Cullumber Company has the following balances in selected accounts on December 31, 2020.
Accounts Receivable $ 0
Accumulated Depreciation—Equipment 0
Equipment 8,000
Interest Payable 0
Notes Payable 11,000
Prepaid Insurance 3,120
Salaries and Wages Payable 0
Supplies 2,200
Unearned Service Revenue 28,000
All the accounts have normal balances. The information below has been gathered at December 31, 2020.
1. Cullumber Company borrowed $9,400 by signing a 9%, one-year note on September 1, 2020.
2. A count of supplies on December 31, 2020, indicates that supplies of $970 are on hand.
3. Depreciation on the equipment for 2020 is $2,000.
4. Cullumber Company paid $3,120 for 12 months of insurance coverage on June 1, 2020.
5. On December 1, 2020, Cullumber collected $28,000 for consulting services to be performed from December 1, 2020, through March 31, 2021. The company had performed 1/4 of the services by December 31.
6. Cullumber performed consulting services for a client in December 2020. The client will be billed $4,200.
7. Cullumber Company pays its employees total salaries of $5,600 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2020.
Prepare adjusting entries for the seven items described above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Answers
Answer:
1. Cullumber Company borrowed $9,400 by signing a 9%, one-year note on September 1, 2020.
Dr Cash 9,400
Cr Notes payable 9,400
December 31, 2020, adjusting entry
Dr Interest expense 282
Cr Interest payable 282
2. A count of supplies on December 31, 2020, indicates that supplies of $970 are on hand.
December 31, 2020, adjusting entry
Dr Supplies expense 1,230
Cr Supplies 1,230
3. Depreciation on the equipment for 2020 is $2,000.
December 31, 2020, adjusting entry
Dr Depreciation expense 2,000
Cr Accumulated depreciation, equipment 2,000
4. Cullumber Company paid $3,120 for 12 months of insurance coverage on June 1, 2020.
December 31, 2020, adjusting entry
Dr Insurance expense 1,820
Cr Prepaid insurance 1,820
5. On December 1, 2020, Cullumber collected $28,000 for consulting services to be performed from December 1, 2020, through March 31, 2021. The company had performed 1/4 of the services by December 31.
Dr Cash 28,000
Cr unearned revenue 28,000
December 31, 2020, adjusting entry
Dr Unearned revenue 7,000
Cr Service revenue 7,000
6. Cullumber performed consulting services for a client in December 2020. The client will be billed $4,200.
December 31, 2020, adjusting entry
Dr Accounts receivable 4,200
Cr Service revenue 4,200
7. Cullumber Company pays its employees total salaries of $5,600 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2020.
December 31, 2020, adjusting entry
Dr Wages expense 3,360
Cr Wages payable 3,360
Related Questions
Treating the amounts of each material available as constraints, formulate a goal programming model to determine the optimal product mix. Assume that both P1 priority level goals are equally important to management. (Let x1 be the number of tons of fuel additive produced, x2 be the number of tons of solvent base produced, dpi be the deviation variable which exceeds the value of goal i, and dni be the deviation variable which is less than the value of goal i, for i = 1, 2.)
Answers
The goal programming model seeks to maximize the sum of the deviations from the two priority level goals.
What is goal programming model seeks?Goal programming is a type of mathematical optimization technique that is used to optimize a set of goals or objectives. It is especially useful in situations where multiple objectives are present, as it allows a decision maker to optimize the objectives while taking into account the interactions between them.
Goal Programming Model:
Maximize z = 0.5(dP1 + dP2)
Subject to:
x1 + x2 ≤ 100 (amount of material available)
x1 ≥ 10 (amount of fuel additive required)
x2 ≥ 10 (amount of solvent base required)
dP1 ≥ (x1 + 2x2) - 160 (priority level 1 goal; profit)
dP2 ≥ (x1-x2) - 20 (priority level 2 goal; quality)
dN1 ≤ 160 - (x1 + 2x2)
dN2 ≤ 20 - (x1-x2)
x1, x2, dP1, dP2, dN1, dN2 ≥ 0
The goal programming model seeks to maximize the sum of the deviations from the two priority level goals, while satisfying the constraints of the amount of material available.
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Amber’s starting salary for her new job will be $35,500 a year. How much will she pay to the Social Security system for her first year assuming total FICA withholdings of 7.65%?
