Answers
It follows that the firm should not produce the 100th unit of output because the marginal cost is greater than the marginal revenue. Marginal revenue is the increase in total revenue when one additional unit is produced and sold.
Marginal cost is the increase in total cost when one additional unit is produced. In this example, the marginal cost of producing the 100th unit of output is greater than the marginal revenue, meaning that the firm would lose money if they produced and sold the unit. The firm should instead find ways to reduce their marginal cost in order to make the production and sale of the 100th unit of output worthwhile.
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Related Questions
Inventory at the end of April, 2008: 200 unitsExpected demand during April, 2008: 50 unitsProduction expected during April, 2008: 100 unitsWhat was the inventory at the end of March 2008?
Answers
Answer:
beginning inventory= 150 units
Explanation:
Giving the following information:
Endiing inventory= 200 units
Sales= 50 units
Production= 100
To calculate the beginning inventory, we need to use the following formula:
Production= sales + ending inventory - beginning inventory
100= 50 + 200 - beginning inventory
beginning inventory= 250 - 100
beginning inventory= 150 units
Grayson works in an amusement park and is helping decorate it with strands of lights.
This morning, he used a total of 44 strands of lights to decorate 4 bushes and 2 trees.
This afternoon, he strung lights on 2 bushes and 2 trees, using a total of 34 strands.
Assuming that all bushes are decorated one way and all trees are decorated another way how many strands did he use on each tree? Each bush?
Answers
An amusement park or amusement park is a place with attractions made up of rides, such as roller coasters and water rides.
What is the meaning of an Amusement Park?A facility having rides, like roller coasters as well as water rides, is known as a theme park or amusement park. Together with a variety of rides, they frequently provide stores, dining options, and other entertainment options. Many ages can enjoy theme parks, including adults, teenagers, and kids.
The operations of a variety of attractions, including mechanical rides, water rides, games, shows, theme exhibits, and picnic areas, are included in this group of activities performed by a wide range of units that operate facilities or offer services to meet this same varied recreational interests of their patrons.
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which statement about 401(k) plans is true?
Answers
The fact that 401(k) plans are employer-sponsored is the accurate statement. These are the retired accounts that, in most cases, are sponsored by businesses.
Which of the following statements is true about a 401(k) plan?It is a retirement savings plan where the employee makes contributions to a retirement account and the employer, in some cases, matches some or all of those contributions. Benefits from a 401(k). Employee incentives including tax rebates and employer contributions are abundant with 401(k) plans.
What are 401 K plans used for primarily?Employees can contribute a portion of their salaries to individual accounts through a qualified profit-sharing plan provision called a 401(k). The employee's taxable income does not include elective pay deferrals.
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Question:-
Which statement about 401(k) plans is true?
A. 401(k) plans are sponsored by employers.
B. Employees can contribute an unlimited amount of income to
401(k) plans.
C. Employees are not allowed to make contributions to 401(k) plans.
D. 401(k) plans provide only one option for investment
How does working capital impact a firm’s value?
Answers
Answer:
Explanation:
a lot of things
Reform Traders current net operating income is $16,800 and its average operating assets are $90,000. The company's required rate of return is 15%. A new project being considered would require an investment of $28,000 and would generate annual net operating income of $3,100. What is the residual income of the new project
Answers
Answer:
- $4,200
Explanation:
residual income = net operating income - cost of investment
therefore
residual income = $3,100 - $28,000 x 15%
= - $4,200
The residual income of the new project is - $4,200
g Roper's Rice earns $7 million per year as a monopolist in the packaged rice industry. If a new firm enters, profits earned by Roper's Rice fall to $3 million. If Roper's Rice increases output, the new firm does not enter and Roper's Rice earns profits of $5 million. Should Roper's Rice engage in limit pricing if the interest rate is 8%
Answers
Answer:
yes
Explanation:
The present value of benefits exceeds the up-front costs.
Explain how the Halloween holiday is related to economics.
Answers
30. Chapter mank07t, Section .48, Problem 083
Refer to Figure 7-24. If the government imposes a price ceiling at $12, then producer surplus is
A. HGCD.
B. BCIF.
C. BDF.
D. CDI.
Answers
If the government imposes a price ceiling at $12, then the producer surplus is A. HGCD.
