Acquired $70,000 cash from the issue of common stock. Purchased $61,000 of inventory on account. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,870 paid in cash. Sold inventory on account that cost $51,000 for $97,000. Freight cost on the goods sold in Event 4 was $1,020. The goods were shipped FOB destination. Cash was paid for the freight cost. Customer in Event 4 returned $4,540 worth of goods that had a cost of $2,320. Collected $79,540 cash from accounts receivable. Paid $56,200 cash on accounts payable. Paid $3,020 for advertising expense. Paid $4,050 cash for insurance expense. Required a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA. b. Record each event in a horizontal statements model. The first event is recorded as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash, and NA to indicate the element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.)

Answer:

Net Income = $33,820

Assets = Liabilities + Stockholders' Equity = $108,620

Explanation:

Note: This question is not complete as the introductory paragraph and the numbering are omitted. The complete question is therefore provided before answering the question as follows:

The Pet Store experienced the following events for the Year 1 accounting period:

1. Acquired $70,000 cash from the issue of common stock.

2. Purchased $61,000 of inventory on account.

3. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,870 paid in cash.

4. Sold inventory on account that cost $51,000 for $97,000.

5. Freight cost on the goods sold in Event 4 was $1,020. The goods were shipped FOB destination. Cash was paid for the freight cost.

6. Customer in Event 4 returned $4,540 worth of goods that had a cost of $2,320.

7. Collected $79,540 cash from accounts receivable.

8. Paid $56,200 cash on accounts payable.

9. Paid $3,020 for advertising expense.

10. Paid $4,050 cash for insurance expense.

Required:

a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA.

b. Record each event in a horizontal statements model. The first event is recorded as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash, and NA to indicate the element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.)

The explanation of the answer is now given as follows:

a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA.

Period costs are costs that include selling and asministrative costs which are not related to cost of producing a product.

Product costs can be described as costs of creating or producing a product that is meant for sale to customers.

Therefore, we have:

Event         Cost  

  1 .              NA

  2.              Product costs

  3.              Product costs

  4.              NA

  5.              NA

  6.              NA

  7.              NA

  8.              NA

  9.              Period costs

 10.              Period costs

b. Record each event in a horizontal statements model. The first event is recorded as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash, and NA to indicate the element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.)

Note: See the attache excel file for the horizontal statements.

In the attached excel file, Retained Earnings is equal to the balance of the Net Income which is equal to $33,820.

Under the horizontal statements in the attached excel, an evidence to show that Assets is equal to Liabilities Plus Stockholders' Equity. That is:

Assets = Liabilities + Stockholders' Equity = $108,620

The Sisyphean Company's common stock is currently trading for $25.50 per share. The stock is expected to pay a $2.80 dividend at the end of the year and the Sisyphean Company's equity cost of capital is 10%. If the dividend payout rate is expected to remain constant, then the expected growth rate in the Sisyphean Company's earnings is closest to

define subprime mortgages.​

Saturn Corporation issued $300,000 par value 10-year bonds at 107 on January 1, 20X3, which Star Corporation purchased. Pluto Corporation owns 65% of Saturn's voting shares. On Jan 1, 20X7, Pluto Corporation purchased $120,000 face value of Saturn bonds from Star for $118,020. On the date Pluto purchased the bonds, the bonds' carrying value on Saturn's book was $126,019. The bonds pay 12 percent interest annually on December 31. The preparation of consolidated financial statements for Saturn and Pluto at December 31, 20X9, required the following consolidating entry:
Based on the information given above, what amount of gain or loss on bond retirement is included in the 20X7 consolidated income statement?
a. $8,000 gain
b. $5,200 gain
c. $8,000 loss
d. $5,200 loss

Bruce is a nonexempt employee at Grissom Industries, where he works in both the manufacturing and design departments. He is married with three withholding allowances and is paid biweekly. He earns $25 per hour in the manufacturing department and $31.50 per hour in the design department. During the most recent biweekly pay period, he worked a total of 92 hours, 20 of which were in the design department. All overtime was in the manufacturing department. What is his gross pay?
A) $2,580.00.
B) $2,638.50.
C) $2,697.00.
D) $3,147.00.

Jan is a music teacher at an elementary school. She writes a play for her students to perform.
The next year, she learns that another elementary school copied and is performing the same
play. Jan never registered or published the play. Which of the following is true?
O A. Jan can sue for copyright infringement.
B
None of the above
O c.
Jan can sue for an injunction to stop the other school from performing her play
OD
Jan can't do anything since she didn't publish the play
O E.
Jan can't do anything since she didn't register her copyright

Fusion has already been demonstrated as an energy source, albeit on a limited scale. Engineers hope to transform the scale to provide energy at commercial levels. A loan for development of a niche application has been taken out by an engineering research firm, borrowing $900,000. The loan will be paid back over 5 years with uniform quarterly payments and an interest rate of 10 percent compounded quarterly.
What is the equal quarterly amount to be paid?

