the following are selected 2025 transactions of windsor corporation. sept. 1 purchased inventory from encino company on account for $61,500. windsor records purchases gross and uses a periodic inventory system. oct. 1 issued a $61,500, 12-month, 8% note to encino in payment of account. oct. 1 borrowed $61,500 from the shore bank by signing a 12-month, zero-interest-bearing $66,420 note. Prepare journal entries for the selected transactions above.
Answers
September 1: Debit: Inventory $61,500, Credit: Accounts Payable $61,500
October 1: Debit: Notes Payable (Encino) $61,500, Credit: Accounts Payable $61,500
Debit: Notes Payable (Shore Bank) $61,500, Credit: Cash $61,500
What are journal entries?The fundamental records of a company's financial transactions are journal entries. They are employed to systematically and orderly record company events and transactions. Journal entries serve as a detailed and accurate record of a company's financial transactions, which may be used to create financial statements like the income statement and balance sheet.
Typically, journal entries contain the following details:
Date: The date the transaction occurred.Account names: The names of the accounts involved in the transaction.Debit amount: The amount recorded as a debit in the transaction.Credit amount: The amount recorded as a credit in the transaction.Explanation: A brief explanation of the transaction.The double-entry accounting method, in which every transaction is recorded as both a debit and a credit, is the core idea underpinning journal entries. This approach makes sure that the accounting equation is balanced, which requires that a company's total assets equal its total liabilities plus owner equity.
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Related Questions
The life insurance cash needs approach includes an emergency reserve refund designed primarily to
Answers
The life insurance cash needs approach includes an emergency reserve refund designed primarily to cover the cost of unexpected expenses.
A cash-value life insurance policy might be viewed as an investment. In certain businesses, a part of the premiums is placed in a cash savings account where it earns interest and may result in tax savings. Life insurance is a contract between a policyholder and an insurer wherein the insurer agrees to pay a sum of cash in exchange for a premium upon the demise of an insured person or after a predetermined amount of time. When an insured individual passes away too soon, the main goal of life insurance is to compensate dependents financially. When the insured person passes away, the life insurance pays predetermined cash known as a "death benefit" to the designated beneficiary.
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Can Uber Be the Uber of Everything?
Case studies topic ⬆️
The Internet may not make corporations obsolete, but the corporations will have to change their business models. Do you agree? Why or why not?
Answer the question refrence too
Answers
Answer: Corporations will not have to change their business model as much as one may think.
Explanation: Uber becoming the Uber of everything isn't a strange idea or anything new: they just get to now insert their name what ever they are expanding to. A glaring example would be the existence in oligarchies in the corporations of the US and the variety of companies owned by a ruler.
If the order is accepted, by how much will monthly profits increase or decrease? (The order would not change the company’s total fixed costs.) Show and label all computations using words and numbers to explain the steps please (final answer should be incremental profits)
Answers
If the Superior Company accepts the special order, monthly profits will increase by $2,500.
By how much will monthly profits increase or decrease if order is accepted?To determine the impact on monthly profits, we need to calculate the contribution margin per unit on the special order.
Contribution margin per unit = Selling price per unit - Variable costs per unit
= $15 - ($2.50 + $3.00 + $0.50 + $1.50)
= $7.50
The contribution margin ratio is 50% ($7.50 / $15).
The fixed costs are $4.25 + $2.00 = $6.25 per unit.
If the company accepts the special order, it will produce and sell an additional 2,000 units.
Total contribution margin from the special order:
= 2,000 units x $7.50 per unit
= $15,000
Since the order would not affect regular sales, the company's total fixed costs will remain the same. Therefore, the increase in monthly profits would be:
Increase in monthly profits = Total contribution margin from the special order - Incremental fixed costs
= $15,000 - ($6.25 x 2,000)
= $2,500.
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Spencer, who itemizes deductions, had adjusted gross income of $60,000 for the current year. The following additional information is available for the year:
Cash Contribution to Church $4,000
Purchase of art object at church bazaar
(with a fair market value of $800 on the date of purchase) 1,200
Donation of used clothing to Salvation Army
(fair value evidenced by receipt received) 600
What is the maximum amount Spencer can claim as a deduction for charitable contributions in the current year?
Answers
Answer:
The maximum amount Spencer can claim as a deduction for charitable contributions in the current year is $5,000.
