On December 31, Year 2, Morgan Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance.

Land $18,000
Unearned revenue 16,200
Dividends 5,200
Prepaid rent 6,850
Cash 59,010
Salaries expense 12,500
Accounts payable 1,940
Common stock 23,000
Operating expense 13,800
Office supplies 1,900
Advertising expense 2,100
Retained earnings, Beginning 14,300
Service revenue 70,720
Accounts receivable 6,800

Answer and Explanation:

The preparation of the trial balance is given below:

Particulars                   Debit amount           Credit amount

Land                            $18,000

Unearned revenue                                       $16,200

Dividend                      $5,200

Prepaid rent                 $6,850

Cash                            $59,010

Salaries expense       $12,500

Account payable                                            $1,940

Common stock                                              $23,000

Operating expense     $13,800

Office supplies             $1,900

Advertising expense  $2,100

Retained earnings                                        $14,300

Service revenue                                          $70,720

Account receivable       $6,800

Totals                             $126,160             $126,160

A forklift will last for only 2 more years. It costs $5,000 a year to maintain. For $20,000 you can buy a new lift that can last for 10 years and should require maintenance costs of only $2,000 a year. a-1. Calculate the equivalent cost of owning and operating the forklift if the discount rate is 4% per year. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a-2. Should you replace the forklift

Cynthia Co. exchanged Building 24 which has an appraised value of $4,800,000, a cost of $7,600,000, and accumulated depreciation of $3,619,000 for Building M belonging to Waterway Co. Building M has an appraised value of $4,560,000, a cost of $9,096,000, and accumulated depreciation of $4,747,000. The correct amount of cash was also paid. Assume depreciation has already been updated.
Prepare the entries on both companies' books assuming the exchange had no commercial substance.

The most recent financial statements for Schenkel Co. are shown here:

Income Statement Balance Sheet
Sales $14,100 Current assets $10,800 Debt $15,300
Costs 8,300 Fixed assets 26,000 Equity 21,500
Taxable income $5,800 Total $36,800 Total $36,800
Taxes (40%) 2,320
Net income $3,480

Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 30 percent dividend payout ratio. No external financing is possible.

Required:
What is the sustainable growth rate?

During the first month (April 20--), the following transactions occurred.

a. Invested cash in business, $18,000.
b. Bought office supplies for $4,600: $2,000 in cash and $2,600 on account.
c. Paid one-year insurance premium, $1,200.
d. Earned revenues totaling $3,300: $1,300 in cash and $2,000 on account.
e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,300.
f. Paid office rent for the month, $750.
g. Withdrew cash for personal use, $100.

Required:
Show the effect of each transaction on the individual accounts.

Games Galore Corporation hires Amanda, a minor, to create new customized game software for certain clients. Amanda signs a contract that requires her to work for Games Galore for eighteen months. Before beginning work, however, Amanda tells Games Galore that she will not create new software for Games Galore and that she is going to work for Ideal Worldcraft, Inc., a Games Galore competitor. Answer the following questions, providing the reasoning/analysis behind your conclusions, i.e. list the applicable rule/law, and apply the facts to the rule to reach a conclusion. You can also argue in the alternative.
(a) Is Games Galore’s contract with Amanda enforceable?
(b) Why or why not?

In the FASB ASC, Sections are standardized across all Subtopics. For example, Section 20 will be the Glossary section in every Subtopic. Match the Section number with the appropriate description of the Section below. (Note: Not all Section numbers have been included, and not all of the descriptions will be used.)
- 05 - 25 - 30 - 35 - 50 - 65
A. Scope and Scope Exceptions
B. Recognition
C. Subsequent Measurement
D. Initial Measurement
E. XBRL Elements
F. Disclosure
G. Transition and Open Effective Date Information
H. Overview and Background
I. Implementation Guidance and Illustrations
J. Measurement

Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Wayne ($ in millions)Corporation Enterprises Current assets:Cash and cash equivalents $499 $285 Current investments 7 530 Net receivables 751 206 Inventory 10,586 8,609 Other current assets 1,344 255 Total current assets $13,187 $9,885 Current liabilities:Current debt $8,621 $4,451 Accounts payable 1,807 1,061 Other current liabilities 1,179 2,381 Total current liabilities $11,607 $7,893 Required:1-a. Calculate the current ratio for ACME Corporation and Wayne Enterprises. (Enter your answers in millions. For example, $5,500,000 should be entered as 5.5.)

