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umka2103 [35]
3 years ago
8

Wagner & Sons, Inc. perform property appraisals for commercial real estate transactions. The following transactions were com

pleted in July 2013. July 1 Purchased $345 in office supplies on account. July 2 Wrote a check for a $700 utility bill for the current month. July 3 Paid $875 in salaries to employees for the current month. July 8 Received $4,015 on customer accounts for bills sent in prior month. July 12 Conducted five appraisals and invoiced SLL Commercial Real Estate, Inc. for $11,000. Prepare journal entries using the transaction analysis above. If no journal entry is required, indicate that in the account description. The company has the following Chart of Accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Notes Payable, Common Stock, Retained Earnings, Service Revenue, Rent Expense, Furniture, Prepaid Insurance, Advertising Expense,Unearned Revenue, Wages Expense, Interest Expense, Utilities Expense, Salaries Expense -OR- "No journal entry needed"
Business
1 answer:
crimeas [40]3 years ago
8 0

Answer:

Date   Account Title                  Debit     Credit

1-Jul    Supplies                           $345

                Accounts Payable                   $345

2-Jul   Utilities expense               $700

                 Cash                                        $700  

3-Jul    Salaries expense             $875

                 Cash                                         $875

8-Jul     Cash                               $4,015

                  Accounts Receivable            $4,015

12-Jul    Accounts Receivable   $11,000

                   Revenue earned                   $11,000

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A company pays its employees $3,850 each Friday, which amounts to $770 per day for the five-day workweek that begins on Monday.
liq [111]

Answer:

$3080

Explanation:

Calculation to determine what the amount of salaries earned but unpaid at the end of the accounting period is:

Salaries earned but unpaid at the end of the accounting period =3850-$770

Salaries earned but unpaid at the end of the accounting period =$3080

3 0
3 years ago
The _____ of an organizational life cycle is characterized by growth and the expansion of organizational resources.
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Answer: The _youth_ of an organizational life cycle is characterized by growth and the expansion of organizational resources.

Explanation:

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3 years ago
If a fiscal policy change is going to exert a stabilizing impact on the economy, it must?
Vadim26 [7]

If a fiscal policy change is going to exert a stabilizing impact on the economy, policy must add  stimulus to demand during a slowdown but  it should restraint the demand during an economic boom.

Fiscal policy is the policy in which the government spending and taxation  is used to influence the economy.

Governments generally use fiscal policy to promote strong as well as sustainable growth in the economy and reduce the poverty too.

The role and objectives of fiscal policy which gained importance during the recent global economic crisis is when the different governments stepped in to support financial systems.

Governments starts the growth, and also mitigate the impact of the crisis on vulnerable groups through the use of fiscal policy.

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7 0
2 years ago
Fischer Company uses 12,000 units of a part in its production process. The costs to make a part are: direct material, $15; direc
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Answer:

Difference= $60,000 in favor of buying

Explanation:

Giving the following information:

Number of units= 12,000

Make in-house:

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direct labor, $27

variable overhead, $15

applied fixed overhead, $32

Buy:

Buying price= $60

If Fischer buys the part, 75 percent of the applied fixed overhead would continue.

<u>First, we will calculate the avoidable fixed overhead per unit:</u>

Avoidable fixed overhead= 32*0.25= $8

<u>Now, the total differential cost of making in-house:</u>

<u></u>

Total cost of production= 12,000*(15 + 27 + 15 + 8)

Total cost of production= 12,000*65

Total cost of production= $780,000

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2 years ago
Laramie Labs uses a risk-adjustment when evaluating projects of different risk. Its overall (composite) WACC is 10%, which refle
Allushta [10]

The correct option is 3. A, B, and D.

The set of projects would maximize shareholder wealth is A, B, and D.

<h3>What is low-risk projects?</h3>

Low risk suggests that there won't be a significant negative effect on the organization should the project fail.

The computation of the provided data is displayed below, depending on the circumstance:

To determine which projects set would maximize shareholder wealth, we must compare the WACC to the anticipated return.

Below are some specific risk WACC (needed return) (%), expected return (%), and accept or reject reasons-

  • High 12 Project A 15 Select WACC is less profitable than anticipated.
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Therefore, in order to maximize shareholder wealth, option C (projects A, B, and D) should be chosen.

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The complete question is-

Laramie Labs uses a risk-adjustment when evaluating projects of different risk. Its overall (composite) WACC is 10%, which reflects the cost of capital for its average asset. Its assets vary widely in risk, and Laramie evaluates low-risk projects with a WACC of 8%, average-risk projects at 10%, and high-risk projects at 12%. The company is considering the following projects:

Project Risk Expected Return

A High 15%

B Average 12%

C High 11%

D Low 9%

E Low 6%

Required:

Which set of projects would maximize shareholder wealth?

  1. A and B.
  2. A, B, and C.
  3. A, B, and D.
  4. A, B, C, and D. A, B, C, D, and E.
5 0
2 years ago
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