Cecil Jameson, Attorney-at-Law, is a proprietorship owned and operated by Cecil Jameson. On July 1, 2007, Cecil Jameson, Attorney-at-Law, has the following assets and liabilities: cash, $1,000; accounts receivable, $3,200; supplies, $850; land, $10,000; accounts payable, $1,530. Office space and office equipment are currently being rented, pending the construction of an office complex on land purchased last year. Business transactions during July are summarized as follows:
a. Received cash from clients for services, $3,928.
b. Paid creditors on account, $1,055.
c. Received cash from Cecil Jameson as an additional investment, $3,700.
d. Paid office rent for the month, $1,200.
e. Charged clients for legal services on account, $2,025.
f. Purchased office supplies on account, $245.
g. Received cash from clients on account, $3,000.
h. Received invoice for paralegal services from Legal Aid Inc. for July (to be paid on August 10), $1,635.
i. Paid the following: wages expense, $850; answering service expense, $250; utilities expense, $325; and miscellaneous expense, $75.
j. Determined that the cost of office supplies on hand was $980; therefore, the cost of supplies used during the month was $115.
k. Jameson withdrew $1,000 in cash from the business for personal use.
Instructions
1. Determine the amount of owner’s equity (Cecil Jameson’s capital) as of July 1, 2007.
2. State the assets, liabilities, and owner’s equity as of July 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate the increases and decreases resulting from each transaction and the new balances after each transaction.
3. Prepare an income statement for July, a statement of owner’s equity for July, and a balance sheet as of July 31, 2007.
4. (Optional). Prepare a statement of cash flows for July.
Answers
Answer:
1. Determine the amount of owner’s equity (Cecil Jameson’s capital) as of July 1, 2007.
equity = assets - liabilities = $15,050 - $1,530 = $13,520
2. State the assets, liabilities, and owner’s equity as of July 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate the increases and decreases resulting from each transaction and the new balances after each transaction.
since there is not enough room here, I used an excel spreadsheet
3. Prepare an income statement for July, a statement of owner’s equity for July, and a balance sheet as of July 31, 2007.
Cecil Jameson, Attorney-at-Law
Income Statement
For the month ended July 31, 2007
Service revenue $5,953
Expenses:
Paralegal services $1,635Wages expense $850Rent $1,200Answering service expense $250Utilities expense $325Supplies expense $115Miscellaneous expense $75 $4,450Operating income $1,503
Cecil Jameson, Attorney-at-Law
Balance Sheet
For the month ended July 31, 2007
Assets:
Cash $6,873
Accounts receivables $2,225
Supplies $980
Land $10,000
Total assets $20,078
Liabilities:
Accounts payable $720
Paralegal fees payable $1,635
Total liabilities $2,355
Equity:
Jameson, Cecil, capital $18,723
Jameson, Cecil, drawings -$1,000
Total equity $17,723
Liabilities + Equity = $20,078
Cecil Jameson, Attorney-at-Law
Statement of Owner’s Equity
For the month ended July 31, 2007
Jameson, Cecil, capital balance July 1, 2007 $13,520
Investment during the month $3,700
Net income $1,503
Subtotal $18,723
Drawings ($1,000)
Jameson, Cecil, capital balance July 31, 2007 $17,723
4. (Optional). Prepare a statement of cash flows for July.
Cecil Jameson, Attorney-at-Law
Statement of Cash Flows
For the month ended July 31, 2007
Cash flows from operating activities
Net income $1,503
Adjustments to net income:
Decrease in accounts receivables $975Decrease in accounts payables ($810)Increase in supplies inventory ($130)Increase in paralegal fees payable $1,635 $1,670Net increase in cash from operating activities $3,173
Cash flows from investing activities $0
Cash flows from financing activities
Additional paid in capital $3,700
Drawings ($1,000)
Net increase in cash from financing activities $2,700
Net increase in cash $5,873
Cash balance July 1, 2007 $1,000
Cash balance July 31, 2007 $6,873
Related Questions
A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. Assuming a 360-day year, the maturity value of the note is?
a. $10,000.
b. $9,980.
c. $11,200.
d. $10,200.
Answers
The borrower issues a note receivable to the lender in exchange for the payment of a certain amount on a specific date in the future, along with the interest that is due.
The lender can either wait until the note reaches maturity or discount it with a financial institution, which imposes a discount on the note's maturity value.
