Master Business with Fun Quizzes & Brain Teasers!
The following transactions occurred during december 31, 2021, for the microchip company. a. on october 1, 2021, microchip lent $90,000 to another company. a note was signed with principal and 8% interest to be paid on september 30, 2022. b. on november 1, 2021, the company paid its landlord $6,000 representing rent for the months of november through january. prepaid rent was debited. c. on august 1, 2021, collected $12,000 in advance rent from another company that is renting a portion of microchips factory. the $12,000 represents one years rent and the entire amount was credited to deferred rent revenue. d. depreciation on office equipment is $4,500 for the year. e. vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,000. the company records vacation pay as salaries expense. f. microchip began the year with $2,000 in its asset account, supplies. during the year, $6,500 in supplies were purchased and debited to supplies. at year-end, supplies costing $3,250 remain on hand. required: 1. if microchips accountant employed reversing entries for accruals, prepare the adjusting entries at the end of 2021 for only those entries that would be reversed. 2. prepare the appropriate reversing entries at the beginning of 2022.
PLEASE, HELPPPPPPPPPPPPPPPPPPPPPPPP!!!!!!!!! I NEED THIS NOW, IT HAS TO BE 100 WORDS, PLEASE HELP. I WILL GIVE BRAINLEST AND 5 STAR RATING AND THANKS!!!Using the information learned in Unit 4, create a company, including the creation of a product or service. Next, create the advertising for that product or service to reach a target market. Advertising can include a flyer, brochure, commercial, video, website, etc. Make sure you are advertising to a target market. Finally, explain how you will use the elements of a marketing mix. Remember if you create a business that is an industry you need to use the 4P's (product, price, place, and promotion). If you choose to create a service business, you need to use the 7P's (product, price, place, promotion, people, process, and physical)
The income statement for the apple-jack partnership for the year ended december 31, 20x5, follows: apple-jack partnership income statement for the year ended december 31, 20x5 net sales $ 300,000 cost of goods sold (190,000 ) gross margin $ 110,000 operating expenses (30,000 ) net income $ 80,000 additional information for 20x5 apple began the year with a capital balance of $40,800. Jack began the year with a capital balance of $112,000. On april 1, apple invested an additional $15,000 into the partnership. On august 1, jack invested an additional $20,000 into the partnership. Throughout 20x5, each partner withdrew $400 per week in anticipation of partnership net income. The partners agreed that these withdrawals are not to be included in the computation of average capital balances for purposes of income distributions. Apple and jack have agreed to distribute partnership net income according to the following plan: apple jack 1. Interest on average capital balances 6 % 6 % 2. Bonus on net income before the bonus but after interest on average capital balances 10 % 3. Salaries $ 25,000 $ 30,000 4. Residual (if positive) 70 % 30 % residual (if negative) 50 % 50 % required: a. Prepare a schedule that discloses the distribution of partnership net income for 20x5. (do not round intermediate calculations. Round your final answers to nearest whole dollar. Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign. )
Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows: Sales Budget April May June Cash Sales 45,000 49,000 70,000 Sales on Account 385,000 444,000 420,000 430,000 493,000 490,000 Bright Minds expects to collect 70% of the sales on account in the month of sale, 20% in the month following the sale, and the remainder in the second month following the sale. What is the ending accounts receivable balance that would be reported on the pro forma balance sheet prepared as of June 30?
. Your balance on October 29 is $237. 47. You forgot to ask your mom to write a check for a field trip. The check is due today, October 29, so you write a checyour own (#115) for $18. 00 to TRECA High School. You get a paycheck for October 15-30 for $62. 75 on October 30. Your birthday is November 4 and you get a check from your grandmother for $25. 0. You deposit it that day. On November 5, you go to a sporting event and run out of money. You usfile the ATM in the lobby to get $15 for sna. Your credit card bill is due on November 10, so on November 1st, you write a check (#116) to Credit USA for $51. 16. Your sister, Ann, owes you money. She pays you $20 on November 10th. You need to buy flowers for the dance. You go to the ATM on November 12th and withdraw $25. You deposit your paycheck (for November 1-15) for $65. 65 on November 16. Your Aunt Jane, who is always late, sends you a birthday check that you receive on the 12th of November, but you'rand you don't deposit it until the 17th. The check is for $35