Consider each of the following independent cases: Click the icon to view the independent cases) Requirement 1. Joumalize the adjusting entry needed on December 31, the end of the cument accounting period, for each of the independent cases affecting Woods Corporation, include an explanavon for each entry a. The details of Prepaid Insurance are as follows: Woods prepays insurance on March 31 each year. At December 31,$1,300 is still prepaid. b. Woods pays employees each Friday. The amount of the weekly payroll is $5,700 for a five-day work week. The current accounting period ends on Thursday. c. Woods has a note receivable. During the current year, Woods has earned accrued interest revenue of $700 that it will collect next year. d. The beginning balance of supplies was $3,100. During the year, Woods purchased supplies costing $6,200, and at December 31 supplies on hand total $2,100. e. Woods is providing services for Orca Investments, and the owner of Orca paid Woods an annual service fee of $10,200. Woods recorded this amount as Uneamed Service Revenue. Woods estimates that it has earned 60% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,400, and Equipment, $6,200.
Answers
The adjusting entries needed on December 31 for each independent case affecting Woods Corporation are as follows: a. Prepaid Insurance: Debit Insurance Expense $1,300, Credit Prepaid Insurance $1,300
The $1,300 of prepaid insurance is an expense that needs to be recognized for the current accounting period.
b. Accrued Salaries:
Debit Salaries Expense $2,850
Credit Salaries Payable $2,850
Since the current accounting period ends on Thursday and the weekly payroll is $5,700, two days' worth of salaries ($2,850) need to be accrued.
c. Accrued Interest Receivable:
Debit Accrued Interest Receivable $700
Credit Interest Revenue $700
The $700 of accrued interest revenue needs to be recognized as revenue for the current accounting period.
d. Supplies Expense:
Debit Supplies Expense $7,200
Credit Supplies $7,200
The supplies on hand at December 31 amount to $2,100. Therefore, the supplies used during the year is the difference between the beginning balance ($3,100), purchases ($6,200), and ending balance ($2,100), which is $7,200.
e. Service Revenue:
Debit Unearned Service Revenue $6,120
Credit Service Revenue $6,120
Woods estimates that it has earned 60% of the total service fee ($10,200) during the current year, which amounts to $6,120. This needs to be recognized as revenue for the current accounting period.
f. Depreciation Expense:
Debit Depreciation Expense - Office Furniture $3,400
Debit Depreciation Expense - Equipment $6,200
Credit Accumulated Depreciation - Office Furniture $3,400
Credit Accumulated Depreciation - Equipment $6,200
The depreciation expenses for Office Furniture ($3,400) and Equipment ($6,200) need to be recognized for the current year, and they are recorded by debiting the respective expense accounts and crediting the accumulated depreciation accounts.
The adjusting entries have been journaled for each independent case affecting Woods Corporation, including prepaid insurance, accrued salaries, accrued interest revenue, supplies, unearned service revenue, and depreciation expenses. These entries correctly reflect the necessary adjustments at the end of the accounting period to ensure accurate financial reporting.
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Related Questions
Kerr Company's account balances at December 31 for Accounts Receivable and Allowance for Doubtful Accounts were $2,100,000 and $20,000 (Cr.), respectively. An aging of accounts receivable indicated that $170,000 are expected to become uncollectible. The amount of the adjusting entry for bad debts at December 31 is
Answers
Answer:
$150,000
Explanation:
Calculation to determine what The amount of the adjusting entry for bad debts at December 31 is
Using this formula
Bad debts=Accounts receivable-Allowance for Doubtful Accounts
Let plug in the formula
Bad debts=$170,000-$20,000
Bad debts=$150,000
Therefore The amount of the adjusting entry for bad debts at December 31 is $150,000
The operations and supply strategy framework presented in the notes includes which of the following enterprise competitive capabilities? A. R&D B. Product Leadership C. Customer Satisfaction D. Price E. Dependability
Answers
The operations and supply strategy framework presented in the notes includes the following enterprise competitive capabilities:
A. R&D (Research and Development): This capability involves investing in research and development activities to innovate and create new products or improve existing ones, giving the company a competitive advantage through technological advancements.
B. Product Leadership: This capability focuses on developing and offering superior products compared to competitors, emphasizing product quality, features, and innovation to attract customers.