What is a producer surplus?The total amount a producer gains from producing and selling a quantity of a good at market price is referred to as producer surplus. The producer surplus is equal to the total revenue a producer receives from selling their goods less the marginal cost of production.
Producer surplus is a metric of producer well-being. The area above the supply curve and below the equilibrium price is depicted graphically.
Producer surplus equals the difference between the market price and the producer's minimum acceptable price. It can also be calculated in the following way: Total Revenue - Production Cost = Producer Surplus.
In conclusion, the correct option is A.
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aRhonda owns an office building that has an adjusted basis of $45,000. The building is subject to a mortgage of $20,000. She transfers the building to Miguel in exchange for $15,000 cash and a warehouse with an FMV of $50,000. Miguel assumes the mortgage on the building. Required: What are LaRhonda realized and recognized gain or loss
Answers
LaRhonda realized and recognized gain or loss are: $45,000; $35,000.
a. LaRhonda realized gain:
Using this formula
Realized gain = (Cash + Fair market value of building + Mortgage) - Adjusted basis
Let plug in the formula
Realized gain = ($15,000 + $50,000 + $20,000) - $45,000
Realized gain = $85,000-$45,000
Realized gain = $40,000
b. LaRhonda recognized gain or loss
Using this formula
Recognized gain = Cash + Mortgage
Let plug in the formula
Recognized gain =$15,000 +$20,000
Recognized gain= $35,000
Inconclusion LaRhonda realized and recognized gain or loss are: $45,000; $35,000.
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I am better at my job than most of the other people who have the same job title agree or disagree
Answers
Disagreed. You cannot say that you are better at your job than others who have the same job title.
How to answer questionnaire questions?While providing the answer to a questionnaire, it is very important that a person would try to be as truthful as possible.
The reason they have to be truthful is so that they would be able to give the best answer that would be useful for the research.
In a question like this, I used disagreed because it is not possible that you have met all of the persons that have the same job description as you do.
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Q-mart failed to include inventory that was kept in a separate warehouse in its 12/31 end-of-the-period inventory count. Consequently, the ending inventory on 12/31 was understated on the balance sheet. Explain how this error will effect the income statement.Asset understatedEquity understated
Answers
Answer:
a. The gross profit. net income and retained earnings at the end of year will be overstated.
b. Assets will be understated especially the current assets.
c. Equity will be overstated.
Explanation:
a. Explain how this error will effect the income statement income statement
When the income statement is being prepared, cost of goods sold must be computed and then deducted from the net sales revenue to arrive at the gross profit. The formula for calculating the cost of goods sold and gross profit is as follows:
Cost of goods sold = Beginning inventory + Net purchases - Ending inventory
Gross profit = Net sales revenue - Cost of goods sold
From the cost of goods sold, it can be seen that ending inventory is a deduction. Also, cost of goods sold is a deduction from the gross profit equation.
As a result these, the failure of Q-mart to include inventory that was kept in a separate warehouse in its 12/31 end-of-the-period inventory count will make the cost of goods sold to be understated, while the gross profit and the net income for the year as well as retained earnings at the end of the year will be be overstated by the amount of the omitted ending inventory.
b. Explain how this error will effect the Asset
Ending inventory is a component of the current assets in the balance sheet. As a result of this, the failure of Q-mart to include inventory that was kept in a separate warehouse in its 12/31 end-of-the-period inventory count will make the asset to be understated by the amount of the omitted ending inventory.
c. Explain how this error will effect the Equity
From part a. above, it can be seen that retained earnings at the end of the year will be be overstated by the amount of the omitted ending inventory.
Since the retained earnings for the year is a component of the stockholders equity in the balance sheet, equity will therefore be overstated by the amount of the omitted ending inventory as the gross profit and the net income for the year as well as retained earnings for the year were already overstated in the income statetement.
1. free corporation is a full-service internet provider. it has 295 employees located in six states. you are the hr director and are evaluating the following alternative policies and will compose a policy which is legally and practically better than any of the following alternatives.
Answers
Today, the term "policy making" more accurately refers to the process of creating organisational policies. Some policies are fundamental components of the organization's strategy and apply at the highest levels.
