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The following trial balance of Crane Co. does not balance.CRANE CO.TRIAL BALANCEJUNE 30, 2017Debit CreditCash $3,099 Accounts Receivable $3,460 Supplies 1,029 Equipment 4,029 Accounts Payable 2,895 Unearned Service Revenue 1,429 Common Stock 6,229 Retained Earnings 3,229 Service Revenue 2,609 Salaries and Wages Expense 3,629 Office Expense 1,169 Totals $14,745 $18,061Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.2. The purchase of a computer printer on account for $729 was recorded as a debit to Supplies for $729 and a credit to Accounts Payable for $729.3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.4. A payment of $294 for telephone charges was recorded as a debit to Office Expense for $294 and a debit to Cash for $294.5. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $554 was performed prior to June 30 (related to Unearned Service Revenue).6. A debit posting to Salaries and Wages Expense of $899 was omitted.7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.8. A dividend of $804 was debited to Salaries and Wages Expense for $804 and credited to Cash for $804.Prepare a correct trial balance.CRANE CO.TRIAL BALANCEJUNE 30, 2017DebitCredit $ $Totals $ $
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If a company sold $1,000 worth of goods in a period, the closing entry for therevenue accounts would show aA. $1,000 credit to Sales ExpenseB. $1,000 debit to Income SummaryC. $1,000 debit to Sales RevenueD. $1,000 credit to Sales Revenue
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Alameda Manufacturing manufactures a variety of wooden picture frames using recycled wood from old barns. Alameda Manufacturing has reported the following costs for the previous year. Assume no production inventories.Advertising.. $25,600Cost of hardware (hangers, decorations, etc). $42,300Cost of wood..... .$121,200Depreciation on production equipment.... $32,000Factory property taxes.....$15,500Factory rent.... $50,000Glue.... $3,030Production supervisor salary.. $41,200Sales manager salary. $41,500Utilities for factory. $27,800Wages for maintenance workers.......................................$33,200Wages of assembly workers..............................................$87,400Wages of finishing workers...............................................$74,100A compute the direct material cost 1a.____ $163,500 _______Compute the direct labor cost. 1b.________ $161,500 ________Compute the manufacturing overhead. 1c.____ $232,730 ______Compute the total manufacturing cost. 1d.____ $557,730 _____Compute the prime cost. 1e_________$325,000 ______Compute the conversion cost. 1f.____ $394,230 _____Compute the total period cost 1g.____ $67,100 ________
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A company is considering two mutually exclusive expansion plans. Plan A requires a $40 million expenditure on a large-scale integrated plant that would provide expected cash flows of $6.39 million per year for 20 years. Plan B requires a $13 million expenditure to build a somewhat less efficient, more labor-intensive plant with an expected cash flow of $2.91 million per year for 20 years. The firm's WACC is 9%.Calculate each project's NPV. Round your answers to two decimal places. Enter your answers in millions. For example, an answer of $10,550,000 should be entered as 10.55.Plan A $ millionPlan B $ millionCalculate each project's IRR. Round your answer to two decimal places.Plan A %Plan B %Graph the NPV profiles for Plan A and Plan B and approximate the crossover rate to the nearest percent.Calculate the crossover rate where the two projects' NPVs are equal. Round your answer to the nearest hundredth.%
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Please help I will mark brainliest What is the financial responsibility within the fashion industry ??!!??!?!?HELPPPP
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External Influences on Consumer Behavior SaGa is a European fashion store chain that specializes in accessible, trendy clothes and accessories for men and women. Its target audience includes fashion-conscious young men and women, ages 16-30. After success in Europe, SaGa is getting ready to launch its flagship stores in five U.S. markets-New York, Los Angeles, Chicago, San Francisco, and Miami. Based on its product offerings, SaGa is targeting millennials (those born between 1982 and 2000, also called gen Y). As a group, millennials are open to making impulse purchases, and are socially connected as demonstrated by their use of Twitter to tweet about products and brands. Also, based on its "accessible" price for its fashion offerings, Saga is targeting middle-to upper-middle-class millennials. SaGa's advertising agency of record was excited about the impending launch campaign in the U.S. and its first-ever foray into the American market, which is heavily influenced by celebrity and pop culture. The agency was developing a campaign that focused on "usage occasion"the ad would show a group of friends, in their 20s, getting together for a Friday night out in the city. A social occasion such as a night out with friends, combined