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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

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A building's owner pays a property manager in 81/2% commission based on the units annualized rent for each new tenant last year
Vera_Pavlovna [14]

Commission paid by the building owner to the property Manager for the new tenant is $4575.

<h3>What is a Commission?</h3>

A brokerage receives compensation for delivering a customer who signs a lease by way of a rental commission. Frequently, rental commissions are stated as months of rent or as a percentage of the annual rent.

The calculation for the Commission of Property Manager:

Commission = Total annualised rent x percentage of Commission

                     = (795 x 12 x 3 + 1200 x 12 + 900 x 12) x 8.5%

                     = 53820 x 8.5% = $4,575

Commission for the property manager = $4,575.  

   

Thus,  a rental commission, a brokerage is paid for bringing a consumer who signs a lease. The commission for the property manager is $4,575.

Learn more about Commission here:

brainly.com/question/20987196

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5 0
2 years ago
fremont which uses the high-low method reported total cost of $10 per unit its lowest production level, 5000 units. when product
Gnesinka [82]

Answer:

$2.50

Explanation:

Calculation for the estimation of   variable cost per unit

                        Units     Total cost

High method  15,000×$5  per units  =$75,000

(5,000*3)=15,000

Low  method  5,000*$10 per units=$50,000

Difference  10,000     $25,000  

Variable cost per unit =$25,000/10,000

Variable cost per unit=$2.50

Note: Based on the information given we were told that production tripled to its highest level which means the high method units will be 15,000 units (5,000 units*3)

Therefore Fremont would estimate its variable cost per unit as: $2.50

4 0
3 years ago
A nonprofit group organizes its local fundraisers in teams, with each of its L team leaders responsible for D group directors, a
Akimi4 [234]

Answer:

Each of L team leaders has D group directors, making the total number of group directors equal to (L)(D). And each of those group directors has F fundraisers, again requiring multiplication: that total is (L)(D)(F). (You can try this by plugging in small numbers - if each of 2 leaders has 3 directors, you know there would be 6 directors)

So while statement 1 is not sufficient (there are multiple combinations that could get you to 81, such as L = 1, D = 2, and F = 39; or L = 1, D = 5, and F = 15), statement 2 guarantees that there is only one team leader. This is because 5 is a prime number, and you know that the number of group directors = LD. The only possible way for LD to equal 5 is if L is 1 and D is 5, or if D is 1 and L is 5. And since the stimulus tells you that there are more directors than leaders, the combination must be 5 directors and 1 leader. Accordingly, statement 2 is sufficient.

Explanation:

4 0
3 years ago
a. Create the most efficient way to move products from producer to consumer b. Create a network of suppliers, intermediaries and
schepotkina [342]

Answer:

a. producers-wholesalers-retailers-consume

b.

Explanation:

it is easy to cut cost of transport, storage ,etc

8 0
2 years ago
abares Corporation had these transactions during 2020. Indicate whether each transaction is an operating activity, investing act
scZoUnD [109]

Answer:

(a) Issued $50,000 par value common stock for cash = Financing Activities

b) Purchased a machine for $30,000, giving a long-term note in exchange. Financing Activities = Non-cash Investing and Financing Activity

(c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000 =  Non-cash Investing and Financing Activities

(d) Declared and paid a cash dividend of $18,000 = Financing Activities

(e) Sold a long-term investment with a cost of $15,000 for $15,000 cash = Investing Activities

(f) Collected $16,000 from sale of goods = Operating Activities

Explanation:

The Cash flows related to raising of capital is known as Cash flow from Financing Activities.

The Cash flows related to growing and selling of Assets of the business is known as Cash flow from Investing Activities.

The Cash flow related to trade in Ordinary course business of the Company is known as Cash flow from Operating Activities.

7 0
3 years ago
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