Business College

The trial balance of Swifty Corporation at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $18,650; Purchases $227,110; Sales Revenue $208,200; Freight-In $9,560; Sales Returns and Allowances $3,440; Freight-Out $1,810; and Purchase Returns and Allowances $8,000. The ending inventory is $23,400.
Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022.

Answers

Answer 1

Answer and Explanation:

The preparation of the cost of goods sold section is presented below;

Beginning inventory $18,650

Purchases $227,110

Less: Purchase return & allowances ($,8000)

Add: Freight in $9,560

Cost of goods available for sale $247,320

Less: Ending inventory ($23,400)

Cost of goods sold $223,920

In this way it should be prepared

Related Questions

Regardless of the career you want to pursue, you can still get the _____ necessary to achieve success.

test

aptitude

money

help

Answers

Aptitude would be the answer (:

Explain what should be your attitude after taking the test.

Answers

Your attitude after taking the test should be relaxed

Maybe a little stressed out but that’s normal, just give yourself a break and build your confidence up. Feeling good about the test will help you to feel nice after.

what is the real name of rocky

Answers

Robert "Rocky" Balboa

Lee Willis loaned Audrey Chin $16,000 to open Snip its hair salon. After 6 years, Audrey will repay Lee with 8% interest compounded quarterly. How much will Lee receive at the end of 6 years?

Answers

Interest : After solving the problem the Lee will receive $23,454.25. at the end of 6 years.

What is Interest?

Interest is the cost of borrowing money, or the income earned from lending money. It is expressed as a percentage rate, which represents the amount of money (called interest) paid relative to the amount of money borrowed (called the principal). Interest is a necessary part of any loan or credit agreement. It is the price paid for the use of money over time.

At the end of 6 years, Lee will receive $23,454.25. This is calculated by using the formula A = P(1 + r/n)^nt,
where A is the future value,
P is the principal amount,
r is the annual interest rate,
n is the number of times the interest is compounded, and
t is the number of years.
In this case, P = $16,000, r = 0.08 (8%), n = 4 (quarterly), and t = 6. Plugging those values into the equation, we get A = $16,000(1 + 0.08/4)^4*6 = $23,454.25.

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Suppose you are a human resource professional at a company setting up work
teams for production and sales. Explain at least four legal requirements which need
to be embedded in your pay structure to support this new work arrangement.

Answers

If I were a human resource professional at a company setting up work teams for production and sales, the four legal requirements that need to be embedded in my pay structure to support this new work arrangement are:

The nation's minimum yearly salary.State minimum wage is paid.Minimal wage for the employees.A flat wage for the position.

What will the legal requirements be about?

A group incentive plan is a form of compensation that bases pay on the collective performance of a team and emphasizes cost-cutting, productivity growth, and achieving organizational objectives.

I supposedly work in human resources for a company that organizes work teams for sales and production and I would suggest the below point to encourage this new work arrangement:

Teams that are unable to function independently are provided group incentive plans. They are only able to function in teams, and the job itself necessitates it.

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Which of the following describes a common factor between the following places where vanilla beans are grown: Mexico, Tahiti, Indonesia, India, Uganda, and Papua New Guinea?

They are all near Central America.
They are all islands.
They are Spanish-speaking.
They are all at least partially tropical.

Answers

Answer: they are all least partially tropical

PlZ HELP!!!
Gabbie needs to directly connect with her customers in order to educate them about the advantages of using her products. Face-to-face interaction with the customers isn’t possible. What is the next best medium?
A.
multilevel marketing
B.
telemarketing
C.
e-commerce
D.
direct sales
E.
franchising

Answers

Answer:

B. telemarketing

Explanation:

In the telemarketing, the company or an individual is directly in contact with its customer with respect to the product over the phone call so that they could aware of the product

In this, the face to face interaction is not done

Therefore as per the given situation, the option B is correct as in this met the criteria.