In the given question,
Free corporation should follow policy one as by following policy one it will assign additional point to any applicant who is member of under represented group or having disability.
As by this process, Free corporation won't require to change their hiring standards, other parameters like technical knowledge, personality type, experience and many more.
So by giving extra point they are just giving extra advantage to this people over normal people and by this slowly and steadily without hampering the performance of the company and culture of the company they can imbibe this people.
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Which of the following is a capital budgeting decision (investment decision)?
Answers
A capital budgeting decision is Deciding whether or not to open a new store.
what is capital budgeting?Capital investments or Capital budgeting are long-term investments in which the assets involved have useful lives of multiple years.
For example: constructing a new production facility and investing in machinery and equipment are capital investments.
Capital budgeting is a method of estimating the financial viability of a capital investment over the life of the investment. It identifies the cash inflows and outflows.
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Which of the following are examples of variable
costs? (Select three answers.)
A radio ad
Hourly employees
The yarn used to make a scarf
Rent of an office space
The shampoo used to groom pets
Internet service
Answers
Answer:
Explanation:
Hourly employees
The shampoo used to groom pets
The yarn used to make a scarf
Question 4 (4 points)
Match each Type of Sales Channel to its corresponding description.
>
Selling products in bulk
to various outlets or
retailers for onward
sale.
When a brand or
manufacturer sells
direct to consumers
and the end users of
their products, as
opposed to selling to
them solely through
retailers.
Selling products directly
to end customers for a
profit, either in-store,
online, mail-order, or
by phone.
Businesses that sell to
other businesses who
are the intended end
user of the product.
1. Retail.
2. Wholesale
3. Direct to Consumer
4. B2B
Answers
Based on business and trading methods, the type of sales channel, that matches the description can be any of the following Retail, Wholesale, Direct Consumer, or B2B.
What are Sales Channels?The Sales Channel is a term that is used to describe the ways or methods in which producers sell their products. This method can either be through direct or indirect routes.
Considering the available descriptions we have the following sales channel matching them.Wholesale: Selling products in bulk to various outlets or retailers for onward sale.Direct to Consumer: When a brand or manufacturer sells direct to consumers and the end users of their products, as opposed to selling to them solely through retailers.Retail: Selling products directly to end customers for a profit, either in-store, online, by mail-order, or by phone.B2B: Businesses that sell to other businesses who are the intended end user of the product.Hence, in this case, it is concluded that each of the types of sales channels has its peculiarities that producers may choose to utilize.
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How would you describe the general concept of business? What are the characteristics of businesses and the world of business? Identify at least three characteristics of business and briefly explain each.
Answers
The general concept of the business is the without risk no gain profit.
There are characteristics of businesses and the world of business are:
Buying and SellingContinuous processProfit MotiveThere are three characteristics of the business are:
Customer satisfaction.Creative and Dynamic.Economic activity.What is business?The most of the business are the used this extemporaneous style of speaking is chance to the employer and employee to the participation of the answering the question about the current project and business policies.
The main concept of the business is they earn profit and the risk in the business.
There are the important characteristics are the world of business is the process of the buying and the selling, it was the never ending process, the main motive is the earn profit.
There are the three characteristics of the business are:
Customer satisfaction:- Customer are the satisfy the goods and the services. Creative and Dynamic:- The business are the dynamic to the change of external factors.Economic activity:- The production and the distribution based.As a result, the significance of the business are the aforementioned.
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Select the correct answer.
Which action can help you become an effective learner?
OA enrolling in a graduate program
O B. limiting your learning to what you need for your career
OC. maintaining a positive attitude toward learning
OD. only exploring topics that interest you
Answers
Answer:
c
Explanation:
maintaining a positive attitude toward learning
Maintaining a positive attitude toward learning action can help you become an effective learner. Thus, option (c) is correct.
What is learning?The process of gaining new understanding, information, actions, abilities, values, perspectives, and preferences is known as learning. Humans, creatures, and some robots all have the potential to learn, and there is evidence that certain plants can learn as well. The process of acquiring new skills, information, knowledge, and values is known as education.
