BUSINESS COLLEGE

1. What is the ending balance in the accounts listed below given the following transactions: a. RWV borrows $1,100,000 in the form of a note payable. b. RWV purchases land for $250,000. c. RWV builds a building for $750,000. d. RWV orders $7,500 worth of food, which will be paid for later. e. RWV provides services worth $95,000, and will bill for the services later. f. RWV pays salaries to employees totaling $45,000. g. RWV pays $7,500 towards the food it previously ordered. h. RWV uses $5,000 worth of food. i. RWV pays $17,000 of G

Answers

Answer 1
Answer:

Answer:

RWV

Ending Account Balances:

Account Details               Debit     Credit

Notes Payable                              $1,100,000

Cash                           $30,500

Land                           250,000

Building                      750,000

Supplies (Food)             2,500

Accounts Receivable  95,000

Service Revenue                               95,000

Salaries Expense       45,000

Supplies (Food) Exp.   5,000

G                                 17,000

Totals                  $1,195,000      $1,195,000

Explanation:

a) Notes Payable

Account Details         Debit     Credit

Cash                                       $1,100,000

a) Cash Account

Account Details         Debit       Credit

Notes Payable     $1,100,000

Land      (b)                                 $250,000

Building   (c)                                 750,000

Salaries         (f)                              45,000

Supplies (Food)  (g)                         7,500

G (i)                                                 17,000

Balance c/d                                $30,500

b) Land

Account Details         Debit       Credit

Cash                     $250,000

c) Building

Account Details         Debit       Credit

Cash                    $750,000

d) Supplies (Food)

Account Details         Debit       Credit

Accounts Payable    $7,500

Supplies (Food) Expense (h)    $5,000

Balance c/d                               $2,500

Accounts Payable

Account Details         Debit       Credit

Supplies   (d)                           $7,500

Cash (g)                   $7,500

e) Accounts Receivable

Account Details         Debit       Credit

Service Revenue    $95,000

Service Revenue

Account Details         Debit       Credit

Accounts Receivable  (e)        $95,000

f) Salaries Expense

Account Details         Debit       Credit

Cash                       $45,000

h) Supplies (Food) Expense

Account Details         Debit       Credit

Supplies (Food)       $5,000

i) G

Account Details         Debit       Credit

Cash                       $17,000

Related Questions

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Under the periodic inventory system: a. inventory records are updated immediately after each purchase. b. inventory must be counted at the end of each accounting period. c. inventory does not have to be counted. (It can be taken from the accounting records.) d. inventory levels must be counted every day.
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Managers find operation costing useful in cost management because​ it: A. focuses on control of physical processes of a given production system B. often results in profit maximization C. uses job costing to account for the conversion costs and process costing for the material and customizable components D. results in cost minimization

What kind of good is It? Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Common Resource Club Good
A cabana along beach that is open to the public
A new sUV that you use to drive your friends around town
A large, beautiful fountain in a town square

Answers

Answer: Please refer to Explanation

Explanation:

Private Goods are those goods that exclusive and excludable. This means that people can be prevented from using it by the owners if the people who want to use it don't pay for it or reach an agreement with the owner.

A Public Good on the other hand is provided to every member of the public for use. They are non-excludable meaning that people can use them without having to pay a fee.

Common Resources are a mixture of both man-made and natural resources. As such, even though it is open to the public, it's use can be restricted by certain requirements such as payment.

Classifying the above,

A. Common Resource.

The Cabana is a common Resource because it is open to all members of the public and is a man-made resource on the beach which is a public good. However, one must pay to use it as well.

B. Private Good.

The SUV is your own personal property and as such is a private good whose use you can restrict from people making it exclusive and excludable.

C. Public Good.

The fountain is for everyone and no one has more right to it than others. Neither do they have to pay to view it. This makes it a Public good.

The best cost system to use for a company producing a continuous stream of similar items would be a: Group of answer choices Production costing system. Job order system. No cost system is required when jobs are similar. Process costing system.