Answer:

b) telemarketing

Explanation:

Wholemark is an Internet order business that sells one popular New Year greeting card once a year. The cost of the paper on which the card is printed is $0.40 per card, and the cost of printing is $0.10 per card. The company receives $3.75 per card sold. Since the cards have the current year printed on them, unsold cards have no salvage value. Their customers are from the four areas: Los Angeles, Santa Monica, Hollywood, and Pasadena. Based on past data, the number of customers from each of the four regions is normally distributed with mean 2,300 and standard deviation 200. (Assume these four are independent.)
What is the optimal production quantity for the card?

Answers

Answer:

≈ 9644 quantity of card

Explanation:

given data:

n = 4 regions/areas

mean demand = 2300

standard deviation = 200

cost of card (c) = $0.5

selling price (p) = $3.75

salvage value of card ( v ) = $ 0

The optimal production quantity for the card can be calculated using this formula below

= u + z (0.8667 ) * б

= 9200 + 1.110926 * 400

≈ 9644 quantity of card

First we have to find u

u = n * mean demand

= 4 * 2300 = 9200

next we find the value of Z

Z = ( $\frac{p-c}{p-v}$ )

= ( 3.75 - 0.5 ) / 3.75 = 0.8667

Z( 0.8667 ) = 1.110926 ( using excel formula : NORMSINV (0.8667 )

next we find б

б = 200$\sqrt{n}$ = 400

Which statement BEST matches the image. Cannot be used more than once. < < soda soda soda 个 orange juice • A orange juice • A orange juice A 1. Inefficient / Underutilization 2. Impossible / Unobtainable Technological advances in production 3. 4. Efficient Production

Which statement BEST matches the image. Cannot be used more than once. < < soda soda soda orange

Answers

We can see here that the statement that best matches the image is Inefficient production / Underutilization.

What is inefficient production?

Inefficient production refers to a situation where resources are not utilized optimally or where the production process does not achieve the highest possible output given the available resources and technology. It implies that the production process is not operating at its maximum efficiency or effectiveness.

Addressing inefficiencies in production is crucial for organizations to enhance productivity, reduce costs, improve competitiveness, and maximize their output.

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Degregorio Corporation makes a product that uses a material with the following direct material standards:

Standard quantity 3.7 kilos per unit
Standard price $5 per kilo

The company produced 6,300 units in November using 23,780 kilos of the material. During the month, the company purchased 25,950 kilos of the direct material at a total cost of $124,560. The direct materials purchases variance is computed when the materials are purchased.

The materials quantity variance for November is:

A. $2,350 F

B. $2,256 F

C. $2,350 U

D. $2,256 U

Answers

Answer:

Materials quantity variance = $2,350 F

Explanation:

Given:

Standard quantity = 3.7 kilos per unit

Standard price = $5 per kilo

Unit produced = 6,300

Total material = 23,780

Computation:

Materials quantity variance = (Actual quantity × Standard price) - (Standard quantity × Standard price)

Materials quantity variance = (23,780 × $) - (6,300 × 3.7 × $5)

Materials quantity variance = $118,900 - $116,550

Materials quantity variance = $2,350 F

Work ethics are a naturally inherited quality.

Is this statement true or false?

true

false

Answers

Falseeeeeeeeeeeeeeeeeeeee

Why is pay a valuable part of employee recognition? What are the potential results
of not paying employees a competitive salary?

Answers

Answer:

seuruduusuwjr d ziw9r8q w

The required return on the stock of Moe's Pizza is 10.4 percent and aftertax required return on the company's debt is 3.28 percent. The company's market value capital structure consists of 65 percent equity. The company is considering a new project that is less risky than current operations and it feels the risk adjustment factor is minus 1.5 percent. The tax rate is 35 percent. What is the required return for the new project

Answers

Answer:

WACC - new project = 6.408% rounded off to 6.41%

Explanation:

The WACC or weighted average cost of capital is the cost of a firm's capital structure. The capital structure can consist of one or more of the following components namely debt, preferred stock and common equity. The WACC is calculated as follows,

WACC = wD * rD * (1 - tax rate) + wP * rP + wE * rE

Where,

w represents the weight of each component r represents the cost of each componentD, P and E represents debt, preferred stock and common equityrD * (1 - tax rate) is the after tax cost of debt

We first need to calculate the WACC of the company and then adjust it for the new project.