As an individual learns, a good attitude allows you to relax, remember, focus, and absorb information. When setbacks or obstacles occur, they will motivate those closest to them to do their all and help to drive projects forward. The best method to learn is to maintain a good attitude toward learning.
Therefore, option (c) is correct.
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what are the impacts of political environment on business?
Answers
Answer:
as u try to do the benefit of your representative and try to win
Review the following statements regarding a petty cash fund used in a business. Select the one that is correct.
Multiple choice question.
Only the petty cashier is responsible for paying cash from the fund.
The cashier of a fund will write checks for small payments like postage, supplies and deliveries.
Reason: The cashier will use the petty cash fund instead of writing checks for small payments.
A check written against the fund is cashed when the fund is replenished.
Reason: The company cashier gives the petty cashier a check for the total of all receipts paid out of the fund. This restores the fund to its original amount.
Answers
A check written against the fund is cashed when the fund is replenished is correct regarding a petty cash fund used in a business.
How should business be defined?A company or entrepreneurial entity that engages in business, industrial, or professional activity is referred to as a business. Both for-profit and nonprofit organizations can operate as businesses. Limited liability firms, corporations, partnerships, and sole proprietorships are all examples of different business structures.
What is the function of the company?A business's function is to create and offer products and services in order to meet consumer demand. Corporate social responsibility (CSR) is "a company approach that entails participation in projects that help a society," according to Business News Daily.
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Type the correct answer in the box. Spell all words correctly. Ben’s company makes caps. He has priced all the caps at $9, $49 and $99, depending on their type and quality. Which pricing strategy has Ben made use of? Ben’s company makes caps. He has priced all the caps at $9, $49 and $99, depending on their type and quality. Ben has made use of the _______ pricing strategy.
Answers
Answer:
psychological
Explanation:
It could also be product line but i'm pretty sure its psychological.
Answer:
Product line
Explanation:
why must banks keep money on reserve?
Answers
Answer:
Bank reserves are the cash minimums that must be kept on hand by financial institutions in order to meet central bank requirements. The bank cannot lend the money but must keep it in the vault, on-site or at the central bank, in order to meet any large and unexpected demand for withdrawals.
Explanation:
QUESTION 4: PRICING Based on your knowledge of Pricing Strategies, recommend a pricing mix that has the best pricing mix ice Mix 1: • Price MX 2 se Sale Price: $19,500 id-tier Sale Price: $24,55 lly-Loaded Sale Price: 4,999 Price Mix 2: Base Sale Price: $20,000 Mid-tier Sale Price: $25,000 Fully-Loaded Sale Price: $30,000 Price Mix 3: Base Sale Price: $22,000 Mid-tier Sale Price: $24,00 Fully-Loaded Sale Price: $28,999
Answers
Price Mix 2 is recommended as the best pricing mix strategy. It includes three price tiers: a base sale price of $20,000, a mid-tier sale price of $25,000, and a fully-loaded sale price of $30,000.
The best pricing mix
This pricing mix caters to different customer segments by offering varying levels of features and benefits at different price points. It allows customers to choose a product based on their budget and desired features, increasing the likelihood of conversion and customer satisfaction.
The balanced pricing structure provides options for both price-sensitive customers and those willing to pay more for additional features. Overall, Price Mix 2 maximizes revenue potential by attracting a wider customer base and potentially facilitating upselling opportunities.
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Oops, they done did it again
Another mate dead, misplaced his head
Oh, who could it be?
I mean, it definitely wasn't me
No clue where that charlatan ran?
I've been around the Skeld, only know too well
Villain vampires want fresh blood
So now everyone's sus
Are you crawling 'round the vents
Or can you prove your innocence?
Don't go lyin' to me!
I saw a body lyin' there!
Don't go lyin' to me
Don't go lyin', don't go lyin'
I ain't gonna let there be
No more dyin', no more dyin'
Don't go lyin' to me!
I saw a body lying there!
It was right there!
So Jordan was in Medbay, Ellie in elec'
Jerome was roaming through the hallways
Guess we gotta, gotta do a triple-check
It ain't the killer's holiday
Are you crawling 'round the vents
Or can you prove your
Don't go lyin' to me!