$10,200.Note: A note's face value plus interest is its maturity value. This is estimated to be $10,200 by multiplying $10,000 by [$% (60/360)]. Six terms have just been covered!
Is a note received from a customer regarding an account recorded?
By debiting Notes Receivable and crediting Accounts Receivable, a customer's note on account is recorded.note payable.A contingent liability is created when a note receivable is discounted, and it remains in effect until the note's due date.
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Motorbikes are much cheaper than cars. ............., they are less dangerous
Answers
Question 8 1 pts Scenario 14-4 The information below applies to a competitive firm that sells its output for $40 per unit. • When the firm produces and sells 150 units of output, its average total cost is $24.50. • When the firm produces and sells 151 units of output, its average total cost is $24.55. Refer to Scenario 14-4. How does the firm's marginal revenue (MR) compare to its marginal cost (MC) when it increases its output from 150 units to 151 units? MR exceeds MC by $7.95. MR exceeds MC by $11.05. MC exceeds MR by $11.05. MC exceeds MR by $13.50.
Answers
Think about Scenario 14-4. We are aware that the company charges $40 for each unit of output. the firm's makes and sells 150 units of output, and its average total cost is $24.50; therefore, $3,675 is the total cost divided by 150.
Similar to this, the firm's average total cost when it produces and sells 151 units of product is $24.55, which means that its total cost is $24.55 x 151 = $3,708.05.
We must compute the change in total revenue brought on by producing and selling one additional unit of product in order to establish the marginal revenue (MR). The company's MR is $40 since it charges $40 for each unit of output.
Calculating the change in total cost is necessary to compute the marginal cost (MC) coming from the creation and sale of an additional unit of production. $3,708.05 minus $3,675 equals $33.05 as the difference in the overall cost. The MC is therefore $33.05.
Given that MR ($40) is greater than MC ($33.05), the company should boost its output. As a result, the company's marginal revenue (MR) is $6.95 higher than its marginal cost (MC) (not an option in the given choices).
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. A company has just been taken over by new management that believes it can raise earnings before taxes (EBT) from $600 to $1,000
Answers
Given the following 2023 information for the Pinto Company: Increase in Wages Payable $ 400 Operating Expenses $5,000 Total Cash paid for expenses $4,100 12/31/23 Prepaid Insurance $1,200 Operating Expenses and cash paid for expenses consisted of amounts for insurance and wages only. The 1/1/23 balance of Prepaid Insurance was:
Answers
Answer: $1,800
Explanation:
Operating expenses comprise of only insurance and wages.
The total operating expenses were $5,000.
Out of that $5,000, $400 was for an increase in wages, $4,000 was paid off.
The rest is therefore for insurance.
= 5,000 - 400 - 4,000
= $600
If $600 is the insurance payment during the year then on 1/1/23, the balance was the current balance plus the payment;
= 1,200 + 600
= $1,800
help pls im having trouble understanding this question
Answers
TB MC Qu. 16-98 At the beginning of the recent... At the beginning of the recent period, there were 1,020 units of product in a department, 35% completed. These units were finished and an additional 5,400 units were started and completed during the period. 960 units were still in process at the end of the period, 25% completed. Using the weighted average method, the equivalent units produced by the department were: Multiple Choice
Answers
Answer:
I will need more information
Explanation:
List TWO consequences for a company if they receive a qualified audit opinion
Answers
A vegetable vendor sells carrots he sold 50% of the carrots he had in the morning of the remaining 75% was sold in everything and he still was left with 16.25 kg with him at the of the day what was the quality of carrots after a day
Answers
Answer:
65 kilograms of carrots
how do handle angry customers?
Answers
Answer:
Remain calm.Practice active listening.Repeat back what your customers say.Thank them for bringing the issue to your attention.Explain the steps you'll take to solve the problem.Set a time to follow up with them, if needed.Be sincere.Highlight the case's priority.Compute the uncollectible account expense, and make the appropriate journal entry, for the current year assuming the uncollectible account expense is determined as follows:
a. Without considering the balance in the Allowance for Doubtful Accounts, income statement approach, 1% of total sales.
b. Without considering the balance in the Allowance for Doubtful Accounts, income statement approach, 1.5% of credit sales.
c. Considering the balance in the Allowance for Doubtful Accounts, balance sheet approach.
The estimate based on an aging of accounts receivable is that an allowance of $12,000 would be appropriate.