C. Customer Satisfaction: This capability emphasizes meeting or exceeding customer expectations, providing excellent customer service, and ensuring high levels of customer satisfaction and loyalty.
E. Dependability: This capability involves consistently delivering products and services on time and as promised, building a reputation for reliability and dependability.
Therefore, options A, B, C, and E are enterprise competitive capabilities included in the operations and supply strategy framework. Option D (Price) is not explicitly mentioned in the given options as one of the competitive capabilities in the framework.
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During the early industrial age, which group had the most economic power? employers craft guilds trade unions factory workers
Answers
Union Organization and Union Growth
The first unions were local protest movements of the 'working poor, a group of skilled workers who flourished in the liberal political environment of early industrial Britain, especially in the mid-19th century. Replaced by formally organized craftsmen's unions. America. Craft associations had considerable market power and represented their members primarily through commercial activities.
Apart from maintaining sizable mutual aid funds, many of them were cartels that unilaterally set prices for their members' services. I didn't. They were politically liberal but socially exclusive. Those memberships weren't just for the experienced.
To control the labor supply, the union bill would also limit apprenticeships and prevent employers from hiring non-union members for manual labor (into "closed factories" for certain "work areas"). pre-entrance of labor”), defending labor organizations that ensure demand for labor. that member. Skills (job control unionism).
Where craftsmen's unions were firmly established, they survived a second wave of unions at the end of the 20th century, when unskilled factory workers began to organize.
The 'general' union, which faced this and organized the large factories of the dawn of mass production, had to count on the power of many unions. Therefore, they tried to recruit as many members as possible, regardless of skill, but where craft guilds were strong, most remained unskilled guilds.
While the craft unions favored a "voluntary" way of working that kept the state at bay, the new general union emphasized political action, promoting social legislation and state intervention in the economy.
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Answer:
A. employers
Explanation:
trust me
Sbj’s chris smith writes about institutional multiteam ownership as a closely watched trend in sports finance. Which major sports league is the last holdout for allowing this approach?.
Answers
Finance: CAZ Investments jumps into growing field of institutional ownership, and eyes last holdout league
One of the trends in the market that has received the most attention recently is institutional multiteam ownership. The top leagues in the country have long outlawed the practice, but barriers are starting to break down as a result of the pressing need for cash and soaring franchise prices that have priced out many potential purchasers.
Numerous early participants are testing the waters even though the market is still in its infancy. The Atlanta Hawks, Phoenix Suns, and Sacramento Kings are among the NBA teams in which Dial Capital's Home Court Partners has acquired small percentage stakes after becoming the first fund to get authorization to do so in 2019. Sacramento Kings and Suns. Over $1 billion is being raised by Dynasty, the pro team investment company founded by Jonathan Nelson of Providence Equity Partners and Don Cornwell of PJT Partners. Arctos Sports Partners is currently without a doubt the market leader. The company, led by managing partners Ian Charles and Doc O'Connor, has acquired stakes in more than a dozen teams in the NBA, NHL, MLS, and European soccer; its investments in MLB alone include the Boston Red Sox through a partnership with Fenway Sports Group, the Chicago Cubs, Houston Astros, Los Angeles Dodgers, and San Diego Padres. It announced $3.94 billion in assets under management earlier this year and is currently soliciting money for a second fund with a target size of $1 billion.
In collaboration with Bonaccord Capital Partners, CAZ Investments announces the successful closing of a $485 million private equity ownership fund.
The fund made it possible for the CAZ network of investors to purchase minority holdings in some of the best middle-market private investment managers.
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Your gross income is 10,000 a month before taxes, and income taxes are estimated at a rate of 20%. In addition, your debt is $2,000 per month. What is your monthly personal debt ratio.
A. 85%
B. 25%
C. 40%
D. 30%
I’m in between B and C because if you take away the 20% for taxes, you get 8,000 and 2000/8000 is 25%, BUT 2000 is 20% of 10000 and plus the 20% for taxes is 40%. What do I do?
Answers
Answer:
c because isnt 2000=20% of 10000 so 40%
Explanation:
What type of material is a land resource in the production process?
