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ahrayia [7]
3 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]3 years ago
8 0

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

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Giant Company has three products, A, B, and C. The following information is available:
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Answer:

$24,000

Explanation:

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sales                        70,000            97000

Variable  cost           37000            51000

Contribution margin 33000            46000

Avoidable cost          10,000           20000

Unavoidable cost       7000             12000         9400

Operating income      16000            14000

Total operating income if product C is dropped is (16000+14000 +3400-9400)

=$24000

Please note that Giant company with still incur the unavoidable cost even if the product is dropped. This is assumed to be a portion of the fixed overhead expenses allocated to the product in the course of normal operation.However , the loss made of 3400 will be avoided as well

7 0
3 years ago
Sayid is the sole shareholder of an S corporation in Hattiesburg, Mississippi. At a time when his stock basis is $20,000, the co
stiks02 [169]

Answer:

$20,000

Explanation:

The computation of the taxable gain is shown below:

The corporate gain is

= $40,000 - $20,000

= $20,000

Now the stock basis is increased i.e.

= $20,000 + $20,000

= $40.000

Now the stock basis decreased to zero i.e.

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So, here the taxable gain is of $20,000

4 0
2 years ago
There are two aspects of efficiency that the equilibrium of market for loanable funds exhibits. Select the TWO statements that c
Mashutka [201]

Answer:

a. Savers who lend money are willing to accept a lower minimum interest rate than potential savers who do not lend money.  

b. Investment projects that are financed by savers have larger rates of return than projects that do not receive financing.  

Explanation:

Loanable funds refer to the aggregate amount of money that all sectors, entities and individuals within an economy have decided to keep as an investment, instead of spending on personal consumption, by saving and giving them out as loans to borrowers.  

The market for loanable funds is in equilibrium when the supply of loanable funds by the saver is equal to demand for loanable funds by the borrowers at a given interest rate.

When the market for loanable funds is in equilibrium, efficiency is maximized because projects that have higher rates of return are given priority to be funded first before the projects with lower rates of return are funded. The reason is that savers that have lowest costs of lending provides funds for the projects that have highest return rates in equilibrium. However, potential saver who do not lend money will prefer a higher interest rates.

Therefore, the correct options related to the two aspects of efficiency that the equilibrium of market for loanable funds exhibits are as follows:

a. Savers who lend money are willing to accept a lower minimum interest rate than potential savers who do not lend money.  

b. Investment projects that are financed by savers have larger rates of return than projects that do not receive financing.  

5 0
3 years ago
A monopolistically competitive market has characteristics that are similar to:a. a monopoly only.b. a competitive firm only.c. b
Ber [7]

Answer:

c. both a monopoly and a competitive firm

Explanation:

A monpolistically competitive firm is a firm that has the features of both a monopoly and a competitive firm

Characteristics of a monopoly in a monpolistically competitive firm:

1. Products are differentiated in a monpolistically competitive firm.

2. Firms are price setters.

Characteristics of perfect competition in a monpolistically competitive firm:

1. There is free entry and exist into the industry.

2. There are many sellers

4 0
3 years ago
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Answer: C. $0

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6 0
3 years ago
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