Deluxe Building Services offers custodial services on both a contract basis and an hourly basis. On January 1, 2015, Deluxe collected $30,150 in advance on a six-month contract for work to be performed evenly during the next six months. Assume that Deluxe closes its books and issues financial reports on a monthly basis.
a. Prepare the entry on January 1 to record the receipt of $30,150 cash for contract work (1) using the financial statements effect template and (2) in journal entry form.
b. Prepare the adjusting entry to be made on January 31, 2015, for the contract work done during January (1) using the financial statements effect template and (2) in journal entry form.
c. At January 31, a total of 30 hours of hourly rate custodial work was unbilled. The billing rate is $19 per hour. Prepare the adjusting entry needed on January 31, 2015, (1) using the financial statements effect template and (2) in journal entry form. (The firm uses the account Fees Receivable to reflect amounts due but not yet billed).
Answers
Answer:
Since there is not enough room here, I prepared the financial statement effects template on an excel spreadsheet that I attached.
a)
January 1, unearned revenue
Dr Cash 30,150
Cr Unearned service revenue 30,150
b)
January 31, accrued services
Dr Unearned service revenue 5,025
Cr Service revenue 5,025
c)
January 31, service revenue from hourly custodial work
Dr Accounts receivable 570
Cr Service revenue 570
Related Questions
Raymond Co. has $1.1 million of debt, $2 million of preferred stock, and $2.1 million of common equity. What would be its weight on preferred stock?
Answers
Answer:
0.3846
Explanation:
Given that :
Amount of debt = $1.1 million
Amount of preferred stock = $2 million
Amount of common equity = $2.1 million
Total value of company's finance funds :
(Amount of debt + Amount of Preffered stock + Amount of common equity)
(1.1 million + 2 million + 2.1 million)
= $5.2 million
Hence, weight on preferred stock:
Amount of preferred stock / total value of company's finance
$2 million / $5.2million
= 0.3846
Hence, weight of Preffered stock = 0.3846
what are the impact of retail shop fitting strategy?
Answers
The impact of a retail shopfitting strategy is that it ensures that the retail store attracts and engages the customers.
What is retail shopfitting?Retail shopfitting is the use of colors, displays, and various fittings as a strategic business move and attractively fitting the retail shop, ensuring:
Increased visual impactCustomers find your storeIncreased customer salesThe communication of retail brandImproved business performance and profitability.Thus, the impact of a retail shopfitting strategy is that it ensures that the retail store attracts and engages the customers.
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Under corporate law, corporations are given the same rights as
A. the Federal Reserve
B. intellectual property
C. individuals
D. foreign countries
Answers
Answer:
C. individuals
Explanation:
The law treats corporates organizations as legal citizens. It gives them commercial right to own property, enter into contracts, and incur debts. Corporates have tax obligations, just like individuals. They can sue and be sued.
The law considers a corporate as a separate entity from its owners. It distinguishes the assets and liabilities of the institutions as different from those of its founders. A corporate has an infinite life. The death of its shareholders does not automatically mean its termination.
Answer:
C. Individuals is the correct option
Explanation:
3. Imagine that economists have just measured the output gap to be $2.5 trillion. This implies that workers and
factories are
?
A. Underemployed and managers are able to increase their capacity
B. Operating at their most efficient and sustainable capacity
C. Operating far above their most efficient and sustainable capacity
D. Operating far below there most efficient and sustainable capacity
Answers
As the output gap equals $2.5 trillion, its most likely implies that workers and factories are operating far below their most efficient and sustainable capacity. The Option D.
What does the $2.5 trillion output gap implies?When economists measure output gap of $2.5 trillion, it means that the economy is operating below its full potential. This implies that workers and factories are operating far below their most efficient and sustainable capacity.
There are idle resources that can be utilized to produce more goods and services. This gap is usually the result of a recession where there is a decrease in demand for goods and services which results in lower production levels and increased unemployment.
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You want to start a Business, but you are unaware about the Business risk. Analyze the factors that cause Business risks.
Answers
Answer:
Business risks can be caused by a variety of factors, including economic conditions, market fluctuations, regulatory changes, and natural disasters. It's important to understand these risks before starting a business so that you can take appropriate measures to mitigate them.