Answers
Everything that derives from the land, including all natural resources needed to create goods and services, is referred to as "land." Natural resources such as water, oil, copper, natural gas, coal, and forests are examples of common land. The production process uses land resources as its raw materials.
What is production process?Industrial processes are actions that involve chemical, physical, electrical, or mechanical phases to help with the production of an object or things, typically done on a very large scale. The foundation of heavy industry is industrial processes. In order to offer consumers with goods and services, a production process is a way of using economic input or resources, such as labour, expensive machinery, or land. A production process typically entails all the processes a facility might take to establish production quotas, develop and assemble products, and then distribute them to clients or independent retailers. Various manufacturing methods and procedures, such as 3D printing, joining, or casting, may be included.To learn more about production process, refer to:
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what is the difference between a supermarket and a hypermarket
Answers
Super market are big but hypermarket is much bigger and it offers big ticket items such as appliances
Select the response that corrects the capitalization error in the sentence below. I live in Kentwood, louisiana. a. i b. kentwood c. Louisiana Please select the best answer from the choices provided A B C
Answers
Answer:
a) I
Explanation:
The letter I continues to be capitalized because it is the only single letter pronoun. Because the pronouns I and me have different uses, it's easy to distinguish between the two in terms of capitalization rules.
Barton health services provided care to a patient worth $1,200. Because the patient was over the age of 65, barton granted the patient a 20% discount and the customer paid the correct amount in cash. How would barton record the service transaction?.
Answers
If Barton health services provided care to a patient worth $1,200. Because the patient was over the age of 65, barton granted the patient a 20% discount and the customer paid the correct amount in cash. How would barton record the service transaction is : Debit Cash, 960; Credit Service Revenue 960.
Journal entrySince the company provide care to patient that worth the amount of $1,200 in which the company as well gives 20% discount to its patient. The appropriate journal entry to record the transaction is :
Barton health services journal entry
Debit Cash 960
Credit Service Revenue 960
[ 1,200 - ( 1,200 × .20) ]
( 1,200 -240 = $960)
( To record sales revenue )
Therefore we can conclude that the company will debit cash of the amount of $960 and credit sales revenue of the amount of $960.
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How did Adam Smith's economic beliefs lead to the development of a new economic system?
Answers
Adam Smith was a Scottish economist and philosopher whose ideas on economics had a profound impact on the development of the capitalist system.
Smith believed that free markets, competition, and the division of labor were essential to economic growth and prosperity. In his influential book "The Wealth of Nations," he argued that the government should have a limited role in the economy, and that individuals pursuing their self-interest in a competitive market would lead to the most efficient allocation of resources.
Smith's ideas laid the foundation for the development of a new economic system, known as capitalism, which emphasizes private ownership of the means of production, free markets, and entrepreneurship. Capitalist system has been credited with driving innovation, raising living standards, and promoting economic growth, but has also been criticized for its negative impact on the environment, income inequality, and social justice.
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2. Which two of the following are examples of short-term sources of finance?
a. Overdraft
b. Bank loan
C. Trade credit
d. Share capital
e. Retained profit
Answers
The correct answer is option a. overdraft and option c. trade credit as these are examples of short-term sources of finance among given options.
The short-term source of finances can be explained as the loans or credit facility provided to an enterprise or business for a time period of less than one year. It helps in maintaining the liquidity and liabilities of enterprises.
Bank overdraft:
A temporary arrangement to overdraw from an organization's current deposit account for a certain time limit allowed by the particular bank is known as an overdraft.Granted against securities provided by the organization, goods in stock, and other marketable possessions.The rate of interest charged on overdraft is comparatively higher than the rate on deposits.Trade credit:
The most common source of short-term finance available.If a firm buys any product or particular merchandise, and the supplier grants a period of time to pay for the product even it has already received a buyer called trade credit. There is no explicit interest costLearn more about the disadvantageous of trade credit:
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true or false: when pricing a bond, the present value of the annuity of the coupon payments is added to the present value of the maturity value of the bond.
Answers
It is accurate to say that while calculating a bond's price, the present value of its interest payments is added to its present value at maturity.
In a mortgage with most important plus interest, the principal (original amount borrowed) is divided into equal monthly payments, and the hobby (price charged for borrowing) is determined at the magnificent principal balance each month. Consequently, the monthly interest payments decrease over time as the value of the magnificent essential decreases.
