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zheka24 [161]
3 years ago
5

Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet. 4. A

t the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6. a. Merchandise inventory on May 31 $570,000 b. Insurance expired during the year 12,000 c. Store supplies on hand on May 31 4,000 d. Depreciation for the current year 14,000 e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of merchandise sold. 6. Journalize the adjusting entries. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2.
Business
1 answer:
ValentinkaMS [17]3 years ago
7 0

Answer:

<em><u>adjusting entries:</u></em>

<em><u /></em>

insurance expense   12,000 debit

  prepaid insurance            12,000 credit

depreciation expense 14,000 debit

  accumulated depreciation PPE   14,0000 credit

salaries expense    13,600 debit

    sales salaries payable 7,000 credit

    office salaries payable 6,600 credit

merchandise inventory    35,000 debit

        accounts receivables            35,000 credit

Explanation:

a) We paid the insurnace policy in cahs at the beginning. Now after time past, insurance expires. We are going to recognize an expense for the expired insurance and decrease the amount we prepaid

b)we declare the depreciation expense and the accumuate depreciation for our property plant and equipment (notice if there is specifit account we should use an accumulated deprecaition for each concept)

c) we declare the expense for the accrued salaries to mach them with the accounting cycle they occur

d) we adjust for the returned inventory. the sales return and allowance would keep their balance as a contra-revenue to adjust for net sales in the net income statement.

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When the elasticity of demand for a product is __________ the elasticity of supply, consumers pay __________ of the tax on the p
mezya [45]

When the elasticity of demand for a product is smaller than the elasticity of supply, consumers pay majority of the tax on the product.

The way the tax burden is distributed between purchasers and sellers is known as the tax incidence.

The relative price elasticity of supply and demand determines the tax incidence.

Usually, both the producers and the consumers of the taxed goods bear the incidence, or burden, of the tax.

But all we have to do is look at the elasticity of demand and supply to determine which group will be carrying the bulk of the load.

The majority of the tax burden falls on consumers when supply is more elastic than demand.

The majority of the tax burden falls on the producers when demand is more elastic than supply.

The less elastic the demand and supply are, the higher the tax revenue.

Hence, When the elasticity of demand for a product is smaller than the elasticity of supply, consumers pay majority of the tax on the product.

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6 0
2 years ago
He stockholders' equity section on the December 31, 2009, balance sheet of Chemfast Corporation reported the following amounts:
Allisa [31]

Answer:

1.7900 shares

2.7300 shares

3.$22.95

4.$59

5.$6,300

6.$10.50

7.$791,000

Explanation:

The number of preferred shares=total par value of preferred shares issued/par value=$165,900/$21=7900 shares

The number of preferred shares outstanding is issued shares minus treasury stock=7900 shares-600 shares=7,300 shares

average issue price of preferred stock=(total par value+additional paid capital)/issued shares=($165,900+$15,400)/7900=$22.95

Average issue price of common stock==common stock amount/issued shares=$590,000/10000=$59

The treasury stock decreases stockholders' equity by the amount paid to repurchase the shares which is $6,300

Treasury stock cost $ per share=cost of treasury cost/number of treasury stock=$6300/600=$10.50

Total stockholders' equity in $=preferred stock+preferred stock additional paid in capital+common stock+retained earnings -treasury stock

Total stockholders' equity in $=165,900+15,400+590,000+26000-6300=$791,000

8 0
3 years ago
if, after one year, the yield to maturity on a multiyear coupon bond that was issued at par is lower than the coupon rate, what
maw [93]

When the YTM is lower than the bond's coupon rate, the bond's market value exceeds its par value (premium bond). Bonds are selling at a discount if their coupon rate is smaller than their YTM. A bond is trading at par if its coupon rate is equal to its yield to maturity (YTM).

<h3>What is the cost of a $1,000 par value, three year, zero-coupon bond?</h3>

(a) A three-year zero-coupon bond with a face value of $1,000 would have a present value (or price) of 874.69 with a yield of 4.564 percent.

<h3>What is the yield to maturity on a discount bond with a $1000 face value that will mature in a year and sell for $800?</h3>

The yield to maturity is determined using the following formula with the current price of $800: 800 = 1000 / (yield to maturity plus one) Yield to maturity Equals 1 plus yield.  Yield until maturity equals 25%

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5 0
1 year ago
After working as a manager of a small business for several years, Connie has been offered a management position with a local cha
vesna_86 [32]

Answer:

The principles of management are same.

Explanation:

Whatever industry the company is operating in, the way the company is managed is the same regardless the size, industry and motive of the company.

6 0
3 years ago
During its most recent fiscal year, Raphael Enterprises sold 340,000 electric screwdrivers at a price of $19.20 each. Fixed cost
Novay_Z [31]

Answer:

Variable costs=$3,876,000

Explanation:

Given Data:

Fixed costs amounted=$1,156,000

pretax income=$1,496,000.

Units Sold=340,000

Price of each unit sold=$19.20

Required::

Variable costs in the company's contribution margin income statement for the year =?

Solution:

Pretax Income=Revenue-Fixed costs-Variable costs

Revenue=Units Sold*Price of each unit sold

Revenue=340,000*$19.20

Revenue=$6,528,000

Pretax Income=Revenue-Fixed costs-Variable costs

$1,496,000=$6,528,000-$1,156,000-Variable costs

Variable costs=$6,528,000-$1,156,000-$1,496,000

Variable costs=$3,876,000

8 0
3 years ago
Read 2 more answers
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