Explanation:
The business , u gotta pay the workers
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $640 were declared at the end of the year, and 630 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,520 in cash (for a total at the end of the year of 800 shares). These effects are included below: 130 Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $ 1,550 Accounts receivable 2,240 Interest receivable Prepaid insurance 1,640 Long-term notes receivable 2,820 Equipment 15,100 Accumulated depreciation $ 2,940 Accounts payable 2,240 Dividends payable 640 Accrued expenses payable 3,800 Income taxes payable 2,520 Unearned rent revenue 320 Common Stock (800 shares) 80 Additional paid-in capital 3,500 Retained earnings 2,330 Sales revenue 37, 350 Interest revenue 150 Rent revenue 600 Wages expense 18,100 Depreciation expense 1,789 Utilities expense 340 Insurance expense 750 Rent expense 9,300 Income tax expense 2,720 Total $ 56,470 $ 56,470
Answers
The preparation of the classified balance sheet for Catena's Marketing Company is as follows:
Catena's Marketing Company
Classified Balance Sheet
At the end of the current year
Assets:
Current assets:
Cash $ 1,550
Accounts receivable 2,240
Interest receivable 121
Prepaid insurance 1,640
Total current assets $5,551
Long-term assets:
Long-term notes receivable $2,820
Equipment $15,100
Accumulated depreciation (2,940) 12,160
Total long-term assets $14,980
Total assets $20,531
Liabilities and Equity:
Liabilities:
Current Liabilities:
Accounts payable $2,240
Dividends payable 640
Accrued expenses payable 3,800
Income taxes payable 2,520
Unearned rent revenue 320
Total current liabilities $9,520
Equity:
Common Stock (800 shares) $80
Additional paid-in capital 3,500
Retained earnings 7,431 $11,011
Total liabilities and equity $20,531
Preparing the Classified Balance Sheet:To prepare the classified Balance Sheet of Catena's Marketing Company, we must first determine the net income and the ending retained earnings as follows:
Income StatementFor the current year
Sales revenue $37, 350
Interest revenue 150
Rent revenue 600
Total revenue $38,100
Expenses:
Wages expense 18,100
Depreciation expense 1,789
Utilities expense 340
Insurance expense 750
Rent expense 9,300
Income tax expense 2,720 32,999
Net income $5,101
Statement of Retained EarningsFor the current year
Retained earnings (previous year) $2,330
Net income 5,101
Retained earnings (current year) $7,431
Note that the effect of the cash dividends declared was already included in the Retained earnings of $2,530.
Data and Calculations:Catena's Marketing Company
Adjusted Trial Balance
End of the Current Year Debit Credit
Cash $ 1,550
Accounts receivable 2,240
Interest receivable 121
Prepaid insurance 1,640
Long-term notes receivable 2,820
Equipment 15,100
Accumulated depreciation $ 2,940
Accounts payable 2,240
Dividends payable 640
Accrued expenses payable 3,800
Income taxes payable 2,520
Unearned rent revenue 320
Common Stock (800 shares) 80
Additional paid-in capital 3,500
Retained earnings 2,330
Sales revenue 37, 350
Interest revenue 150
Rent revenue 600
Wages expense 18,100
Depreciation expense 1,789
Utilities expense 340
Insurance expense 750
Rent expense 9,300
Income tax expense 2,720
Total $ 56,470 $ 56,470
Required:
Prepare a classified Balance Sheet at the end of the current year.
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lead a particular function or a subunit within a function. *
General Manager
Functional Manager
Front-Line Manager
ОСЕО
Answers
Answer:
Functional managers are accountable to manage people with specific skills and different resources within a department or section to meet functional objectives as well as corporate objectives. ... Sometimes, both functional managers and project managers have to work together to share resources and experience.
Explanation:function manager
highlight four ways in which business risk may be classified
Answers
Answer:
Business risk usually occurs in one of four ways: strategic risk, compliance risk, operational risk, and reputational risk.
Explanation:
Ending retained earnings on the statement of retained earnings is calculated by adding stockholder investments and net losses and subtracting net income and dividends.
True or False
Answers
The given statement " Ending retained earnings on the statement of retained earnings is calculated by adding stockholder investments and net losses and subtracting net income and dividends." is false
because A retained earnings statement is a financial statement that shows changes in a company's retained earnings over some time.
This assertion utilizes data, for example, overall gain from other fiscal reports to accommodate the start and finishing held income for the period to assist examiners with understanding how the organization's profits are being utilized.
An assertion of held profit is a yearly budget report ready by an organization that shows changes in how much-held income throughout some time.
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Reconcilling supply and demand has four overlapping activities, indicate these activites
Answers
To reconcile supply and demand, there are four overlapping activities. The four overlapping activities that help reconcile supply and demand are as follows:
Activity 1: Forecasting - The first step is forecasting, which entails predicting demand for goods and services. It is a quantitative process that includes data gathering, data cleansing, and mathematical modelling.
Activity 2: Planning - Planning is the second step. Planning involves identifying the resources needed to meet the anticipated demand, as well as allocating the available resources efficiently.
