a. Insurance expense 2,807
Prepaid insurance 2,807
b. Teaching supplies expense 2,433
Teaching supplies 2,433
c. Depreciation expense—Equipment 11,227
Accumulated depreciation—Equipment 11,277
d. Depreciation expense—Professional library 5,614
Accumulated depreciation—Professional library 5,614
e. Unearned training fees 2,700
Training fees earned 2,700
f. Accounts receivable 2,819
Tuition fees earned 2,819
g. Salaries expense 100
Salaries payable 100
h. Rent expense 2,097
Prepaid rent 2,097
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2017, follow.
Additional Information:
a. An analysis of WTI's insurance policies shows that $2,807 of coverage has expired.
b. An inventory count shows that teaching supplies costing $2,433 are available at year-end 2017.
c. Annual depreciation on the equipment is $11,227. Annual depreciation on the professional library is $5,614.
d. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,900, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $2,619 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. The balance in the Prepaid Rent account represents rent for December.
Answers
Answer:
The question is incomplete, it is a really long question actually. I believe that you want to check if the adjusting entries were properly done.
a. An analysis of WTI's insurance policies shows that $2,807 of coverage has expired.
Dr Insurance expense 2,807
Cr Prepaid insurance 2,807
CORRECT
b. An inventory count shows that teaching supplies costing $2,433 are available at year-end 2017.
Dr Teaching supplies expense (amount on trial balance - $2,433)
Cr Teaching supplies (amount on trial balance - $2,433)
You do not need to record $2,433, you need to record the difference between the balance of teaching supplies and the ending inventory.
c. Annual depreciation on the equipment is $11,227. Annual depreciation on the professional library is $5,614.
Dr Depreciation expense 16,841
Cr Accumulated depreciation, equipment 11,227
Cr Accumulated depreciation, professional library 5,614
CORRECT
d. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,900, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018.
Dr Unearned training Fees 5,800
Cr Training fees earned 5,800 (2 months of accrued revenue)
On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $2,619 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) WTI's two employees are paid weekly.
Dr Accounts receivable 3,928.50
Cr Tuition fees earned 3,928.50 (1.5 months)
As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
Dr Wages expense 400
Cr Wages payable 400 (2 days x $100 x 2 employees)
The balance in the Prepaid Rent account represents rent for December.
Dr Rent expense 2,097
Cr Prepaid rent 2,097 (assuming that this was the account balance)
I ASSUME ITS CORRECT
Related Questions
A survey reveals that, on a small island, 175 people have jobs, 25 people are not working but are looking for jobs, and 90 people are neither working nor looking for work. The unemployment rate on the island is:____.
Answers
Answer:
The answer is = 12.5%
Explanation:
The 175 people that have jobs are in unemployment (employed).
The 25 people that are not working but are looking for jobs are called unemployed.
The 90 people are neither working nor looking for work for work are not counted in the employment.
Therefore, the labor force is employed people + unemployed people.
Labor force is 175 + 25= 200 people.
So, unemployment rate is:
(unemployed people ÷ labor force) x 100
(25÷200) x 100%
=12.5%
If two adjacent columns are selected and then sorted, the left-most column is
the primary sort.
the secondary sort.
the primary filter.
the secondary filter.
Answers
Answer:
The first sort
Explanation:
QBF sorts the field with the lowest number first. The first sort is called the primary sort. If you want the field displayed in descending order, follow the sort priority number by d (or D). For ascending order, you can enter a (or A) or no letter, because ascending order is the default.
Which answer best illustrates what trade-offs are?
Answers
3. How did followers in this case act in ways that contribute to the power of destructive leaders and their goals? What was the debilitating impact their actions had on the organizations?
Answers
The followers in the Penn State Sexual Abuse Scandal acted in ways that contributed to the power of the destructive leader and his goals.
How did followers contributed to power of the destructive leader?Jerry Sandusky was convicted of sexually abusing multiple young boys over a period of several years which has erupted following Sandusky's arrest revealed a pattern of behavior in which followers including university officials and members of the football program.
This rruption enabled Sandusky's abusive behavior by ignoring or covering up reports of misconduct. In some cases, individuals who spoke out against Sandusky's behavior were ostracized or punished for challenging the status quo. This pattern of behavior allowed Sandusky to continue his abuse unchecked and contributed to the power he held over those around him.