Explanation:
The following are the list of allowable deductions:
Cash Contribution to Church = $4,000
Excess of amount paid for art object at church bazaar over fair market value = $1,200 - $800 = $400
Fair market value used clothing donated to Salvation Army = $600
Total allowable deductions = Cash Contribution to Church + Excess of amount paid for art object at church bazaar over fair market value + Fair market value used clothing donated to Salvation Army = $4,000 + $400 + $600 = $5,000
The decision rule is that the total allowable deduction must be less than the 50% of adjusted gross income ceiling.
50% of adjusted gross income = Adjusted gross income * 50% = $60,000 * 50% = $30,000
Since the total allowable deductions of $5,000 is less than the $30,000 which is 50% of adjusted gross income, the maximum amount Spencer can claim as a deduction for charitable contributions in the current year is $5,000.
A bank account pays interest at a nominal annual rate of 8.4%, compounded monthly. The account initially contains $100 and no new deposits are made, but any interest earned is kept in the account. To the nearest cent, what is the balance in the account after six years? (A) $108.73
Answers
Answer:
The ballance after six years will be $108.72 when rounded off to the nearest cent
Choe Company has HK $1,500,000 of bonds outstanding. The unamortized premium is HK $19,600. If the company redeemed the
bonds at 101, what would be the gain or loss on the redemption?
HK $4,600 loss
HK $15,000 gain
HK $15,000 loss
HK $4,600 gain
Answers
The gain or loss on the redemption is: D. HK $4,600 gain.
How to find the Gain or loss on redemptionUsing this formula to find the gain or loss on redemption
Gain or loss on redemption = [(Face value + Unamortized Premium ) – (Face value x Selling price)
Let plug in the formula
Gain or loss on redemption = (HK $1,500,000 + HK $19,600) - (HK $1,500,000 ×1.01)
Gain or loss on redemption = HK $1,519,600 - HK $1,515,000
Gain or loss on redemption = HK $4,600 gain
Therefore the correct option is D.
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All leaders tend to share several common characteristics.
O True
O False
Answers
Answer:
O True
Explanation:
Good planning and wise use of insurance can eliminate all risk. True or false?
Answers
Answer:
False.
Explanation:
Good planning and wise use of insurance are some ways you can reduce risk, but it won't eliminate all risk.
TopKnotch Mfg. Co. has a production cost of $280. It sells its product to a wholesaler for $400. The wholesaler then sells the item to retailers for $500 and the retailers sell the item for $1,000.
A. What is the retailer’s markup percentage on selling price?
•
B. What is the wholesaler’s markup percentage on selling price?
•
C. What is the manufacturer’s markup percentage on cost?
Answers
Answer: 50%, 40%
Explanation: A. What is the retailer’s markup percentage on selling price?
Selling price – cost/Selling price X 100 so 1000-500=500/1000 =.5 X 100 = 50%
B. What is the wholesaler’s markup percentage on selling price? 1000-400/1000 X 100 = 40%
A. The retailer's markup percentage on selling price is 100%.
B. The wholesaler's markup percentage on selling price is 25%.
C. The manufacturer's markup percentage on cost is approximately 42.86%.
A. Retailer's Markup Percentage on Selling Price is calculated as follows:
Markup = Selling Price - Purchased Price
Markup = $1,000 - $500
= $500
Markup Percentage = (Markup / Purchased Price) * 100
Markup Percentage = ($500 / $500) * 100
= 100%
B. Wholesaler's Markup Percentage on Selling Price is calculated as follows:
Markup = Selling Price - Purchased Price
Markup = $500 - $400
= $100
Markup Percentage = (Markup / Purchased Price) * 100
Markup Percentage = ($100 / $400) * 100
= 25%
C. Manufacturer's Markup Percentage on Cost is calculated as follows:
Markup = Selling Price - Production Cost
Markup = $400 - $280
= $120
Markup Percentage = (Markup / Production Cost) * 100
Markup Percentage = ($120 / $280) * 100
= 42.86%
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The process of creating value for building relationships with customers in order to
capture value back from them is .
a. Utility c. Transactional e. Buying power
b. Social Commerce d. Marketin
Answers
Explanation:
The answer is marketing
In business, a message written to right a wrong is called a claim. Straightforward claims are those where the receiver is expected to readily agree with your message. These claims require a direct approach. To be an effective business communicator, you should familiarize yourself with the best practices for making direct claims and voicing complaints.
Required:
What should you include in the opening of a direct claim message?
Answers
Answer: A clear statement of the problem
Explanation:
The opening of a direct claim message should clearly state the problem that you would like to be addressed by the receiver and would set the tone for the rest of the message.
Claim messages are formal messages and as such, should be clear and concise so that the message is communicated effectively and there is a lesser chance of the message being misread. This is why the message should be clearly stated, so that the receiver understands it and responds in kind.
