Blaine Air Transport Service, Inc., providing air delivery service for businesses, has been in operation for three years. The following transactions occurred in February:
February 1 Paid $275 for rent of hangar space in February.
February 2 Purchased fuel costing $490 on account for the next flight to Dallas.
February 4 Received customer payment of $820 to ship several items to Philadelphia next month.
February 7 Flew cargo from Denver to Dallas; the customer paid $910 for the air transport.
February 10 Paid $175 for an advertisement in the local paper to run on February 19.
February 14 Paid pilot $2,300 in wages for flying in January (recorded as expense in January).
February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed.
February 25 Purchased on account $2,550 in spare parts for the planes.
February 27 Declared a $200 cash dividend to be paid in March.
Required:
Prepare journal entries for each transaction. Be sure to categorize each account as an asset (A), liability (L). stockholders' equity (SE). revenue (R). or expense (E).
Answers
Answer:
Entries and their narrations are posted below
Explanation:
We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.
February 1 (Paid $275 for rent of hangar space in February)
Rent (Expense) Dr $275
Cash (Asset) Cr $275
February 2 (Purchased fuel costing $490 on account for the next flight to Dallas.)
Fuel (Expense) Dr $490
Accountt Payable (Liability) Cr $490
February 4 (Received customer payment of $820 to ship several items to Philadelphia next month.)
Cash (Asset) Dr $820
Shipment (R) Cr $820
February 7 (Flew cargo from Denver to Dallas; the customer paid $910 for the air transport)
Cash (A) Dr $910
Ticket (R) Cr $910
February 10 (Paid $175 for an advertisement in the local paper to run on February 19.)
Advertisement (E) Dr $175
Cash (A) Cr $175
February 14 (Paid pilot $2,300 in wages for flying in January (recorded as an expense in January))
Wages payable (L) Dr 2300
Cash (A) Cr 2300
February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed.
Cash (A) Dr 1600
Account Receivable (A) Dr 2200
Ticket (R) Cr 3800
February 25 Purchased on account of $2,550 in spare parts for the planes.
Spares (E) Dr 2550
Account Payable (L) Cr 2550
February 27 (Declared a $200 cash dividend to be paid in March.)
Retained Earnings (SE) Dr 200
Dividend Payable (L) Cr 200
Related Questions
It is a nice gesture to give the person writing you a letter of recommendation a copy of your resume.A. TrueB. False
Answers
The given statement “It is a nice gesture to give the person writing you a letter of recommendation a copy of your resume” is true because it allows the person to have a better understanding of you and your accomplishments.
Providing a resume to the person writing your letter of recommendation shows a level of respect and appreciation for their efforts. It also lets them know that you are serious about the letter of recommendation you are asking for and that you are taking the time to provide them with the information needed to write an accurate and effective letter.
By giving them your resume, they can have a better understanding of your achievements and professional experience. Additionally, they may be able to find even more information that they can use to give more insight into your qualifications.
Having a copy of your resume can also be helpful for the person writing your letter of recommendation in order to ensure that they are addressing the right person.
This is especially important if you are writing a letter for multiple people. Providing a resume can help the person writing your letter of recommendation to make sure that they are writing the letter for the correct person.
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Before filing a consumer complaint, you should
A. write a negative review
B. threaten legal action
C. gather documentation
D. consult a lawyer
Answers
if you don’t have proof no one will believe you
The company ABC, L.C. manufactures some products with an average sales price of € 25/unit, with fixed annual costs of € 110,000. The average unit variable costs are € 5.
a) At what volume of production will the threshold of profitability be reached?
b) Assuming that annual sales are estimated at 20,000 units, being the distribution evenly over a year, on what date will the break-even point be reached?
c) What would be the sales value or turnover corresponding to the threshold of profitability?
Answers
a. The threshold of profitability is the break-even point which is the level of production at which the total revenue equals the total costs which in this case is 5,500 units.
What is breakeven point?Break-even point is a business term that refers to the point at which a company's revenue from sales equals its total expenses, resulting in zero profit or loss. At the break-even point, the company is not making a profit, but it is also not incurring a loss.
It can also be used to analyze the profitability of different pricing strategies and help with decision-making on investments, expansion plans, and other financial decisions.
In the above case of company ABC, the break-even point is 5,500 units.