Simple (regular) interest, cumulative interest, and Compound interest are the three form of interest payments.
The interest rate for the financial privilege of borrowing money, which is typically represented as an annual percent charge, is called a Hobby (APR). Interest is the compensation a lender or financial institution receives for lending money.
The amount that the federal goverment must pay on major public debt each year in interest is called the interest at the national debt. In addition to interest bearing assets, the national debt also include debt due to people, enterprises, and large foreign entities. Hence proved TRUE..
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why should the ceo of an organization look at the price earnings ratio for his or her company's stock relative to others in the industry? what can this tell practicing managers?
Answers
The CEO of an organization should look at the price earnings ratio (P/E ratio) for his or her company's stock relative to others in the industry because it provides a benchmark for evaluating the company's valuation and growth potential.
The P/E ratio compares the market price of a company's stock to its earnings per share (EPS).
A higher P/E ratio indicates that investors are willing to pay more for each dollar of earnings, which can be a positive sign for the company's growth prospects and perceived value. However, a significantly higher P/E ratio than industry peers could also indicate that the stock is overvalued. Conversely, a lower P/E ratio may suggest that the market has undervalued the company's earnings potential. By examining the P/E ratios of competitors, the CEO can determine whether the company is performing in line with industry standards or is an outlier. This information can guide strategic decisions, such as whether to pursue growth opportunities or to focus on improving profitability. Practicing managers can use the P/E ratio as a tool for evaluating the company's performance and developing strategies for increasing shareholder value.Know more about the price earnings ratio (P/E ratio)
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Which of the following strategies is used in the following ad:
A. famous association
B. join the bandwagon
C. promotional deal
D. repetition
Answers
Answer:
a
Explanation:
Back to work
legislation would be an action undertaken under which subsystem
within Craig’s Industrial Relations System Model. Explain your
selection?
Answers
Back to work legislation would be an action undertaken under the third subsystem, which is the Government.
Craig's Industrial Relations System Model, developed by A.A. Craig, divides the industrial relations system into three subsystems: the Government, the Employers, and the Employees. Each subsystem plays a distinct role in shaping and regulating the industrial relations landscape.
The Government subsystem encompasses the legislative, executive, and judicial branches responsible for creating and enforcing laws and regulations related to labor and employment. Back to work legislation refers to laws or regulations that are implemented by the government to intervene in a labor dispute and force employees to return to work. This action is typically taken when a prolonged strike or lockout is deemed detrimental to the public interest or economy.
Back to work legislation is controversial and often sparks debates regarding the balance of power between employers and employees, the right to strike, and the role of the government in resolving labor disputes. Such legislation can have significant implications for the parties involved and can impact the dynamics of future labor relations.
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Under the LIFO retail method, we determine that:__________.
a) a new layer of inventory has been added during the period if the ending inventory at retail is greater than the beginning inventory at cost.
b) the ending inventory at retail is greater than the beginning inventory at retail.
c) the ending inventory at retail is less than the beginning inventory at retail.
Answers
Answer: the ending inventory at retail is greater than the beginning inventory at retail
Explanation:
In the Last-In-First-Out(LIFO) method, it is assumed that the units that are sold are the ones that were recently bought.
Under the LIFO retail method, to determine a new layer at retail, the beginning inventory at the retail will have to be deducted from the ending inventory at retail.
This means that a new layer of inventory will be added when the ending inventory at retail is greater than the beginning inventory at retail.
The degree to which people identify with their jobs and consider their perceived performance levels important to self-worth is ________.
Answers
The degree to which people identify with their jobs and consider their perceived performance levels important to self-worth is Job involvement. This is further explained below.
What is Job involvement?Generally, Job involvement is simply defined as the extent to which a person's employment is a part of his or her identity.
In conclusion, Job engagement is the degree to which individuals connect with their employment and believe their perceived performance levels to be vital to their self-worth.
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13. Which of the following is a reason that natural resources are considered limited:
Answers
Explanation:
bec it takes longer to renew them than to use them
Natural resources are considered limited because the earth has finite quantities of resources available. Thus, Option (A) is correct.
The earth has specific boundaries and a fixed amount of resources such as fossil fuels, minerals, water, forests, and arable land. These resources are not unlimited and can be depleted or exhausted through human consumption, extraction, and environmental factors.