Read more about destructive leaders
brainly.com/question/28270734
#SPJ1
Denny works for Engineers, P.A. While working on an Engineers project, Denny is injured. Under state workers' compensation laws, he will be compensated only if the injury was:________.
a. incidental
b. material
c. accidental
d. intentional
Answers
Answer:
c. Accidental
Explanation:
Since in the given situation it is mentioned that denny worked for enginners and at the time of working on an engineer project denny is injured so as per the state worker compensation loan he would be compensated only when the injury is to be considered as an accidental as the compensation is only to be provided when there is an accidental injuries
Therefore the option c is correct
How do I file this assignment out?
Answers
These steps can be pursued to finish the task: Commence by generating a fresh record or unveiling a void sheet on your preferred word processing application.
What is the filing?Also, Craft a header for the file, like "Task: Enhancing Market Share Strategy. "
Start composing your reply to the task prompt. You may organize your reply in distinct sections or paragraphs to cover every point effectively. As a case in point, commencing with an opening that succinctly elaborates on the assignment's prompt and grants a synopsis of the idea of enhancing market share could be a prudent approach.
Learn more about filing from
https://brainly.com/question/27300507
#SPJ1
Why would a company have a physical headquarters in one state but file for incorporation in another state?.
Answers
Answer:
Employees pay income taxes based on the rates of the chartering state, so a company may choose to charter in a state with lower income taxes.
Name any 2 money flows in the circular flow model in a economy.
Answers
Someone who takes charge and solves problems without being asked to is demonstrating.
a. loyalty
b. malleability
c. cooperativeness
d. initiative
.
Answers
Cooperativeness was my second choice, but initiative means to be forward and be the one to take charge.
Answer:
D.
Explanation:
According to the above material, there exist large differences between economic growth rate using traditional expenditure approach and the satellite night-light data. How do you evaluate the night-light data method? and can you identify several reasons why there exists such differences?
Answers
The use of satellite night-light data as a method to evaluate economic growth has both strengths and limitations. Reasons for Differences between Traditional Expenditure Approach and Night-light Data: Informal Economy, Data Limitations, Urbanization Bias and Structural Changes.
Here is an evaluation of the night-light data method and several reasons for the differences observed between the traditional expenditure approach and the night-light data:
Evaluation of the Night-light Data Method:
Objective and Timely: Satellite night-light data provides an objective and timely measure of economic activity. Wide Coverage: Night-light data can cover large geographical areas, including remote and inaccessible regions. Granularity: The data can be analyzed at a fine-grained level, allowing for detailed spatial analysis of economic patterns. This can help identify pockets of growth and disparities within regions.Reasons for Differences between Traditional Expenditure Approach and Night-light Data:
Informal Economy: The traditional expenditure approach relies on official economic data, which may not fully capture the informal sector. Data Limitations: Night-light data has its limitations. It primarily measures economic activity related to lighting, which may not capture other dimensions of economic growth such as services or knowledge-based industries. Urbanization Bias: Night-light data tends to be more representative of urban areas with higher population density and greater access to electricity. Structural Changes: The traditional expenditure approach focuses on consumption and investment, while night-light data primarily captures the energy consumption associated with lighting.For such more question on economic:
https://brainly.com/question/28210218
#SPJ8
what role does moral intent and judgement play in staffing process?
Answers
In the staffing process, moral intent and judgment play an essential role in hiring new staff.
What is moral intent?Morality is the set of actions that form ethics and direct the behavior of individuals in society, the moral intention being the actions that an individual is likely to take in relation to a given situation, such learning being acquired through the process of socialization.
In recruiting people, there is a need to hire personnel aligned with the values and characteristics of the organization, who are able to follow the set of policies and procedures, in addition to acting ethically to strengthen the organizational culture.
Therefore, moral intention and judgment are characteristics related to the staffing process because they help in the choice and decision-making of hiring employees who actively contribute to the achievement of organizational objectives and goals.
Find out more about morality on:
https://brainly.com/question/1326871
#SPJ1
The United States is heading for the biggest political and constitutional crisis since the Civil War. In the next three or four years, it is likely that large-scale violence, the collapse of the federal authority, and the country will split into Republican and Democratic enclaves." Recently, Robert Kagan, a conservative political scientist, said in a long editorial published in the Washington Post, which triggered many debates
Answers
"The United States is heading for the biggest political and constitutional crisis since the Civil War. In the next three or four years, it is likely that large-scale violence, the collapse of the federal authority, is the true statement.
What is constitutional crisis?Political scientists refer to a constitutional crisis as a problem, a challenge, or a disagreement in the way a government operates where it is claimed that the political constitution or another fundamental governing law is seen as or assumed to be unable to address the challenges the nation is facing.
The United States is therefore facing its biggest political and constitutional crisis since the American Civil War, as is widely acknowledged.