Answers
Question Completion:
Johnson Corporation’s Unadjusted Trial Balance at year-end included the following accounts:
Debit Credit
Sales (75% represent credit sales) (credit) $1,152.000
Accounts Receivable(debit) $288,000
Allowance for Doubtful Accounts (credit) $2,184
Answer:
Johnson Corporationa. Without considering the balance in the Allowance for Doubtful Accounts, income statement approach, 1% of total sale:
Journal Entry:
Debit Uncollectible Accounts Expense $11,520
Credit Allowance for Doubtful Accounts $11,520
To record the uncollectible accounts expense for the year.
b. Without considering the balance in the Allowance for Doubtful Accounts, income statement approach, 1.5% of credit sales:
Journal Entry:
Debit Uncollectible Accounts Expense $12,960
Credit Allowance for Doubtful Accounts $12,960
To record the uncollectible accounts expense for the year.
c. Considering the balance in the Allowance for Doubtful Accounts, balance sheet approach
Journal Entry:
Debit Uncollectible Accounts Expense $9,816
Credit Allowance for Doubtful Accounts $9,816
To record the uncollectible accounts expense for the year.
Explanation:
a) Data and Determination of Uncollectible Expenses and Allowances:
Sales (75% represent credit sales) (credit) $1,152,000
Accounts Receivable(debit) $288,000
Allowance for Doubtful Accounts (credit) $2,184
1. Uncollectible Accounts Expense = 1% of Sales:
= 1% of $1,152,000
= $11,520
2. Uncollectible Accounts Expense = 1.5% of Credit Sales:
= 1.5% of $864,000 (75% of $1,152.000 )
= $12,960
3. Allowance for Doubtful Accounts based on an aging of accounts receivable of $12,000:
Adjustment required to bring the Allowance for Doubtful Accounts to $12,000 is $9,816 ($12,000 - 2,184).
All of the following statements are true about the Government National Mortgage Association Pass-Through Certificates EXCEPT: A GNMA is empowered to borrow from the Treasury to pay interest and principal if necessary B interest payments are exempt from state and local tax C certificates are issued in minimum units of $25,000 D the credit rating is considered the highest of any agency security Review
Answers
Answer:
B interest payments are exempt from state and local tax
Explanation:
GNMA mission is to diversify the funding for the mortgage purpose that could be insured or guaranteed by the other federal agenceies. It is basically used for borrowing in order to pay the interest and principal amount. The certficates should be issued that contains the minimum units of 25,000 also the credit rating is relevant in this
Therefore the above represent the answer
In a small town, there are two discount stores ABC and XYZ. They are the only stores that handle the festival goods. The total number of customers is equally divided between the two because the price and quality of goods sold are equal. Both stores have good reputations in the community, and they render equally good customer services Assume. that a gain of customer ABC byis a loss to XYZ and vice versa. Both stores plan to run annual pre-Christmasale during the first week of December. Sales are advertised through the local news paper,radio and television media.With the
aid of advertising thef payofforABC store is constructed and given. below
XYZ store
News paper Radio Television
News paper 30 40 -80
ABC radio 0 15 -20
Television 90 20 50
Find optimal strategiesbothfor stores and the value of the game.
Answers
An approach for analysing situations where parties, or players, make interdependent decisions is provided by the field of applied mathematics known as game theory.
What is the aid of advertising thef payoff?Each player's decision or plan must take into account the prospective actions or strategies of the other players because of their interconnection.
A game's solution outlines the optimal decisions taken by players, who may have similar, opposing, or mixed interests, as well as the potential outcomes. Parlor games have been studied using game theory, although its applications are much more varied.
In reality, American economist Oskar Morgenstern and American mathematician John von Neumann of Hungarian and German ancestry developed game theory to address economics-related problems. They were Princeton University classmates.
Therefore, Although newspaper is the best course of action for XYZ, television is the best course of action for ABC.
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Which action would a government most likely take to reduce its
unemployment rate?
A. Increase spending to create government jobs
B. Cut off loans to businesses in order to reduce the money supply
C. Increase taxes on businesses that operate outside the country
D. Cut taxes on businesses that operate with very few workers
Answers
Option (a), The action that a government would most likely take to lower its unemployment rate is to increase expenditure to generate government jobs.
What would happen to the unemployment rate if government spending increased?Fiscal policy may lower unemployment by accelerating economic growth and total demand. The government will need to implement a broad budgetary policy, which calls for decreasing taxes and increasing general government spending.
Which government initiative has the most chance of reducing cyclical unemployment?To lower cyclical unemployment, policymakers should focus on raising output, which is best achieved by increasing demand. A fiscal strategy that is more expansive aims to increase government spending and decrease taxes in order to increase aggregate demand and economic growth.
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(
Which of the following are characteristics of commercial paper?
a. Long term; government issued
O b. Medium term; mortgage backed
c. Short term; government issued
O d. Short term; unsecured
Answers
D.) Short Term; Unsecured
B.) Medium Term; Mortgage backed
Short-term; unsecured are the characteristics of commercial paper. The correct option is D. Commercial paper is a type of promissory note that is unsecured and pays a set interest rate.
What are the advantages and disadvantages of commercial paper?Commercial paper is a productive approach for businesses to obtain funding directly from investors. On the other hand, commercial paper is unsecured and entails more significant risk than other forms of debt. Commercial paper is another short-term financing option, although it lacks the solidity of longer-term financial instruments.
An unsecured, short-term debt product is commercial paper. Businesses frequently provide it to cover their wages, accounts payable, inventories, and other short-term liabilities. On commercial paper, maturities can be as short as one day and as long as 270 days, with a 30-day average.
Thus, the ideal solution is option D.
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Define Entrepreneurial Finance (EF), mention and differentiate different forms of EF based on investment strategies.
Answers
The financial decisiοns and actiοns that entrepreneurs take when launching οr managing a firm are referred tο as entrepreneurial finance (EF). This cοvers everything frοm οbtaining startup financing and cοntrοlling financial flοw tο selecting investments and fοrmulating develοpment plans.
What are the seven principles οf entrepreneurial finance?Cash flοw management, incremental risk and reward, time value οf mοney, incremental cash flοws, the οppοrtunity cοst οf capital, risk management, cοntingency planning, and cοntingency planning are essential fοr successful entrepreneurial finance.
What are the stages in entrepreneurial finance?The entrepreneur raises mοney tο develοp an idea, hire key persοnnel, and cοnduct market research. At the early stage, the entrepreneur has a business plan and prοtοtype οr prοοf οf cοncept. At the grοwth stage, funds are raised tο scale the business, expand intο new markets, and hire additiοnal persοnnel. At the mezzanine stage, the business is preparing fοr an IPO οr acquisitiοn. At the exit stage, the funds are used tο reward investοrs and entrepreneurs.
Based οn the investment tactics used, there are many types οf entrepreneurial finance. Here are the tοp three. Bοοtstrap Financing is a self-funded fοrm οf entrepreneurial finance where entrepreneurs use their οwn savings, persοnal credit cards, and/οr small lοans frοm friends and family tο get their business οff the grοund.
Angel Investing is a high-net wοrth individual whο prοvides funding tο early-stage startups in exchange fοr equity οwnership. Venture Capital is a type οf financing that is best suited fοr startups that have prοven their prοduct οr service and are ready tο scale up.
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What is the major difference between a nationwide bank and a community bank?
The community bank offers more services.
The nationwide bank services only local customers.
The nationwide bank has fewer branches.
The community bank services only local customers.
Answers
Answer:
the community banks services only local customers
Explanation
just took the test no cap answer made the most sense and got it correct
The community bank services only local customers is the major difference between a nationwide bank and a community bank. Hence, option D is correct.
What is community bank?The publicly traded lender offers home and business loans, checking and savings accounts, and a "Community Cash" service that lets users send and receive money without having bank accounts.
Local Awareness Community banks concentrate their lending on the areas where their depositors live and work, encouraging the development of nearby businesses and communities. This is in contrast to larger banks, which may accept deposits in one state while making loans in another.
Community banks are often more flexible and understanding when it comes to loans and accounts than national banks, which have rigorous guidelines and restrictions. They usually set lower prices for their goods and services in compared to their bigger rivals.
Thus, option D is correct.
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The table below provides the interest rate and inflation for four scenarios. One-hundred dollars was deposited into a savings account a year ago. The value of that savings is now less than $100. Which of the following scenarios must have happened?
Answers
Answer:
C) Each successive year, 1% of the current value is added to the value of the account.
Explanation:
PLEASE HELP WITH THIS
Answers
Answer:
1: B
2: A
3: D
4:C
5: C
6: C
7: D
8: Q
Explanation:
I'm leaning this rn
Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and
the gross method.