-At which point are you producing all running shoe
inserts and no hiking boot inserts?

-Which production point would be a goal for the future
but cannot be attained now?

Answer is A,X

According to the substitution effect of labor supply, when the wage rate goes up: Group of answer choices it becomes more costly to consume leisure, so people will work more. it becomes less costly to consume leisure, so people will work more. the opportunity cost of enjoying leisure goes down. firms will hire more workers since people are more willing to work.

sally borrowed $1000 from her friend monique two years ago. their arrangement required sally to repay $250 each year for the subsequent four years. Today with two paymewnts remaining on the loan, Sally offers to repay the loan with a single payment of $475. Assuming no change in interest rates throughout the entire time, should monique accept the signle $475 payment today, why or why not

probability
find the probability ​

What should you do first to best use your personal goals as a means for a promotion

Ridgewood, Inc. manufactures upholstery fabric and uses process costing. In the Weaving Department, direct materials are added at the beginning of the process, and conversion costs are added evenly throughout the process. During the month, the Weaving Department used $280,000 of direct materials and $70,000 of conversion costs. At the end of the month, 10,000 equivalent units of direct materials and 9,000 equivalent units of conversion costs had been used. What is the cost per equivalent unit for conversion costs

In January, Harry and Belinda Johnson had $10,660 in monetary assets: $1,100 in cash on hand; $1,200 in a statement savings account at First Credit Union earning 1.0 percent interest; $4,000 in a statement savings account at the Far West Savings Bank earning 1.1 percent interest; $2,260 in Homestead Credit Union earning a dividend of 1.3 percent; and $2,100 in their regular checking account at First Credit Union earning 1 percent.
If the Johnsons could put most of their monetary assets ($10,660) into a money market account earning 2.3 percent, how much would they have in the account after one year? Round your answer to the nearest dollar.

A corporation wishes to determine the fixed portion of its maintenance expense (a semivariable expense), as measured against direct labor hours, for the first 3 months of the year. The inspection costs are fixed; the adjustments necessitated by errors found during inspection account for the variable portion of the maintenance costs. Information for the first quarter is as follows:

Direct Labor Hours Maintenance Expense
January 34,000 $610
February 31,000 $585
March 34,000 $610

Required:
What is the fixed portion of Jacob's maintenance expense, rounded to the nearest dollar?

a. $283
b. $327
c. $258
d. $541

A corporation had the following assets and liabilities at the beginning and end of this year.
Assets Liabilities
Beginning of the year $57,000 $24,436
End of the year 115,000 46,575
A. Owner made no investments in the business, and no dividends were paid during the year.
B. Owner made no investments in the business, but dividends were $1,500 cash per month.
C. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock.
D. Dividends were $1,500 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock.
Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases.

On August 31, the balance sheet of Bramble Veterinary Clinic showed Cash $12,000, Accounts Receivable $4,700, Supplies $600, Equipment $6,000, Accounts Payable $6,600, Common Stock $16,050, and Retained Earnings $650. During September, the following transactions occurred.

1. Paid $3,500 cash for accounts payable due.
2. Collected $2,050 of accounts receivable.
3. Purchased additional equipment for $2,350, paying $900 in cash and the balance on account.
4. Performed services worth $7,900, of which $2,550 is collected in cash and the balance is due in October.
5. Declared and paid a $2,250 cash dividend.
6. Paid salaries $2,100, rent for September $1,150, and advertising expense $100.
7. Incurred utilities expense for month on account $180.
8. Received $12,000 from Capital Bank on a 6-month note payable.

Required:
Prepare a tabular analysis of the September transactions beginning with August 31 balances.

Reamer Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The Corporation has provided the following estimated costs for next year: Direct materials $ 1,000 Direct labor $ 3,000 Sales commissions $ 4,000 Salary of production supervisor $ 2,000 Indirect materials $ 400 Advertising expense $ 800 Rent on factory equipment $ 1,000 Reamer estimates that 500 direct labor-hours and 1,000 machine-hours will be worked during the year. The predetermined overhead rate per hour will be:

Calculating Earnings per Share Little, Inc., reported earnings of $162,000 for 2013, and at the end of the year, had the following securities outstanding: 60,000 shares of common stock. (The year-end share price was $25 per share). Employee stock options for the purchase of 8,000 common shares at an exercise price of $22 per share. (The options are fully vested).
(a) Calculate the basic earnings per share for Little, Inc. for 2013. Round to two decimal places.
(b) Calculate the diluted earnings per share for Little, Inc. for 2013. Round to two decimal places.