Companies should look at the specific target markets of competitors to benefit from market research efforts already done and to learn about consumers in the target market. True or False
Answers
It is a true statement that companies should look at the specific target markets of competitors to benefit from market research efforts already done and to learn about consumers in the target market.
Should companies look at competitors' target markets for research?Companies will benefit from studying the target markets of their competitors as part of their market research efforts because it helps to gain insights into the needs, preferences, and behavior of consumers in those markets.
So, this can inform their own marketing strategies and product development. Also, its helps to analyse the strengths and weaknesses of competitors' marketing approaches which help companies identify opportunities for differentiation and competitive advantage.
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Suppose an entrepreneur in New Hampshire wanted to expand her supply of maple syrup and maple sugar products to compete with similar businesses in the state. She knows she has to stay within fair market prices, especially since maple products are seasonal. She also wants to appeal to the related economic behavior. How would profit motive impact this entrepreneur’s decisions? Define profit motive and provide at least two examples of the role of profit motive in this type of business.
Answers
Companies can market their goods and services more effectively if they understand that many of their decisions are motivated by profit. A company, for example, may demonstrate how their subscription service can save someone time and money, thereby increasing their overall profit.
What is profit motive?The profit motive is the driving force behind businesses that seek to maximize their profits. The ultimate goal of a business, according to mainstream microeconomic theory, is "to make money" - not in the sense of increasing the firm's stock of means of payment, but in the sense of "increasing net worth." The profit motive is an individual's drive to engage in activities that will result in net economic gain. People are induced to invent, innovate, and take risks that they would not otherwise take because of the profit motive. The profit motive is beneficial in business because it motivates leaders to act. Profit motive influences purchasing and can influence supply and demand.To learn more about profit motive, refer to:
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You should FOLLOW UP on items that: ______________, _________________, ________________.
Answers
First one to answer gets a brainly, look at the picture please
Answers
Answer:
c
Explanation:
Answer: B
Explanation:
E4.11 (LO 2), AP Selected accounts for Tamora’s Salon are presented here. All June 30 postings are from closing entries.
Salaries and Wages Expense
6/10 3,200
6/28 5,600
Bal. 8,800 6/30 8,800
Supplies Expense
6/12 600
6/24 700
Bal. 1,300 6/30 1,300
Service Revenue
6/15 9,700
6/24 8,400
6/30 18,100 Bal. 18,100
Rent Expense
6/1 3,000
Bal. 3,000 6/30 3,000
Owner’s Capital
6/30 2,500 6/1 12,000
6/30 5,000
Bal. 14,500
Owner’s Drawings
6/13 1,000
6/25 1,500
Bal. 2,500 6/30 2,500
Instructions
Prepare the closing entries that were made.
Post the closing entries to Income Summary.
Prepare correcting entries.
Answers
1. The preparation of the the closing journal entries made is as follows:
Closing Journal Entries:Debit Income Summary $8,800
Credit Salaries and Wages Expense $8,800
Debit Income Summary $1,300
Credit Supplies Expense $1,300
Debit Income Summary $3,000
Credit Rent Expense $3,000
Debit Service Revenue $18,100
Credit Income Summary $18,100
2. The posting of the closing entries to the Income Summary is as follows:
Income Summary:Service Revenue $18,100
Salaries & Wages Expense $8,800
Supplies Expense 1,300
Rent Expense 3,000
Total Expenses $13,100
Operating income $5,000
3. The preparation of the the correcting entries is as follows:
Debit Owner’s Drawings $2,500
Credit Owner’s Capital $2,500
What are closing entries?Closing entries are the journal entries made at the end of a financial period to close the revenue and expenses (temporary accounts) to the income summary, income summary to the retained earnings account, and dividends to retained earnings.
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Differentiate the terms small business and entrepreneurial opportunity
Answers
Answer:
Small businesses usually deal with known and established products and services, while entrepreneurial ventures focus on new, innovative offerings. Because of this, small business owners tend to deal with known risks and entrepreneurs face unknown risks.
If consumers start saving more rather than spending, what is most likely to happen? A Decrease in Savings, B Increase in the real interest rate, C Decrease in the Supply of loanable funds, D Decrease in the real interest rate
If the Federal Reserve institutes Contractionary Policy, which of the following is most likely to increase? A Interest rates ,B Gross Domestic Product ,C Government spending , D Tax rates
Answers
If consumers start saving more rather than spending, the most likely outcome would be a decrease in the real interest rate (option D).
If the Federal Reserve institutes Contractionary Policy, the most likely outcome would be an increase in interest rates (option A).
