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motikmotik
3 years ago
15

Wang Company accumulates the following adjustment data at December 31. For each item, indicate (1) the type of adjustment (prepa

id expense, unearned revenue, accrued revenue, or accrued expense) and (2) the status of the accounts before adjustment (overstated or understated).
a. Services performed but unbilled totals $600.
b. Store supplies of $160 are on hand. The supplies account shows a $1,900 balance.
c. Utility expenses of $275 are unpaid.
d. Service performed of $490 collected in advance.
e. Salaries of $620 are unpaid.
f. Prepaid insurance totaling $400 has expired.
Business
1 answer:
IRISSAK [1]3 years ago
4 0

Answer:

a. Services performed but unbilled totals $600.

  • Accrued revenue
  • Accounts receivable was understated before the adjustment

b. Store supplies of $160 are on hand. The supplies account shows a $1,900 balance.

  • Accrued expense
  • Supplies was overstated before the adjustment

c. Utility expenses of $275 are unpaid.

  • Accrued expense
  • Utilities expense was understated before the adjustment

d. Service performed of $490 collected in advance.

  • Unearned revenue
  • Revenue was overstated before the adjustment

e. Salaries of $620 are unpaid.

  • Accrued expense
  • Wages expense was understated before the adjustment

f. Prepaid insurance totaling $400 has expired.

  • Prepaid expense
  • Insurance expense was understated

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Which of the following would NOT cause an increase demand for iPhones? Group of answer choices price of comparable Android phone
aliya0001 [1]

Answer:

price of iPhones decreases

Explanation:

A decrease in price increases quantity demanded but does not  increase demand.

iPhones and Android phones are substitute goods.

Substitute goods are goods that can be used in place of another good.

An increase in the price of androids increases the cost of androids. So, consumers would increases their demand for iPhones.

Because iPhone is assumed to be a normal good. An increase in the price of iPhones would increase the demand for the good.

Normal goods are goods that are goods whose demand increases when income increases and falls when income falls

Data plans and iPhones are complement goods.

Complementary goods are goods that are consumed togethe  

A decrease in the price of data plans would increase the demand for iPhones.

7 0
3 years ago
The number of cases of merlot wine sold by the Connor Owen winery in an eight-year period is as follows:
Anna11 [10]

Answer:

The forecast for the year 2012 with an alpha value of 0.20 = 366.04.

Explanation:

The first step in order to solve this question/problem is to calculate or determine the Exponentially smoothed forecast for a period of time, t using the values of average demand for 2005 through 2007, that is to say;

Exponentially smoothed forecast for a period of time, t using the values of average demand for 2005 through 2007 = [actual sales in 2005 + actual sales in 2006 + actual sales in 2007]/ 3.

Therefore, Exponentially smoothed forecast for a period of time, t using the values of average demand for 2005 through 2007 =[ 281 + 367 + 409]/3 = 1057/3 = 352.3.

Since we are asked to use the smoothed value calculated as of the end of 2012. Use the average demand for 2005 through 2007 as your initial forecast for 2008, then, we have that for 2008 the forecast = 352.3.

Therefore, the forecast from the year 2009 through to the year 2012 can be calculated as given below;

The forecast for the year 2009 with an alpha value of 0.20 = 0.2 × 467 + [1 - 0.2] × 352.3 = 375.24.

The forecast for the year 2010 with an alpha value of 0.20 = 0.2 × 369 + [1 - 0.2] × 352.3 = 355.64.

The forecast for the year 2011 with an alpha value of 0.20 = 0.2 × 511 + [1 - 0.2] × 352.3 = 384.04.

The forecast for the year 2012 with an alpha value of 0.20 = 0.2 × 421 + [1 - 0.2] × 352.3 = 366.04.

3 0
4 years ago
A firm has sales of $690, EBIT of $300, depreciation of $40, and fixed assets increased by $265. If the firm's tax rate is 40 pe
icang [17]

Answer:

-$45

Explanation:

Given that,

Sales = $690

EBIT = $300

Depreciation = $40

Tax rate = 40%

Fixed assets increased by $265.

Firm's free cash flow:

= Earnings after tax + Depreciation - Capital Expenditure

= [EBIT × (1 - Tax rate)] + $40 - $265

= [$300 × (1 - 0.40)] + $40 - $265

= $180 + $40 - $265

= -$45

Therefore, the firm's free cash flow -$45.

3 0
3 years ago
In which of the following situations would it be best to call a meeting rather than to send a memo? A. The information that is b
yan [13]

Answer:

The information that is being communicated is controversial

4 0
3 years ago
Which of the following statements is correct?
leonid [27]

Answer:

B

Explanation:

Stock which has appreciated in value must be sold before it is considered part of gross income.

4 0
4 years ago
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