with the setting of a city street lined with trendy clubs and restaurants, highlighted a perfect usage occasion for wearing fashionable clothes from SaGa. In the ad, the friends walk through a busy city street that has a party atmosphere, and pass several other people whose fashion sense is not as trendy as theirs. As they pass these people, the contrast between their group and the other people is highlighted by the use of muted, fading colors (for the other people) versus bright and pleasing colors (for the group of friends wearing SaGa). The agency was thus contrasting those who do not wear SaGa, a dissociative group, with those who do. Meanwhile, Raza, a high-end fashion store chain in Europe, is planning to enter the Japanese market. RaZa's promotional strategy decisions include highlighting the purchase situation in their ads by showing the exclusive boutique store atmosphere, and by using international supermodels that denoted an aspirational group for their target audience. RaZa targeted older and more affluent consumers compared to SaGa; their target market consisted of upper-class gen X'ers in Japan (those born between 1946 and 1976). RaZa's research revealed that the Japanese culture understood and respected high-end fashion. The consumer does not make purchase decisions in isolation. A number of external factors have been identified that may influence consumer decision-making, such as culture, subcultures, social class, reference groups, and situational determinants. Match the various external (or environmental) influences on consumer behavior to the relevant situations in SaGa's promotional decisions. Then match these external influences to examples found in RaZa's decisions. Born between 1965-1976 SaGa's Promotional Decisions External Influences Examples of External on Consumer Influence from Behavior RaZa's Promotional Decisions Affluent consumers Exclusive boutique-like shopping atmosphere Decision to launch in America, which represented a new culture, compared to their existing markets. Supermodels Target consumers: millennials Situational determinants Target consumers: middle and upper-middle class Social class Ads featured people that the target consumers identify with (associative groups), and also people that the target group does not belong to (dissociative groups). Subculture Ads featured a typical usage occasion for SaGa's product offerings - a Friday night out with friends. Japanese appreciation for high-end fashion Reference groups Culture
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Support Department Cost Allocation-Direct Method Charlie's Wood Works produces wood products (e.g., cabinets, tables, picture frames, and so on). Production departments include Cutting and Assembly. The Janitorial and Security departments support the Cutting and Assembly departments. The Assembly Department spans about 42,560 square feet and holds assets valued at about $77,520. The Cutting Department spans about 33,440 square feet and holds assets valued at about $126,480. Charlie's Wood Works allocates support department costs using the direct method. If costs from the Janitorial Department are allocated based on square feet and costs from the Security Department are allocated based on asset value. a. Determine the percentage of Janitorial costs that should be allocated to the Assembly Department. b. Determine the percentage of Security costs that should be allocated to the Cutting Department.
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Now that he has a part-time job, your younger brother Daniel is opening up his own checking account. You want to pass on what you have learned about checking accounts to him. Prepare a list of recommendations for Daniel covering the following topics: Questions he should ask before opening an account Three ideas on how best to manage his account Three features of online and mobile banking that he should use Overdraft protection: Opt-in or opt-out?
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As operations manager, you are concerned about being able to meet sales requirements in the coming months. You have just been given the following production report: JAN FEB MAR APR Units produced 2,300 1,800 2,800 3,000 Hours per machine 325 200 400 320 Number of machines 3 5 4 4 Find the average of the monthly productivity figures (units per machine hour). (Do not round intermediate calculations. Round your answer to 2 decimal places.) Average productivity 2.06 correct units per machine hour
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A local government operates on a calendar-year basis. Prepare journal entries to record the following transactions and events for calendar year 2018. 1. On February 1, 2018, borrowed $400,000 on tax anticipation notes (TANs). The TANs will be repaid with 1.0 percent interest on January 31, 2019. 2. To prepare for issuing financial statements for 2018, accrue interest on the TANs through December 31, 2018. 3. Invested $100,000 in a certificate of deposit (CD) on April 1, 2018. The CD, which pays interest of 0.8 percent, will mature on September 30, 2018. 4. The CD matured on September 30, 2018.
