Boilermaker House Painting Company1. Sep 3 Paint houses in the current month for $20,000 on account.
2. Sep 8 Purchase painting equipment for $21,000 cash.
3. Sep 12 Purchase office supplies on account for $3,500.
4. Sep 15 Pay employee salaries of $4,200 for the current month.
5. Sept 19 Purchase advertising to appear in the current month for $1,000 cash.
6. Sep 22 Pay office rent of $5,400 for the current month.
7. Sep 26 Receive $15,000 from customers in (1) above.
8. Sep 30 Receive cash of $6,000 in advance from a customer who plans to have his house painted in the following month.
a) Record each transaction. The company uses the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Deferred Revenue, Common Stock, Retained Earnings, Service Revenue, Salaries Expense, Advertising Expense, Rent Expense.
Answers
Answer:
Explanation:
The journal entries are shown below:
1. Account receivable A/c Dr $20,000
To Deferred revenue A/c $20,000
(Being the paint house on account is recorded)
2. Equipment A/c Dr $21,000
To Cash A/c $21,000
(Being the equipment is purchased for cash)
3. Supplies A/c Dr $3,500
To Accounts Payable A/c $3,500
(Being the office supplies are purchased on credit basis)
4. Salaries expense A/c Dr $4,200
To Cash A/c $4,200
(Being the employees salaries are paid for cash)
5. Advertising expense A/c Dr $1,000
To Cash A/c $1,000
(Being the advertising are purchase for cash)
6. Rent expense A/c $5,400
To Cash A/c $5,400
(Being the rent is paid for cash)
7. Cash A/c Dr $15,000
To Account receivable A/c $15,000
(Being the cash is received)
8. Cash A/c Dr $6,0000
To Deferred revenue $6,000
(Being the cash is received)
Final answer:
The transactions of the Boilermaker House Painting Company are recorded considering the cash flow, accounts receivable, and deferred revenues with specific monetary changes respective of each transaction.
Explanation:
The transactions for Boilermaker House Painting Company can be recorded as follows:
- Accounts Receivable $20,000 | Service Revenue $20,000 - the company painted houses on credit.
- Equipment $21,000 | Cash $21,000 - the company purchased equipment for cash.
- Supplies $3,500 | Accounts Payable $3,500 - the company purchased office supplies on credit.
- Salaries Expense $4,200 | Cash $4,200 - the company paid employee salaries.
- Advertising Expense $1,000 | Cash $1,000 - the company purchased advertising for cash.
- Rent Expense $5,400 | Cash $5,400 - the company paid office rent.
- Cash $15,000 | Accounts Receivable $15,000 - the company received cash from customers.
- Deferred Revenue $6,000 | Cash $6,000 - the company received cash in advance from a customer.
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Related Questions
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Tower Company planned to produce 3,000 units of its single product, Titactium, during November. The standards for one unit of Titactium specify six pounds of materials at $0.30 per pound. Actual production in November was 3,100 units of Titactium. There was an unfavorable materials price variance of $380 and a favorable materials quantity variance of $120. Based on these variances, one could conclude that:
The 2017 balance sheet of Staples, Inc. shows total assets of $8,271 million, operating assets of $6,566 million, operating liabilities of $3,527 million, and shareholders’ equity of $3,688 million. Staples' 2017 net operating assets are: Select one: A. $11,798 million B. $ 6,566 million C. $ 4,744 million D. $ 3,039 million E. None of the above
B) decide whether to focus on primary or secondary data
C) determine which type of research instrument to use
D) have the questionnaire translated back into English to check for accuracy
E) determine whether to focus on descriptive or causal objectives
Answers
The questionnaire was translated back into English to check for accuracy. Thus option D is correct.
What is the marketing research ?
Marketing research is the systematic gathering, recording, and analysis of the information that is qualitative and quantitative related to the marketing of products and services. It is the marketing of the business activities.
The research includes the B2B and B2C. The main objective is to provide relevant and accurate reliable information. The research relies on surveys and questionnaires as tools of gathering information.
Find out more information about the Malaya Ramirez.
Answer:
The correct answer is letter "D": have the questionnaire translated back into English to check for accuracy.
Explanation:
Translating is the activity by which the message given in a language is provided written in a different language. However, all languages are not the same and during the translation, meaning can be lost. Besides, specific terminology could make the translation difficult for the translator.
