Some of the ledger accounts for the Sanderson Hardware Company are listed below. For each of the October 2021 transactions numbered 1 through 10 below, indicate by account name which accounts should be debited and which should be credited when preparing journal entries. The company uses the perpetual inventory system. Assume that appropriate adjusting entries were recorded at the end of September.


Accounts payable Equipment Inventory
Accounts receivable Cash Supplies
Supplies expense Prepaid rent Sales revenue
Retained earnings Notes payable Common stock
Deferred sales revenue Rent expense Salaries payable
Cost of goods sold Salaries expense Interest expense

Accound debited Accound credited
1. Paid a cash dividend.
2. Paid rent for the next three months.
3. Sold goods to customers on account.
4. Purchased inventory on account.
5. Purchased supplies for cash.
6. Paid employees wages for September.
7. Issued common stock in exchange for cash.
8. Collected cash from customers for goods sold in 3.
9. Borrowed cash from a bank and signed a note.
10. At the end of October, recorded the amount of supplies that had been used during the month.
11. Received cash for advance payment from customer.
12. Accrued employee wages for October.

Answer:

1. Paid a cash dividend.

Account Debited:  Retained earnings

Account Credited: Cash

2. Paid rent for the next three months.

Account Debited:  Prepaid rent

Account Credited: Cash

3. Sold goods to customers on account.

Account Debited:  Account receivables

Account Credited:  Sales revenue

4. Purchased inventory on account.

Account Debited:  Inventory

Account Credited: Accounts payable

5. Purchased supplies for cash.

Account Debited:  Supplies

Account Credited: Cash

6. Paid employees wages for September.

Account Debited:  Wages payable

Account Credited: Cash

7. Issued common stock in exchange for cash.

Account Debited:  Cash

Account Credited: Common stock

8. Collected cash from customers for goods sold in 3.

Account Debited:  Cash

Account Credited: Account receivables

9. Borrowed cash from a bank and signed a note.

Account Debited:  Cash

Account Credited: Notes payables

10. At the end of October, recorded the amount of supplies that had been used during the month.

Account Debited:  Supplies expenses

Account Credited: Supplies

11. Received cash for advance payment from customer.

Account Debited:  Cash

Account Credited: Unearned revenue

12. Accrued employee wages for October.

Account Debited:  Wages expenses

Account Credited: Wages payable

Traditional IRA grows tax free?
True or False

Bonita Beauty Corporation manufactures cosmetic products that are sold through a network of sales agents. The agents are paid a commission of 18% of sales. The income statement for the year ending December 31, 2014, is as follows.
BONITA BEAUTY CORPORATION
Income Statement For the Year Ended December 31, 2014
Sales $75,000,000
Cost of goods sold
Variable $31,500,000
Fixed 8,610,000 40,110,000
Gross margin $34,890,000
Selling and marketing expenses
Commissions $13,500,000
Fixed costs 10,260,000 23,760,000
Operating income $11,130,000
The company is considering hiring its own sales staff to replace the network of agents. It will pay its salespeople a commission of 8% and incur additional fixed costs of $7,500,000.
Under the current policy of using a network of sales agents, calculate the Bonita Beauty Corporation

Apart from the internet, which encourages customers to reach out to a business or brand, use of other advertising vehicles refers to________ marketing

Is there an existential threat of social media?​

Luke offered to sell his farm to Kent at $75,000, an offer which Kent declined. A week later, Luke offered to sell the farm for $65,000, stating that it was the final offer, it was valid for one month, and that he would not alter it. Two days later, Kent replied by saying that he was willing to pay $60,000 for the farm. A week after Luke received Kent's offer, Luke declined it. Ten days after that, Kent agreed to buy the farm for $65,000, but Luke refused to sell the farm. Kent decided to sue Luke for a breach of contract. The judge ruled in favor of Luke. Which one of the following is the reason for the ruling in Luke's favor?

a. Luke's original offer of $75,000 is still valid, even though rejected.
b. Kent acted in an incompetent manner with regards to the offer.
c. Kent's acceptance was past the set time period in the offer.
d. Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid.