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XYZ Company is union free. Because of increased costs and operational efficiency, it is in XYZ Companys best interest to avoid unionization. While still in this non-unionized state, it is important for YYZ to do all EXCEPT which of the following?
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Protecting intellectual property rights is important to a free enterprise system because:A. it gives the government the ability to regulate businesses.B. it allows entrepreneurs to profit from their ideas.C. it ensures that businesses sell products at fair prices.D. it makes more money available for starting new companies
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Esquire Company needs to acquire a molding machine to be used in its manufacturing process. Two types of machines that would be appropriate are presently on the market. The company has determined the following (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)Machine A could be purchased for $48,000. It will last 10 years with annual maintenance costs of $1,000 per year. After 10 years the machine can be sold for $5,000.Machine B could be purchased for $40,000. It also will last 10 years and will require maintenance costs of $4,000 in year three, $5,000 in year six, and $6,000 in year eight. After 10 years, the machine will have no salvage value.Required:Assume an interest rate of 8% properly reflects the time value of money in this situation and that maintenance costs are paid at the end of each year. Ignore income tax considerations. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)Calculate the present value of Machine A & Machine B. Which machine Esquire should purchase?
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Harmon recently quit his job that he had worked at for the past 10 years inorder to start his own business, a company that specializes in pet careservices. He has a lot of good ideas, but doesn't have a firm business plan. Amonth after starting his new company, he applied for a loan at a bank so thathe could buy a new office space. Which of the following is likely to be true inthis situation?A. The bank will not care about the lack of business plan becausehe's only been in business for a month.B. The bank will be slow to lend to him because of how long he wasat his previous job.C. The bank might be slow to lend to him because of the lack of afirm business plan.D. Harmon only needs to show the bank his record of income fromhis old job, not his new business.
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Yancey Productions is a film studio that uses a job-order costing system. The companys direct materials consist of items such as costumes and props. Its direct labor includes each films actors, directors, and extras. The companys overhead costs include items such as utilities, depreciation of equipment, senior management salaries, and wages of maintenance workers. Yancey applies its overhead cost to films based on direct labor-dollars.At the beginning of the year, Yancey made the following estimates:Direct labor-dollars to support all productions $ 8,260,000Fixed overhead cost $ 4,956,000Variable overhead cost per direct labor-dollar $ 0.17Required:1. Compute the predetermined overhead rate. (I found the answer: .77 per DL$)2. During the year, Yancey produced a film titled You Can Say That Again that incurred the following costs:Direct materials $ 1,386,000Direct labor cost $ 2,478,000Compute the total job cost for this particular film.Direct Materials: $1,386,000Direct Labor: $2,478,000
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Oct. 1 Stockholders invest $30,000 in exchange for common stock of the corporation.2 Hires an administrative assistant at an annual salary of $36,000.3 Buys office furniture for $3,800, on account.6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,800 (not paid by Roads at this time).10 Receives cash of $140 as commission for acting as rental agent renting an apartment.27 Pays $700 on account for the office furniture purchased on October 3.30 Pays the administrative assistant $3,000 in salary for October.Required:Prepare the debitcredit analysis for each transaction.
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Which idea forms the basis of double-entry accounting?A. For every single transaction, at least two accounts will beaffected.B. For every single transaction, only assets will be impacted.C. The assets of a business equal the stockholders' equity.O D. The stockholders' equity in a business must equal the liabilities.
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What is product positioning?