Activity 3: Execution - Execution is the third step. Execution entails efficiently managing the flow of goods and services from suppliers to customers, ensuring that the appropriate product and service is provided at the correct location, and ensuring that demand is satisfied.
Activity 4: Monitoring - Finally, the process includes monitoring the performance of the activities and the supply chain as a whole. It entails comparing actual performance to expected performance and identifying areas for improvement.
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"Each row of the tabular __________ illustrates the maximum amount of a good or a service that can be produced given the production of the other.O production possibilities schedule
O demand schedule
O production possibilities curve
O supply schedule"
Answers
"Each row of the tabular production possibilities schedule illustrates the maximum amount of a good or a service that can be produced given the production of the other so option A is correct.
It's frequently appertained to as a product possibilities wind or PPC. The PPC shows the colorful combinations of affair that can be produced by a country or a business given its limited coffers. The wind generally pitches over to the right. This is because, in general, as further of one good is produced, smaller of the other can be produced, as coffers are limited.
The product possibilities schedule also shows the occasion cost of producing one good rather of the other. This means that the product of one good requires abstaining the product of the other. By looking at the schedule, a decision maker can determine which good will yield the most profitable benefit.
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DESCRIBE THE FUNCTIONS OF
PRELIMINARY DATA GATHERING?
Answers
Preliminary data gathering involves collecting and analyzing relevant information to establish a foundation for research or decision-making, including identifying objectives, assessing data availability, etc.
What are the Functions of Preliminary Data Gathering?Preliminary data gathering encompasses the initial acquisition and evaluation of pertinent information, serving as a basis for research or decision-making. It aids in defining project scope, goals, and needs, while also assessing data availability and quality.
This stage assists researchers and decision-makers in gaining insights, assessing project feasibility, recognizing potential obstacles, and formulating a strategic plan for subsequent data collection and analysis.
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Asorting tool is most likely used to
find missing data
present ordered data
generate search results
find information sources
Answers
Identify the features of stocks and bonds.
coupon rate
face value
closing price
maturity date
Stock? Bond ?
Plato/edmentum unit 3 finance
Answers
Answer:
Stocks:
closing price maturity rateBonds :
Coupon rate Face valueExplanation:
A stock entitles the holder to dividend payments and gives ownership right of a company to the holder.
The closing price of a stock is the last price that the stock sells for at the end of a trading session
A bond is a debt instrument.
Name the type and number of directors in spar and shoprite and what their responsibilities are/should be
Answers
The organizations such as spar and shoprite would have different types of directors. These directors are:
Executive Directors:Non-Executive DirectorsThe responsibility of directorsThe number of directors can vary widely depending on the specific company and its needs. However, it's common for large public companies to have somewhere between 7 and 15 directors, but the number can be larger or smaller.
Duty of Care: Directors must make decisions with due diligence and care, using their best judgement.
Duty of Loyalty: Directors must act in the best interests of the company and its shareholders, not for their personal gain.
Strategic Oversight: Directors approve the company's strategic plans and monitor their implementation.
Financial Oversight: Directors monitor the company's financial health and ensure the accuracy of financial reporting.
Risk Management: Directors are responsible for understanding and monitoring the major risks facing the company.
Governance: Directors establish the company's governance structures and practices, and they select, evaluate, and if necessary replace the CEO.
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___________ is a way of saving a file so it can be used by a different program. A. Selecting B. Exporting C. Citing D. Formatting Please select the best answer from the choices provided A B C D Mark this and return
Answers
Answer:
B. Exporting
Explanation:
The city of Morehead leased equipment. The life of the noncancellable lease is 10 years. Using an 8 percent interest rate, the present value of the lease payments is $905,861. The first payment of $125,000 is due when the lease begins, January 10, 2017. An additional payment is due on January 10th for each of the next 9 years. Prepare journal entries to record: 1. The long-term lease in the General Fund. 2. The first lease payment on January 10, 2017. 3. The second lease payment on January 10, 2018. Round answers to the nearest whole number.
Answers
Answer:
1. Dr Equipment $ 905,861
Cr Lease Payable $ 905,861
2). Dr Lease Payable $ 125,000
Cr Cash $ 125,000
3) Dr Lease payable $ 115,000
Dr Interest Expense $ 10,000
Cr Cash $ 125,000
Explanation:
1. Preparation of the journal entry for the long-term lease in the General Fund..
Dr Equipment $ 905,861
Cr Lease Payable $ 905,861
2) Preparation of the first lease payment Journal entry on January 10,
Dr Lease Payable $ 125,000
Cr Cash $ 125,000
3) Preparation of the journal entry to second lease payment on January 10, 2018
Dr Lease payable $ 115,000
Dr Interest Expense (125000 x 8%) $ 10,000.00
Cr Cash $ 125,000
Which groups of people are eligible for Medicare?
A. People over 65 who live below the poverty level only
B. People over 65 only
C. People who live below the poverty level
D. People over 65 and people with disabilities
Answers
How do I cancel my payment plan?
Answers
The person can cancel the payment plan by giving the bank to stop payment order.
What is Payment Plan?A term payment plan entails getting equal monthly payments over a predetermined amount of time.The time periods is predefined as the after the expiry of the period payments are not been made.
By instructing the bank to halt payments, the person can cancel the payment schedule.
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Question 5 of 10 Atax added to the cost of an item bought at a store is ain) O A credit tax 2. income tax c. property tax D sales tax
Answers
A tax added to the cost of an item bought in a store is a sales tax. Thus, option D is correct.
What is a sales tax?A sales tax is a fee that is paid to the government when specified goods and services are sold. Typically, laws permit the vendor to charge the customer the tax at the time of purchase.
Use taxes are typically used to describe taxes on goods and services that consumers pay directly to a governing authority. The sale and use tax is frequently exempted for some goods and services, including food, education, and medical. A sales tax is similar to a value-added tax (VAT) that is levied on products and services. Key distinctions can be found in the comparison with sales tax. The sale of this item is subject to a retail sales tax of 8.5%, which is shown on the cash register receipt.
Therefore, we can conclude that option D is correct.
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July 15 Declared a cash dividend payable to common stockholders of $176,000.
Aug. 15 Date of record is August 15 for the cash dividend declared on July 15.
Aug. 31 Paid the dividend declared on July 15.
Prepare journal entries to record the above transactions for Emerson Corporation.
a. Record the declaration of a cash dividend payable to common stockholders.
b. Record the date of record for the cash dividend.
c. Record the payment of cash dividend.
Answers
For July 15 Debit Retained Earnings for $165,000 and Credit Dividend Payable for $165,000.
No Journal entry is required for the Date of record.
For August 31 Debit Dividend Payable for $165,000 and Credit Cash for $165,000
What is Journal?A journal is an academic publication containing articles written by researchers, professors, and other professionals. A journal focuses on a particular field or area of research.Unlike newspapers and magazines, journals are aimed at academic or technical readers rather than general readers. A personal record of events, experiences, and reflections kept regularly diary. Record daily events in a diary. A journal is designed to collect your thoughts and observations about a variety of things and to record your daily events in writing. Then you can better remember what you did, what you thought, and what happened in your youth. A simple journal entry is an accounting entry in which only one account is debited and he is credited to another account. We recommend using simple journal entries as a best practice. Because these inputs are easy to understand.To learn more about Journal from the given link :
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Benchmark Company is viewed as the best company in Iffy's industry, the company against which all other companies in the industry compare themselves.
Which ONE of the following statements is TRUE?
The following DuPont framework ratios are for Iffy Company and Benchmark Company:
Iffy | Benchmark
Return-on-Sales (5%%) | (7%)
Asset Turnover (2.0) | (1.5)
Assets-to-Equity (2.0) | (2.0)
Answers
(B) Iffy | Benchmark Return-on-Sales (5%%) | (7%) is true about Benchmark Company is viewed as the best company in Iffy's industry
what is Benchmark ?Benchmarking is the process of contrasting corporate procedures and performance indicators with industry benchmarks and other businesses' best practices. The three main metrics are quality, time, and cost.
What is a benchmark example?Benchmarks, for instance, could be used to compare the operations of one retail location with those of another location in the same chain. External benchmarking, also known as competitive benchmarking, evaluates a company's performance in relation to that of other businesses.
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Ethical analysis precedes law when it is the basis for creation of a law.
Select one:
O True
© False
Answers
Answer:
True
hope this helps you
Choose a particular economic policy that you think should be implemented (or blocked from implementation). Explain why you think it's important and who/what opposes or supports the policy.
Answers
Economic policies include choices made on government spending and taxation implemented, the availability of money, and the redistribution of income from the wealthy to the poor.
There are two techniques to evaluate the efficacy of economic policies: positive economics and normative economics. The decisions that affect how a political system operates, such as those affecting transportation, public health care, education, and the structure of the armed forces, are the subject of public policy. Knowing how, when, and by whom implementation will be evaluated is helpful. Everyone engaged is kept informed of any potential obstacles as well as any intended and unintentional effects of the task through monitoring of implementation.
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If stock prices go up then investors____.
Answers
If stock prices go up then investors make higher profits or gains. Strong earnings typically lead to an increase in the stock price (and vice versa).