August 1 Purchased merchandise from Aron Company for $8,000 under credit terms of 1/10, n/30, FOB destination, invoice dated
August 1.
August 5 Sold merchandise to Baird Corporation for $5,600 under credit terms of 2/10, n/60, FOB destination, invoice dated August
5. The merchandise had cost $4,000.
August 8 Purchased merchandise from Waters Corporation for $7,000 under credit terms of 1/10, n/45, FOB shipping point, invoice
dated August 8.
August 9 Paid $190 cash for shipping charges related to the August 5 sale to Baird Corporation.
August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was
restored to inventory.
August 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a price
reduction from Waters of $700 off the $7,000 of goods purchased. Lowe's debited accounts payable for $700.
August 14
At Aron's request, Lowe's paid $160 cash for freight charges on the August 1 purchase, reducing the amount owed (accounts
payable) to Aron.
August 15 Received balance due from Baird Corporation for the August 5 sale less the return on August 10.
August 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12.
August 19
Sold merchandise to Tux Company for $4,800 under credit terms of n/10, FOB shipping point, invoice dated August 19. The
merchandise had cost $2,400.
August 22
Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's gave a
price reduction (allowance) of $800 to Tux and credited Tux's accounts receivable for that amount.
August 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22.
August 30 Paid Aron Company the amount due from the August 1 purchase.
Answers
Based on the given merchandising transactions, a journal entry has been prepared below:
Journal EntriesNo Date General Journal Debit Credit
1 Aug 01 Merchandise inventory $6,000
Accounts payable-Aron $6,000
2 Aug 05 Accounts receivable-Baird $4,200
Sales $4,200
3 Aug 05 Cost of goods sold $3,000
Merchandise inventory $3,000
4 Aug 08 Merchandise inventory $5,000
Accounts payable-Waters $5,000
5 Aug 09 Delivery expense $200
Cash $200
6 Aug 10 Sales return and allowances $1,000
Accounts receivable-Baird $1,000
7 Aug 10 Merchandise inventory $500
Cost of goods sold $500
8 Aug 12 Accounts payable-Waters $500
Merchandise inventory $500
9 Aug 14 Accounts payable-Aron $190
Cash $190
10 Aug 15 Cash ($3,200 - $3,136) $3,136
Sales discounts ($3,200 x 2%) $64
Accounts receivable-Baird ($4,200 - $1,000) $3,200
11 Aug 18 Accounts payable-Waters ($5,000 - $500) $4,500
Merchandise inventory ($4,500 x 1%) $45
Cash ($4,500 - $4,455) $4,455
12 Aug 19 Accounts receivable-Tux $3,600
Sales $3,600
13 Aug 19 Cost of goods sold $1,800
Merchandise inventory $1,800
14 Aug 22 Sales return and allowances $600
Accounts receivable-Tux $600
15 Aug 29 Cash ($3,600 - $600) $3,000
Accounts receivable-Tux $3,000
16 Aug 30 Accounts payable-Aron ($6,000 - $190) $5,810
Cash $5,810
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A plant asset cost ₤320,000 and is estimated to have a ₤40,000 residual value at the end of its 8-year useful life. The annual depreciation expense recorded for the third year using the double-declining-balance method would be？
Answers
Depreciation is the process of allocating the price of a plant asset to expense in the accounting periods benefiting from its use.
How is the whole depreciation of a plant asset calculated?Determine the value of the asset. Subtract the estimated salvage price of the asset from the cost of the asset to get the whole depreciable amount. Determine the beneficial lifestyles of the asset. Divide the sum of step (2) by using the wide variety arrived at in step (3) to get the annual depreciation amount.
Depreciation is the technique of allocating to expense the cost of a plant asset over its beneficial (service) existence in a rational and systematic manner. Such cost allocation is designed to desirable in shape prices with revenues.
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https://brainly.com/question/28108679#SPJ1How do people who volunteering/organizing at a fundraiser use donated items
Answers
People who volunteer or organize fundraisers typically use donated items in several ways to maximize their impact providing both financial and experiential value, while fostering community involvement and support for the cause.
Firstly, they assess the donated items to determine their suitability for the event's goals. If the items align with the fundraiser's purpose, they may include them in auctions, raffles, or silent auctions to generate funds. High-value items or unique experiences are often reserved for live auctions to attract higher bids.