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Suppose that a portfolio management company manages an investment fund. The fund
manager observes a bond in the market and intends to add it to the fund portfolio. The
bond has a 100.000 TL par value, 10% coupon rate (coupon payments are annual) and a
6-years maturity. The business model is to “hold-to-maturity”. The company purchases
the bond at the beginning of the year when the market yields are 8%. After exactly 3
years of investment, market yields increase to 12%. What would be the profit or loss
amount in the income statement for that third year?
a) 1.427,92 TL loss
b) 1.470,06 TL profit
c) 8.529.94 TL profit
d) 10.000 TL loss
Answers
Answer: The correct answer is (a) 1.427,92 TL loss.
Explanation:
To calculate the profit or loss for the third year, we need to determine the market value of the bond at the end of the second year and compare it to the par value of 100,000 TL.
At the beginning of the investment, the bond has a coupon rate of 10% and a market yield of 8%, so its price is:
PV = (10000/1.08) + (10000/1.08^2) + (110000/1.08^3) = 104,406.40 TL
After 3 years, the market yield has increased to 12%, so the bond's price would have changed to reflect this new yield. To calculate the new price, we can discount the remaining coupon payments and the par value at the current market yield:
PV = (10000/1.12^1) + (10000/1.12^2) + (10000/1.12^3) + (100000/1.12^3) = 88,572.08 TL
The market value of the bond at the end of the second year is 88,572.08 TL, which represents a loss compared to the par value of 100,000 TL:
Loss = 100,000 - 88,572.08 = 11,427.92 TL
Therefore, the correct answer is (a) 1.427,92 TL loss.
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I need a an idea of followership introduction help me!
Answers
Followership refers to the role, behavior, and actions of individuals who are not in a leadership position, but rather, they support and collaborate with their leaders to achieve shared goals. Followership is an essential aspect of organizational success, as it complements leadership and fosters a harmonious work environment.
Effective followers exhibit characteristics such as being proactive, taking responsibility, and engaging in open communication with their leaders. They also possess the ability to think critically and provide valuable feedback for the betterment of the team. By embracing the principles of followership, individuals contribute positively to the overall performance and morale of the organization.
It is important to note that followership does not imply blind obedience or passivity. Instead, it involves active engagement and collaboration with leaders to achieve common objectives. In this dynamic relationship, leaders and followers must work together, learn from each other, and adapt to changing circumstances.
In conclusion, followership is a vital component of successful organizations and plays a significant role in accomplishing shared goals. By cultivating strong followership skills, individuals can effectively support their leaders, enhance team performance, and contribute to the growth and success of the organization.
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Recycling is Primarily an example of a issue facing businessess.
a. human resource
b. natural resource
c. ethical
d. social
Answers
If the same person orders supplies, verifies receipt of the supplies, and pays the supplier, which of the following is not a possible negative result? a.The quantity and quality of supplies received may not be verified, thus causing the company to pay for supplies not received or for poor-quality supplies. b.Orders may be placed on the basis of friendship rather than on price and quality. c.Supplies will be purchased according to company policies. d.Supplies may be stolen by the employee.
Answers
Considering the situation described above, the statement that is not a possible negative result is "supplies will be purchased according to company policies."
This is because when supplies are purchased according to the company policies, it is expected or believed that this is a positive situation. After all, the supply process goes according to plan.
However, option A is wrong because the possibility of paying for supplies not received or for poor-quality supplies is a loss for the company or bad business.
Option B is wrong because orders made based on friendship rather than on price and quality may lead to a loss on the company's side as the deal may be inflated or supply be of inferior quality.
Option D is wrong because when the employee steals supplies, that leads to a loss on the company's side.
Hence, in this case, the correct answer is option C. "Supplies will be purchased according to company policies."
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(5 points)
Willie's Hot Dogs had sales last year of $250,300 and a guest count of 76,079.
Sales this year were $280,750 with a guest count of 83,556.
What was Willie's guest count percentage variance?
Answers
Willie's guest count percentage variance is 9.82%.
How to calculate guest count percentageTo calculate the guest count percentage variance
Use the following formula:
Guest count percentage variance = [(current year guest count - prior year guest count) / prior year guest count] x 100%
Guest count percentage variance = [(83,556 - 76,079) / 76,079] x 100%
Guest count percentage variance = (7,477 / 76,079) x 100%
Guest count percentage variance = 0.0982 x 100%
Guest count percentage variance = 9.82%
Therefore, Willie's guest count percentage variance is 9.82%.