I saw a body lyin' there!
Don't go lyin' to me
Don't go lyin', don't go lyin'
I ain't gonna let there be
No more dyin', no more dyin'
Don't go lyin' to me!
I saw a body lying there!
It was right there!
(Don't go lyin' to me!)
(Do-do-don't go lyin' to me!)
It was right there!
It was right there!
(Don't go lyin' to me!)
(Do-do-don't go lyin' to me!)
It was right there!
Listen to me, listen now, lend me your ears
Let me lay it out easy so to lessen all your fears
Just living and loving, not about to let you down
Let's look at this logically, figure this out
We can likely verify each other's alibis
No need to allegate, litigate, itemize lies
I just wanna live free, liberty, let me be
And I won't be ejected, not a liability
Back off!
Don't go lyin' to me!
I saw a body lyin' there!
Don't go lyin' to me
Don't go lyin', don't go lyin'
I ain't gonna let there be
No more dyin', no more dyin'
Don't go lyin' to me!
I saw a body, a body!
Don't go lyin' to me!
I saw a body lyin' there!
Don't go lyin' to me
Don't go lyin', don't go lyin'
I ain't gonna let there be
No more dyin', no more dyin'
Don't go lyin' to me!
I saw a body lying there!
It was right there!
Answers
Answer:
wow that's ummmmmmmmm cool
On September 18, 2019, Rose Company purchased 11,800 shares (14%) of Wozniak, Inc. stock for $42 per share. The market value of the Wozniak stock at December 31, 2019 was $29 per share. Rose Company sold 4,600 shares of its Wozniak stock on May 12, 2020 for $44 per share. The market value of Wozniak's stock at December 31, 2020 was $49 per share. Rose Company sold 3,700 shares of its Wozniak stock on July 19, 2021 for $38 per share. At December 31, 2021, the market value of the Wozniak stock was $36 per share. Calculate the amount of the realized gain reported on Rose Company's 2020 income statement. If a realized gain would not be recorded in 2020 on this investment, enter a as your answer. Do not enter your answer with a minus sign in front of your number.
Answers
Answer:
24
Explanation:
$9,900 as for computing the amount of the unrealized loss, first we have to find out the shareholding and unrealized loss per share which is shown below:
Shareholding = Purchase value of shares - (Sale value of shares + sale value of shares)
= 6,000 shares - (2,400 shares + 2,700 shares)
= 6,000 shares - 5,100 shares
= 900 shares
And, the unrealized loss per share = $33 - $22 = $11
Now the unrealized loss would be
= 900 shares × $11
= $9,900
What is purchase value?The original value of the house can be found by subtracting the current value from the increase in value since it was purchased. Therefore, if the current value is $400,000 and it has increased in value by $50,000 since it was purchased, the value when it was purchased was $350,000.
We first need to identify the current value and the increase in value since it was purchased. In this example, the current value is $400,000 and the increase in value since it was purchased is $50,000.
We can now calculate the original value by subtracting the increase in value since it was purchased from the current value. The original value is $400,000 - $50,000 = $350,000.
Therefore, Shareholding = Purchase value of shares - (Sale value of shares + sale value of shares)
= 6,000 shares - (2,400 shares + 2,700 shares)
= 6,000 shares - 5,100 shares
= 900 shares
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New Venture Management (1)
1. Discuss the below pricing strategies that would be suitable at each stage based on the product life cycle.
1.
Product Life Cycle Stage
Introductory Stage
* Unique product
* Non-unique product
Pricing Strategy
* Skimming
* Penetration
2.
Product Life Cycle Stage
* Growth stage
Pricing Strategy
* Consumer pricing
3.
Product Life Cycle Stage
* Maturity stage -
Pricing Strategy
* Demand-oriented pricing
4.
Product Life Cycle Stage
* Decline stage
Pricing Strategy
* Loss leader pricing
Answers
In the context of the product life cycle, different pricing strategies are suitable for each stage. Let's discuss the pricing strategies that would be suitable at each stage:
Introductory Stage:
Unique product: Skimming Pricing Strategy: This strategy involves setting a high initial price to capture the early adopters and customers who are willing to pay a premium for the innovative and unique features of the product. Over time, as competition increases, the price can be gradually lowered.