In addition to generating revenue, donated items can serve as incentives to encourage donations. Volunteers may offer them as rewards for specific donation thresholds or use them as prizes for fundraising challenges. By leveraging the donated items in this way, organizers motivate participants to contribute more generously.
Moreover, donated items can be used to enhance the overall atmosphere of the fundraiser. They may be displayed to create visually appealing setups, reinforcing the cause and encouraging attendees to engage with the event. For example, art pieces or crafts can be showcased, generating interest and potentially leading to additional donations.
Overall, donated items play a crucial role in fundraising events, providing both financial and experiential value, while fostering community involvement and support for the cause.
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in which section of the statement of cash flows would each of the following transactions be included? for each, identify the appropriate section of the statement of cash flows as operating (o), investing (i), financing (f), or none (n). (note: some transactions might involve two sections.) paid advertising expense paid dividends to shareholders purchased business equipment sold merchandise to customers purchased plant assets.
Answers
The appropriate section of statement of cash flows as operating, investing and financing are the transactions that would be included.
What is a cash flow?A cash flow is a movement of money, whether it be actual or virtual. A payment (in a currency), notably from one central bank account to another, is referred to as a cash flow in the narrow sense. The phrase "cash flow" is typically used to refer to payments that are anticipated to occur in the future and are, thus, uncertain and need cash flow forecasting. To describe (symbolic) payments into or out of a business, project, or financial product, the term "cash flow" is frequently used in a less precise sense. The change in a company's cash balance over a certain time period determines its net cash flow, which is positive if the balance rises (more cash is made accessible), and negative if it falls.
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During the current year, merchandise is sold for $891,000. The cost of the goods sold is $543,510.
a. What is the amount of the gross profit?
$fill in the blank 1
b. Compute the gross profit percentage (gross profit divided by sales).
fill in the blank %
Answers
During the current year, merchandise is sold for $891,000. The calculated gross profit will be $ 347,490 and gross profit percentage is 39%.
A company's gross profit is its profit after deducting all costs associated with manufacturing and selling its goods or services. By subtracting your total sales from the cost of goods sold (COGS), you can figure out your gross profit.
Gross profit = selling price - cost price
= $ 891,000 - $ 543,510
= $ 347,490
Gross profit percentage = gross profit / sales
= $ 347,490/ $ 891,000
= $ 0.39 = 39 %
A company's gross profit is the difference between its total cost of goods sold and total revenue, which is calculated by deducting the total revenue from the total cost of goods sold. It's also known as gross income or gross margin. Gross profit can be used to compare the performance of various businesses because it is a measure of a company's effectiveness in cost control.
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Question 5 of 10
Identifying people who might have the desire and ability to buy is called
O A. approaching
O B. order taking
O C. closing
O D. prospecting
Answers
Which of the following are the three common risks of using email, text messaging, instant
messaging, and voice mail?
A. Over-communication, over-reliance, and too many acronyms
non-delivery, and over-reliance
B. Misinterpretation,
C. Misinterpretation, technical problems, and loss of self-awareness
D. Loss of self-awareness, lack of courtesy, and safety
Answers
Answer: option d is correct
Explanation:
it leads to loss of self awareness as we always check our phone and busy on mobile that distances ourself from the outside world
it leads to lack of courtesy and safety as there is always of a risk of hacking.
Prepare the journal entries to record the following transactions of Wildhorse Company's books under a perpetual inventory system. Clarify which are debit and which are credit.
(a) On March 2nd, Windsor Company sold $854,200 of merchandise to Wildhorse Company on account, terms 2/10, n/30. The cost of merchandise sold was $517800.
(b) On March 6th, Wildhorse Company returned $109800 of the merchandise purchased on March 2nd. The cost of the merchandise returned was $66800.
(c) On March 12th, Windsor Company received the balance due from Wildhorse Company.
Answers
a) Credit Inventory for $517,800
b) Debit Inventory for $66,800
c) Credit Accounts Receivable (or Trade Receivables) for the same amount
(a) The journal entry to record the sale of merchandise from Windsor Company to Wildhorse Company on March 2nd would be:
Debit Accounts Receivable (or Trade Receivables) for $854,200
Credit Sales Revenue for $854,200
Debit Cost of Goods Sold for $517,800
Credit Inventory for $517,800
The debit to Accounts Receivable represents the amount owed by Wildhorse Company for the merchandise purchased on account. The credit to Sales Revenue recognizes the revenue generated from the sale. The debit to Cost of Goods Sold recognizes the cost of the merchandise sold, and the credit to Inventory reduces the inventory balance as the goods are no longer in stock.
