Master College Concepts with Expert Q&A and Solutions
On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: a. Opened a business bank account with a deposit of $25,000 in exchange for common stock. b. Purchased supplies on account, $2,520. c. Paid creditor on account, $1,590. d. Earned sales commissions, receiving cash, $25,700. e. Paid rent on office and equipment for the month, $5,040. f. Paid dividends, $8,000. g. Paid automobile expenses for month, $2,420, and miscellaneous expenses, $1,160. h. Paid office salaries, $3,030. i. Determined that the cost of supplies on hand was $850; therefore, the cost of supplies used was $1,670.Required:Indicate the effect of each transaction and the balances after each transaction.
Hermann Ebbinghaus introduced the concept of a forgetting curve, i.e., a trace of how the probability of recall changes over time. He used himself as a subject and lists of syllables as learning materials. Other researchers have investigated the same question with real world information. Which of these is the best description of what we learned from these studies:a. Forgetting curves for both lists of syllables and real information items are negatively accelerated. That is, most of the forgetting happens shortly after the end of learning and the rate of forgetting decreases over time. Eventually, the forgetting curve becomes almost flat, indicating very little further forgetting.b. Forgetting curves for both lists of syllables and real life information (e.g., Spanish words, class mates from years ago) are positively accelerated. That is, there is very little forgetting in the period shortly after the end of learning but the rate of forgetting increases over time. Eventually, the information is forgotten altogether.c. Ebbinghaus found negatively accelerated forgetting curves for his syllables lists, but this result only holds for such artificial materials. Studies with real world information (e.g., Spanish words, etc.) found no evidence for such a curve. Instead, forgetting is nearly linear with time; that is, you forget more and more as time goes by, at an approximately constant rate.d. The forgetting curves for both syllables and realistic information are flat. Once we have taken into account how much was encoded to begin with, it turns out that the probability of recall is the same after a period of time as immediately after learning.
// The QuickCopy company currently makes 100,000 copies per year// at 15 cents each.// They expect to increase the number of copies produced// by 4 percent per year each year for the next 10 years,// starting with this year.// They also expect the price of each copy to increase// by 3 cents per year, starting with this year.// This program displays the company's expected// income for each of the next 10 years.// Modify it to be more efficient.startDeclarationsnum year = 1num copies = 100000num price = 0.15num total = 0num COPIES_INCREASE = 0.04num PRICE_INCREASE = 0.03copies = copies + copies * COPIES_INCREASEprice = price + price * PRICE_INCREASEtotal = total + copies * priceoutput year, totalyear = year + 1copies = copies + copies * COPIES_INCREASEprice = price + price * PRICE_INCREASEtotal = total + copies * priceoutput year, totalyear = year + 1copies = copies + copies * COPIES_INCREASEprice = price + price * PRICE_INCREASEtotal = total + copies * priceoutput year, totalyear = year + 1copies = copies + copies * COPIES_INCREASEprice = price + price * PRICE_INCREASEtotal = total + copies * priceoutput year, totalyear = year + 1copies = copies + copies * COPIES_INCREASEprice = price + price * PRICE_INCREASEtotal = total + copies * priceoutput year, totalyear = year + 1copies = copies + copies * COPIES_INCREASEprice = price + price * PRICE_INCREASEtotal = total + copies * priceoutput year, totalyear = year + 1copies = copies + copies * COPIES_INCREASEprice = price + price * PRICE_INCREASEtotal = total + copies * priceoutput year, totalyear = year + 1copies = copies + copies * COPIES_INCREASEprice = price + price * PRICE_INCREASEtotal = total + copies * priceoutput year, totalyear = year + 1copies = copies + copies * COPIES_INCREASEprice = price + price * PRICE_INCREASEtotal = total + copies * priceoutput year, totalyear = year + 1copies = copies + copies * COPIES_INCREASEprice = price + price * PRICE_INCREASEtotal = total + copies * priceoutput year, totalstop
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:Salaries: Deductions: Sales salaries $540,000 Income tax withheld $160,000Warehouse salaries 155,000 U.S. savings bonds 10,500Office salaries 85,000 Group insurance 9,000 $780,000 Tax rates assumed:Social security 6% State unemployment (employer only) 5.4%Medicare 1.5% Federal unemployment (employer only) 0.8%Required:1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. December 30, to record the payroll.b. December 30, to record the employers payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $48,000 is subject to unemployment compensation taxes.2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. On page 11 of the journal: December 30, to record the payroll.b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all $780,000 in salaries is subject to unemployment compensation taxes.
The following transactions occurred during May, the first month of operations for Hunter Products, Inc: * Issued 54,000 shares of capital stock to the owners of the corporation in exchange for $648,000 cash. * Purchased a piece of land for $440,000, making a $170,000 cash down payment and signing a note payable for the balance. * Made a $64,000 cash payment on the note payable from the purchase of land. * Purchased equipment on credit from BBW, Inc. for $67,000.What is the balance in the Cash account at the end of May?
Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $66,500 Work-in-Process Inventory, Beginning 11,100 Work-in-Process Inventory, Ending 9,300Selling and Administrative Expense 15,750 Finished Goods Inventory, Ending 15,825Finished Goods Inventory, Beginning Direct Materials Used Skipped Factory Overhead Applied 12,300Operating Income 14,165 Direct Materials Inventory, Beginning 11,135 Direct Materials Inventory, Ending 6,105Cost of Goods Manufactured 61,410 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount in the finished goods inventory at the beginning of the year?
Hodge Co. exchanged Building 24 which has an appraised value of $4,971,000, a cost of $7,691,000, and accumulated depreciation of $3,528,000 for Building M belonging to Fine Co. Building M has an appraised value of $4,498,000, a cost of $9,079,000, and accumulated depreciation of $4,796,000. The correct amount of cash was also paid. Assume depreciation has already been updated.Prepare the entries on both companies' books assuming the exchange had no commercial substance.