A chart that shows the connection between consumer demand and price is a:

On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:Accounts Debit CreditCash

MariettaO [177]

Answer:

3D Family Fireworks

1. Journal Entries for Transactions:

Jan. 2 Debit Cash $49,100

Credit Service Revenue $49,100

To record services rendered for cash.

Jan. 6 Debit Accounts Receivable $86,400

Credit Service Revenue $86,400

To record services rendered on account.

Jan. 15 Debit Allowance for Uncollectible Accounts $3,300

Credit Accounts Receivable $3,300

To record uncollectible written off.

Jan. 20 Debit Salaries Expense $32,800

Credit Cash $32,800

To record payment for salaries expense.

Jan. 22 Debit Cash $84,000

Credit Accounts Receivable $84,000

To record cash collected on accounted.

Jan. 25 Debit Accounts Payable $6,900

Credit Cash $6,900

To record payment on account.

Jan. 30 Debit Utilities Expense $15,100

Credit Cash $15,100

To record utilities expense paid.

Income Statement for the month ended January 31, 2021:

Service Revenue $135,500

Interest Revenue 1,080

Total Revenue $136,580

Salaries Expense $32,800

Utilities Expense 15,100

Bad Debts Expense 1,060 48,960

Net Income $87,620

Explanation:

a) Data and Calculations:

Trial Balance as of January 1, 2021:

Debit Credit

Cash $26,700

Accounts Receivable 15,000

Allowance for Uncollectible Accounts $3,600

Supplies 3,900

Notes Receivable (6%, due in 2 years) 18,000

Land 80,300

Accounts Payable 8,500

Common Stock 98,000

Retained Earnings 33,800

Totals $ 143,900 $ 143,900

Transaction Analysis:

Jan. 2 Cash $49,100 Service Revenue $49,100

Jan. 6 Accounts Receivable $86,400 Service Revenue $86,400

Jan. 15 Allowance for Uncollectible Accounts $3,300 Accounts Receivable $3,300

Jan. 20 Salaries Expense $32,800 Cash $32,800

Jan. 22 Cash $84,000 Accounts Receivable $84,000

Jan. 25 Accounts Payable $6,900 Cash $6,900

Jan. 30 Utilities Expense $15,100 Cash $15,100

Jan. 31 Adjustments:

Allowance for Uncollectibles:

$4,300 Allowance for Uncollectibles $860 ($4,300 * 20%)

$9,800: Allowance for Uncollectible $490 ($9,800 * 5%)

$14,100 Allowance for Uncollectible $1,350

Allowance for Uncollectibles

Account Titles Debit Credit

Beginning balance $3,600

Accounts receivable $3,300

Bad Debts Expense 1,060

Ending balance 1,350

Interest Receivable $1,080

Interest Revenue $1,080

Service Revenue:

Service Revenue $49,100

Service Revenue $86,400

Service Revenue $135,500

5 0

3 years ago

Cinci Co. leased equipment for its entire 10-year useful life, agreeing to pay $50,000 at the start of the lease term on Decembe

Sedaia [141]

Answer:

The amount that Allen should report as capital lease liability in its December 31, Year 2, balance sheet is $266,746.

Explanation:

From the question, it can be seen that 10% is used by the lessee. The reason is that the 10% is what is known by the lessee and it is also lower than 12%. Therefore, we have:

Balance of the lease liability after the first payment = Present value on December 31 of Year 1 - Amount of the first payment = $337,951 - $50,000 = $287,951

It should noted that there is no interest in the amount of the first payment as it was an immediate payment.

Interest expense in Year 2 = 10% * Balance of the lease liability after the first payment = 10% * 287,951 = $28,795

Lease liability paid in Year 2 = Cash paid - Interest expense in Year 2 = $50,000 - $28,795 = $21,205

The journal entries at December 31, Year 2 will then be as follows:

Accounts Title Debit ($) Credit ($)

Lease liability 21,205

Interest expense 28,795

Cash 50,000

(To record lease payment.)

Therefore, we have:

Capital lease liability on December 31 of Year 2 = Balance of the lease liability after the first payment - Lease liability paid in Year 2 = $287,951 - $21,205 = $266,746

Therefore, the amount that Allen should report as capital lease liability in its December 31, Year 2, balance sheet is $266,746.

3 0

3 years ago

An assembly line with 30 activities is to be balanced. The total amount of time required for all 30 activities is 45 minutes. Th

Schach [20]

Answer:

The needed cycle time must be 1.4 min

Explanation:

Given:

Production time per day $t = 420$ min

Desired unit of output per day $X = 300$

Total activity $= 30$

For finding cycle time,

From the formula of cycle time,

$t' = \frac{t}{X}$

$t' = \frac{420}{300}$

$t ' = 1.4$ min

Therefore, the needed cycle time must be 1.4 min

6 0

3 years ago

Which of the following is a disadvantage of barter as a countertrade arrangement?

Wittaler [7]

Answer:

(C). Firms engaged in barter run the risk of having to accept goods they do not want or cannot use.

Explanation:

Countertrade is a trade system in which goods and services are exchanged for other goods and services.

Barter is a type of countertrade where money isn't involved. Only goods and services are exchanged between participating parties.

A disadvantage of barter is that, in the absence of required goods, a firm may have to accept the goods the other firm is offering even though it doesn't need or cannot use those goods at that point in time. The firm could resell the goods later.

5 0

4 years ago

James Company has 1,400 shares of $100 par preferred stock, which were issued at par. It also has 29,000 shares of common stock

PSYCHO15rus [73]

Answer:

$16.4

Explanation:

Given: Preferred stock= 1400 shares of $100

Total share outstanding= 29000

Total shareholder´s equity= $615600.

Now, calculating the book value per shares.

Formula; Book value per shares= $\frac{(Total\ equity-preferred\ equity)}{Total\ shares\ outstanding}$