. Calculate the cost of the raw material (Gilden) purchases by month and in total, for the third quarter.

Prepare a bank reconciliation as of October 31 from the following information:

a. The October 31 cash balance in the general ledger is $806.
b. The October 31 balance shown on the bank statement is $350.
c. Checks issued but not returned with the bank statement were No. 462 for $24 and No. 483 for $42.
d. A deposit made late on October 31 for $433 is included in the general ledger balance but not in the bank statement balance.
e. Returned with the bank statement was a notice that a customer's check for $80 that was deposited on October 25 had been returned because the customer's account was overdrawn.
f. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check No. 471 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56.

On January 1, 20X8, L Corporation acquired all of the common stock of S Company for $300,000. On that date, S Company's identifiable net assets had a fair value of $250,000. The assets acquired in the purchase of S are considered to be a separate reporting unit of L Corporation. The carrying value of S Company's net assets at December 31, 20X8, is $310,000. The fair value of the reporting unit is determined to be 260,000. Determine the amount, if any, of impairment loss to be recognized at December 31, 20X8.

a. 40,000
b. 50,000
c. 10,000
d. 60,000

Match the qualitative characteristics below with the following statements.1. Timeliness2. Completeness3. Free from error4. Understandability5. Faithful representation6. Relevance7. Neutrality8. Confirmatory valuea. Quality of information that assures users that information represents the economic phenomena that it purports to represent.b. Information about an economic phenomenon that corrects past or present expectations based on previous evaluations.c. The extent to which information is accurate in representing the economic substance of a transaction.d. Includes all the information that is necessary for a faithful representation of the economic phenomena that it purports to represent.e. Quality of information that allows users to comprehend its meaning.

Cooperative San José of southern Sonora state in Mexico makes a unique syrup using cane sugar and local herbs. The syrup is sold in small bottles and is prized as a flavoring for drinks and for use in desserts. The bottles are sold for $12 each. The first stage in the production process is carried out in the Mixing Department, which removes foreign matter from the raw materials and mixes them in the proper proportions in large vats. The company uses the weighted-average method in its process costing system.

A hastily prepared report for the Mixing Department for April appears below:

Units to be accounted for:
Work in process, April 1 (materials 90% complete; conversion 80% complete) 5,700
Started into production 34,100
Total units to be accounted for 39,800
Units accounted for as follows:
Transferred to next department 29,400
Work in process, April 30 (materials 70% complete; conversion 50% complete) 10,400
Total units accounted for 39,800

Cost Reconciliation Cost to be accounted for:

Work in process, April 1 $15,276
Cost added during the month 96,248
Total cost to be accounted for $111,524
Cost accounted for as follows:
Work in process, April 30 $20,384
Transferred to next department 91,140
Total cost accounted for $111,524

Required:

a. What were the Mixing Department's equivalent units of production for materials and conversion for April?
b. What were the Mixing Department's cost per equivalent unit for materials and conversion for April? The beginning inventory consisted of the following costs: materials, $10,545; and conversion cost, $4,731. The costs added during the month consisted of: materials, $64,649; and conversion cost, $31,599.
c. How many of the units transferred out of the Mixing Department in April were started and completed during that month?
d. The manager of the Mixing Department stated, "Materials prices jumped from about $1.65 per unit in March to $2.15 per unit in April, but due to good cost control I was able to hold our materials cost to less than $2.15 per unit for the month." Should this manager be rewarded for good cost control?

Rutgers Racquet Club adjusts its accounts monthly. Club members pay their annual dues in advance by January 15. The entire amount is initially credited to Unearned Membership Dues (a liability account). At the end of each month, an appropriate portion of this amount is credited to Membership Dues Earned. Guests of the club members normally pay a court rental fee before being allowed to play. The amounts collected are credited to Court Rental Revenue at the time of receipt. Certain guests are billed for court rental fees at the end of the month. The following information can be used for preparing adjusting entries at December 31, 20x5:

1. Salaries earned by club employees that have not yet been recorded or paid amount to $3,700.
2. A local VFW sponsored a tournament at Rutgers Racquet Club that took place on December 22, 20x5 of the current year. At December 31, the $1,200 owed by the VFW for court rentals on December 22 had not yet been recorded or billed.
3. A one-year fire and flood insurance policy had been purchased on May 31. The entire premium of $7,200 was initially recorded as Prepaid Insurance.
4. Rutgers Racquet Club was built in 20x1. The cost of the building and equipment was $320,000. Depreciation of the club's building and equipment is based on an estimated life of 20 years and a salvage value of $80,000. The straight-line method of depreciation is used.
5. A 36-month bank loan in the amount of $108,000 had been obtained by Rutgers Racquet Club on December 1, 20x5. Interest is computed at an annual rate of 9%. The entire $108,000, plus all of the interest accrued over the 36-month life of the loan, is due in full on December 1, 20x8.
6. Membership dues earned in December, 20x5 for collections received at January 15, 20x5 amounts to $52,000.
7. Unrecorded Income Taxes Expense accrued in December amounts to $16,000. This amount will not be paid until January 15, 20x6.

Required:
For each of the items above, prepare the necessary adjusting entry at December 31, 20x5.

A medical supplies salesperson walks into a hospital administrator's office. The administrator invites the salesperson to sit in a chair directly across the desk from her. Into which space zone is the salesperson being placed

In Coronado Company, total materials costs are $38,000, and total conversion costs are $54,480. Equivalent units of production are materials 10,000 and conversion costs 12,000. Compute the unit costs for materials and conversion costs.


Materials cost per unit:__________ $
Conversion cost per unit:________ $
Compute total manufacturing costs:________ $

Company manufactures car seats in its plant. Each car seat passes through the assembly department and testing department. This problem focuses on the testing department. Direct materials are added when the testing department process is ​% complete. Conversion costs are added evenly during the testing​ department's process. As work in assembly is​ completed, each unit is immediately transferred to testing. As each unit is completed in​ testing, it is immediately transferred to Finished Goods. Company uses the​ weighted-average method of process costing. Data for the testing department for October are as​ follows:

Physical Units (Car Seats) Direct Materials Conversion Costs
Work-in-process, October 1 *a 5,000 $1,250,000 $402,750
Started during October 20,000
Completed during October 22,500
Work-in-process, October 31 *b 2,500
Total costs added during October $4,500,000 $2,337,500



Required:
What is the percentage of completion for:​

a. Transferred-in costs and direct materials in beginning​ work-in-process inventory.
b. Transferred-in costs and direct materials in ending​ work-in-process inventory

During 2020, PC Software Inc. developed a new personal computer database management software package. Total expenditures on the project were $3,000,000, of which 40% occurred after the technological feasibility of the product had been established. The product was completed and offered for sale on January 1, 2021. During 2021, revenues from sales of the product totaled $4,800,000. The package is expected to be successfully marketable for five years, and the total revenues over the life of the product are estimated to be $20,000,000.
Required
A. Prepare the journal entry to account for the development of this product in 2020.
B. Prepare the journal entry to record the amortization of capitalized computer software development costs in 2021.
C. What disclosures are required in the December 31, 2021, financial statements regarding computer software costs?
At December 31, 2021, the unamortized software intangible asset totals ______. This is equal to _____ originally capitalized less amortization in 2021 of _______. The amount charged to expense as amortization of software intangible asset in 2021 was ______. The estimated net realizable value of computer software is greater than the remaining unamortized software intangible asset.

On June 30, 2021, Georgia-Atlantic, Inc. leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a three-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2021. Georgia-Atlantic's incremental borrowing rate is 10%, the same rate IC uses to calculate lease payment amounts. Amortization is recorded on a straight-line basis at the end of each fiscal year. The fair value of the equipment is $3 million.

