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3 years ago

The Marchetti Soup Company entered into the following transactions during the month of June:

Business

1 answer:

Lisa [10]3 years ago

8 0

Answer:

Cash account

debit credit

opening 70,000

2) 50,000

4) 230,000

5) 175,000

75,000

Accounts receivable account

debit credit

opening 53,000

3) 250,000

4) 230,000

73,000

Accounts payable account

debit credit

opening 32,000

1) 195,000

5) 175,000

52,000

Merchandise inventory account

debit credit

1) 195,000

3) 140,000

55,000

Wages expense account

debit credit

2) 50,000

Sales revenue account

debit credit

3) 250,000

COGS account

debit credit

3) 140,000

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Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, an

Anastasy [175]

Answer:

cash 19,300,000 debit

unearned revenues 19,300,000 credit

unearned revenues 12,700,000 credit

sales revenues 12,700,000 credit

balance:

19,300,000 - 12,700,000 = 6,600,000 balance

Explanation:

the gift card will be considered a liaiblity as it generates an obligation to Apple to latter provide their services/goods.

Once the gift card are redeem the company is able to recognize revenue as it has provided the goods to the customers.

6 0

3 years ago

After a recent spike in violent crime, the local police department wants to spend $550,000 on a new crime fighting initiative. I

Verizon [17]

Answer:

6.1 percentage points.

Explanation:

Ratio shows proportion of a number to other number or sum of all the numbers. Percentage is a ratio which is expressed as fraction of 100.

Human Life Worth = $9 million = $9,000,000

Spending on Fighting initiative = $550,000

Take ratio of spending by the worth of human life

Ratio = Spending / Worth = $550,000 / $9,000,000 = 0.061 = 6.1%

It reduces the risk of someone dying from crime by at least 6.1%.

4 0

3 years ago

Line workers at a Virginia steel mill developed a new process that made the line safer. It went through only one level of manage

aleksandr82 [10.1K]

Answer:

B. Flattened management hierarchies.

Explanation:

In this scenario, the line workers at a Virginia steel mill developed a new process that made the line safer. The process went through only one level of management before it was approved by the vice president of operations. Hence, this is an example of a flattened management hierarchies.

A flattened management hierarchy can be defined as an organizational structure which eliminates a middle manager and allows the employees to be involved directly with the decision-making process.

Hence, by the removal of the middle management in an organization, the flattened management hierarchy creates a direct relationship between employees and the top executives of the company; thus, giving room for innovation and actions by employees in the decision-making process.

6 0

3 years ago

A monopoly industry:A. has very significant barriers to entry. B. faces a downward sloping demand curve. C. produces a product f

Kryger [21]

Answer:

The correct answer is option E.

Explanation:

A monopoly is a market where there is only single producer or seller. There are restrictions on entry in the market. The firms in the monopoly are price makers. That is why they have a downward sloping demand curve.

There are no close substitutes for the product and there is only one seller in the monopoly.

The firm may earn profit or loss or profits in the short run based on its revenue and cost conditions.

So, all the options given are correct.

7 0

3 years ago

Wildhorse Corporation enters into a 6-year lease of equipment on December 31, 2019, which requires 6 annual payments of $40,100

olga55 [171]

Answer:

31-Dec-19

Dr. Lease receivables $ 180,498

Cr. Sales revenue $180,498

Dr. Cost of goods sold $ 170,000

Cr. Inventory $ 170,000

Explanation:

The lease is recorded on the present value of all the payment to be made in the future.

We will use the present value of annuity formula

Present value of Lease = P [ ( 1 - ( 1 + r )^-n ) / r ]

where

P = annual payment = $40,100

r = implicit rate = 11%

n = numbers of payments = 6 payments

Placing values in the formula

PV of Lease = $40,100 x [ ( 1 - ( 1 + 11% )^-6 ) / 11% ] = $169,645

Now calculate the present value of guarantee residual value

PV of guarantee residual value = $20,300 x ( 1 + 11%)^-6 = $10,853

Fair value of lease = Present value of Lease payment + Present value of guarantee residual value

Fair value of lease = $169,645 + $10,853 = $180,498

Cost of equipment will be recorded in the cost of goods sold and Inventory as well.

We will pass two separate journal entries first to record the lease receivable and second to record the cost of the equipment.

3 0

3 years ago