Answers
Answer:
I dont know the answer but I want whatever job she has
Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs. results in
a. Results in the highest cost of goods sold.
b. Yields the highest net income.
c. Has the lowest tax expense because of reporting the lowest net income.
d. Better matches current costs with revenues,
e. Precisely matches the costs of items with the revenues they generate.
Answers
Answer:
LIFO is a form of inventory costing that assumes that more recent stock is sold first and early stock sold last. FIFO is the opposite of this and believes earlier stock is sold first and later stock is sold last.
Weighted average uses a weighted price for all available stock and specific identification uses the exact cost of the inventory.
a. Results in the highest cost of goods sold. ⇒ LIFO
This is LIFO because the closing stock that is subtracted from the cost of goods sold will be earlier stock and as costs are rising, it will be lower than the purchases.
b. Yields the highest net income. ⇒ FIFO
Because FIFO gives a lower Cost of goods sold as opposed to LIFO, it gives a higher income.
c. Has the lowest tax expense because of reporting the lowest net income.⇒ LIFO
Reports lowest income due to high cost of goods sold.
d. Better matches current costs with revenues. ⇒ LIFO
LIFO uses the current inventory which would reflect the current cost of inventory so it matches current costs with revenue.
e. Precisely matches the costs of items with the revenues they generate. ⇒ Specific Identification.
Uses the exact cost of the inventory so precisely matches costs.
Jason Melvin signed a simple discount note with a face value of $7,200 at a discount rate of 5% for 6 months. Find the proceeds of the note and the effective interest rate.
Answers
Jason Melvin signed a simple discount note with a face value of $7,200 at a discount rate of 5% for 6 months. The effective interest rate on the note is 1.843%.
What is the effective interest rate?Generally, To find the proceeds of the note, we need to calculate the discounted value of the $7,200 face value. Using the formula for discounting a note, we can calculate the proceeds as:
Proceeds = Face Value / (1 + (Discount Rate x Time in Years))
In this case, the time in years is 6 months / 12 months = 0.5 years. So the formula becomes:
Proceeds = $7,200 / (1 + (0.05 x 0.5))
Proceeds = $7,200 / (1 + 0.025)
Proceeds = $6,944
So the proceeds of the note are $6,944.
To find the effective interest rate, we can use the following formula:
Effective Interest Rate = (Face Value - Proceeds) / Proceeds x Time in Years
In this case, the formula becomes:
Effective Interest Rate = ($7,200 - $6,944) / $6,944 x 0.5
effective interest rate = 0.018 or 1.843%
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Which one of the following statements is TRUE? a. If a company has a classified board, fewer board seats are filled each year. b. A classified board is one in which an announcement requesting applications for board members appears in the newspaper. c. One tool of corporate governance is choosing a good investment banker. d. A classified board is one in which the board members serve anonymously. e. In a classified board, it is easier for dissidents to gain representation since fewer seats are up for election each year.
Answers
Answer:
The true statement about a classified board is:
a. If a company has a classified board, fewer board seats are filled each year.
Explanation:
If Company A has a classified board of directors, it implies that it has a structure that enthrones continuity and stability, enables some portion of the directors to be elected each year, and ensures that different directors have different terms to serve the company. Depending on their classifications, some directors serve one or two years, some three or four years, some five or six years, and others servicing seven or eight years. This type of structured board staggers the board membership, helping to save the company from unintended takeover bids, and ensuring stability and continuity.
If the effect of the debit portion of an adjusting entry is to increase the balance of an asset
account, which of the following describes the effect of the credit portion of the entry?
Answers
When the debit portion of an adjusting entry is used to increase the balance of an asset account, the credit portion of the entry will decrease the balance of another account, which will be either a liability account or an equity account.
What is the adjusting entry?Adjusting entries are journal entries that are made at the end of an accounting period to modify the accounts' balances. They are done to update and verify revenue and expense accounts' accuracy, as well as to adjust the balance sheet accounts for adjustments that have yet to be recorded.When should adjusting entries be made?Adjusting entries are typically made at the end of an accounting period. For example, adjusting entries may be needed if a company's insurance premiums have been paid in advance, or if a company has earned revenue but has not yet received payment.Adjusting entries are critical in determining the correct profit and loss as well as the balance sheet, which is why they must be accurate and complete.Adjusting entries are required for each financial statement's following types:Income Statement - revenue and expense accounts are adjusted.Balance Sheet - asset, liability, and equity accounts are adjusted.How are adjusting entries made?Adjusting entries are made with the following steps:Step 1: Determine the transaction or event that necessitates an adjustment. Step 2: Determine which accounts are affected by the transaction or event. Step 3: Decide whether each account is to be debited or credited. Step 4: Make the necessary adjusting journal entries.