What happens If consumers start saving more rather than spendingThis happens because an increase in savings means that there is more supply of loanable funds in the market, which can lead to a decrease in the cost of borrowing and, consequently, a decrease in the real interest rate.
What happens if Federal Reserve institutes Contractionary PolicyIf the Federal Reserve institutes Contractionary Policy, the most likely outcome would be an increase in interest rates (option A). Contractionary policy is designed to reduce the money supply and slow down economic growth to combat inflation.
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[The following information applies to the questions displayed below.]
On January 1, 2024, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year.
Assuming the market interest rate on the issue date is 9%, the bonds will issue at $293,938.
2. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024.
(Interest Expense does not equal 12800)
Answers
To record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024, we need to consider the issuance of the bonds and the accrual of interest expense.
1. Bond Issue on January 1, 2024:
Date Account Debit Credit
--------------------------------------------------------
January 1, 2024 Cash $293,938
Bonds Payable $320,000
To record the issuance of $320,000 face value bonds at a discounted price of $293,938.
2. Semiannual Interest Payment on June 30, 2024:
Date Account Debit Credit
--------------------------------------------------------
June 30, 2024 Interest Expense $14,400
Cash $14,400
To record the semiannual interest payment ($320,000 * 8% / 2 = $12,800) for the period from January 1, 2024, to June 30, 2024.
3. Semiannual Interest Payment on December 31, 2024:
Date Account Debit Credit
--------------------------------------------------------
December 31, 2024 Interest Expense $14,400
Cash $14,400
To record the semiannual interest payment ($320,000 * 8% / 2 = $12,800) for the period from July 1, 2024, to December 31, 2024.
Please note that the interest expense amount mentioned in the question might be incorrect. Based on the information provided, the interest expense should be $12,800 for each semiannual interest payment, resulting in a total of $25,600 for the year 2024.
should work or another form of payment be used to satisfy a lien ?
Answers
Explanation:
A lien is a legal claim over an asset until the debt obligation is satisfied.
Why is it important to establish a theme and message to use across all
promotional activities?
A. Using the same theme and message in each promotional piece
means that your overall campaign will be effective.
OB. Using the same theme and message across all promotional
activities means that you don't have to come up with a
coordinated goal.
OC. By repeating the same basic thrust of your message in each
promotional piece, consumers will identify you with that message.
W
D. By sticking with one theme for all promotional activities, you
ensure that you reach your target audience.
Answers
Answer: C
Explanation:
By repeating the same basic thrust of your message in each
promotional piece, consumers will identify you with that message.
Answer:
C. By repeating the same basic thrust of your message in each
promotional piece, consumers will identify you with that message.
Explanation: It makes the most sense
A company's Income Tax Payable account decreased from $14 million to $12 million during the year. If its income tax expense was $80 million, what would be shown as cash paid for income taxes under the direct method?
A cash outflow of $12 million.
A cash outflow of $78 million.
A cash outflow of $80 million.
A cash outflow of $82 million.
Answers
Answer:
A cash outflow of $82 million is correct answer
Explanation:
Options:
A cash outflow of $12 million.
A cash outflow of $78 million.
A cash outflow of $80 million.
A cash outflow of $82 million.
(Hope this helps can I pls have brainlist (crown)
Answer:
A cash outflow of $82 million
Explanation:
$14 million + 80 million - x = $12 million. x = $82 million.
Hope this helps, have a nice day/night! :D
Match each concept to its definition.
Tiles
cohort analysis
VALS
concept testing
posttesting
Pairs
quality check before product development
arrowBoth
marketers use psychographic data to categorize consumers
arrowBoth
analysis based on consumers’ generation
arrowBoth
evaluation of recall and recognition of an advertisement
Answers
The concept with its definition:
Tiles: Quality check before product developmentCohort analysis: Both evaluation of recall and recognition of an advertisementVALS: Both marketers use psychographic data to categorize consumersConcept testing: Both analysis based on consumers' generationPosttesting: Evaluation of recall and recognition of an advertisementTiles: A concept in marketing that refers to the small, square ceramic or stone pieces used for covering surfaces such as floors and walls. It is commonly used in interior design and construction projects to create visually appealing and durable surfaces.
Cohort analysis: A statistical technique used in marketing and analytics to group individuals into specific segments or cohorts based on shared characteristics or behaviors.
VALS: An acronym for Values and Lifestyles, VALS is a psychographic segmentation tool used in marketing research to categorize consumers based on their values, motivations, and lifestyles.
Concept testing: A research method used in marketing to assess the viability and potential success of a new product or idea before it is launched.
