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larisa86 [58]
3 years ago
8

Balance sheet. Use the data from the following financial statements in the popup​ window. Complete the balance sheet. Hint: Find

the accumulated depreciation for 2014 first. The accumulated depreciation for 2014 is:
Data Table
Partial Income Statement Year Ending 2014 
Sales revenue $350,100
Cost of goods sold $142,000
Fixed costs $43,100
Selling, general, and
administrative expenses $28,200
Depreciation $46,000
Partial Balance Sheet 12/31/2013
ASSETS LIABILITIES
Cash $16,100 Notes payable $14,100
Accounts receivable $28,000 Accounts payable $18,800
Inventories $47,800 Long-term debt $190,100
Fixed assets $368,000 OWNERS' EQUITY
Accumulated
depreciation (-) $140,400 Retained earnings
Intangible assets $81,900 Common stock $131,800
Partial Balance Sheet 12/31/2014
ASSETS LIABILITIES
Cash $26,000 Notes payable $11,800
Accounts receivable $19,100 Accounts payable $23,900
Inventories $53,100 Long-term debt $162,100
Fixed assets $448,100 OWNERS' EQUITY
Accumulated depreciation (-) Retained earnings
Intangible assets $81,900 Common stock $182,000

 ​
Business
1 answer:
Lana71 [14]3 years ago
5 0

Answer:

57

Explanation:

im rich

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In mid-2010, Hewlett-Packard Company (HP) acquired Palm Computing Inc., a manufacturer of personal devices and smartphones. Befo
Lelechka [254]

Answer:A. Define the business mission

Explanation: Define the Business mission is the processes involved in tying to understand a given business,it helps to know the aims and objectives,the present situation and the impact a given business has.

In the case of Hewlett-Packard Company (HP) acquired Palm Computing Inc., HP will try to know how Palm computing has fared through the years and what impact will it have on his own business objectives when it is fully acquired.

6 0
3 years ago
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $10.
Crank

Answer:

Vanishing Games Corporation (VGC)

1. Analysis of the effect of transactions on the accounting equation:

Assets  = Liabilities + Equity

Assets (Cash) increases +$52,500 and Assets (Accounts Receivable) decreases -$52,500 = Liabilities + Equity.

b. Assets (Cash) increases +$235,000 = Liabilities + Equity (Retained Earnings) increase + $235,000.

c. Assets (Equipment) increases +41,900; Cash decreases -$12,000 = Liabilities (Notes Payable) increase +$29,900 + Equity.

d. Assets (Cash) decreases -$15,600 = Liabilities + Equity (Retained Earnings) decrease - $15,600.

e. Assets (Cash) increases + $50,500 and (Accounts Receivable) increases + $50,500 = Liabilities + Equity (Retained Earnings) increase + $101,000.

f. Assets = Liabilities (Accounts Payable) increase +$5,900 + Equity (Retained Earnings) decrease -$5,900.

g. Assets (Cash) decreases - $310,000 = Liabilities + Equity (Retained Earnings) decreases - $310,000.

h. Assets (Supplies) increase + $5,100 = Liabilities (Accounts Payable) increase +$5,100 + Equity.

i. Assets (Cash) decreases - $5,100 = Liabilities (Accounts Payable) decrease - $5,100 + Equity.

2. Journal Entries:

a. Debit Cash Account $52,500

Credit Accounts Receivable $52,500

To record cash from customers.

b. Debit Cash Account $235,000

Credit Service Revenue $235,000

To record cash for service revenue.

c. Debit Equipment $41,900

Credit Cash Account $12,000

Credit Notes Payable $29,900

To record purchase of 10 new computer services

d. Debit Advertising Expense $15,600

Credit Cash Account $15,600

To record payment for advertising.

e. Debit Cash Account $50,500

Debit Accounts Receivable $50,500

Credit Service Revenue $101,000

To record subscriptions for services sold.

f. Debit Utilities Expense $5,900

Credit Utilities Payable $5,900

To record utilities expense.

g. Debit Wages & Salaries Expense $310,000

Credit Cash Account $310,000

To record wages paid.

h. Debit Supplies Account $5,100

Credit Accounts Payable $5,100

To record purchase of supplies on account.

i. Debit Accounts Payable $5,100

Credit Cash Account $5,100

To record payment on account.