In the business world, people are often measured by their:

The Pan American Bottling Co. is considering the purchase of a new machine that would increase the speed of bottling and save money. The net cost of this machine is $48,000. The annual cash flows have the following projections. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods. Year Cash Flow 1 $ 18,000 2 22,000 3 25,000 4 12,000 5 7,000 a. If the cost of capital is 9 percent, what is the net present value of selecting a new machine

Celestin Manufacturing Company incurred $22,000 of depreciation on its manufacturing equipment during its first year of operation. During this year the company made 11,000 units of product and sold 3,700 units of product. Based on this information alone the company would show Multiple Choice $22,000 of depreciation expense on its income statement. $7,400 of cost of goods sold expense on its income statement. $22,000 of inventory on its balance sheet. $7,400 of inventory on its balance sheet.

Lucas Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 900 Materials costs $ 9,600 Conversion costs $ 7,700 Percent complete with respect to materials 60 % Percent complete with respect to conversion 45 % Units started into production during the month 8,100 Units transferred to the next department during the month 6,900 Materials costs added during the month $ 115,800 Conversion costs added during the month $ 120,500 Ending work in process inventory: Units in ending work in process inventory 2,100 Percent complete with respect to materials 75 % Percent complete with respect to conversion 20 % The cost per equivalent unit for conversion costs for the first department for the month is closest to:

Why are the incentives of a supplier the opposite of the incentives of a demander

define securitization.​

Edward and Tony are fraternity brothers. Edward has a dinner party to celebrate getting a new job. Tony helps Edward out with the dinner party, coming 3 hours before, helping with cooking, buying the ingredients for the dinner, and party set up, and staying after, to help with clean up after. The next day, Edward promises Tony that Edward will pay Tony $100 because of all the help Tony provided the day before at the dinner party. Is Edward's promise enforceable? Why or why not?

Umatilla Bank and Trust is considering giving Splish Brothers Inc. a loan. Before doing so, it decides that further discussions with Splish Brothers Inc.’s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $247,680. Discussions with the accountant reveal the following.
1. Splish Brothers Inc. sold goods costing $50,590 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2. The physical count of the inventory did not include goods costing $100,920 that were shipped to Splish Brothers Inc. FOB destination on December 27 and were still in transit at year-end.
3. Splish Brothers Inc. received goods costing $25,880 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count.
4. Splish Brothers Inc. sold goods costing $54,220 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Splish Brothers Inc. physical inventory.
5. Splish Brothers Inc. received goods costing $43,380 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $247,680.
Determine the correct inventory amount on December 31.

Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $433,200; materials of $418,000 and direct labor of $228,000. During the year Adams incurred $457,200 in materials costs, $451,600 in overhead costs and $232,000 in direct labor costs. Compute the amount of under- or overapplied overhead for the year.
a. $10,800 overapplied.
b. $18,400 overapplied.
c. $10,800 underapplied.
d. $18,400 underapplied.

Economically, the government divides its earning marks into ______, each of which lasts three months.

When crafting a business message with strong reasoning, it is important to back claims with Multiple choice question. broad generalizations. your own beliefs.. supporting facts. colorful diagrams.

Hoag Corporation applies manufacturing overhead to products on the basis of standard machine-hours. Budgeted and actual fixed manufacturing overhead costs for the most recent month appear below: Original Budget Actual Costs Fixed overhead costs: Supervision $ 9,880 $ 9,970 Utilities 4,160 4,440 Factory depreciation 21,320 21,190 Total fixed manufacturing overhead cost $ 35,360 $ 35,600 The company based its original budget on 2,600 machine-hours. The company actually worked 2,280 machine-hours during the month. The standard hours allowed for the actual output of the month totaled 2,080 machine-hours. What was the overall fixed manufacturing overhead volume variance for the month

Keyser Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $133 Units in beginning inventory 950 Units produced 8,850 Units sold 8,950 Units in ending inventory 850 Variable costs per unit: Direct materials $ 29 Direct labor $ 46 Variable manufacturing overhead $ 10 Variable selling and administrative expense $ 20 Fixed costs: Fixed manufacturing overhead $ 70,800 Fixed selling and administrative expense $164,200 The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. What is the net operating income for the month under absorption costing

Levi is replying to an email a customer sent seeking information about his company’s products. Which greeting should he avoid using in a business email?

A.
Hi
B.
Hey
C.
Hello
D.
Dear

Select the correct answer.

Which statement is true in the context of business etiquette for sending digital messages?

A.
Digital messages should use abbreviations.
B.
Digital messages should be informal.
C.
Digital messages should be courteous.
D.
Digital messages should use a colorful font.

Select the correct answer.

Which of these messages would be considered inappropriate for business communication?

A.
Good night
B.
Goodbye
C.
OK, bye
D.
See you tomorrow

The aggregate demand aggregate supply mode is quite useful tool for us to understand the economy. So far, we saw only one change at a time, however, in reality, there can be multiple shocks at the same time. The economy was in long run equilibrium. Assuming all else equal, world scientists collaborated to invent a vaccine for everyone to be safe from deadly virus, raising productivity. This makes consumers and businesses optimist about the economy. At the same time, commodity market, namely oil market is calm, maintaining a stable supply.
1. Given above scenario, what do you think will happen to the LRAS, SRAS and AD curves in each in short run?
2. And what would happen to price level and output in the economy?
3. What about in long run?