Posttesting: The evaluation of an advertisement or marketing campaign after it has been launched to assess its effectiveness and impact on the target audience.
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Describe the fiscal policy action that is discussed in the article including is such a such as is under the bed approve or reject it will the fiscal policy action discuss in the article promote price stability fallen ploy Ment and economic growth is playing with the fiscal policy action discussing the article if approve contribute to the creation of a budget surplus or a budget deficit will this likely increase decrease or not affect the national debt explain did you approve or disapprove of the fiscal policy action describe in the article explains your response and identify at least one trade out for your choice
Answers
In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence a country's economy.
What is the meaning of Fiscal Policy?Fiscal policy is the term used to describe how the government uses taxation and spending to influence the economy. Governments frequently utilize fiscal policy to promote strong, long-term growth as well as to reduce poverty.
Fiscal policy refers to the tax and spending plans of the federal government. Fiscal policy decisions are largely made by the Administration and Congress with little input from the Fed.
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2) A soft drinks manufacturer sells each can for 50p. The variable costs per can are 10p. Fixed costs per year are £4 million. How much profit will be made if the business sells 15 million cans?
A- £2 million
B- £3 million
C- £6 million
D- £3.5 million
Answers
Answer:
Profit on 15,000,000 cans = £2 million
Explanation:
Given:
Sales price per can = £0.5
Variable cost per can = £0.1
Fixed costs per year = £4,000,000
Find:
Profit on 15,000,000 cans
Computation:
Profit on 15,000,000 cans = (Sales price per can)(15,000,000) - Fixed costs per year - (Variable cost per can)(15,000,000)
Profit on 15,000,000 cans = (£0.50)(15,000,000) - £4,000,000 - (£0.10)(15,000,000)
Profit on 15,000,000 cans = £7,500,000 - £4,000,000 - £1,500,000)
Profit on 15,000,000 cans = £2,000,000
Profit on 15,000,000 cans = £2 million
What is the most likely reason some people avoid all carbohydrates in order to lose weight?
Answers
Answer:
People avoid carbohydrates, because they have a high calory density.
g Gamgee Company wishes to maintain a growth rate of 12.8 percent per year, a debt-equity ratio of 1.4, and a dividend payout ratio of 40 percent. The ratio of total assets to sales is constant at .94. What profit margin must the firm achieve
Answers
The Profit margin that must be achieved is 12.74%.
Profit marginFirst step
Return on equity= Growth rate /(1 + Growth rate) × Retention ratio
Return on equity=12.8% / (1 + 12.8%) × (100%-40%)
Return on equity= 0.128/(1 +0.128) × 0.60
Return on equity= 0.128/1.128 × 0.60
Return on equity= 0.128/0.6768×100
Return on equity= 18.91%
Second step
Now the profit margin is:
Profit margin= ROE / Asset turnover × Equity Multiplier
Profit margin= 18.91% / {(1/.94) × 1.4}
Profit margin= 0.1891 / 1.06 × 1.4
Profit margin= 12.74%
Inconclusion the Profit margin that must be achieved is 12.74%.
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TRUE/FALSE. acceptance of goods occurs when:multiple choicethe buyer behaves as if the seller no longer owns the goods and the buyer fails to reject after a reasonable opportunity to inspect.the goods have been in possession of the buyer for 30 days.
Answers
An acceptance of goods occurs when buyer fails to reject after a reasonable opportunity to inspect. The Option B is correct.
What is an acceptance of goods?In sales law, an acceptance of goods occurs when the buyer, after a reasonable opportunity to inspect, signifies to the seller that the goods are conforming or that he will take or retain them in spite of their non-conformity.
This condition also occurs when buyer fails to make an effective rejection but not until the buyer has had a reasonable opportunity to inspect the goods. As well, it occurs when the buyer does any act inconsistent with the seller's ownership but if such act is wrongful as against the seller it is an acceptance only if ratified by him.
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Mary lives in a remote mountain town. The community has been approached by a nuclear power company to build a waste storage facility in an abandoned salt mine in the area. Geologists have surveyed the mine and confirmed that the rock structure is very stable, but Mary still opposes the project. What is her primary concern likely to be?
A.
the cost of construction
B.
reduction in salt supplies
C.
reduction in property values
D.
risk of leakage from the nuclear waste containers
Answers
Answer:
Explanation:
D. risk of leakage from the nuclear waste containers
when did among us come out?
2017
2018
2016
2015
Answers
Answer:
2018
Explanation:
smarts i have been playing it science the begining
Answer:
2018!?
Explanation: