Can the economy grow without investment in new resources?

National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first mon

lana66690 [7]

Answer:

National Park /Tours Co.

National Park Tours Co.

Unadjusted Trial Balance

May 31, 2019

Account Titles Debit Credit

Cash $10,700

Equipment 25,000

Drawing 3,500

Accounts receivable 3,500

Accounts payable $ 1,750

Fees Earned 13,900

Supplies 2,450

Capital 34,700

Operating expenses 5,200

Totals $50,350 $50,350

Explanation:

a) Data and Calculations:

T-accounts

Cash

Account Titles Debit Credit

Beth Worley, Capital (1) 34,700

Supplies (2) 2,450

Equipment (3) 4,500

Operating expense (4) 3,800

Accounts payable (5) 18,750

Accounts receivable (6) 10,400

Operating expense (8) 1,400

Drawings (9) 3,500

Balance 10,700

Totals $45,100 $45,100

Equipment

Account Titles Debit Credit

Cash (3) 4,500

Accounts payable (3) 20,500

Balance 25, 000

Totals $25,000 $25,000

Beth Worley, Drawing

Account Titles Debit Credit

Cash (9) 3,500

Accounts Receivable

Account Titles Debit Credit

Fees Earned (7) 13,900

Cash (6) 10,400

Balance 3,500

Totals $13,900 $13,900

Accounts Payable

Account Titles Debit Credit

Equipment (3) 20,500

Cash (5) 18,750

Balance 1,750

Totals $20,500 $20,500

Fees Earned

Account Titles Debit Credit

Accounts receivable (7) 13,900

Supplies

Account Titles Debit Credit

Cash (2) $2,450

Beth Worley, Capital

Account Titles Debit Credit

Cash (1) 34,700

Operating Expenses

Account Titles Debit Credit

Cash (4) 3,800

Cash (8) 1,400

Balance 5,200

Totals $5,200 $5,200

3 0

2 years ago

If a worksite includes more than one set of management and workers, who should have access to the information, training, and con

VashaNatasha [74]

Answer:

Every worker and manager per set of management within the worksite

Explanation:

In such a situation, all workers and managers should have access to the information, training, and controls needed to avoid workplace accidents. Since the possibility of one occurring is a common risk to all, being appropriately trained on right precautions and procedures is important to both managers and employees. They will know how to administer first aid and even perform CPR at workplace.

7 0

3 years ago

Suppose that a chicken farm uses a nearby stream to dispose of the wastes released by its chickens. These wastes flow downstream

NeTakaya

Answer:

d. Charities

Explanation:

From the question, we are informed about the Supposed chicken farm which uses a nearby stream to dispose of the wastes released by its chickens. These wastes flow downstream into a lake that has become thick with algae and polluted due to the minerals in the waste matter. The local office of a nonprofit environmental organization successfully lobbies state regulators to stop the farm's pollution. In this case, the types of private solutions to the externality of pollution that has occurred is charity. Private solutions to externalities can varies from charities, business mergers as well as moral codes, all working at self interest of the relevant parties. according to Coase theorem, at low transaction cost two parties can reach efficient outcome after bargaining when externality are present. Charity can be regarded as generosity as well as helpfulness towards those that are less privilege or that are needy and cannot raise their voice.

7 0

2 years ago

What is a tax bracket?

Rom4ik [11]

Answer:

a tax bracket refers to a range of income subject to a certain income tax rate.

Explanation:

so basically it's just a range of income taxed at a given rate

8 0

3 years ago

Segmented Income Statement Gorman Nurseries Inc. grows poinsettias and fruit trees in a green house/nursery operation. The follo

bija089 [108]

Answer:

Poinsettias records a loss of $118,125

Fruit Trees records a profit of $92,325

The company therefore records an overall $25,800 loss

NB: See the workings below see the assumption mad to allocate common expenses since none is given in the question.

Explanation:

Variable costing income statement is a type of income statement that records variable cost separately first to determine the contribution margin and thereafter record the fixed cost which is further split into direct fixed expenses and common expenses.

The segmented income statement for Gorman Nurseries for the coming year can therefore be presented as follows:

Gorman Nurseries Inc.

Segmented Income Statement

For the coming year

Particulars Poinsettias ($) Fruit Trees ($) Total ($)

Sales 970,000 3,100,000 4,070,000

Variable COGS (460,000) (1,630,000) (2,090,000)

Variable selling exp. (w1.) (38,800) (124,000) (162,800)

Contribution margin 471,200 1,346,000 1,817,200

Direct fixed overhead (160,000) (200,000) (360,000)

Direct fixed S $ Admn exp. (146,000) (87,000) (233,000)

Segment margin 165,200 1,059,000 1,224,200

Common fixed overh. (w2a) (176,077) (623,923) (800,000)

Common S $ Admn ex (w2b) (107,248) (342,752) (450,000)

Segment Net Income (loss)  (118,125)   92,325   (25,800) 

Workings:

w1. Variable selling expenses = Sales * Commission percentage

Poinsettias = $970,000 * 4% = $38,8000

Fruit Trees = $3,100,000 * 4% = $124,000

w2. Allocation of common expenses using the following assuptions:

a) Use cost of goods sold (COGS) to allocate Common fixed overhead:

Poinsettias = (460,000 / 2,090,000) * $800,000 = $176,077

Fruit Trees = (1,630,000 / 2,090,000) * $800,000 = $623,923

b) Use common selling and administrative expense using Sales:

Poinsettias = (970,000 / 4,070,000) * $450,000 = $176,077

Fruit Trees = (3,100,000 / 4,070,000) * $450,000 = $623,923

4 0

3 years ago