Taylor Company began manufacturing operations on January 2, 20X1. During 20X1 Taylor reported pre-tax book income of $150,000 and had taxable income of $200,000. Taylor had a temporary difference relating to accrued product warranty costs which are expected to be paid as follows: 20X2$30,00020X3$15,00020X4$5,000 The enacted tax rates are 21% for 20X1 and 20X2; and 25% for 20X3 and 20X4. The deferred tax asset at the end of 20X1 is:

Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost
On April 1, Sangvikar Company had the following balances in its inventory accounts:
Materials Inventory $12,750
Work-in-Process Inventory 21,060
Finished Goods Inventory 8,500
Work-in-process inventory is made up of three jobs with the following costs:
Job 114 Job 115 Job 116
Direct materials $2,384 $2,603 $3,085
Direct labor 1,800 1,420 4,420
Applied overhead 1,260 994 3,094
During April, Sangvikar experienced the transactions listed below.
Materials purchased on account, $28,920.
Materials requisitioned: Job 114, $16,800; Job 115, $12,460; and Job 116, $5,410.
Job tickets were collected and summarized: Job 114, 170 hours at $11 per hour; Job 115, 200 hours at $14 per hour; and Job 116, 100 hours at $19 per hour.
Overhead is applied on the basis of direct labor cost.
Actual overhead was $4,535.
Job 115 was completed and transferred to the finished goods warehouse.
Job 115 was shipped, and the customer was billed for 125 percent of the cost.
Required:
1. Calculate the predetermined overhead rate based on direct labor cost.
% of direct labor cost
2. Calculate the ending balance for each job as of April 30. When required, round your answers to the nearest dollar. Use your rounded answers in subsequent computations, if necessary.
Ending Balance
Job 114 $
Job 115 $
Job 116 $
3. Calculate the ending balance of Work in Process as of April 30. When required, round your answer to the nearest dollar.
$
4. Calculate the cost of goods sold for April. When required, round your answer to the nearest dollar.
$
5. Assuming that Sangvikar prices its jobs at cost plus -25 percent, calculate the price of the one job that was sold during April. Round to the nearest dollar.
$

Kenwood Homes, Inc., allows employees to purchase, at cost, manufacturing materials, such as metal and lumber, for personal use. To purchase materials for personal use, an employee must complete a materials requisition form, which must then be approved by the employee's immediate supervisor. Cheryl Long, an assistant cost accountant, charges the employee an amount based on Kenwood's net purchase cost. Cheryl Long is in the process of replacing a deck on her home and has requisitioned lumber for personal use, which has been approved in accordance with company policy. In computing the cost of the lumber, Long reviewed all the purchase invoices for the past year. She then used the lowest price to compute the amount due the company for the lumber. Discuss whether Long behaved in an appropriate manner.

Riverbed Corporation has the following accounts included in its December 31, 2020, trial balance: Accounts Receivable $111,900, Inventory $295,000, Allowance for Doubtful Accounts $9,080, Patents $80,900, Prepaid Insurance $9,790, Accounts Payable $79,100, and Cash $32,000. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)

Suppose that the supply function for honey is p=​S(q)=0.4q+2.8​, where p is the price in dollars for an 8​-oz container and q is the quantity in barrels. Suppose also that the equilibrium price is ​$4.80 and the demand is 4 barrels when the price is ​$6.90. Find an equation for the demand​ function, assuming it is linear.

you recently increased you're spending on marketing by 10%. you now spend 5500 per month. revenue increase by 1000 per month and you're gross margin percentage is 70%. All other expenses stayed consant. Did the increase pay off?

akashi plans to save $30,000 per year until he retires. His first savings contribution to his retirement account is expected in 1 year from today. Takashi plans to retire in 6 years from today, immediately after making his last $30,000 contribution to his retirement account. He then plans to be retired for 6 years. Takashi expects to earn 8.0 percent per year in his retirement account, both before and during his retirement. If Takashi receives equal annual payments from his retirement account during his retirement with the first of these annual retirement payments received in 1 year after he retires and the last of these annual retirement payments received in 6 years after he retires, then how much can Takashi expect each of his annual retirement payments to be

Martinez Corporation engaged in the following cash transactions during 2017
Sale of land and building $191,000
Purchase of treasury stock 40,000
Purchase of land 37,000
Payment of cash dividend 95,000
Purchase of equipment 53,000
Issuance of common stock 147,000
Retirement of bonds 100,000
Compute the net cash provided (used) by investing activities

Consider an economy with two types of firms, S and I. S firms always move together, but I firms move independently of each other. For both types of firms there is a 70% probability that the firm will have a 20% return and a 30% probability that the firm will have a -30% return. The standard deviation for the return on an portfolio of 20 type S firms is closest to ________.