Answers

Answer:

The Best Cost System is the "Process Costing System"

Explanation:

A Process Costing System amasses costs when an enormous number of indistinguishable units are being created. Right now, is generally proficient to collect expenses at a total level for an enormous group of items and afterward dispense them to the individual units delivered. The supposition that will be that the expense of every unit is equivalent to that of some other unit, so there is no compelling reason to follow data at an individual unit level. The great case of a procedure costing condition is an oil treatment facility, where it is difficult to follow the expense of a particular unit of oil as it travels through the processing plant.

Answer: Process costing system.

Explanation: A process costing system used in the manufacturing industry that accumulates the costs of producing a continuous stream of similar items.

It is calculated thus:

Cost per unit = cost of unit/ expected output in unit.

Using process costing method is very efficient to accumulate costs at an aggregate level for a large batch of products and then allocate the cost to the individual units produced.

There are three types of process costing and they are:

1. Weighted Average Cost

2. FIFO - First In First Out

3. Standard Cost

The basic promotion objectives and adoption process fit very neatly with an action-oriented model, which is called theA) bricks and clicks model.
B) bait and hook model.
C) AIDA model.
D) DAGMAR model.
E) economic buyer model.

Answers

Answer:

C) AIDA model.

Explanation:

AIDA model which the complete words are

✓attention( seek the attention of potential buyer)

✓interest(know their interest)

✓desire

✓action.

Can be regarded as a model that has been in existence since 19th century, which is engaged in marketing to analyze the process the steps/process that consumer follow when making a purchase on a particular goods/product. It should be noted that the The basic promotion objectives and adoption process fit very neatly with an action-oriented model, is called the AIDA model.

Which of the following costs are most likely to be classified as variable? A. Factory rent.
B. Manager salaries.
C. Insurance.
D. Direct materials.
E. Straight-line depreciation.

Answers

Answer:

Correct answer is D. Direct materials

Explanation:

Among the given choices, direct materials is most likely to be classified as variable cost. Direct materials are the supplies used in manufacturing products which can be directly identified in the output production. It is a main component which is traceable to create or produce products. Basically, all manufacturing industries used direct materials as their variable cost in their production.

Wight Corporation has provided its contribution format income statement for June. The company produces and sells a single product. Sales (4,500 units) $ 180,000 Variable expenses 81,000 Contribution margin 99,000 Fixed expenses 45,000 Net operating income $ 54,000 If the company sells 4,600 units, its total contribution margin should be closest to: (Do not round intermediate calculations.)

Answers

Answer:

$101,200

Explanation:

First, we need to calculate the total contribution margin per unit

Contribution margin per unit = 99,000 ÷ 4,500

Contribution margin = $22 per unit

Then, we will multiply with the units sold to get the budgeted contribution margin

= Units sold × Contribution margin per unit

= 4,600 × $22

= $101,200

Therefore, its total contribution margin should be closest to $101,200

Alicia studies with her phone nearby so she can play her favorite music and keep up with what her friends are doing.In this case, how can Alicia make her studying environment more effective?

She can find a more comfortable chair.
She can have more resources available.
She can remove any possible distractions.
She can choose an area with more light.

Answers

In this case, Alicia makes her studying environment more effective as she can remove any possible distractions. The correct option is c.

What is studying?

Studying is crucial for personal skill development in addition to educational advancement. Your confidence, skill, and self-esteem can all be increased by having effective study techniques. Additionally, it aids in lowering tension and worry related to tests and deadlines.

Take anything out of your study area that is not necessary for studying. To lessen auditory distractions, wear noise-canceling headphones, listen to white noise, or try utilizing earplugs. Eliminate electronic irritants. Put your phone in silent mode and away from your line of sight.

Therefore, the correct option is c. She can remove any possible distractions.

To learn more about studying, refer to the link:

brainly.com/question/17096654

#SPJ6

Answer:

C

Explanation:

edgen 2020
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