WACC = 35% * 3.28% + 65% * 10.4%

WACC = 7.908%

As the new project is less risky and has an adjustment factor of -1.5%, the required rate of return for the new project will be,

WACC - new project = 7.908% - 1.5%

WACC - new project = 6.408% rounded off to 6.41%

1. Billy’s Hamburger Barn has a single drive-up window.
Currently, there is one attendant at the window who takes
the order (30–40 seconds), gathers up the food and bags
it (30–120 seconds), and then takes the customer’s money
(30–40 seconds) before handing the food to the customer.
a. (**) Map the current process. What is the minimum
cycle time? The longest cycle time?
b. (***) Suppose Billy’s Hamburger Barn redesigns the
process described in problem 11 so there are now two
attendants. The first attendant takes the order. Once
this step is finished, the first attendant then takes the
money, and the second one gathers up and bags the
food. If two of the process steps can now run in parallel (gathering the food and taking the money), what
is the new minimum cycle time? What is the longest
cycle time? What potential problems could arise by
splitting the process across two individuals?

Answers

Billy’s Hamburger Barn has a single drive-up window. Currently, there is one attendant at the window who takes

1 minute 40 seconds is the bare minimum cycle time.

2 minutes and 35 seconds is the longest cycle time.

1 minute and 15 seconds is the new minimum cycle.

2 minutes is the new longest cycle time.

The potential issue with separating the procedure is that once the consumer has finished paying, they will likely have to wait for the second attendant to finish packaging for between 30 and 55 seconds, which will result in a backlog.

Making sure that collecting payment and packaging take equal amounts of time could address the issue.

Cycle time minimum: 20 + 55 + 25 = 100

= 1 minute and 40 seconds

The longest cycle time was 2 minutes and 35 seconds, or 30 minutes, 90 minutes, 35 minutes, and 155 minutes.

The new minimum cycle time is 20+55=75 seconds, or one minute and 15 seconds.

In the first 35 seconds of the preceding 55 seconds, money from customers was also taken.

The new longest cycle time is 30 + 90 + 120 = 2 minutes.

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1. Billys Hamburger Barn has a single drive-up window.Currently, there is one attendant at the window

Which of the following is not a feature of parliamentary democracy?

Answers

You didn’t leave the options...

which presentation is effective individual presentation or group presentation??

Answers

Answer:

group presentation

Explanation

Describe why the facility should have an inventory
list of equipment.

Answers

so people don't buy the same things again & again

to see

whats in stock

where they are displayed

how many they have

keep track of inventory

plan for restocking

know which items are running low

asset value for accounting or financial purposes.

Overall, an inventory list of equipment is a fundamental tool for facility management, providing comprehensive oversight, efficient maintenance planning, cost control, compliance adherence, emergency preparedness, and facilitating decision-making processes. It streamlines operations, enhances asset management, and contributes to the overall productivity and functionality of a facility.

Keeping Track: An inventory list helps facility managers know what equipment they have and where it is located.

Taking Care: The list helps plan when to fix or maintain equipment so it stays in good condition.

Saving Money: By knowing what equipment they have, managers can avoid buying things they don't need and spend money wisely.

Following Rules: Some facilities have rules to follow, and the inventory list helps managers keep track of important things like safety checks and paperwork.

Being Ready for Emergencies: The inventory list helps managers know which equipment is important during emergencies like fires or storms.

Planning and Buying: The inventory list helps managers decide what new equipment to buy and make a budget.

Talking to Insurance and Money People: The inventory list helps when talking to insurance or money people because it shows what equipment the facility has and how much it's worth.

provides information about the administrative and clinical machines in the facility.

gives you more control over your business' assets.

equipments inventory list provides information about the administrative and clinical machines in the facility. This information is used by the provider, supervisor, and/or accountant for future planning and tax paperwork

True or False? A job interview is only for the business to find out about your skills and abilities. Question 15 options: True False

Answers

Answer: False

Explanation: Job interviews and used to get to know you as person as well and in you’re a good for for the job. Not just skills and abilities.

A constraint on travel, when failing to obtain a visa, is known as an Answerissue.