Required:
a. Determine the present value of the lease payments at June 30, 2021 that Georgia-Atlantic uses to record the right-of-use asset and lease liability.
b. What pretax amounts related to the lease would Georgia-Atlantic report in its balance sheet at December 31, 2021

Which of the following is not a true statement about filing bankruptcy? a. Bankruptcy erases all of your debt. b. It is possible to rebuild your credit after filing bankruptcy. There are exemptions that alloW you to keep essentials. d. Bankruptcy stops aggressive action by creditors ​

What are some of the government requirements imposed on a public corporation that are not imposed on a private, closely held corporation? Discuss pros and cons of each

A government-owned company may have an unfair advantage over a privately owned company because it could:

On December 1, year 1, Lester Company issued at 103, four hundred of its 9%, $1,000 bonds. Attached to each bond was one detachable stock warrant entitling the holder to purchase 10 shares of Lester's common stock. On December 1, year 1, the market value of the bonds, without the stock warrants, was 95, and the market value of each stock purchase warrant was $50. The amount of the proceeds from the issuance that should be accounted for as the initial carrying value of the bonds payable would be:______

a. $387,280.
b. $391,400.
c. $400,000.
d. $412,000.

Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of inventories to reflect the July events of this company. The June 30 balances: Raw Materials Inventory, $22,000; Work in Process Inventory, $9,690 ($2,810 of direct materials and $6,880 of conversion); Finished Goods Inventory, $140,000; Sales, $0; Cost of Goods Sold, $0; Factory Payroll Payable, $0; and Factory Overhead, $0. 1. Prepare journal entries to record the following July transactions and events. Purchased raw materials for $130,000 cash (the company uses a perpetual inventory system). Used raw materials as follows: direct materials, $52,540; and indirect materials, $11,500. Recorded factory payroll payable costs as follows: direct labor, $206,000; and indirect labor, $26,500. Paid factory payroll cost of $232,500 with cash (ignore taxes). Incurred additional factory overhead costs of $83,000 paid in cash. Allocated factory overhead to production at 50% of direct labor costs. 2. Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary, assuming the weighted-average method is used. (Round "Cost per EUP" to 2 decimal places.) Units Beginning inventory 6,500 units Started 14,000 units Ending inventory 8,000 units Beginning inventory Materials—Percent complete 100 % Conversion—Percent complete 80 % Ending inventory Materials—Percent complete 100 % Conversion—Percent complete 30 % 3.
Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: Total costs transferred to finished goods for July. Sale of finished goods costing $273,200 for $640,000 in cash.Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: Total costs transferred to finished goods for July. Sale of finished goods costing $273,200 for $640,000 in cash. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: Total costs transferred to finished goods for July. Sale of finished goods costing $273,200 for $640,000 in cash.

Tawna Reed was hired for a top managerial position in Nike Corporation because she had creative ability and a good overall feel for the athletic shoe industry. Reed is said to have good _____ skills.

What aspect does line weight represent? A. angle of a line B. color of a line C. length of a line D. thickness of a line

Chance company had two operating divisions, one manufacturing farm equipment and other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on Sept. 1, 2016, the company adopted a plan to sell the assets of the division.
The actual sale was completed on Dec. 15, 2016, at the price of $600,000. The book value of the division's assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. The division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through Dec. 15. The income tax rate is 40%. Chances after-tax income from its continuing operations is $350,000.
Required:
Prepare an income statement for 2016 beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding throughout the year.

This outcome of an expansionary period would be considered negative for those living on a
fixed income
Unemployment
Full Employment
Peak
Inflation

ogan Products computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 40,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $466,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. Logan's actual manufacturing overhead for the year was $713,400 and its actual total direct labor was 41,000 hours.
Required:
Compute the company's pre-determined overhead rate for the year.

If an investment triples in value in seven years, the rate of return on the investment is nearest to:

Theresa works as a Risk Management Specialist for an investment corporation. Which best describes her educational pathway?

A. an associate’s degree, then a bachelor’s degree
B. a master’s degree, then vocational school
C. vocational school, then an associate’s degree
D. a bachelor’s degree, then a master’s degree

Deferral adjustments are needed when the business:

a. Pays cash after the expense has been incurred.
b. Unanswered pays cash before the expense has been incurred.
c. Unanswered receives cash after the revenue has been generated.
d. Unanswered receives cash before the revenue has been generated.

If there is a technological advance that lowers the cost of producing x-ray machines, then we can say that the