Sysco, formed in 1969, is North America's largest marketer and distributor of food service products, serving approximately 425,000 restaurants, hotels, schools, hospitals, and other institutions. The following summarized transactions are typical of those that occurred in a recent year (dollars are in millions). a. Purchased plant and equipment for $ 636 in cash. b. Borrowed \ from a bank, signing a short-term note. c. Provided $ 39,323 in service to customers during the year, with $ 28,558 on account and the rest received in cash. d. Paid $ 32,074 cash on accounts payable. e. Purchased $ 32,305 inventory on account. f. Paid payroll, $ 3,500 during the year. g. Received $ 39,043 on account paid by customers. h. Purchased and used fuel of $ 750 in delivery vehicles during the year (paid for in cash). i. Declared $ 597 in dividends at the end of the year to be paid the following year. j. Incurred $ 68 in utility usage during the year; paid $ 55 in cash and owed the rest on account.
Required:
For each of the transactions, prepare journal entries. Determine whether the accounting equation remains in balance and debits equal credits after each entry.
Answers
A journal entry is a record of a financial transaction in a company's accounting system. It is used to chronologically record the debits and credits of each transaction, ensuring that the accounting equation (assets = liabilities + equity) remains in balance.
Here are the journal entries for each of the transactions along with an analysis of whether the accounting equation remains in balance and debits equal credits:
a. Purchased plant and equipment for $636 in cash:
Debit: Plant and Equipment $636
Credit: Cash $636
The accounting equation remains in balance because the increase in assets (Plant and Equipment) is offset by a corresponding decrease in assets (Cash). Debits equal credits.
b. Borrowed from a bank, signing a short-term note:
Debit: Cash (increase in assets)
Credit: Notes Payable (increase in liabilities)
The accounting equation remains in balance because the increase in assets (Cash) is offset by an increase in liabilities (Notes Payable). Debits equal credits.
c. Provided $39,323 in service to customers:
Debit: Accounts Receivable $28,558 (increase in assets)
Debit: Cash $10,765 (increase in assets)
Credit: Service Revenue $39,323 (increase in equity)
The accounting equation remains in balance because the increase in assets (Accounts Receivable and Cash) is offset by an increase in equity (Service Revenue). Debits equal credits.
d. Paid $32,074 cash on accounts payable:
Debit: Accounts Payable $32,074 (decrease in liabilities)
Credit: Cash $32,074 (decrease in assets)
The accounting equation remains in balance because the decrease in liabilities (Accounts Payable) is offset by a decrease in assets (Cash). Debits equal credits.
e. Purchased $32,305 inventory on account:
Debit: Inventory $32,305 (increase in assets)
Credit: Accounts Payable $32,305 (increase in liabilities)
The accounting equation remains in balance because the increase in assets (Inventory) is offset by an increase in liabilities (Accounts Payable). Debits equal credits.
f. Paid payroll $3,500 during the year:
Debit: Salaries and Wages Expense $3,500 (increase in expenses)
Credit: Cash $3,500 (decrease in assets)
The accounting equation remains in balance because the increase in expenses (Salaries and Wages Expense) is offset by a decrease in assets (Cash). Debits equal credits.
g. Received $39,043 on account paid by customers:
Debit: Cash $39,043 (increase in assets)
Credit: Accounts Receivable $39,043 (decrease in assets)
The accounting equation remains in balance because the increase in assets (Cash) is offset by a decrease in assets (Accounts Receivable). Debits equal credits.
h. Purchased and used fuel of $750 in delivery vehicles during the year (paid for in cash):
Debit: Fuel Expense $750 (increase in expenses)
Credit: Cash $750 (decrease in assets)
The accounting equation remains in balance because the increase in expenses (Fuel Expense) is offset by a decrease in assets (Cash). Debits equal credits.
i. Declared $597 in dividends:
Debit: Retained Earnings $597 (decrease in equity)
Credit: Dividends Payable $597 (increase in liabilities)
The accounting equation remains in balance because the decrease in equity (Retained Earnings) is offset by an increase in liabilities (Dividends Payable). Debits equal credits.
j. Incurred $68 in utility usage:
Debit: Utilities Expense $68 (increase in expenses)
Credit: Accounts Payable $13 (increase in liabilities)
Credit: Cash $55 (decrease in assets)
The accounting equation remains in balance because the increase in expenses (Utilities Expense) is offset by an increase in liabilities (Accounts Payable) and a decrease in assets (Cash). Debits equal credits.
For each transaction, the accounting equation remains in balance, and the debits equal the credits.
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A fashion boutique manager is responsible for doing the annual books for the
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Explanation:
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If you invest $8,500 per period for 12 years at 10 percent, how much you would have can be calculated using the formula and financial calculator methods.