Answers

The article is primarily made up of numbers and facts, as if this might actually solve any issues.The term "neo social movements" refers to issue-specific movements that began after the 1980s.

Which three restrictions apply to travel?

According to Crawford and Godbey (1987; 1991), the model includes three types of limitations: interpersonal, intrapersonal, and structural constraints. Individuals who are alone when travelling have interpersonal limits.

Which four restrictions on travel apply?

Four groups—intrapersonal, interpersonal, structural, and not a travel option—are used to group the 30 low-carbon travel restrictions.

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Why do you think government bonds usually have a low risk of default?

Answers

Answer:

In particular, the explanation government bonds being viewed as a secure option for investment is that they are guaranteed by the administration's absolute faith and confidence. Most shareholders are convinced government of the country won't default itself on debt trustees commitments.

Also if certain issues raised governments holds the power to increase taxes on the investment as well as they have the printing power of currency which makes such investments risk free.

is Labor is a type of human resource.

Answers

yes! labor is a type of human resource.

8. Anna Drew sells custom cabinets and
doors. She receives a 15% commission on
the doors she sells and a 7% commission
for each cabinet. What would her total
commission be if she sold $5,200-worth
of cabinets and $760-worth of doors?
A $112
B $230
C $478
D $542

Answers

Answer:

Explanation:

The first phase of the selling process involves
to sell.

Answers

Answer:

false. it is Prospecting. The first of the seven steps in the sales process is prospecting. In this stage, you find potential customers and determine whether they have a need for your product or service—and whether they can afford what you offer.Explanation:

The competitive threat that outsiders will enter a market is weaker when

Answers

The competitive threat that outsiders will enter a market is weaker when the incumbents enjoy substantial cost advantages.

The competitive threat that outsiders will enter a market refers to the possibility that new firms will enter a market to compete against existing firms. It is the degree of competition in a market that is determined by the ability of other companies to enter the same market and offer similar goods or services at a lower cost.

There are certain factors that determine the competitive threat of outsiders, these are:Ease of Entry: When the cost of entering a market is low, the threat of new entrants is high and vice versa.Brand loyalty: In markets where consumers are more loyal to the existing brands, the competitive threat of new entrants is weaker.

Patents: In markets where incumbents hold many patents, the competitive threat of new entrants is weaker.Cost advantage: The competitive threat of outsiders is weaker when incumbents enjoy substantial cost advantages.Cost advantage is the answer to your question.

The competitive threat that outsiders will enter a market is weaker when incumbents enjoy substantial cost advantages.

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Your client has asked how to set up a user in their QuickBooks Online Plus company to give access to create invoices but not print checks.
What user type and setting should you choose when you add the employee?
Standard user with custom access to invoicing
Standard user with access limited to invoicing
Standard user with access limited to customers
Standard user with full access limited to customer and sales

Answers

The user type and configuration that you should select when you add the employee is since the client has asked how to set up a user in their QuickBooks Online. The correct response is D. Standard user with access limited to invoicing

Plus firm to give ability to create invoices but not print checks restricted to customers and sales as a standard user with full access. QBO, which stands for quickbooks online financial accounting, is an acronym for an accounting programme created to fully list each user account in an organization's accounting system, particularly for the purposes of analysis and monitoring.

Based on the active limits, there are many user types on quick books online plus, including the following users who are administrators ordinary users are as in general, a regular user may have full access, the no access, restricted access, or even both to any customer or vendor activity. with quick books online, you can define the user rights of access for one of your employees. You can use the standard or custom user form to limit your employee's access to predictions and invoices. However, your employee can also connect a piece of the consumer sector, including sales receipts, credit memos, and refunds.

complete question:

Your client has asked how to set up a user in their QuickBooks Online Plus company to give access to create invoices but not print checks.

What user type and setting should you choose when you add the employee?

A. Standard user with custom access to invoicing

B. Standard user with access limited to invoicing

C. Standard user with access limited to customers

D. Standard user with full access limited to customer and sales

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In the picture, what are assets, liabilities and equity in the balance sheet?

Answers

Answer:

Assets = $66,974

Liabilities = $0

Equity = $66,974

Explanation:

Assets

Assets are resources that are controlled by the business, which generate economic benefits.