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What is the best way to manage interruptions and emergencies in my day?
Answers
put interruptions on hold and take care of emergencies. priority is challenging but it's worth the work
Answer:
Emergency
Explanation:
Emergency is more important that an interruption.Emergency are more life or death.An interruption is small and yes a bit agervating at time but are less import than a life or death emergency.
Review the transactions and determine the accounts, the account types, if they increase/decrease and if they are debit or credit 
Received cash for services rendered to a client
Paid cash on account
Answers
A company's records must balance in order for debits and credits to be used in bookkeeping. By decreasing liability, revenue, or equity accounts, debits boost asset or cost accounts. The inverse is true of credits.
What is Debit vs Credit: Bookkeeping Basics ?A company's records must balance in order for debits and credits to be used in bookkeeping. By decreasing liability, revenue, or equity accounts, debits boost asset or cost accounts. The inverse is true of credits. Every debit input must be matched by a credit entry for the same monetary amount when recording a transaction, and the opposite is true as well.For double-entry bookkeeping to work, debits and credits are essential. They are entries made in the general ledger of a business that track every dollar that enters and leaves the company as well as every dollar that moves between the various accounts.You'll learn how to use debits and credits to keep your books balanced in this guide, along with a detailed explanation of each.To Learn more About bookkeeping Refer To:
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Cavy Company estimates that the factory overhead for the following year will be $1,745,300. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 56,300 hours. Calculate the predetermined overhead rate to apply factory overhead. Round your answer to the nearest cent. $fill in the blank 1 per machine hour
Answers
Answer:
$31
Explanation:
Given the following information,
Total factory overhead costs = $1,745,300
Direct labor hours = 56,300
To calculate the predetermined manufacturing overhead rate, we will make use of the formula below;
Predetermined manufacturing overhead rate = Total estimated overhead costs for the period / Total amount of allocation base
= $1,745,300 / 56,300
= $31
Therefore, the predetermined overhead rate to apply to factory overhead is $31
PLATO
Type the correct answer in the box. Spell all words correctly.
Which C of the four Cs of marketing relates to the place element of the marketing mix?
The element of the four Cs relates to the place element of the marketing mix.
Answers
The C of the four Cs of marketing relates to the place element of the marketing mix is "Convenience."
What is Convenience in marketing mix?Convenience refers to the ease and accessibility with which customers can obtain a product or service. In the context of the marketing mix, the place element focuses on making products available to the target market in the right locations at the right time. It involves decisions related to distribution channels, logistics, and the physical availability of products or services.
Convenience is an essential factor in customer decision-making. If a product or service is conveniently located and easily accessible, it enhances the overall customer experience and increases the likelihood of purchase.
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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
An essay about umntu ngumntu ngabantu
Answers
in g Management of a local catering company would like the Food Division to transfer 10,000 containers of its final product to the Restaurant Division for $41.00. The Food Division sells the product to customers for $98.00 per unit. The Food Division's variable cost per unit is $37.00 and its fixed cost per unit is $25.00. If the Food Division has 10,000 units of available capacity, what is the minimum transfer price the Food Division should accept?
Answers
Answer:
The minimum transfer price is $25.
Explanation:
The number of containers to be transferred = 10000 containers.
The rate of its container = $41.00
The selling price of food to customers = $98 per unit.
The variable cost per unit for food division = $37 per unit
The fixed price per unit = $25
The transfer price should be a minimum of $25 that is equal to variable cost because as per the rule the transfer price between the organization should be equal to variable cost or marginal cost. therefore, the minimum transfer price is $25.
Suppose that two supply curves pass through the same point. One is steep, and the other is flat. Which of the following statements is correct? Question 5 options: A decrease in demand will increase total revenue if the steeper supply curve is relevant, while a decrease in demand will decrease total revenue if the flatter supply cure is relevant. Given two prices with which to calculate the price elasticity of supply, that elasticity would be the same for both curves. The flatter supply curve represents a supply that is inelastic relative to the supply represented by the steeper supply curve. The steeper supply curve represents a supply that is inelastic relative to the supply represented by the flatter supply curve.