Overexploitation or mismanagement of natural resources can lead to their depletion, scarcity, or even extinction. Recognizing the limited nature of natural resources is crucial for sustainable resource management, conservation efforts, and the development of strategies to ensure their responsible use and preservation for future generations.
Thus, Option (A) accurately shows the reason that natural resources are considered limited.
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Which of the following is a reason that natural resources are considered limited:
A)the earth has certain boundaries
B) the earth has unlimited resources
C) both a & b
D) None of these
It is important to receive feedback from customers and employees on a prototype's efficacy. What is
efficacy?
A. How well something decreases raw materials cost
B. How well something increases profits for shareholders
C. How well something accomplishes the goal it was set out to accomplish
*any trolls will get reported*
Answers
Efficacy means the ability to produce the desired output.
It is definitely important to get feedback from employees and customers.
The raw material cost should be reduced subject to not reducing the quality of the raw material. If the raw material quality is affected then it would affect the sales.
To maximize the shareholder profit the sales should be increased and the cost should be reduced. And strategies should be taken to increase sales.
Achieving the goals and objectives would in turn increase the shareholder's return.
To achieve the goals and objectives strategic planning should be undertaken by the company.
review of the nigerian economy
Answers
Answer:
amazing
Explanation:
Nigeria's economic freedom score is 57.2, making its economy the 116th freest in the 2020 Index. Its overall score has decreased by 0.1 point, reflecting a decline in the fiscal health score.
you are an administrative assistant in the purchasing department. Another administrative assistant is getting married in three weeks. Rumor has it that after the wedding, she will not be returning, and two of your peers have come to you asking if it is true because they want to apply for her job. you have not seen an official announcement, however, the assistant did tell you that she plans not to come back. What should you say to your two coworkers?
Answers
In this situation, You should tell your coworkers that you are unsure and that it is not yet official announced.
Co - workers.
Co workers refers a person with whom one works, typically someone in a similar role or at a similar level within an organization.
Given,
Here we have given that, you are an administrative assistant in the purchasing department. And another administrative assistant is getting married in three weeks. There is a rumor has it that after the wedding, she will not be returning, and two of your peers have come to you asking if it is true because they want to apply for her job. Now, you have not seen an official announcement, however, the assistant did tell you that she plans not to come back.
Here we need to find how you should handle this situation.
While we looking into the given question, we have identified the following,
There are 2 administrative assistant in your company.
One is you and another one is a girl and she get married in three weeks. And she also planned to resign after her marriage but this resignation is not officially confirmed.
So, in this situation, two of your peer interested for the position and asking you about the recruitment process.
Here you have to reply the co workers that the resignation is not conformed and if it is officially announced they you have the option to apply for that position.
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What is a benefit of reducing barriers to international trade? Group of answer choices The specialization it promotes leads to greater worker productivity It supports domestic production It creates an obstacle to economies of scale, increasing profit Increasing tariffs yields greater domestic profits.
Answers
A benefit of reducing the barriers to international trade is that B. It supports domestic production.
What is na international trade?An international trade simply means the trade that takes place between countries.
In this case, the benefit of reducing the barriers to international trade is that it supports domestic production. Some of the goods traded are used in the domestic industries to enhance production.
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3. ______ are defined as goods or services that are required for health and safety.
Answers
Occupational Health and Safety are defined as goods or services that are required for health and safety. Information standards are guidelines governing the information that must be provided to consumers when they purchase specific goods.
What is the safety of goods?A safe product is one that delivers either no risk or a minimum tolerable level of risk, taking into account the product's typical or reasonably foreseeable use and the need to maintain a high level of consumer protection.
Occupational health and safety is a multidisciplinary discipline that deals with all elements of workplace health and safety, with a heavy emphasis on preventing workplace dangers.
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The significant increase in _____________ marketing has forced on companies a new set of social and ethical issues that focus primarily on privacy issues
Answers
The significant increase in digital marketing has forced on companies a new set of social and ethical issues that focus primarily on privacy issues.What is digital marketing?Digital marketing refers to the promotion of goods or services through a variety of electronic media.
