasing integration of the global economy in a wide variety of production and manufacturing sectors is rising the frequency of competitiveness.

The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2014. The chart of accounts for Kelly Consulting is shown below:
Cash 31 Kelly Pitney, Capital 12 Accounts Receivable 32 Kelly Pitney, Drawing 14 Supplies 33 Income Summary 15 Prepaid Rent 41 Fees Earned 16 Prepaid Insurance 51 Salary Expense 52 Rent Expense 18 Office Equipment 19 Accumulated Depreciation 53 Supplies Expense 21 Accounts Payable 54 Depreciation Expense 55 Insurance Expense 22 Salaries Payable 23 Unearned Fees 59 Miscellaneous Expense
Required:
Journalize each of the May transactions using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the Post. Ref. column of the journal at this time.) For a compound transaction, if an amount box does not require an entry, leave it blank.

Answers

Answer:

The May transactions are:

May 5: Received cash from clients on account, $2,450.

May 9: Paid cash for a newspaper advertisement, $225.

May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.

May 15: Recorded services provided on account for the period May 1-15, $9,180.

May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.

May 17: Recorded cash from cash clients for fees earned during the period May 1-16, $8,360.

May 20: Purchased supplies on account, $735.

May 21: Recorded services provided on account for the period May 16-20, $4,820.

May 25: Recorded cash from cash clients for fees earned for the period May 17-23, $7,900.

May 27: Received cash from clients on account, $9,520.

May 28: Paid part-time receptionist for two weeks' salary, $750.

May 30: Paid telephone bill for May, $260.

May 31: Paid electricity bill for May, $810.

May 31: Recorded cash from cash clients for fees earned for the period May 26-31, $3,300.

May 31: Recorded services provided on account for the remainder of May, $2,650.

May 31: Kelly withdrew $10,500 for personal use.

Solution:

Kelly Pitney

General Journal:

May 3:

Debit Cash $4,500

Credit Unearned Fees $4,500

To record advance payment for services.

May 5:

Debit Cash $2,450

Credit Accounts Receivable $2,450

To record cash receipt on account.

May 9:

Debit Miscellaneous Expense $225

Credit Cash $225

To record cash paid for a newspaper advertisement.

May 13:

Debit Accounts Payable $640

Credit Cash $640

To record part debt settlement to Office Station Co.

May 15:

Debit Accounts Receivable $9,180

Credit Fees Earned $9,180

To record services provided to clients on account, May 1 to 15.

May 16:

Debit Salaries Payable $750

Credit Cash $750

To record salaries paid.

May 17:

Debit Cash $8,360

Credit Fees Earned $8,360

To record cash receipt from clients for fees earned, May 1 to 16.

May 20:

Debit Supplies $735

Credit Accounts Payable $735

To record supplies purchased on account.

May 21:

Debit Accounts Receivable $4,820

Credit Fees Earned $4,820

To record fees earned, May 16 - 20.

May 25:

Debit Cash $7,900

Credit Fees Earned $7,900

To record cash receipt from clients for fees earned, May 17 - 23.

May 27:

Debit Cash $9,520

Credit Accounts Receivable $9,520

To record cash receipt from clients on account.

May 28:

Debit Salaries Payable $750

Credit Cash $750

To record salary paid.

May 30:

Debit Miscellaneous Expense $260

Credit Cash $260

To record payment of telephone bill for May.

May 31:

Debit Miscellaneous Expense $810

Credit Cash $810

To record electricity bill for May paid.

May 31:

Debit Cash $3,300

Credit Earned Fees $3,300

To record cash receipts from clients for May 26 - 31.

May 31:

Debit Accounts Receivable $2,650

Credit Fees Earned $2,650

To record fees earned for services on account.

May 31:

Debit Kelly Pitney, Drawing $10,500

Credit Cash $10,500

To record drawing for personal use.

Explanation:

The general journal is an important accounting tool that helps to record transactions as they occur daily.  It identifies the two accounts involved in each transaction, which should be debited or credited as the case may be.

The account that is debited is the account that receives value.  The account that is credited the account that gives value.  Sometimes, for each business transaction or event more than two accounts are involved.

It is from the general journal that transactions are posted to the general ledger.  The general ledger is a book that records transactions affecting all the accounts.  It is not necessarily in a physical book form.

Answer:

*May 16

Salaries Expense: Debit 630

Salaries Payable: Debit 120

Cash: Credit 750

Explanation:

The salaries payable is equaled to $120 as states in the balance sheet. To find the salaries expense, subtract the cash and the salaries payable.

( 750 - 120 = 630 )

In the probabilistic approach to project network analysis, the time estimate annotated tm for any activity is the: Multiple Choice: O mean time. O marginal time. O mode time. O most likely time. O median time.

Answers

Answer:

Most likely time

Explanation:

Related concepts to understand the problem.

In the probabilistic approach to project network analysis the most likely time is the best estimate of the time required to complete an objective (m) or a path (M), supposing everything proceeds as usual.

Concert Production is planning an appearance of the top band Iggy Wiggy. They plan to buy custom desgined T-shirts to sell at the stadium where the concert will take place. The T-shirt will sell for $25 and the cost per shirt is $8. Previous experience at the Concert Productions suggests that after the concert is over, T-shirts can still be sold, but the selling price will only be $5 per shirt. Based on analysis of previous similar concerts, the company estimates sales of the T-shirt will be 6,000 units. However, the analysis also shows that the standard deviation in similar situations is 800 units.How many Iggy Wiggy T-shirts should the company order?

Answers

Answer:

Iggy Wiggy T-shirts should order 6,829 units of T-shirt

Explanation:

Cost per T-shirt = $8.00

Selling Price per T-shirt = $25

Marginal Profit = 25 - 8 = $17

Marginal Loss when t-shirt is sold for $5 = $8 - $5 = $3

Mean = 6000 units

Standard deviation = 800 units

Using the News Vendor Model

Q = MP / MP + ML

Q = 17 / (17+3)

Q = 17 / 20

Q = 0.85

Using NORMINV in Ms excel

= NORMINV (probability, mean, standard deviation)

= NORMINV(0.85,6000,800)

= 6829.14 units

Thus, Iggy Wiggy T-shirts should order 6829 units of T-shirt.