Question Completion:
Centerpiece Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for the company. The following data have been assembled for the business (Click the icon to view the assembled data of Centerpiece Arrangements.) Prepare the income statement of Centerpiece Arrangements for the year ended December 31, 2018. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Net Income
i Data Table $ $ Insurance Expense Service Revenue Utilities Expense Rent Expense Common Stock Cash Retained Earnings, January 1, 2018 6,500 92,000 800 13,000 7,000 6,400 Salaries Expense Accounts Payable Office Supplies Dividends Accounts Receivable Equipment 42,000 2,600 2,500 4,500 3,500 27,600 5,200
Answer:
Centerpiece Arrangements
Income Statement for the year ended December 31, 2024:
Service Revenue $92,000
Expenses:
Insurance expense $6,500
Utilities expense 800
Rent expense 13,000
Salaries expense 42,000
Total Expense $62,300
Net Income $29,700
Explanation:
a) Data:
Trial Balance as for December 31, 2024:
$ $
Insurance Expense 6,500
Service Revenue 92,000
Utilities Expense 800
Rent Expense 13,000
Common Stock 7,000
Cash 6,400
Retained Earnings,
January 1, 2018 5,200
Salaries Expense 42,000
Accounts Payable 2,600
Office Supplies 2,500
Dividends 4,500
Accounts Receivable 3,500
Equipment 27,600
Total $106,800 $106,800
Answer and Explanation:
The computation is given below:
a) Observation time is
= Average time
= 1.2 minutes
b) Normal time is
= Observation time × performance rating
= 1.2 minutes × 0.95
= 1.14 minutes
c. The standard time is
= Normal time × allowance factor
= 1.14 × 1.11
= 1.265 minutes.
The allowance factor is
= 1 ÷ (1 - Allowances)
= 1 ÷ (1 - 0.1)
= 1.11
Answer:
![\left[\begin{array}{cccccc}&Q1&Q2&Q3&Q4&Total\\$Sales&5,100&7,100&8,100&10,100&30,400\\$Ending Inventory&2,840&3,240&4,040&2,550&-\\$Producction Needs&7,940&10,340&12,140&12,650&43,070\\$Beginning&(2,040)&(2,840)&(3,240)&(4,040)&-\\$Punits to be produced&5,900&7,500&8,900&8,610&30,910\\\end{array}\right]](https://tex.z-dn.net/?f=%5Cleft%5B%5Cbegin%7Barray%7D%7Bcccccc%7D%26Q1%26Q2%26Q3%26Q4%26Total%5C%5C%24Sales%265%2C100%267%2C100%268%2C100%2610%2C100%2630%2C400%5C%5C%24Ending%20Inventory%262%2C840%263%2C240%264%2C040%262%2C550%26-%5C%5C%24Producction%20Needs%267%2C940%2610%2C340%2612%2C140%2612%2C650%2643%2C070%5C%5C%24Beginning%26%282%2C040%29%26%282%2C840%29%26%283%2C240%29%26%284%2C040%29%26-%5C%5C%24Punits%20to%20be%20produced%265%2C900%267%2C500%268%2C900%268%2C610%2630%2C910%5C%5C%5Cend%7Barray%7D%5Cright%5D)
Explanation:
ending inventory
Q1 = q2 sales x 40% = 7,100 x 40% = 2,840
Q2 = q3 sales x 40% = 8,100 x 40% = 3,240
Q3 = q4 sales x 40% = 10,100 x 40% = 4,040
Q4 = q1 next year x 40%
next year will be 25% than q1 of current year
Q4 = Q1 sales x 1.25 x 40% = 2,550
beginning of Q1 is a given 2,040. Then:
ending of Q1 = beginning of Q2 (when a quarter ends, another begins)
ending of Q2 = beginning of Q3
ending of Q3 = beginning of Q4
The sales plus the desired ending inventory will be all the units needed for the period.
Our beginning inventory subtract out productions needs, as those units are already in stock, we don't need to produce them.
Answer: Bank Deposit
Explanation:
This relates to QuickBooks Online which is an accounting service that is provided to many small and medium size enterprises to help them with their accounts. It is very effective and easy to use.
When it comes to deposits other than customer payments, the relevant feature to use is the Bank deposit feature which can be found in the banking tab. You bank account can be linked to QuickBooks which would then update the your account when a bank deposit has been made.
Answer:
Traditional economy.
Explanation:
A traditional economy is one that relies on historical methods, customs, and beliefs to develop. It is generally more common in developing countries because it is an economy based on rural activities such as agriculture, fishing and hunting. Because it is an economy that develops around a tribe or a family, it is customary for production to be for consumption only, so there is no surplus and little money movement.