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Task 1: Your Financial Services Career
Choose a career in the financial services industry and identify the required (or optional) certification/licenses for the career option you chose.
Task 2: Certification Process Describe the process of attaining your certification.
Task 3: Take a Practice Test
Find a website that offers a practice test for your chosen certification and take the practice test. Describe the results.
Answers
For Task 1, I have chosen to discuss the career of a Financial Advisor. To become a Financial Advisor, there are several required and optional certifications/licenses that can help advance your career and increase your credibility with clients.
For Task 2, the process of attaining a certification can vary depending on the specific certification/license. However, in general, the process typically involves completing educational requirements, passing an exam, and completing ongoing continuing education to maintain the certification.
For Task 3, I found a website that offers a practice test for the CFP certification. After taking the practice test, I found that there were areas where I need to improve my knowledge and understanding.
The most common required certification is the Series 7 license, which allows an individual to sell securities such as stocks, bonds, and mutual funds. Additionally, a Series 66 license is often required, which covers state securities regulations and ethical practices. Optional certifications include the Certified Financial Planner (CFP) designation, which requires a bachelor's degree, passing an exam, and completing ongoing education requirements.
Another optional certification is the Chartered Financial Analyst (CFA) designation, which requires passing a series of three exams and obtaining relevant work experience. For example, to obtain a Series 7 license, an individual must first be sponsored by a FINRA registered broker-dealer and complete a training program. Then, they must pass the Series 7 exam, which covers a broad range of financial topics.
Continuing education is required to maintain the license, with a focus on updates and changes in securities regulations and ethical practices. It was a helpful exercise in identifying my strengths and weaknesses and where I need to focus my study efforts. The practice test was a useful tool to assess my readiness for the actual exam and helped me gain a better understanding of the level of knowledge and skills required to become a Certified Financial Planner.
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What does this part of the safety manual specifically indicate about workplace safety? Providing proper safety gear is a priority for this business. This company stresses the importance of using tools correctly. This company has set up regular inspection checks for all equipment. Employees receive training on the use of all equipment at this warehouse.
Answers
Answer:
b
Explanation:
Answer:
B. This company stresses the importance of using tools correctly.
Explanation:
Happy holidays! Right on ED2021, goodluck!
"Group decision making is better". Do you agree or disagree with the statement? Give 3 reasons why do you say so?
Answers
Answer:
I agree because it make the group bring out more ideals
sometimes group decision make some people to voice out their problems
group decision help organization and firms to operate in good aims
Gains on the sale of long-term assets are:
A. added to operating activities.
B. added to investing activities.
C. added to financing activities.
D. subtracted from operating activities.
Answers
Gains on the sale of long-term assets are added to investing activities. Therefore, option B is correct.
When a long-term asset is sold at a gain, the cash received from the sale is classified as a cash inflow in the investing activities section. This section of the statement of cash flows includes transactions related to the sale of long-term assets, such as property, plant, and equipment, and investments in other companies.
Gains on the sale of long-term assets are considered investment-related gains and are included in this section to provide a comprehensive view of the organization's investing activities.
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Creative Sound Systems sold investments, land, and its own common stock for $33 million, $14.7 million, and $39.4 million, respectively. Creative Sound Systems also purchased treasury stock, equipment, and a patent for $20.7 million, $24.7 million, and $11.7 million, respectively. What amount should the company report as net cash flows from investing activities? (List cash outflows and any decrease in cash as negative amounts. Enter your answer in millions. (i.e., $10,000,000 should be entered as 10).)
Answers
Net cash flows from investing activities is 11.3.
CREATIVE SOUND SYSTEMS
Statement of cash flow (partial)
Cash flow from investing activities
Sales of investments 33
Sale of land 14.7
Purchase equipment (24.7)
Purchase as a patent (11.7)
Net cash flows from investing activities 11.3
Investing activities- The cash generated or spent in relation to investment activities is shown in the cash flow from investing activities portion of the cash flow statement. Buying tangible assets, investing in securities, or selling securities or assets are all examples of investing activity.