This encompasses all types of digital channels, including email, social media, search engines, and mobile devices. Why do companies face social and ethical issues? Companies that use digital marketing methods, on the other hand, must deal with a range of ethical and social issues as a result of this. One of the most pressing problems is that of privacy.
Because digital marketing relies on customer data, there are concerns about the use of this data and how it is being treated. Companies may face ethical and social issues due to several reasons, which include: Data privacy concerns Ethical issues related to advertising Accuracy and truthfulness of advertising Digital divide issues Fairness concerns Copyright issues Security concerns Hence, the significant increase in digital marketing has forced on companies a new set of social and ethical issues that focus primarily on privacy issues.
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true or false: you must have a major planned before meeting with the texas career engagement center?
Answers
False. The Texas Career Engagement Center can assist students in exploring majors and career paths, even if they haven't decided on a major yet.
The center is designed to assist students in exploring various majors and career paths, providing guidance and resources to help them make informed decisions.
In summary, the Texas Career Engagement Center welcomes students at all stages of their academic journey, including those who have not yet chosen a major.
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Okay, now I see why yall hate Katie.
Can someone pls explain what is up with her?
Answers
Answer:
Explanation:
Which Katie exactly are you talking about?
Answer: The roach will remove anything you say even if it aint bad like katie you getting on my LAST NERVES
What account title is used to journalize the Federal Income Tax column of the payroll register?
Answers
Employee income tax payable is used to journalize the federal income tax column of the payroll register.
Exactly what is regarded as a federal income tax?The federal income tax is levied against the yearly profits of people, companies, and other legal entities. All forms of compensation, including salaries, gifts of money from employers, business earnings, tips, and Federal income taxes are due on gaming profits, bonuses, and unemployment payments.
How do I know if I am subject to federal income tax?You don't owe any income tax if the total tax on your Form 1040 is less than your refundable credits. Your income must be so minimal that you won't owe income tax in order to qualify for no tax responsibility.
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Which of the following statements is true regarding the mean absolute deviation measure and the mean square error measure?
a. The values for both measures are unchanged if the forecasting method is changed.
b. Both are measures of seasonal variation.
c. Lower values of these measures reflect more accurate forecasting methods.
d. The mean absolute deviation measure places greater weight on large errors.
e. None of the above.
Answers
The correct statement regarding the mean absolute deviation measure and the mean square error measure is c) lower values of these measures reflect more accurate forecasting methods.
Mean absolute deviation (MAD) is the average of the absolute differences between the forecasted values and the actual values. It measures the average magnitude of errors in a set of forecasts, regardless of their direction. Mean square error (MSE) is the average of the squared differences between the forecasted values and the actual values. It measures the average squared difference of errors in a set of forecasts.
Both MAD and MSE are used to evaluate the accuracy of a forecasting model. The lower the values of MAD and MSE, the more accurate the forecasting method is considered. Therefore, option c) is the correct statement.
Option a) is incorrect because changing the forecasting method can change both MAD and MSE values. Option b) is incorrect because MAD and MSE measures do not specifically measure seasonal variation. Option d) is incorrect because MAD places equal weight on all errors, whereas MSE places greater weight on larger errors.
The correct statement regarding the mean absolute deviation measure and the mean square error measure is c) lower values of these measures reflect more accurate forecasting methods.
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Tickets to a fundraiser are $14 if purchased ahead of time and $25 if purchased at the door. The total amount raised from all ticket sales was $625. If eleven tickets were purchased at the door, how many tickets were purchased ahead of time?.
Answers
($14)(25)=$350
($25)(11)=$275
$350+$275= $625
True or False: After calculating how much money you have left after paying for all of your monthly expenses, you can
olan on spending up to 50% of that amount on car expenses
Answers
Based on microeconomic theory, it is true that after calculating how much money you have left after paying for all of your monthly expenses, you can
plan on spending up to 50% of that amount on car expenses.
Note that after making a payment on living expenses, such as rent, mortgage, utilities, loans, car payments, and food, the money that remains is discretionary income.
This discretionary income can be used as savings, investment, or spending on your discretionary expenses such as vacations and travel expenses, car expenses.
This is because discretionary expenses are categorized under wants instead of needs.
Thus, given that planning for car expenses is a want, then the statement in the question is True.
Hence, in this case, it is concluded that the correct answer is "True."
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