Whether to pay a lawmaker for giving a speech at your company is an ethical
dilemma that deals with
O A. lobbying
B. awarding honoraria
c. professional standards
D. gift giving

Kingbird Corporation is preparing its December 31, 2020, balance sheet. The following items may be reported as either a current or long-term liability.

1. On December 15, 2020, Kingbird declared a cash dividend of $2.30 per share to stockholders of record on December 31. The dividend is payable on January 15, 2021. Kingbird has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury.
2. At December 31, bonds payable of $114,286,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $28,571,500 every September 30, beginning September 30, 2021.
3. At December 31, 2019, customer advances were $12,485,000. During 2020, Kingbird collected $32,673,000 of customer advances; advances of $27,486,000 should be recognized in income.

Required:
For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any.

In the Excel, or spreadsheet, approach to recording financial transactions, if manufacturing overhead is underapplied by X dollars, the Manufacturing Overhead account is closed out by deducting X dollars in the Manufacturing Overhead column and deducting X dollars in the Retained Earnings column.

a. True
b. False

the majority of retailers are what​

Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method.

Data for July:

Work-in-process inventory, July 1 (40,000 units):
Direct materials (92% completed) $122,800
Conversion (58% completed) 77,250
Balance in work in process inventory, July 1 $200,050
Units started during July 94,000
Units completed and transferred 109,600
Work-in-process inventory, July 31:
Direct materials (92% completed) 24,400
Conversion (58% completed) Cost incurred during July:
Direct materials $184,000
Conversion costs 292,000

Required:
a. Cost per equivalent unit for materials under the weighted-average method is calculated to be:______
b. Cost per equivalent unit for conversion under the FIFO method is calculated to be:_______

The Case: The hairdressing industry in Pakistan is flourishing day by day. There are certainly lots of hairdressers and each of the hairdressers has a slightly different type of skill. Some salons only cut, some only provide color services, some only do natural hair, some do all types, etc. Also, they have different premises situated in a different location where they provide the services. The prices offered by the hairdresser depend on the services offered by them and its uniqueness. If the particular hairdresser is known for providing the best services in the particular market then he can increase the prices of his services as he knows that consumers can pay slightly more amount of money for his superior services. There is relatively a low barrier for entry and exit for setting up a new hairdresser shop. Requirement: Read the above scenario and explain in which market structure ‘the hairdressing industry’ falls and how?

A machine at a cost of $5,000 was purchased 3 years ago. It can be sold now for $3,000. If the machine is kept, the annual operating and maintenance costs will be $1,500. If it is kept and operated for next five years, determine the amount at time 0 (now) equivalent to the cost of owning and operating the machine for the next five-year period. It is anticipated that the machine can be sold for $1,000 at the end of the five-year period. Use an interest rate of 10%

Defaulting on a bond most nearly means
the bond issuer cannot pay the promised amount
O the bond issuer pays a percentage of the bond's value
O the bond holder sells the bond on the secondary market
O the bond's rating has decreased

Mike Greenberg opened Cheyenne Window Washing Inc. on July 1, 2022. During July, the following transactions were completed.
July 1 Issued 9,800 shares of common stock for $9,800 cash.
1 Purchased used truck for $6,560, paying $1,640 cash and the balance on account.
3 Purchased cleaning supplies for $740 on account.
5 Paid $1,440 cash on a 1-year insurance policy effective July 1.
12 Billed customers $3,030 for cleaning services performed.
18 Paid $820 cash on amount owed on truck and $410 on amount owed on cleaning supplies.
20 Paid $1,640 cash for employee salaries.
21 Collected $1,310 cash from customers billed on July 12.
25 Billed customers $2,050 for cleaning services performed.
31 Paid $240 for maintenance of the truck during month.
31 Declared and paid $490 cash dividend.
Journalize the July transactions.
Post to the ledger accounts.
Prepare a trial balance at July 31.
Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
(1) Services performed but unbilled and uncollected at July 31 were $1,750.
(2) Depreciation on equipment for the month was $202.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $320 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $415.

what are the consequences of bad netiquette​

On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,824. Cash receipts yet to be deposited into the checking account total $3,218, and checks written by the academy but not yet processed by the bank total $1,305. The company's balance of cash does not reflect a bank service fee of $23 and interest earned on the checking account of $34. These amounts are included in the balance of cash of $5,922 reported by the bank as of the end of August. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2021. (Amounts to be deducted should