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If a French bank opens a new branch office in California, where does this transaction appear in the balance of payments accounts
Answers
Answer:
Either U.S or france
The index used to measure inflation is the a. consumer price index. b. producer price index. c. wholesale price index. d. GDP deflator.
Answers
Answer:
d
Explanation:
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As of January 1, Terrace Waters, Capital had a credit balance of $500,000. During the year, withdrawals totaled $10,000, and the business incurred a net loss of $320,000. Compute the balance of Terrace Waters, Capital as of the end of the year. Assuming that there have been no recording errors, will the balance sheet prepared at December 31 balance? Explain.
Answers
If as of January 1, Terrace Waters, Capital had a credit balance of $500,000.
A. The balance of Terrace Waters, Capital as of the end of the year Iis $170,000.
b. Yes, Assuming that there have been no recording errors, the balance sheet prepared at December 31 balance will balance.
How to find the balance?a. Balance of Terrace Waters:
Using this formula to find the balance of Terrace Waters:
Balance of Terrace Waters = Capital - Withdrawals - Net loss
Balance of Terrace Waters = ($500,000 – $10,000 – $320,000)
Balance of Terrace Waters = $170,000
This positive balance means that the assets of Waters' business is higher than the liabilities.
b. Yes, assuming that there have been no recording errors, the balance sheet prepared at December 31 will balance with Terrace Waters, Capital, being reported in the owner’s equity section as the amount of $170,000.
Therefore the balance of Terrace Waters, Capital is the amount of $170,000 and the balance sheet will balance.
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Cheyenne Corp., a private corporation, received its articles of incorporation on January 3, 2024. It is authorized to issue an unlimited
number of common shares and $1 preferred shares. It had the following share transactions during the year:
Jan. 12
24
July 11
Oct. 1
Issued 47,000 common shares for $5 per share.
Issued 890 common shares in payment of a $5,479 bill for legal services.
Issued 940 preferred shares for $25 per share.
Issued 9,400 common shares in exchange for land. The land's fair value was estimated to be $51,700. Cheyenne's
accountant estimated that the fair value of the shares issued might be as high as $6 per share.
What is the average per share amount for the common shares???
Answers
The average per share amount for the common shares of Cheyenne Corp. is approximately $4.9787.
To calculate the average per share amount for the common shares of Cheyenne Corp., we need to determine the total amount of money received from the issuance of common shares and divide it by the total number of common shares issued.
Let's calculate the total amount of money received from the issuance of common shares:
Jan. 12: 47,000 common shares issued for $5 per share
47,000 common shares × $5 per share = $235,000
Now, let's calculate the total number of common shares issued:
Jan. 12: 47,000 common shares issued
The total number of common shares issued is 47,000.
Next, we can calculate the average per share amount for the common shares:
Average per share amount = Total amount of money received / Total number of common shares issued
Average per share amount = $235,000 / 47,000
Average per share amount ≈ $4.9787
Therefore, the average per share amount for the common shares of Cheyenne Corp. is approximately $4.9787.
It's important to note that the calculation assumes that there were no other common share issuances or transactions throughout the year. If there were additional issuances or transactions, they would need to be considered to calculate an accurate average per share amount.
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mo memememememes
first person to answer has a chance at brainlyest
give memes
second person gets brainlyest if first is stupid
Answers
Answer:
hi
Explanation:
What is the distinction between debtor and creditor?
Answers
Answer:
A creditor is a person who lends money or extends credit to another person. A debtor is a system or person that owes money to another orginization or party (AKA a company or individual who owes money.)
Explanation:
Hope this helps you! Good luck :)
Debtor → A company or individual who owes money.
Creditor → A person to whom a debt is owed especially.
Basically the debtor is the borrower and the creditor is the lender.\(\large{\red{\bold{ { \underline{\overline{{ \purple{hope \: this \: helps \: you \: \:}}}}}}}}\)
You have a great idea for a business and are excited to get to work. You come across a similar business when doing searches online. Which of the following is the only thing you should NOT do at this information?
A. Learn what they did well and integrate aspects of it
B. Learn ways they haven’t been doing well to know what to avoid
C. Understand how to differentiate your business
D. Change your idea since it’s already being done
Answers
Answer:
I think ,it`s D.
Explanation:
Everyone has his own view on something ,in particular business .Why should you change your idea ? Who knows maybe you are the next Einstein who can find a diamond in a desert ?
