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Alborosie
3 years ago
11

Unearned Seminar Fees has a balance of $6,500, representing prepayment by customers for five seminars to be conducted in June, J

uly, and August 2019. Two seminars had been conducted by June 30, 2019.
Prepaid Insurance has a balance of $6,000 for six months’ insurance paid in advance on May 1, 2019.Store equipment costing $19,840 was purchased on March 31, 2019. It has a salvage value of $400 and a useful life of six years.Employees have earned $150 that has not been paid at June 30, 2019.The employer owes the following taxes on wages not paid at June 30, 2019: SUTA, $4.50; FUTA, $0.90; Medicare, $2.18; and social security, $9.30.Management estimates uncollectible accounts expense at 1 percent of sales. This year’s sales were
$1,000,000.Prepaid Rent has a balance of $5,100 for six months’ rent paid in advance on March 1, 2019.The Supplies account in the general ledger has a balance of $300. A count of supplies on hand at June 30, 2019, indicated $100 of supplies remain.The company borrowed $10,600 from First Bank on June 1, 2019, and issued a four-month note. The note bears interest at 6 percent.Required:Based on the information above, record the adjusting journal entries that must be made for Sufen Consulting on June 30, 2019. The company has a June 30 fiscal year-end.
Business
1 answer:
hram777 [196]3 years ago
7 0

Answer:

Dr Merchandise Inventory 500.00

Cr Cost of Goods Sold 500.00

Dr Unearned Seminar Fees 2,000.00

Cr Seminar Fees 2,000.00

Dr Insurance Expense 2,000.00

Cr Prepaid Insurance 2,000.00

Dr Depreciation Expense 810.00

Cr Accumulated Depreciation 810.00

Dr Wages Expense 150.00

Cr Wages Payable 150.00

Dr Payroll tax expense 16.88

Cr SUTA Payable 4.50

Cr FUTA Payable 0.90

Cr Medicare Payable 2.18

Cr Social Security Payable 9.30

Dr Bad Debt Expense 10,000.00

Cr Allowance for Doubtful Debts 10,000.00

Dr Rent Expense 3,400.00

Cr Prepaid Rent 3,400.00

Dr Supplies Expense 200.00

Cr Supplies 200.00

Dr Interest Expense 53.00

Cr Interest Payable 53.00

Explanation:

Journal entries for Unearned Seminar Fees

Dr Merchandise Inventory 500.00 (7000-6500)

Cr Cost of Goods Sold 500.00

(Increase in inventory on hand)

Dr Unearned Seminar Fees 2,000.00 (5000/5*2)

Cr Seminar Fees 2,000.00

(Fees earned during the period)

Dr Insurance Expense 2,000.00 (6000/6*2)

Cr Prepaid Insurance 2,000.00

(Prepaid insruance expired)

Dr Depreciation Expense 810.00 [(19840-400)/6*3/12]

Cr Accumulated Depreciation 810.00

(Deprecaition expense for the period)

Dr Wages Expense 150.00

Cr Wages Payable 150.00

(Wages accrued but not paid)

Dr Payroll tax expense 16.88

Cr SUTA Payable 4.50

Cr FUTA Payable 0.90

Cr Medicare Payable 2.18

Cr Social Security Payable 9.30

(Payroll tax expense)

Dr Bad Debt Expense 10,000.00 (1,000,000*1%)

Cr Allowance for Doubtful Debt 10,000.00

(Bad debt expense)

Dr Rent Expense 3,400.00 (5100/6*4)

Cr Prepaid Rent 3,400.00

(Prepaid rent expired during the period)

Dr Supplies Expense 200.00

(300-100)

Cr Supplies 200.00

(Supplies consumed during the period)

Dr Interest Expense 53.00 (10600*6%*1/12)

Cr Interest Payable 53.00

(Interest accrued but not paid)

The Balance in Prepaid Rent is :

5100 - 3400 = 1700

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Answer:

the lowest operating cost is achieved when mine 1 is operated for 0 hours and mine 2 is operated for 2 hours.

Explanation:

Mining hours of mine 1: M1

mining hours of mine 2: M2

Objective function: Minimize operating cost < 200M1 + 160 M2

Explicit constraints:

6M1 + 2M2 ≥ 12

2M1+ 2M2≥ 8

4M1+ 12M2 ≥ 24

Implicit constraints:

M1> 0

M2>0

See the attachment for feasible region

The coordinates of feasible region are (0,0), (2,0),(0,2),(1.5,1.5)

To maximize cost substitute each of these coordinates in objective function

for(0,0)

cost=0 (neglect this cost since M1>0 and M2 >0)

for(2,0)

cost= 320

for (0,2)

cost= 400

for (1.5,1.5)

cost= 540

the lowest operating cost is achieved when mine 1 is operated for 0 hours and mine 2 is operated for 2 hours

8 0
2 years ago
The methods allowed by the IFRS for valuing property, plant, and equipment are:______.
pogonyaev

Answer:

The methods allowed by the IFRS for valuing property, plant, and equipment are: b. historic cost and fair value.

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IAS 16 in IFRS deals with Valuation of Property, Plant, and Equipment.

The method of subsequent measurement of Property, Plant, and Equipment allowed by the standars are Historic Cost and Fair Value (Revaluation)

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the life isnurance policy in which dealth benefits last a lifetime but premiums are all paid after a specified time period is an
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2 years ago
Margie noticed that sales of her company's newest bicycle product are much higher than anticipated. She wants to investigate why
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<u>The answer is "b. sales analysis".</u>


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3 years ago
Read 2 more answers
Project X1 Project X2 Initial investment $ (80,000 ) $ (120,000 ) Expected net cash flows in year: 1 25,000 60,000 2 35,500 50,0
nirvana33 [79]

Answer:

For project X1 : IRR = 20.34%

For Project X2 : IRR = 12.99%

Explanation:

The internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested.

The IRR can be calculated using a financial calculator.

For project X1 :

Cash flow in year 0 = $ (80,000 )

Cash flow for year 1 = 25,000

Cash flow in year 2 = 35,500

Cash flow in year 3 = 60,500

IRR = 20.34%

For Project X2 :

Cash flow in year 0 = $(120,000 )

Cash flow in year 1 = 60,000

Cash flow in year 2 = 50,000

Cash flow in year 3 = 40,000

IRR = 12.99%

To find the IRR using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.

I hope my answer helps you

4 0
3 years ago
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