1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Digiron [165]
3 years ago
10

Listed below are a few transactions and events of Piper Company. Piper Company records a year-end entry for $10,000 of previousl

y unrecorded cash sales (costing $5,000) and its sales taxes at a rate of 4%. The company earned $50,000 of $125,000 previously received in advance and originally recorded as unearned services revenue. Prepare any necessary adjusting entries at December 31, 2017, for Piper Company's year-end financial statements for each of the above separate transactions and events. (Piper has the policy of recording cash received in advance in balance sheet accounts.)
Business
1 answer:
Mama L [17]3 years ago
6 0

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Account Dr, $10,400  

                To Sales account $10,000

                To Sales Tax Payable account $400      ($10,000 × 4%)

(Being cash received is recorded)

Here we debited the cash as it increased the assets and we credited the sales and sales tax payable as it increased the sales and liabilities.

2. Cost of Goods Sold Dr, $5,000  

                 To Inventory $5,000

(Being Cost of Goods sold is recorded)

Here we debited the cost of goods sold as it increase the expenses and we credited the inventory as it decrease the assets

3. Unearned Services Revenue Dr, $50,000  

                 To Earned Services Revenue  $50,000

(Being unearned service revenue is recorded)

Here we debited the unearned service revenue as it decreased the liabilities and we credited the earned service revenue as it increased the sales

You might be interested in
Department F had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $13,400. Of
Rufina [12.5K]

Answer:

a.$3.35

Explanation:

The first step in determining  conversion cost per unit is to calculate the Total Equivalent units of production for Conversion Costs.

Conversion Costs

Units Completed and transferred (15,000 × 100%) = 15,000

Units in Ending Work In Process (3,000 × 75%)      =  2,250

Total Equivalent units of production                        =  17,250

The next step is to determine the total conversion cost of production incurred during the period.

Conversion Costs

Conversion Costs in Beginning Work In Process                               $4,800

Conversion Costs added during the period ($33,000 + $20,000) $53,000

Total Conversion Costs                                                                      $57,800

Finally calculate the conversion cost per unit

Conversion cost per unit = Total Conversion Costs  / Total Equivalent units of production

                                         = $57,800 / 17,250

                                         = $3.35 (to the nearest cent)

4 0
3 years ago
g The $1,000 face value bonds of Trident Corporation have coupon of 5.5 percent and pay interest semiannually. Currently, the bo
Maslowich

Answer:

The answer is 5.73%

Explanation:

Given Coupon rate=5.5%; Years of maturity= 12years, Face value bonds= $1,000, Price=98.2

NPER= Years of maturity *2= 12*2=24

PMT= (Face value * coupon rate)/2= (1000*5.5)/2= 5500/2= 2.75

Therefore:

Rate = (NPER, PMT, -Price, Face value)= (24, 2.75, -98.2, 1000)= 2.87%

Yield to maturity= Rate *2= 2.87*2= 5.73%

6 0
2 years ago
Determine the amount of the 2018 standard deduction allowed in the following independent situations. In each case, assume the ta
wlad13 [49]
I believe it’s b.
Sorry if it’s wrong I’m not sure
4 0
3 years ago
Which is the primary reason to issue stock?A.To help investors earn higherrate of return B. To rise money to grow the company C.
tatyana61 [14]
B. To raise money to a grow a company. 

Stock is equity in a company that is used to help fund the expenses of a company, particularly when they are looking to grow beyond their current revenue sources. It is most useful when a company anticipates growing its revenues or decreasing its expenses through using this new capital in order to deliver a positive return for its equity investors who hold the stock certificates.
4 0
3 years ago
According to Victor Vroom, which of the following is not considered a factor that influences motivation?
Gre4nikov [31]

Answer:

A, independence

Explanation:

Motivation can be defined as the stimulation of individuals to achieve a certain goal.

It can also be said to be the a force that drives the wants, needs, etc of an individual. Motivation have various influencing factors as well as several modes.

Factors that influences motivation include; valence, instrumentality, expectancy, etc.

Modes of motivation include; intrinsic, extrinsic, introjected and identified motivation.

From the above question, independence isn't a factor that influences motivation. This is because independence, according to the dictionary, can be said to be a state of freedom from something.

Freedom does not motivate a person to achieve anything as there will be no pressure or driving force or even an individual to encourage. This makes goals impossible to difficult to achieve.

Cheers.

7 0
2 years ago
Other questions:
  • Why would banks offer higher interest rates for savings and checking accounts? A) To encourage people to spend money in the econ
    10·1 answer
  • Which question is an illustration of a macroeconomic question? Multiple Choice a) Is a corporation unresponsive to the demands o
    9·1 answer
  • Support functions manage and improve the efficiency of an organization's conversion processes so that more value is created.
    5·1 answer
  • CPA-79690 (F-09-04: Transactions and Events: Part 2)The city of Curtain had the following interfund transactions during the mont
    13·1 answer
  • The Internal Rate of Return (IRR) represents which of the following: Multiple Choice The discount rate that must be lower than t
    9·1 answer
  • You are considering investing $6,789 at an interest rate of 7.345% compounded annually for 15 years or investing $6,789 at an in
    9·1 answer
  • The need to understand the different consumer tastes in segmented regional markets and respond to different national standards a
    5·1 answer
  • aner, Harris & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm ha
    13·1 answer
  • What is a line of credit?
    6·2 answers
  • 44) Christopher, a department manager, is attending the monthly budget planning meeting where all the department managers report
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!