(b) The journal entry to record the return of merchandise by Wildhorse Company on March 6th would be:
Debit Sales Returns and Allowances for $109,800
Credit Accounts Receivable (or Trade Receivables) for $109,800
Debit Inventory for $66,800
Credit Cost of Goods Sold for $66,800
The debit to Sales Returns and Allowances reduces the revenue from the original sale. The credit to Accounts Receivable reduces the amount owed by Wildhorse Company for the returned merchandise. The debit to Inventory increases the inventory balance as the goods are returned to stock, and the credit to Cost of Goods Sold reduces the cost of the merchandise originally sold.
(c) The journal entry to record the payment received by Windsor Company on March 12th would be:
Debit Cash (or Bank) for the amount received from Wildhorse Company
Credit Accounts Receivable (or Trade Receivables) for the same amount
The debit to Cash represents the inflow of funds from the customer's payment. The credit to Accounts Receivable reduces the amount owed by Wildhorse Company, reflecting the settlement of the outstanding balance.
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The term "benchmarking" as it relates to the hotel industry refers to a line-by-line analysis of an operating statement, comparing metrics for hotels of similar size or profile
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Answer:
The term "benchmarking" as it relates to the hotel industry refers to comparing metrics for hotels of similar size or profile.
Explanation:
a) Benchmarking is a process wherein a company's products, services, business processes, or performance metrics are compared with a “best in class” competitor. The purpose of benchmarking is to enable organizations to make improvements by adapting specific best practices. A retail shop's metrics can be compared with the leading retail shop in your area. Given the deep insight gathered from benchmarking, this retail shop can decide to alter its line of products, the way it competes in the marketplace, or to undertake some improvements in her business processes.
There are four types of benchmarking, including internal, competitor, functional, and generic. Internal benchmarking is limited to internal processes. Competitor benchmarking compares one company's processes, products, or services to another. Functional benchmarking compares one function of an entity to another entity's. While generic benchmarking compares unrelated companies' processes or functions.
ABC Electronics Corporation Ltd. recently diversified its activities and started producing computers. It employed personnel at lower level and middle level. It has received several applications for the post of Commercial Manager-Computer Division. It could not decide upon the suitability of the candidate to the position, but did find that Mr. David is more qualified for the position than other candidates. Now the Corporation has created a new post below the cadre of General Manager i.e. Joint General Manager and asked Mr. David to join the Corporation as Joint General Manager. Mr. David agreed to it viewing that he will be considered for the General Manager's position based on his performance. Mr. Henery, the Deputy General Manager of the Corporation and one of the candidates for General Manager's position was annoyed with the management's practice. But, he wanted to show his performance record to the management at the next appraisal meeting. The management of the Corporation asked Mr. Smith, General Manager of Televisions Division to be the General Manager in-charge of Computer Division for some time, until a new General Manager is appointed. Mr. Smith wanted to switch over to the Computer Division in view of the prospects, prestige and recognition of the position among the top management of the Corporation. He viewed this assignment as a chance to prove his performance. The Corporation has the system of appraisal of the superior's performance by the subordinates. The performance of the Deputy General Manager, Joint General Manager and General Manager has to be appraised by the same group of subordinates. Mr. David is a stranger to the system as well as its Modus Operandi. Mr. Smith and Mr. Henery were competing with each other in convincing their subordinates about their performance and used all sorts of techniques for pleasing them like promising them a wage hike, transfers to the job of their interest, promotions etc. However, these two officers functioned in collaboration with a view to pull down Mr. David.
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There should be a structured evaluation tool to analyze the performance appraisal
What is performance appraisal?The other parts of the question include:
a. How do you evaluate the workers appraisal in this case?
b. Do you suggest any technique to avert politics creeping into the performance of appraisal?
It should be noted that performance appraisal simply means review if the job performance of an employee.
In order to evaluate the workers appraisal, specific goals should be set and there should be performance standards.
The technique to avert politics creeping into the performance of appraisal is that personal bias should be avoided and the employees should be aware of the performance appraisal tools.
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Answer:
Explanation:
How do you evaluate the workers' appraisal in this case?
b) Do you suggest any techniques to avert politics creeping into the process of performance appraisal by subordinates?
(c) What measures would you like to suggest in dispensing with such an appraisal system?
what will cause demand to change?
