1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Licemer1 [7]
3 years ago
15

Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. Jan. 15 Purchas

ed and paid for merchandise. The invoice amount was $14,400; assume a perpetual inventory system. Apr. 1 Borrowed $708,000 from Summit Bank for general use; signed a 10-month, 14% annual interest-bearing note for the money. June 14 Received a $26,000 customer deposit for services to be performed in the future. July 15 Performed $2,850 of the services paid for on June 14. Dec. 12 Received electric bill for $26,760. Vigeland plans to pay the bill in early January. 31 Determined wages of $29,000 were earned but not yet paid on December 31 (disregard payroll taxes). 2. Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
Darya [45]3 years ago
6 0

Answer:

                                         VIGELAND COMPANY

                                           Journal Entries

Date                Description                                    DR                     CR

Jan 15            Merchandising Inventory              14,400

                      Cash                                                                       14,400

                      Being record of inventory purchase

April 1        Cash                                                     708,000

                 14% Note payable                                                      708,000

               Being the record of note payable issued

June 14      Bank                                                        26,000

                  Unearned Income                                                      26,000

             Being the record of deposit received

July 15         Unearned Income                                    2,850

                  Service  Revenue                                                          2,850

                Being the payment for the services rendered

Dec 12        Electricity bill payable                                26,760

                   Electricity bill expenses                                               26,760

              Being the unsetled bill for the year

Dec 31     Wages payable                                                 29,000

               Wages Expenses                                                              29,000

Explanation:

You might be interested in
Randy is a waiter at the silver spoon restaurant. his w-2 box 1 wages are $16,400, box 7 (social security tips) is $500, box 8 (
olga_2 [115]

Answer:

a)$16,894

Explanation:

The computation of his income is shown below:

= Wages + allocated tips for box 7 + tips that do not reported

= $16,400 + $350 + $144

= $16,894

We simply added the Wages, allocated tips for box 7, and tips that do not reported so that the exact value could come

All other information which is given is not relevant. Hence, ignored it

8 0
3 years ago
Read 2 more answers
Lauren Barton, a single mother with three children, lived in Portland, Oregon. Cynthia VanHorn also lived in Oregon until she mo
AleksandrR [38]

The cengage learning for the mitigation is the difference between the agreed upon $72000 less what was earned from  the $25000 position that barton managed to obtain

<u>Explanation</u>:

Mitigation of damages:

In the case of barton v. vanhorn a court would consider barton's attempts at findings similar employment a reasonable step in mitigating her damages.

Under the doctrine of damage mitigation, a wrongfully terminated employee must look for other compartable employment, and subtract whatever you make from that job from what you request in damages.

Damages in the case would be the difference between the agreed upon $72000 less what was earned from  the $25000 position that barton managed to obtain.

6 0
3 years ago
An investment management firm has been hired by ETV Corporation to work on an additional public offering for the company. The fi
jeka94

Answer:

b. Place the company on a restricted list and give only factual information about the company.

Explanation:

There is an ethical problem in the scenario that borders on professional code of conducts in the area of objectivity and independence.

It was stated in the scenario that ''the head of the investment banking department has asked the head of the brokerage unit <u>to change the recommendation from "sell" to "buy."</u>

This is a case of wanting to interfere with the <u>objectivity</u> of the recommendations which should be based on <u>facts not bias</u>.

Secondly, the head of investment banking is trying to interfere with the <u>independence</u> of the head of brokerage unit.

According to the Standards, the head of the brokerage unit would be permitted to place the company on a restricted list and <u>give only factual information</u> about the company.

8 0
3 years ago
You're considering an investment that you expect will produce a return of 77 percent next​ year, and you expect that your real r
den301095 [7]

This problem is simply straight forward. The total rate of return is simply the sum of the real rate of return and the inflation rate, that is:

77% = 33% + Inflation Rate

Therefore inflation is:

Inflation Rate = 77% - 33%

<span>Inflation Rate = 44%</span>

6 0
3 years ago
Which closing best expresses a desire to satisfy the customer and signals confidence that the problem has been resolved? a. We a
Sergio039 [100]

Answer:

The closing that best expresses a desire to satisfy the customer and signals confidence that the problem has been resolved is:

b. Thanks again for writing. Your satisfaction is our utmost goal. We hope that the new bag will help you get over your disappointment and the inconvenience of buying a defective product. As I said before, such flaws are extremely rare.

Explanation:

The closing of 'a' in this case sounds unbusinesslike, to say the least.  It is very much unlike the closing of 'b' which is very apt.  The customer should never be made to appear to be at fault for patronizing our products.  The customer's satisfaction should be the utmost guide for maintaining correct customer services.  Trying to attribute a product's fault to a customer is totally wrong and sounds unprofessional.  Finally, option 'c' lacks basic customer service courtesy as it appears to be a command directed to the customer.

4 0
2 years ago
Other questions:
  • Investment increases to​ $1.5 trillion, and the multiplier when the price level is constant is 8. Draw the new aggregate demand
    10·1 answer
  • Carla has been asked to analyze the needs of Supreme Research’s largest clients. She has not done this type of task before, so h
    10·2 answers
  • Bison Sporting Goods sells bicycles throughout the northeastern United States. The following data were taken from the most recen
    11·1 answer
  • Mary purchased a 10-year par value bond with semiannual coupons at a nominal annual rate of 4% convertible semiannually at a pri
    5·1 answer
  • If analytical procedures are performed with no indications of likely​ misstatements, ARIA will​ ________ and the sample size wil
    5·1 answer
  • Deployment Specialists pays a current (annual) dividend of $1 and is expected to grow at 22% for two years and then at 5% therea
    5·1 answer
  • Suppose GDP consists of wheat and rice. In 2015, 20 bushels of wheat are sold at $4 per bushel, and 10 bushels of rice are sold
    5·1 answer
  • If the growth rate of your company was 31% from 2016 to 2017. And revenue in 2016 was $565,998. What was the revenue in 2017?
    12·1 answer
  • Lysiak Corporation uses an activity based costing system to assign overhead costs to products. In the first stage, two overhead
    8·1 answer
  • Bailey Corp. has the following information: Beginning Inventory (Jan 1) Ending Inventory (Dec 31) Raw Materials Inventory $ 25,3
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!