However, the stock price of some businesses that aren't doing all that well is nonetheless skyrocketing. Investor hopes that the firm would become profitable in the future are reflected in this growing price. There are, however, no assurances that a firm will live up to the current aspirations of investors to become a high-earning corporation in the future, regardless of the stock price.
The price of a stock can also be impacted by business-specific news, such as the publishing of an earnings report, especially if the firm is posting after a weak quarter.
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Describe the characteristics of stocks and their expected behavior relative to the market.
Answers
Answer:
A bull market is a market that is on the rise and where the conditions of the economy are generally favorable. A bear market exists in an economy that is receding and where most stocks are declining in value. Because the financial markets are greatly influenced by investors' attitudes, these terms also denote how investors feel about the market and the ensuing economic trends.
A bull market is typified by a sustained increase in prices. In the case of equity markets, a bull market denotes a rise in the prices of companies' shares. In such times, investors often have faith that the uptrend will continue over the long term. In this scenario, the country's economy is typically strong and employment levels are high.
By contrast, a bear market is one that is in decline. A market is usually not considered a true "bear" market unless it has fallen 20% or more from recent highs. In a bear market, share prices are continuously dropping. This results in a downward trend that investors believe will continue; this belief, in turn, perpetuates the downward spiral. During a bear market, the economy slows down and unemployment rises as companies begin laying off workers
patents can slow down the rate of creative destruction by multiple choice 2 eliminating the threat of competition and increasing patent revenues for companies, which slows down creative destruction. destroying the profit incentive that encourages innovation, thereby slowing the rate of creative destruction. restricting the use of technology so that creativity is controlled. creating certainty for the patent holder so that innovation is encouraged.
Answers
Patents can slow down the rate of creative destruction means replacing an old technology by new one.
A patent is an unique proper granted for an invention, which is a product or a manner that offers, in preferred, a brand new manner of doing something, or offers a new technical approach to a problem. To get a patent, technical information approximately the invention must be disclosed to the public in a patent application.
A patent is a form of highbrow assets that offers its proprietor the criminal right to exclude others from making, using, or promoting an invention for a restricted period of time in exchange for publishing an enabling disclosure of the discovery.
There are three forms of patents - utility, design, and Plant. application patents can be granted to everybody who invents or discovers any new and beneficial system, gadget, article of manufacture, or compositions of subjects, or any new beneficial development thereof.
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Match each type of insurance with an example of when the insurance
company would make a payment.
Renter's
insurance
?.
You cause an accident
that damages someone
else's car.
Liability coverage
?
You have to take a month
off from work because of
a broken leg.
Health insurance
2
Your stereo and computer
are stolen from your
apartment
Disability
insurance
?
You go to the emergency
room after a car accident.
Answers
Answer:
See below
Explanation:
Renter's insurance
Your stereo and computer are stolen from your apartment. Renters insurance provides coverage for policyholder's properties other than their dwelling place.
Liability coverage
You cause an accident that damages someone else's car. It protects against claims arising from damages to other people or their properties.
Health insurance
You go to the emergency room after a car accident. Offers insurance coverage for medical bills incurred by the policyholder or their dependents.
Disability Insurance
You have to take a month off from work because of a broken leg. Provides protection against loss of income as a result of serious bodily injuries to the policyholder.
Why might customers choose to use a business that doesn’t meet all their needs?
Answers
Explanation:
they need meet needs so no business
The number of days' sales in inventory is calculated as _____. the average inventory divided by the average daily cost of merchandise sold the ending inventory divided by the cost of merchandise sold net income divided by sales None of these choices are correct.
Answers
Answer:
the average inventory divided by the average daily cost of merchandise sold.
Explanation:
In Business, an inventory is a term used to describe a list of finished goods, goods still in the production line and raw materials that would be used for the manufacturing of more goods in a bid to meet the unending consumer demands.
Simply stated, an inventory can be classified into three (3) main categories; finished goods, work in progress, and raw materials.
An inventory is recorded as a current asset on the balance sheet because it's primarily the most important source of revenue for a business entity.
Also, the three (3) main cost concept associated with an inventory are;
1. First In First Out (FIFO).
2. Last In First Out (LIFO).
3. Weighted average cost.
The number of days' sales in inventory is calculated as the average inventory divided by the average daily cost of merchandise sold.
Also, the period of time it takes to receive a supply (goods), sell to consumers, and replace the inventory is the number of days' sales in inventory.
A moderate inventory ensures business do not run out of goods to meet customer's demand.
However, having too much inventory poses the threat of having obsolete goods, increased storage costs, and sometimes spoilage of these goods.