3. T-Accounts:

                                             Cash Account

Beginning Balance       $2,360,000      c. Equipment                   12,000

a. Accounts Receivable       52,250      d. Advertising Expense 15,600

b. Electronic Arts, Inc.        235,000     g. Wages & Salaries     310,000

e. Service Revenue             50,500      i. Accounts Payable          5,100

                                       <u>                  </u>      Balance c/d             <u> 2,355,050</u>

                                        <u>2,697,750</u>                                        <u>2,697,750</u>

Balance b/d                     2,355,050

                                     Accounts Receivable

Beginning Balance        152,000           a. Cash                          52,250

e. Service Revenue        <u>50,500</u>           Balance c/d                 <u>150,250</u>

                                      <u>202,500</u>                                              <u>202,500</u>

Balance b/d                    150,250

                                        Supplies

Beginning Balance        19,100          Balance c/d                       24,200

Accounts Payable          <u> 5,100</u>                                                   <u>            </u>

                                     <u>24,200</u>                                                   <u>24,200</u>

Balance b/d                  24,200

                                       Equipment

Beginning Balance       948,000       Balance c/d                       989,900

c. Cash                            12,000

c. Notes Payable            <u>29,900</u>                                                <u>              </u>

                                     <u>989,900</u>                                                <u>989,900</u>

Balance b/d                  989,900

   

                                         Land

Beginning Balance    1,920,000

                                      Building

Beginning Balance     506,000

                                         Accounts Payable

i. Cash                               5,100         Beginning Balance           109,000

  Balance c/d                <u>109,000</u>         h. Supplies                            <u> 5,100</u>

                                     <u>114,100</u>                                                        <u>114,100</u>

                                                            Balance b/d                      109,000

                                       Unearned Revenue

                                                             Beginning Balance         152,000

                                         Advertising Expense

d. Cash                               15,600

                                         Utilities Expense

f. Utilities Payable                5,900

                                        Utilities Payable

                                                               f. Utilities Expense            5,900

                                        Wages & Salaries Expense

g. Cash                             310,000

                                         Service Revenue

                                                               b. Cash                             235,000

Balance c/d                       336,000         e. Cash                             50,500

                                        <u>               </u>        e. Accounts Receivable   <u> 50,500</u>

                                         <u>336,000</u>                                                 <u>336,000</u>

                                                               Balance b/d                      336,000

                                          Notes Payable (due 2018)

     Balance c/d           109,900           Beginning Balance            80,000

                                    <u>             </u>            c. Equipment                     <u>29,900</u>

                                   <u>109,900</u>                                                      <u>109,900</u>

                                                             Balance b/d                       101,000

                                           Common Stock

                                                              Beginning Balance     2,200,000

                                           Retained Earnings

                                                              Beginning Balance     3,364,100

4. Trial Balance as at January 31:

                                              Debit                  Credit

Cash                                  $2,355,050

Accounts Receivable              150,250

Supplies                                    24,200

Equipment                              989,900

Land                                     1,920,000

Building                                  506,000

Advertising expense                15,600

Utilities Expense                        5,900

Utilities Payable                                                 $5,900

Wages & Salaries                  310,000

Service Revenue                                             336,000

Notes Payable                                                  109,900

Accounts Payable                                            109,000

Unearned Revenue                                         152,000

Common Stock                                            2,200,000

Retained Earnings         <u>                    </u>           <u>3,364,100</u>

Total                               <u>$6,276,900 </u>        <u>$6,276,900</u>

Explanation:

a) Note: the adjustment of the Utilities could have been eliminated to produce the same result, with totals reduced by $5,900.

5 0
3 years ago
A business operated at 100% of capacity during its first month, with the following results: Sales (90 units) $90,000 Production
umka21 [38]

Answer:

d.$18,900

Explanation:

Gross Profit is the net of Sales value and production cost in the period for the units sold. Under absorption costing all the direct and indirect costs incurred in the production of products are included in the total production cost. As the cost is available for 100 units produced we need to calculate the cost of 90 unit and deduct this cost from the sales value to determine the gross profit and then deduct the operating expenses to calculate the operating income.

Sales (90 units)                                                                  $90,000

Less: Production costs:

Direct materials ( $40,000 x 90/100 )              $36,000

Direct labor ( 20,000 x 90/100 )                       $18,000

Variable factory overhead ( 2,000 x 90/100 ) $1,800

Fixed factory overhead ( 7,000 x 90/100 )      <u>$6,300</u>

Total Production cost                                                       <u>($62,100)</u>

Gross Profit                                                                        $27,900

Less Operating expenses:

Variable operating expenses $8,000

Fixed operating expenses      $1,000

                                                                                          <u>($9,000)</u>

Operating Income                                                             <u>$18,900</u>

6 0
3 years ago
1. Consider an economy with a population of 100,000 households. 60 percent of households reportan annual income of $25,000 ("low
Leona [35]

Answer:

The total income earned by households in this economy is:

$4,700,000,000

Explanation:

a) Data and Calculations:

Household population = 100,000

Low earners = 60% with annual income of $25,000 each

Mid earners = 30% with annual income of $70,000 each

High earners = 10% with annual income of $110,000 each

60% of the population = 60,000 (100,000 * 60%) households

30% of the population = 30,000 (100,000 * 30%)  households

10% of the population = 10,000 (100,000 * 10%)  households

Total income earned by the households:

Low earners = 60,000 * $25,000 =      $1,500,000,000

Mid earners = 30,000 * $70,000 =         2,100,000,000

High earners = 10,000 * $110,000 =        1,100,000,000

Total income earned in the economy $4,700,000,000

3 0
2 years ago
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