Answers
Answer: The steeper supply curve represents a supply that is inelastic relative to the supply represented by the flatter supply curve.
Explanation:
An inelastic curve means that price change does not affect the quantity supplied as much as it would an elastic curve.
The steeper the supply curve, the more inelastic it is because it reacts to changes in prices less than a flatter one which is considered to be more elastic.
Looking at a steep supply curve, if prices change, the quantity supplied will change less compared to a flatter one which would change more. This is why the steeper supply curve represents a supply that is inelastic relative to the supply represented by the flatter supply curve.
The inelastic curve says that price change does not affect the quantities supplied as much as it would be by an elastic curve. The steeper curve, the more inelastic it is because it reacts to changes in prices.
This is due to the steeper is supply curve showing the supply that is inelastic relative to the supply that is shown by the flatter supply curve. Hence the steeper supply curve depicts the supply which is inelastic relative to the supply shown by a flatter supply curve.Learn more about the supposed that two supply curves.
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What happens when you select text and start typing new text?
A.) The new text appears before the selected text.
B.) The new text appears after the selected text.
C.) The new text replaces the selected text.
Answers
When referring to the size and scope of business, which option should be included?
Wholesale vs. Retail
For-Profit vs. Nonprofit
Domestic vs. Global
Public vs. Private
Answers
Josh buys an $8000 10-year bond that has a coupon rate of 4.5 %. If he keeps the bond to maturity, how much interest will he collect?
Answers
Josh will collect $3600 in interest if he keeps the $8000 10-year bond with a 4.5% coupon rate to maturity.
To calculate the interest that Josh will collect from the 10-year bond with an $8000 face value and a coupon rate of 4.5%, we need to consider the annual interest payment and the total number of interest payments over the bond's lifespan.
The annual interest payment can be calculated by multiplying the face value of the bond ($8000) by the coupon rate (4.5%). This gives us an annual interest payment of $360 (8000 * 0.045).
Since the bond has a 10-year maturity, there will be a total of 10 interest payments over its lifespan. Therefore, the total interest Josh will collect can be calculated by multiplying the annual interest payment ($360) by the number of interest payments (10).
Total interest = Annual interest payment * Number of interest payments
Total interest = $360 * 10
Total interest = $3600
Therefore, if Josh keeps the bond to maturity, he will collect a total of $3600 in interest over the 10-year period.
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You are considering the purchase of a stock that is currently selling at $64 per share. You expect the stock to pay $4.50 in dividends next year. a. If dividends are expected to grow at a constant rate of 3 percent per year, what is your expected rate of return on this stock? b. If dividends are expected to grow at a constant rate of 5 percent per year, what is your expected rate of return on this stock? c. What do your answers to parts (a) and (b) say about the impact of dividend growth rates on the expected rate of return on stocks?
Answers
Answer:
Price of a constant growth dividend stock is given by Price = D1 / (Re – G) Where, Price = Price of the stock = $64 D1 =…
Where is the smallest pizza in Los Angeles located?
Answers
Answer:
DeSano Pizza Bakery
Explanation:
Which is an example of a high-risk investment?
Answers
Answer: house loans
Explanation:
The examples of high-risk investments include: Stock and mutual fund. The correct option is A and E.
High-risk investments refer to financial ventures or assets that have a higher potential for significant losses or volatility compared to more conservative investment options. These types of investments typically offer the possibility of higher returns, but they also carry a greater degree of uncertainty and a heightened chance of losing money.
High-risk investments tend to experience substantial price fluctuations over short periods. This volatility can result from various factors such as market conditions, economic events, or the specific nature of the investment.
Thus, the ideal selection is option A and E.
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The complete question might be:
Which are examples of high-risk investments? Check all that apply.
A. stock
B. bond
C. CD
D. 401(k)
E. mutual fund
What are some of the legal restrictions on how organizations can recruit employees?
Answers
The legal restrictions on how organizations can recruit employees are no illegal to discriminate against a job candidate , there should be not favoritism when collection applicants.
What are the legal restrictions on recruitment of employees?The legal restrictions on recruitment of employees are those restriction that is been set up so that the employers can not be able to do as they like when recruiting the new employees.
One of this restriction is that there should not be any kind of discriminate against a job candidate which could base on the color as well as gender differences when making the recruit.