Total Assets = Non-Current Assets + Current Assets

where,

Non-Current Assets :

Office Equipment $ 10,000

Computer Equipment $20,000

Total Non-Current Assets $30,000

Current Assets :

Cash $15,000

Accounts receivable $12,882

Computer supplies $2,545

Prepaid insurance $3,220

Prepaid rent $3.300

Total Current Assets $36,947

Total Assets $66,974

Liabilities

Liabilities are present obligations of the business that result in outflow of economic resources.

Total Liabilities = Non-Current Liabilities + Current Liabilities

where,

Non-Current Liabilities = $0

Current Liabilities = $0

Total Liabilities = $0

Equity

Is the residue of what is left when Liabilities are deducted from the Assets

Total Equity = Total Assets - Total Liabilities

= $66,974 - $0

= $66,974

The engagement team performed testing of the tax account rollforward and documented the following for testing of the income tax payments for the
current year, "Agreed balance to Tax payments/refunds schedule prepared by the client without exception." Which is the best response as a result of
your review?
Answer the question, then select Confirm
A. You consider the source of the payments/refunds schedule noting it comes from a key system and ITGCs were deemed to be
effective and add this fact to the team's documentation.
B. Additional procedures are not necessary, as the appropriate tie-out procedures were performed.
C. You consider the testing over the accuracy and completeness of management's schedule which has been performed in a
separate EGA, ensure the balance in the rollforward agrees to the testing performed, and enhance the tax team's documentation to
reference the additional testing.
D. As part your review of the team's work, you re-perform their procedures by agreeing the balance to the payments/refunds
schedule obtained from the client.
Confirm

Answers

The best response that you would have as a result of your review would be ; You consider the testing over the accuracy and completeness of management's schedule which has been performed in a separate EGA, ensure the balance in the roll forward agrees to the testing performed, and enhance the tax team's documentation to reference the additional testing.

What does it mean to carry out testing of tax account?

This is the term that has to do with the performing of the procedure in such a way that it would be able to take care of an underlying account record or a given transaction.

The answer to this question is option C. You would have to ensure that you consider the testing over the accuracy and completeness of management's schedule.

Answers

1. The Journal Entries on the books of Nuwakot Consultancy for the June Transactions are as follows:

Journal Entries:

Date Transactions Debit Credit

June 2 Cash Rs. 30,000

Common Stock Rs. 30,000

June 5 Computer Rs. 12,000

Cash Rs. 2,500

Accounts Payable Rs. 9,500

June 8 Cash Rs. 20,000

Notes Payable Rs. 20,000

June 15 Accounts Receivable Rs. 12,350

Service Revenue Rs. 12,350

June 17 Advertising Expense Rs. 900

Cash Rs. 900

June 23 Cash Rs. 12,350

Accounts Receivable Rs. 12,350

June 28 Utility Expense Rs. 2,700

Cash Rs. 2,700

June 29 Rent Expense Rs. 2,200

Rent Payable Rs. 2,200

June 30 Salaries &

Wages Expense Rs. 5,670

Cash Rs. 5,670

June 30 Accounts Receivable Rs. 18,400

Service Revenue Rs. 18,400

June 30 Dividends Rs. 6,000

Cash Rs. 6,000

2. The Posting of the transactions into T-accounts is as follows:

Cash Account

Date Transactions Debit Credit

June 2 Common Stock Rs. 30,000

June 5 Computer Rs. 2,500

June 8 Notes Payable Rs. 20,000

June 17 Advertising Expense Rs. 900

June 23 Accounts Receivable Rs. 12,350

June 28 Utility Expense Rs. 2,700

June 30 Salaries and Wages Expense Rs. 5,670

June 30 Dividends Rs. 6,000

June 30 Balance Rs. 44,580

Rs. 62,350 Rs. 62,350

Common Stock

Date Transactions Debit Credit

June 2 Cash Rs. 30,000

Computer

Date Transactions Debit Credit

June 5 Cash Rs. 2,500

June 5 Accounts Payable Rs. 9,500

June 30 Balance Rs. 12,000

Accounts Payable

Date Transactions Debit Credit

June 5 Computer Rs. 9,500

Notes Payable

Date Transactions Debit Credit

June 8 Cash Rs. 20,000

Rent Payable

Date Transactions Debit Credit

June 29 Rent Expense Rs. 2,200

Accounts Receivable

Date Transactions Debit Credit

June 15 Service Revenue Rs. 12,350

June 23 Cash Rs. 12,350

June 30 Service Revenue Rs. 18,400

Service Revenue

Date Transactions Debit Credit

June 15 Accounts Receivable Rs. 12,350

June 30 Accounts Receivable Rs. 18,400

June 30 Balance Rs. 30,750

Advertising Expense

Date Transactions Debit Credit

June 17 Cash Rs. 900

Utility Expense

Date Transactions Debit Credit

June 28 Cash Rs. 2,700

Rent Expense

Date Transactions Debit Credit

June 29 Rent Payable Rs. 2,200

Salaries and Wages Expense

Date Transactions Debit Credit

June 30 Cash Rs. 5,670

Dividends

Date Transactions Debit Credit

June 30 Cash Rs. 6,000

3. The preparation of the trial balance at June 30, 2019, is as follows:

Date Transactions Debit Credit

Cash Rs. 44,580

Common Stock Rs. 30,000

Computer Rs. 12,000

Accounts Payable Rs. 9,500

Notes Payable Rs. 20,000

Rent Payable Rs. 2,200

Accounts Receivable Rs. 18,400

Service Revenue Rs. 30,750

Advertising Expense Rs. 900

Utility Expense Rs. 2,700

Rent Expense Rs. 2,200

Salaries and Wages Expense Rs. 5,670

Dividends Rs. 6,000

Totals Rs. 92,450 Rs. 92,450

What are the journal entries?

Journal entries are made to record the transactions of a business as they occur daily.

Journal entries help post transactions to the general ledger (T-accounts).

With a trial balance, the balances in the general ledger are summarized to prepare financial statements.

Transaction Analysis:

June 2 Cash Rs. 30,000 Common Stock Rs. 30,000

June 5 Computer Rs. 12,000 Cash Rs. 2,500 Accounts Payable Rs. 9,500

June 8 Cash Rs. 20,000 Notes Payable Rs. 20,000

June 15 Accounts Receivable Rs. 12,350 Service Revenue Rs. 12,350

June 17 Advertising Expense Rs. 900 Cash Rs. 900

June 23 Cash Rs. 12,350 Accounts Receivable Rs. 12,350

June 28 Utilities Expense Rs. 2,700 Cash Rs. 2,700

June 29 Rent Expense Rs. 2,200 Rent Payable Rs. 2,200

June 30 Salaries and Wages Expense Rs. 5,670 Cash Rs. 5,670

June 30 Accounts Receivable Rs. 18,400 Service Revenue Rs. 18,400

June 30 Dividends Rs. 6,000 Cash Rs. 6,000

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Problem 8, MacroSoft Inc. has capitalized $600,000 of software costs. Sales from this product were $360,000 in the first year. MacroSoft estimates additional revenues of $840,000 over the product’s economic life of 5 years.
Instructions
Prepare the journal entry to record software cost amortization for the first year. Show all computations.

Answers

Journal Entry:

Date: [First year-end date]

The amortization expense for the first year is $120,000.

Debit: Amortization Expense - Software Cost - Year 1 ($600,000 / 5 years) = $120,000Credit: Accumulated Amortization - Software Cost - Year 1 ($600,000 / 5 years) = $120,000Explanation:To record the software cost amortization for the first year, we need to allocate a portion of the capitalized software costs as an expense. Since the software has an estimated economic life of 5 years, we divide the total software cost ($600,000) by 5 to determine the annual amortization expense. In this case, the amortization expense for the first year is $120,000. We debit the Amortization Expense - Software Cost account to recognize the expense and credit the Accumulated Amortization - Software Cost account to accumulate the amortization over time.

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What is the decrease in the overall value of an asset called?
A.
depreciation
B.
deceleration
C.
amortization
D.
disinvestment

Answers

C. Amortization the answer

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