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Blababa [14]
3 years ago
6

Melissa has an old car that is desperately in need of expensive repairs. she is trying to decide whether to spend the $1,500 she

has in her savings account to repair her old clunker or use her savings to buy the used car that her neighbor has for sale. as melissa considers which of these two options she will select, she is facing​
Business
1 answer:
Svetach [21]3 years ago
5 0
<span>This is an avoidance-avoidance conflict that Melissa is facing. Since both are leading to desirable outcomes, in that she'll have reliable transportation after the transactions, this could be considered a type of approach-approach conflict. The conflict is between two outcomes, neither of which she would rather avoid since doing so would be impossible in these circumstances.</span>
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Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes ar
choli [55]

Answer:

1. $4,100

2a. Dr Income tax Expense $4,100

Cr Income tax payable $4,100

2b. Dr Income tax payable $33,926

Cr Cash $33,926

Explanation:

1. Calculation to Determine the amount of the accounting adjustment

Income tax payable for quarter 4 $33,926

Less: Unadjusted balance in Income tax payable account $29,826

Accounting adjustment to be done as on Dec 31 $4,100

2a. Preparation of journal entries to record December 31

Adjustment to the Income as on Dec 31

Dr Income tax Expense $4,100

Cr Income tax payable $4,100

2b. Preparation of the Journal entry to record later January 20 payment of the fourth-quarter taxes.

January 20 payment of the fourth-quarter taxes.

Dr Income tax payable $33,926

Cr Cash $33,926

3 0
2 years ago
During the months of January and February, Hancock Corporation sold goods to three customers. The sequence of events was as foll
Murrr4er [49]

Answer:

Net Sales                         $2720

Explanation:

Hancock Corporation

    Jan 6:   Sales                      $ 1500

Add Jan 6    Sales                      $ 850

Less Jan 14   Sales Discount     $ 30 ( 2% of $ 1500)

<u>Add Feb 28:   Sales                   $ 400</u>

<u>Net Sales                                  $2720 </u>

Only a 2% discount is given on the cash received on Jan 14  on the sales made on JAn 6 to S. Green  because the cash is received within the first ten days of sales made. The cash received on Feb 2 is not given the sales discount as it is received after ten days of the sales made. That is sales were done on Jan 6 to M. Munoz.  with the terms 2/10, n/30 meaning discount will be given within the first ten days . But as the payment was on Feb 2 almost 17 days later the discount is not given.

The term 2/10 n/30 means a two percent discount will be given if sales were  paid within the first ten days. So a discount is given to S. Green but not M. Munoz as payment is done after 10 days.

6 0
3 years ago
Presented below are a number of transactions. Determine whether each transaction affects common stock, dividends, revenue, expen
marin [14]

Answer:

(a) It affects expense account.

(b) It affects Revenue account.

(c) It affects expense account.

(d) It affects Expense account.

(e) It affects Dividend account.

(f) It affects Revenue account.

(g)  It affects Expense account.

(h)  It does not affect stockholders’ equity because purchase of equipment for cash doesn't affect stockholders’ equity.

(i) It affects Common stock account.

4 0
2 years ago
A quality control activity analysis indicated the following four activity costs of an administrative department:
Doss [256]

Answer:

total sales are the internal failure costs is 2%

Explanation:

given data

form to reduce errors =  $15,000

customer complaints = 75,000

Verifying = 30,000

Correcting errors = 60,000

Total = $180,000

sales = $3,000,000

to find out

total sales are the internal failure costs

solution

we know here that internal failture cost is express as

internal failture cost  = correcting error in form   ...........1

internal failture cost  =  $60000

and

internal failture cost as % of total cost is here as

internal failture cost to sale = \frac{internal\ failture\ cost}{sales}   .......2

internal failture cost to sale = \frac{60000}{3000000}

internal failture cost to sale = 2%

so total sales are the internal failure costs is 2%

3 0
3 years ago
All-Star Automotive Company experienced the following accounting events during 2018: Performed services for $25,000 cash. Purcha
Mariana [72]

Answer &  Explanation:

<u>Operating Activities</u>

services collected 25,000

salaries paid           (14,000)

utilities paid             (2,800)

cash generated from operating activities 8,200

<u />

<u>Investing activities</u>

proceeds from land  9,000

purchase of land      (6,000)

cash generated from investing activities 3,000

<u />

<u>Financing Activities</u>

issuance of stocks 50,000

bank loan                  5,000

payment on loan    (10,000)

dividends paid         (5,000)

cash generated from financing activities 40,000

Total cash generated for the year ended December 31th, 2018 51,200

beginning balance                                                                            9,200

ending balance                                                                               60,400

Notes: Activities related to the daily operation wil lbe operating activities.

The transaction involving long-term assets will be investing activities

The stocks, dividends and loan, loan payment are financing activities for the company.

5 0
3 years ago
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