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Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses:
Airfare $540
Lodging $3400
Meals $850
Entertainment of clients $680
How much of these expenses can Jordan deduct?
Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar value.
Answers
Answer:
the picture is the answer
So this is a personal problem please help
So...I knew this girl for about 6-8 years and we been doing everything together but Yesterday I found out she was talking behind my back and I don’t know what to do I know I should not talk to her anymore or be friends but she doesn’t know I know that she was talking behind my back how do I tell her????
Answers
Answer:
ask her why
Explanation:
because friend will do somthing for a reason
solutions for lack of accurate and timely information?
Solutions for information overload?
Answers
Solutions for lack of accurate and timely information are by improving the data management, use real time data, invest in data analytics and proper training of employees. Solutions for information overload is use of data visualization.
Missed opportunities, expensive errors and decreased productivity can result from a lack of accurate and timely information. Organizations can address this issue in a number of ways, including by enhancing data collection, utilizing real time data systems, investing in data analytics tools and instructing staff on how to gather and analyze data efficiently.
By doing this, businesses can guarantee that they have access to the data they require when they require it, empowering them to take better decisions and stay one step ahead of the competition.
A problem that can arise is information overload, especially in the modern world where data is being produced at an unheard of rate.
Organizations can use a range of solutions to deal with this problem including data visualization, filters and search tools importance based information prioritization, data source limitations and automated information that help in sorting and prioritization.
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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.
QUESTION 5
Which of the following is the first step in building a social media plan?
O a. Listen to determine opportunities
O b. Establish social media objectives
O c. Select social media tools
O d. Segment and target the social media customer
e. Integrate the plan
Answers
The first step in building a social media plan is to establish social media objectives.
Social media play an important role when it comes to advertising or marketing of goods or services.
In order to build a social media- plan it is important that you establish your social media objectives and know your goals as well as how to achieve it.
Some of the social media- plan objectives you need to know includes:
How to build rapport with your target audience or customers.How to convince your target audience about your products.How to create product awareness so as to increase your sales and earn profit.How to increase your audience.Inconclusion the first step in building a social media plan is to establish social media objectives.
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some practical steps for managing foreign exchange risk for global companies are all of the following EXCEPT
Answers
1) Name TWO disadvantages of chain drives. [2]
Answers
Answer:
Disadvantages of chain drives are as follows;
Explanation:
Chain drives aren't allowed to be used in situations where slip is a device necessity.In comparison to belt movements, they necessitate precise alignment.Which step would prevent cross-
contact when preparing an
allergen-free meal?
O a. Removing bones or pits from food
b. Cooking the food for a longer amount
of time
O
O
O
c. Serving allergen-free meals before
other meals
d. Replacing the allergens on a pre-made
meal with safe foods
Answers
The step that would prevent cross-contact when preparing an allergen-free meal is option D: Replacing the allergens on a pre-made meal with safe foods.
How can you prepare a meal without allergens while avoiding cross-contact?The phrase "allergy safe" may have also come up in conversation. There are eight primary allergens, so the term "allergen-free" designates goods that are free of the FDA's list of the eight most common allergens as of the present. These foods include peanuts, tree nuts (including coconut), fish, shellfish, eggs, dairy, wheat, and soy.
Therefore, the use pans and utensils that have been thoroughly washed with soap and water when preparing meals free of allergens. Cook the meal free of allergens first if you're cooking multiple dishes at once. Away from any potential splatter from other foods that are cooking, keep it covered.
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As a stock analyst Mooch covers the common stock of GE, which sells for $11 per share and just paid a dividend of $.52. The best estimate Mooch can come up is that the dividends for GE will be $.55 and then $.605 for the next two years, with steady state annual growth rate of 10 percent thereafter. What required return per year for the common stock of GE must be?
Answers
If as a stock analyst Mooch covers the common stock of GE, which sells for $11 per share and just paid a dividend of $.52. The required return per year for the common stock of GE must be is 5%.
How to find the required return?Let make use of Gordon Growth Model to calculate the required return per year for the common stock of GE.
Gordon Growth Model formula:
Required return = D1 / (P0) + g
Where:
D1 = next year's dividend = $.55
P0 = current price of the stock = $11
g = steady state growth rate of dividends =10%
Let plug in the formula
Required return = $.55 / ($11) + 0.10
Required return = 5%
Therefore the required return per year for the common stock of GE is 5%.
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