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ahrayia [7]
2 years ago
13

Jaworski’s Ski Store is completing the accounting process for its first year ended December 31, 2015. The transactions during 20

15 have been journalized and posted. The following data are available to determine adjusting journal entries:
a. The unadjusted balance in Supplies was $780 at December 31, 2015. The unadjusted balance in Supplies Expense was $0 at December 31, 2015. A year-end count showed $110 of supplies on hand.
b. Wages earned by employees during December 2015, unpaid and unrecorded at December 31, 2015, amounted to $3,000. The last paychecks were issued December 28; the next payments will be made on January 6, 2016. The unadjusted balance in Salaries and Wages Expense was $33,000 at December 31, 2015.
c. A portion of the store’s basement is now being rented for $1,030 per month to K. Frey. On November 1, 2015, the store collected six months’ rent in advance from Frey in the amount of $6,180. It was credited in full to Unearned Revenue when collected. The unadjusted balance in Rent Revenue was $0 at December 31, 2015.
d. The store purchased delivery equipment at the beginning of the year. The estimated depreciation for 2015 is $1,300, although none has been recorded yet.
e. On December 31, 2015, the unadjusted balance in Prepaid Insurance was $2,580. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2015. The unadjusted balance in Insurance Expense was $390, which was the cost of insurance from January 1 to June 30, 2015.
f. Jaworski’s store did some ski repair work for Frey. At the end of December 31, 2015, Frey had not paid for work completed amounting to $680. This amount has not yet been recorded as Service Revenue. Collection is expected during January 2016.

Required:
For each situation, prepare the adjusting journal entry that Jaworski’s should record at December 31, 2015. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Business
1 answer:
Nonamiya [84]2 years ago
8 0

The answer & explanation for this question is given in the attachment below.

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Answer:

The price went from 2.50 dollar per unit to 1.25

And quantity sold of first hand muffin increase from 500 to 1,600

Explanation:

First day:

We build the equation and solve considering:

a= first hand muffin sold at 2.5 dollar

b = left-over sold at 0.5 dollar

considering the shop made 2,000 muffin and the cost is 1 dollar per muffin:

quantities equation: a + b = 2,000

price equation: 2.5a + 0.5b = 2,000

2.5(2,000 - b) + 0.5b = 2,000

5,000 - 2.5b + 0.5b = 2,000

3,000/2 = b = 1,500

a = 2,000 - b = 2,000  - 1,500 = 500

It sale 500 dollar of muffin at 2.5 and 1,500 at 0.5 getting a total of 2,000 revenue to cover the cost.

Second day:

There is a decrease in price to 1.25 per muffin

This generates a profit of 400 dollar thus:

(sales price less cost) x quantity = profit

(1.25 - 1) x a = 400

a = 400/0.25 = 1,600

6 0
3 years ago
br company has a contribution margin of 12%. sales are $629,000, net operating income is $75,480, and average operating assets a
iragen [17]

The correct option to the given question is option 2) 12.0%

Br company's return on investment is 12.0%

The creation of novel ROIs known as "social return on investment," or SROI, has caught the attention of certain investors and companies. SROI was first created in the late 1990s and considers wider effects of projects utilizing extra-financial value (i.e., social and environmental metrics not currently reflected in conventional financial accounts).

SROI aids in comprehending the benefits of specific environmental, social, and governance (ESG) standards utilized in socially responsible investment (SRI) activities.

For instance, a business might opt to switch to all LED lighting and recycle water in its manufacturing. However, the net benefit to society and the environment could result in a positive SROI. These initiatives have an immediate cost that may have a negative impact on traditional return on investment.

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br company has a contribution margin of 12%. sales are $629,000, net operating income is $75,480, and average operating assets are $142,000. what is the company's return on investment (roi)?

Options:

  1. 4.4%
  2. 12.0%
  3. 53.2%
  4. 0.2%

To learn more about return on investment click here

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3 0
1 year ago
Suppose investors can earn a return of 2% per 6 months on a Treasury note with 6 months remaining until maturity. The face value
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Answer:

Price of treasury bill = $9,803.92

Explanation:

<em>The price of the treasury note would be the present value of the future receivable on maturity discounted at the rate of return of 2% per six-month.</em>

The formula is FV = PV × (1+r)^(n)

PV = Present Value- ?

FV - Future Value, - 10,000

n- number of years- 1/2

r- interest rate - 2%

PV = 10,000 × (1.02)^(-1)

PV = 9,803.92

Price of treasury bill = $9,803.92

5 0
2 years ago
Compute the discounted payback statistic for Project C if the appropriate cost of capital is 7 percent and the maximum allowable
Lelechka [254]
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6 0
2 years ago
Amanda Jones is a tax practitioner who is representing Sean and Diane Smith before the Wage and Investment Division of the Inter
algol13

Answer:B. Amanda must advise Sean and Dianne promptly of the inaccuracy and the consequences provided by Internal Revenue Code and Regulations.

Explanation:

Sean and Dianne have probably engaged Amanda at the end of the tax year and they are to face implications of the transactions as it relates to tax matters, Amanda is to provide them with legislation in relation to the matter to educate them in future tax transactions.

8 0
3 years ago
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