Using Appendix C as an approximate answer, we can see that the future value factor for 12 years at 10 percent is 3.1059. Therefore, the approximate answer is:
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However, to get the exact answer, we need to use the formula and financial calculator methods.
Formula method:
Future value = Present value x (1 + rate)^n
where,
rate = 10% per year
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Present value = $8,500 per period
Future value = ?
Using this formula, we can calculate the future value as:
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Therefore, if you invest $8,500 per period for 12 years at 10 percent, you would have $28,541.17.
Financial calculator method:
We can also use a financial calculator to calculate the future value. The steps are:
1. Enter 12 for n (number of periods)
2. Enter 10 for i (interest rate)
3. Enter -8500 for PMT (payment or deposit per period)
4. Press FV (future value)
The answer will be $28,541.17, which is the same as the answer we got using the formula method.
Therefore, if you invest $8,500 per period for 12 years at 10 percent, you would have $28,541.17.
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Answer:
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Answer:
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Answer:
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Answer:
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The share price after the reverse stock split will be $1826.55.
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The cost of one share of a company is known as share price.
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Answer:
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Opinion
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Answers
The transaction that is not included in GDP is giving up a weekend of leisure to repair your roof yourself.
1. Paying a roofer $3,000 to repair your roof after hailstorm damage: This transaction is included in GDP as it involves a payment for a service provided by the roofer.
2. Purchasing $60 worth of first aid supplies at a local drugstore: This transaction is included in GDP because it represents a consumption of goods.
3. Giving up a weekend of leisure to repair your roof yourself: This transaction is not included in GDP. GDP only measures market transactions, and since you are not paying anyone for the repair and it's not part of any market, it does not contribute to GDP.
4. Paying a roofer $3,000 to repair your roof after discovering leaks due to normal wear and tear: This transaction is included in GDP as it involves a payment for a service provided by the roofer. The correct answer is is giving up a weekend of leisure to repair your roof yourself.
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Answers
Limited liability partnerships (LLPs) may be capitalized through debt from private or commercial lenders. The statement is True.
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Answer:
Financial Pain Points. Financial pain points are perhaps the most common concern for consumers. ...
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Answer:
because people are trying to be nice in these difficult times
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Answers
Answer: Backtranslation
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Back translation is the process of interpreting a document or retranslating a document that had been translated into another language back to its main original language.
Since the researchers are planning to use English and French versions of the survey, then in the preparation of the survey, they should use backtranslation.
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Answer:
The term "marketing brochure" refers to a small document, or pamphlet, which describes and promotes various products or services to be marketed.
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A Tear the mail in half and place each half in a different trash bag
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What do financial planning skills ultimately enable an individual to do?
to prepare for the future
to process their own tax returns
to stop spending
to become wealthier without saving money
Answers
Financial planning skills ultimately enables an individual: A. to prepare for the future.
What is the planning gap?The planning gap can be defined as the gap that typically exist between "where we are now?" and "where we want to be?"
Basically, "where are we now?" describes the current situation of things or financial and non-financial activities that a business firm currently holds. On the other hand, "where we want to be?" is a vision and mission statement that focuses on achieving the goals and objectives set for a business firm.
What are financial planning skills?Financial planning skills can be defined as the ability of an individual to determine the most appropriate (best) financing and investing activities for himself or herself, or a business firm after evaluating all available options.
In this context, we can reasonably infer and logically deduce that financial planning skills ultimately enables an individual to prepare and plan for the future.
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Suppose that this month one million more people enter the labor force, but the total number of people working does not change. Then a. total employment has risen.b. the nation's unemployment rate has risen.c. the nation's unemployment rate has fallen. d. the nation's unemployment rate has not changed.
Answers
In an economy, the labor force is the total number of people who are either employed or unemployed but actively looking for work. When the number of people in the labor force increases, the total number of people working may or may not change. In this case, we are assuming that the total number of employed people stays the same.
When one million more people enter the labor force but the number of employed people stays the same, it means that those additional one million people are now classified as unemployed. To calculate the unemployment rate, we take the number of unemployed people and divide it by the labor force.
Therefore, if the labor force increases by one million people, but the number of employed people does not change, the number of unemployed people has increased by one million. Dividing this number by the larger labor force will result in a higher unemployment rate.
So, the correct answer is b. the nation's unemployment rate has risen.
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Question 2(Multiple Choice Worth 5 points)
(02.06 MC)
In general, what kind of people earn the most money?
O People with skills that are in high demand and high in supply
O People with skills that are in high demand but low in supply
O People with skills that are in low demand and low in supply
People with skills that are in low demand but high in supply
Answers
They earn the most money since skills also follow the law of supply and demand, so consumers are willing to pay more due to low supply