What can a cover letter explain that a résumé cannot?
a. Gaps in employment history
b. Reentry into the job market
C. Changes in career focus
d. All of the above
Answers
Answer:
D. All of the above.
Explanation:
The ____ major responsibility for keeping all dishes and utensils sanitary
Answers
The complete statement is "The food handler's major responsibility for keeping all dishes and utensils sanitary"
Who is a food handler?Generally, A person is considered to be a food handler if they directly touch food, whether it be packaged or unpackaged, as well as the apparatus and utensils used to make or serve food, and/or the surfaces where food is prepared or served.
In conclusion, The whole statement reads as follows: "The food handler has the primary responsibility for maintaining the cleanliness of all dishes and utensils."
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Question 10 of 20
When wili the U.S. Armed Forces provide financial aid?
A. Before, during, and after your service
OB. During and after your service
OC. Before and after your service
D. After you have served two years
Answers
The U.S. Armed Forces will provide financial aid during and after your service. The Option D is correct.
When will U.S. Armed Forces provide financial aid?The Forces offer financial aid during and after your service. This support is available to servicemembers throughout their military career and extends into their transition back to civilian life.
During service, the financial assistance may come in the form of various benefits including housing allowances, educational benefits such as the GI Bill and health care coverage. After completing their service, veterans may be eligible for additional financial aid programs like VA home loans, disability benefits etc.
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This chapter is all about trade--imports and exports and the balance of payments.
Answers
A MAIN reason cited by American businesses for outsourcing jobs to other countries is the high cost of
A. labor in the United States.
B. building factories.
С. training new workers.
D. shipping products around the world.
Answers
Answer:
The correct answer is A. A main reason cited by American businesses for outsourcing jobs to other countries is the high cost of labor in the United States.
Explanation:
Outsourcing means separating from the organizational structure of the enterprise some functions performed by them independently and transferring them to other entities for execution. This decentralization process is very evident in American companies that produce manufactured goods, which place the primary production processes in other countries such as China, Mexico or Vietnam, among others, to produce their products at a lower cost, given the lower costs. labor (lower wages, lower taxes, less expensive regulations, etc.).
Answer:
The answer is A for E2020
Explanation:
Just took the Exam
the first step in successfully creating and using a budget is
Answers
Answer:
Determine your income. Start with how much money you make after tax each month
Explanation:
i hope this help
Which best describes how consumers may benefit from specialization?
Consumers can only purchase high-quality goods.
Consumers have more price options.
O Consumers receive more sale offers.
O Consumers find products at lower prices.
Answers
In specialization a company have produced the product at different price levels. Consumers have more price options.
What is consumer?A consumer is a person who purchases the goods and or services from the business and is also the ultimate user of the products or services. In specialization the company produces a certain product at many different levels by which they have many price options available which vary according to their customization and quality that can be offered to the consumers and hence the customer can purchase different types of a single product from a single company or Brand.
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You receive an email that you have won $100. For the company to transfer the money to your account, they need access to your bank routing number. What is the BEST way to handle this situation?
A. Reply with the information asked for.
B. Ask for further verification to prove that this is a legit company.
C. Request that they send you the money via an electronic gift card.
D. Click on the company’s logo so you can verify they have a real website.
Answers
Answer:
B
Explanation:
The BEST way to handle this situation is to ask for further verification to prove that this is a legit company.
What does verification means?This is when an individual ensures that the information he or she receives is genuine. The reason is to prevent fraud from the person sending an email.
Hence, the BEST way to handle this situation is to ask for further verification to prove that this is a legit company.
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What are the common barriers to communication?
Answers
Bob lives in Houston and runs a business that sells boats. In an average year, he receives $842,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $452,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $38,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Bob does not operate this boat business, he can work as an accountant, receive an annual salary of $48,000 with no additional monetary costs, and rent out his showroom at the $38,000 per year rate. No other costs are incurred in running this boat business.
Identify each of Darnell's costs as an implicit cost or an explicit cost of selling pianos.
a. The wholesale cost for the pianos that Darnell pays the manufacturer
b. The salary Darnell could earn if he worked as an accountant
c. The wages and utility bills that Darnell pays
d. The rental income Darnell could receive if he chose to rent out his showroom
Answers
Answer:
A. The wholesale cost for the pianos that Darnell pays the manufacturer.