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The following transactions occurred during a recent year:a. Paid wages of $1,600 for the current period (example).b. Borrowed $8,000 cash from local bank using a short-term note.c. Purchased $3,200 of equipment on credit.d. Earned $640 of sales revenue; collected cash.e. Received $1,280 of utilities services, on credit.f. Earned $2,700 of service revenue, on credit.g. Paid $480 cash on account to a supplier.h. Incurred $110 of travel expenses; paid cash.i. Earned $640 of service revenue; collected half in cash, with balance on credit.j. Collected $180 cash from customers on account.k. Incurred $460 of advertising costs; paid half in cash, with balance on credit.Required:1. For each of the transactions, complete the table below, indicating the account, amount, and direction of the effect (+ for increase and - for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first transaction, which is provided as an example.Assets = Liabilities + Stockholders' Equitya Cash (1,600) Salaries & wages expense (1,600)b Cash 8,000 Notes Payable (short-term) 8,000 c Equipment 3,200 Accounts Payable 3,200 d Cash 640 Sales revenue 640e Accounts Payable 1,280 Utilities expense (1,280)f Accounts Receivable 2,700 Service revenue 2,700g Cash (480) Accounts Payable (480) h Cash (110) Travel expense (110)i Cash 320 Accounts Receivable 320 Service revenue 640j Cash 180 Accounts Receivable (180) k Cash (230) Accounts Payable 230 Advertising expense (460)2. Determine the company's preliminary net income.
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Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5][The following information applies to the questions displayed below.]The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $1,230 Accounts Receivable 2,000 Prepaid Insurance 2,300 Notes Receivable (long-term) 3,000 Equipment 12,000 Accumulated Depreciation $ 2,600 Accounts Payable 5,420 Salaries and Wages Payable 1,000 Income Taxes Payable 2,900 Deferred Revenue 600 Common Stock 2,400 Retained Earnings 1,000 Dividends 300 Sales Revenue 42,030 Rent Revenue 300 Salaries and Wages Expense 21,600 Depreciation Expense 1,300 Utilities Expense 4,220 Insurance Expense 1,400 Rent Expense 6,000 Income Tax Expense 2,900 Total $58,250 $ 58,250 M4-17Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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The following list includes a series of accounts for Sanjeev Corporation, which has been operating for three years. These accounts are listed and numbered for identification. Following the accounts is a series of transactions. For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. The first transaction is used as an example.Account No. Account Title Account No. Account Title1 Cash 10 Income Taxes Payable2 Accounts Receivable 11 Common Stock3 Supplies 12 Additional Paid-in Capital4 Prepaid Expenses 13 Retained Earnings5 Equipment 14 Service Revenue6 Patents 15 Operating Expenses (wages, supplies)7 Accounts Payable 16 Income Tax Expense8 Note Payable 17 Interest Expense9 Wages Payable
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Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,288,076 as follows. Work in process,November 1Materials $79,000Conversion costs 48,200$127,200Materials added 1,594,520Labor 225,800Overhead 340,556Production records show that 34,600 units were in beginning work in process 30% complete as to conversion costs, 662,700 units were started into production, and 24,100 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.
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Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $960 added to the invoice. 5. Purchased merchandise on account from Kester Co., $47,550, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,680, terms n/15. The cost of the goods sold was $9,440. 7. Returned merchandise with an invoice amount of $13,500 purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $212,670. The cost of the goods sold was $144,350. 22. Sold merchandise on account to Tabor Co., $60,200, terms 2/10, n/30. The cost of the goods sold was $33,820. 23. Sold merchandise for cash, $38,610. The cost of the goods sold was $22,180. 28. Paid Parsley Co. a cash refund of $6,070 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,630. 31. Paid MasterCard service fee of $3,510.Instructions Journalize the transactions.
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Slaq Computer Company manufactures notebook computers. The economic lifetime of a particular model is only four to six months, which means that Slaq has very little time to make adjustments in production capacity and supplier contracts over the production run. For a soon-to-be-introduced notebook, Slaq must negotiate a contract with a supplier of motherboards. Because supplier capacity is tight, this contract will specify the number of motherboards in advance of the start of the production run. At the time of contract negotiation, Slaq has forecasted that demand for the new notebook is normally distributed with a mean () of 10,000 units and a standard deviation () of 2,500 units. The net profit from a notebook sale is $500 (note that this includes the cost of the motherboard, as well as all other material; production, and shipping costs). (Hint: ! = $500) Motherboards cost $200 and have no salvage value (i.e., if they are not used for this particular model of notebook, they will have to be written off). (Hint: " = $200) Use the news vendor model to compute a purchase quantity of motherboards that balances the cost of lost sales and the cost of excess material.
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