Non-unique product: Penetration Pricing Strategy: This strategy involves setting a low initial price to quickly gain market share and attract customers. The goal is to penetrate the market by offering competitive pricing and capturing a large customer base. As the product gains traction and demand increases, the price can be adjusted upwards.
Growth Stage:
Pricing Strategy: Consumer Pricing: At this stage, the product has gained market acceptance, and competition may be intensifying. Consumer pricing strategies involve setting prices based on the perceived value of the product to the target customers. Prices can be set at a level that provides a balance between profitability and customer satisfaction, considering factors such as competition, customer preferences, and market dynamics.
Maturity Stage:
Pricing Strategy: Demand-Oriented Pricing: In the maturity stage, the market becomes saturated, and there may be a slowdown in customer growth. Demand-oriented pricing strategies focus on adjusting prices based on the current market demand and customer sensitivity to price changes. This may include pricing tactics such as discounts, promotional offers, and pricing bundles to maintain market share and stimulate demand.
Decline Stage:
Pricing Strategy: Loss Leader Pricing: In the decline stage, the market demand decreases as the product becomes outdated or faces competition from newer alternatives. Loss leader pricing involves setting the price of the product below cost or at a minimal profit to attract customers and generate sales. The goal is not necessarily to make a profit but to liquidate inventory, retain some loyal customers, or create opportunities for upselling or cross-selling other products.
It is important to note that these pricing strategies are not fixed and can be adjusted based on specific market conditions, competitive factors, and the overall business strategy. Flexibility and adaptability in pricing decisions are crucial throughout the product life cycle to ensure sustained success and profitability.
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This incentive contract is based on a target price of $260,000 withexpected costs of $240,000 and target incentive of $5,000.Thecontract specifies a share ratio of 80/20. If the actual cost is $249,000, what is the seller's final fee?A.$5,000,B.$13,800,C.$11,000,D.$7,200
Answers
The seller's final fee is $7,200. which is option D. based on the incentive contract.
The seller's final fee can be calculated by subtracting the target cost from the actual cost and multiplying it by the share ratio.
First, let's calculate the difference between the actual cost and the target cost:
Actual cost - Target cost = $249,000 - $240,000 = $9,000
Next, we multiply the difference by the share ratio:
$9,000 * (80/100) = $7,200
Therefore, the seller's final fee is $7,200.
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Which of the following is the BEST example of a consumer product?
O a case of toothbrushes sold to a dentist
Opeanuts to be sold by a vendor at a football game
Oa car bought by a real estate agency for its salespeople to use
O a textbook purchased by a student taking this class
Answers
The BEST example of a consumer product is: a textbook purchased by a student taking this class.
Consumer product can be defined as product that are bought or purchased by an individual or consumer for their own use.
"A textbook purchased by a student taking this class" is the best example of consumer product reason being the student specifically purchased the text book for his or her own personal use.
Example of consumer product is purchasing a shoe for your own use. Hence, based on the information given the student is the final user of the textbook.
Inconclusion the BEST example of a consumer product is: a textbook purchased by a student taking this class.
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What kind of risks can exist in a business?
Answers
Answer:
Business risk usually occurs in one of four ways: strategic risk, compliance risk, operational risk, and reputational risk.
Explanation:
A group of students organizing a protest march would be an instance of ________ speech.
A) limited protected
B) prohibited
C) unprotected
D) fully protected
Answers
Answer:
C) unprotected
Explanation:
Unprotected explains that when an individual is not feeling safe and want to be stay from the harm or injury by another person.
Therefore according to the given situation, a group of students conduct a march for protest for the purpose of unprotected speech so that everyone should aware about their safety.