Thus, for accuracy purposes Malaya Ramirez should have the English-Spanish translation checked, making it be translated back into English.
Answers
Answer:
The total equivalent units of production for direct materials is 74000 Units.
Explanation:
materials required for production are added at the beginning of the process. So whatever the Total amount of materials required for 74000 Tons as been added at beginning of the Production (in July). For the Purpose of materials we need to consider 100% Completed.
total Equalent Units = Total Units Started
= 74000 Units
Therefore, The total equivalent units of production for direct materials is 74000 Units.
Suppose that Spain and Switzerland consider trading cheese and beer with each other. Spain can gain from specialization and trade as long as it receives more than (1, 1/10, 1/5, 5, 10) barrels of beer for each pound of cheese it exports to Switzerland. Similarly, Switzerland can gain from trade as long as it receives more than(1, 1/10, 1/5, 5, 10) pound of cheese for each barrel of beer it exports to Spain.
Based on your answer to the last question, which of the following prices of trade (that is, price of cheese in terms of beer) would allow both Switzerland and Spain to gain from trade? Check all that apply.
A. 6 barrels of beer per pound of cheese
B. 1 barrel of beer per pound of cheese
C. 7 barrels of beer per pound of cheese
D. 4 barrels of beer per pound of cheese
Answers
Answer:
Spain has a proportional advantage in the production of cheese since it has to provide up only 5 barrels of beer for making one pound of cheese, although, Switzerland has to provide up 10 barrels of beer which is higher. Switzerland has a proportional advantage in the construction of beer since it has to give up 1/10th pound of cheese, although, Spain has to provide up 1/5th pound of cheese which is higher.
The price must be higher than the opportunity cost of the retailer and less than the prospect cost of the consumer. The terms of trade should lie among the prospect cost of the buyer and seller to be favorable to both.
More than 5 barrels.
More than 1/10th pound of cheese.
A and C.
Final answer:
Spain has a comparative advantage in cheese production and Switzerland in beer production. Spain gains from trade when it receives more than 5 barrels of beer per pound of cheese it exports, and Switzerland when it gets more than 1/10 pound of cheese per barrel of beer. From this, option A (6 barrels per pound) and C (7 barrels per pound) are both beneficial trade prices for both countries.
Explanation:
When we compare the opportunity cost of producing cheese in Spain and Switzerland, we can see that Spain has a comparative advantage in the production of cheese, and Switzerland in the production of beer. This is because Spain can produce cheese at a lower opportunity cost than Switzerland.
Regarding trade, Spain will gain from specialization and trade as long as it receives more than 5 barrels of beer for each pound of cheese it exports to Switzerland. For Switzerland, it will gain from trade as long as it receives more than 1/10 pound of cheese for each barrel of beer it exports to Spain.
Considering the above, the prices of trade that would allow both countries to gain from trade would be A. 6 barrels of beer per pound of cheese and C. 7 barrels of beer per pound of cheese. These prices are above the opportunity cost of cheese in Spain and below the opportunity cost of cheese in Switzerland, satisfying the needs of both parties.
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Answers
Answer:
Explanation:
Using the EOQ Formula = EOQ
D = Demand = 773
O = Ordering Cost =28
H = holding Cost = 11*33% =3.63
So we have :
EOQ=
EOQ=
EOQ=
EOQ=
EOQ= 109.20196
Previous per unit order cost = 28/773 =0.03622
No of Orders = D/o
No of Orders = 773/109.20196 =7.0786
Cost per order =109.20196*0.03622 =3.9555
Total order cost= 7.0786*3.9555=27.9998
At EOQ holding Cost is equal to Order Cost
New Order cost =27.9998
Holding Cost = 27.9998
New cost As per EOQ = 56
Previous (33+28) = 61
Net Saving = 5
Answers
Answer:
10.80%
Explanation:
For this question ,we use the RATE formula that is shown in the spreadsheet attachment. Kindly find it below:
Given that,
Present value = 1,000 × 96% = $960
Assuming figure - Future value or Face value = $1,000
PMT = 1,000 × 10.2% ÷ 2 = $51
NPER = (14 years - 2 years) × 2 = 24 years
The formula is shown below:
= Rate(NPER;PMT;-PV;FV;type)
The present value come in negative
So, after solving this, the yield to maturity is 10.80%
Answers
Explanation:
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