So, as per the above explanation the correct answer is c.
duffy company has a fiscal year ending on september 30, 2020. the adjusted trial balance at the end of the year is as follows: duffy company trial balance (adjusted) 30-sep-20 debit $37,400 $4,200 $6,200 11,000 3,900 70,000 120,000 80,000 18,600 123,500 7,800 18,000 14,400 12,000 21,900 548,900 credit cash inventory supplies accounts receivable prepaid insurance land equipment patent accumulated depreciation – equipment accounts payable mortgage payable (due 2024) interest payable salaries and wages payable unearned rent revenue dividends capital retained earnings, oct 1, 2019 sales revenue rent revenue cost of goods sold depreciation expense insurance expense supplies expense interest expense salaries and wages expense required: a) prepare a classified statement of financial position. b) journalize the closing entries c) prepare a post-closing trial balance $42,000 19,600 79,000 6,000 4,100 4,800 109,700 28,800 240,500 14,400 548,900 (10 marks) (5 marks) (5 mark
Answers
The preparation of a classified statement of financial position (balance sheet), closing entries, and post-closing trial balance is as follows:
a. Statement of Financial Position (Balance Sheet)
As of September 30, 2020
Assets:
Current Assets:
Cash $37,400
Inventory 4,200
Supplies 6,200
Accounts Receivable 11,000
Prepaid Insurance 3,900 $62,700
Long-term Assets:
Land 70,000
Equipment 120,000
Accumulated Depreciation (18,600)
Patent 80,000
Other assets 13,800 $265,200
Total assets $327,900
Liabilities and Equity:
Current Liabilities:
Accounts payable 42,000
Interest payable 19,600
Salaries and wages payable 6,000
Unearned rent revenue 4,100 $71,700
Long-term Liabilities:
Mortgage payable (due 2024) 79,000
Total liabilities $150,700
Equity:
Capital 109,700
Retained earnings 67,500 $177,200
Total liabilities and equity $327,900
b) Closing Journal Entries:
Debit Sales revenue $240,500
Credit Statement of Financial Performance $240,500
Debit Statement of Financial Performance $123,500
Credit Cost of goods sold $123,500
Debit Rent revenue $14,400
Credit Statement of Financial Performance $14,400
Debit Expenses:
Depreciation Expense $7,800
Insurance Expense $18,000
Supplies Expense $14,400
Interest Expense $12,000
Salaries and Wages Expense $21,900
Credit Statement of Financial Performance $74,100
Debit Credit Statement of Financial Performance $57,300
Credit Retained Earnings $57,300
c) Post-Closing Trial Balance
Account Titles Debit Credit
Cash $37,400
Inventory 4,200
Supplies 6,200
Accounts Receivable 11,000
Prepaid Insurance 3,900
Long-term Assets:
Land 70,000
Equipment 120,000
Accumulated Depreciation $18,600
Patent 80,000
Other assets 13,800
Accounts payable 42,000
Interest payable 19,600
Salaries and wages payable 6,000
Unearned rent revenue 4,100
Mortgage payable (due 2024) 79,000
Capital 109,700
Retained earnings 67,500
Totals $327,900 $327,900
Data and Calculations:
Trial Balance
Cash $37,400
Inventory 4,200
Supplies 6,200
Accounts Receivable 11,000
Prepaid Insurance 3,900
Land 70,000
Equipment 120,000
Patent 80,000
Other assets 13,800
Accumulated Depreciation- Equipment $18,600
Cost of goods sold 123,500
Depreciation Expense 7,800
Insurance Expense 18,000
Supplies Expense 14,400
Interest Expense 12,000
Salaries and Wages Expense 21,900
Accounts payable 42,000
Mortgage payable (due 2024) 79,000
Interest payable 19,600
Salaries and wages payable 6,000
Unearned rent revenue 4,100
Dividends 4,800
Capital 109,700
Retained earnings, Oct. 1, 2019 15,000
Sales revenue 240,500
Rent revenue 14,400
Totals $548,900 $548,900
Statement of Financial Performance (Income Statement)
For the year ended September 30, 2020
Sales revenue $240,500
Cost of goods sold 123,500
Gross profit $117,000
Rent revenue 14,400
Total income $131,400
Expenses:
Depreciation Expense 7,800
Insurance Expense 18,000
Supplies Expense 14,400
Interest Expense 12,000
Salaries and Wages Expense 21,900
Total Expenses $74,100
Net Income $57,300
Statement of Retained Earnings:
Retained earnings, Oct. 1, 2019 $15,000
Net income 57,300
Dividends (4,800)
Retained earnings, Sept. 30, $67,500
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