Thus, it is the true statement.
For more information about constitutional crisis, click here:
https://brainly.com/question/30249536
#SPJ1
You have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $33,000. You feel you can earn an APR of 10.8 percent compounded monthly and plan to save $395 per month until you reach your goal. How many years will it be until you reach your goal and enjoy your well-deserved vacation
Answers
Answer:
Explanation:
What 22
. Explain factors which may cause the demand curve to shift outward
Answers
Answer:
Answer is below
Explanation:
Factors that may cause the demand curve to shift outward are:
1. changes in tastes and preference: when there is a change in taste for example commodity A, whereby people tend to enjoy its taste, the will be an outward shift in the demand curve of commodity A
2. income of the consumers: when the income of consumers increases, they tend to buy more of a certain commodity they enjoy, hence there will be an outward shift in that commodity's demand curve
3. prices of substitute or complement goods: for example, an increase in the price of a substitute will cause consumers to demand more for a particular commodity, hence, outward in demand shift curve occurs
4. expectations about future conditions and prices: when there is speculation about an increase in the price of an essential commodity or goods consumers enjoy, people tend to buy more in a given moment, hence there exists an outward shift in the demand curve
5. Population of consumers in the market: increase in the population of consumers of a certain commodity is directly proportional to an increase in demand of that commodity, hence there exists an outwards shift in the demand curve.
Money serves three functions in the economy: medium of exchange, unit of account, and store of value.
For each of the following statements about inflation, indicate which function of money inflation is hindering.
Statement Store of value Unit of account Medium of exchange
Inflation erodes money's purchasing power.
Inflation causes menu costs.
In some countries with hyperinflation, prices are posted in terms of U.S. dollars rather than the local currency, even though the local currency is still used to purchase the good.
Answers
Answer:
medium of exchange
store of value
unit of account
Explanation:
Money is a valuable commodity and a medium of exchange. Modern economies use flat money that is not a community nor backed by the economy.
What do you mean by money as a medium of exchange?Money is a medium of exchange; allows people to get what they need to live. Trade was one of the exchanges of goods before money was created.
Like gold and other precious metals, money is a valuable commodity because to many people it represents something valuable.
About inflation, it leads the rise in prices and services and is a reason of the production of goods and services also gets affected in the economy.
Hence, Inflation affects the flow of money in the economy by reducing the purchasing power of clients.
To learn more about money as medium of exchange, refer:
https://brainly.com/question/25965295
The laws passed by Congress and by state legislatures are called:
Answers
Answer:
Rules
Explanation:
I think I'm right
Answer:
Rules
Explanation:
Yes I think this is right
Describe what a goal of measurement is in research. Give an example.
Answers
The goal of measurement in research is fundamental to the sciences, engineering, construction, and other technical fields, and to almost all everyday activities.
The process of mapping and determining the quality, capacity, and dimension of the empirical observations recorded and obtained during the research is known as measurement. A researcher uses measurement to analyse the data quantitatively and come to a reliable and consistent conclusion. The ultimate objective of measuring in research is to guarantee the greatest level of output with the smallest possible likelihood of data mistakes. The act of measuring involves keeping track of the observations made as part of a research project. Something that is regularly measured is said to have an objective measurement. Taking into account, for instance, how successfully a person can do a specific amount of activities in a regulated setting.
Learn more about measurement research here:
https://brainly.com/question/14022365
#SPJ9
Economic policy is a classic example of government playing a role in economics. Discuss 1 positive role and 1 negative
role that you feel government plays in economics.
Answers
The positive role of the government in economics is maintains competition in the marketplace and redistributes income. The negative role of the government in economics is lack of efficiency.
What is government?Government refers to the authority which rules the entire nation. It is the association of the people working together to serve the nation and act for the welfare of the nation. The government also functions to save the nation from the outsiders.
The government creates the social and legal structure that governs how the economy runs, ensures market competition, distributes public amenities and services, and redistributes money.
The drawbacks of the government's economic role include an absence of competition, which can result in a dearth of efficiency and innovation.
Learn more about Government here:
https://brainly.com/question/17166802
#SPJ1
Help please?:) introduction to accounting related
Answers
Answer:
The process of paying vendors is one of the final steps in the Purchase to Pay cycle. Briefly, when a company orders goods from a supplier it raises a Purchase Order (PO), when the goods or services arrive they will receive an invoice from the supplier.
On May 3, what is the balance of the Equipment Office account? A. Debit $5,090 C. Debut $4,400 B. Debit $690 D. Credit $5.090
Answers
Based on the balance on the account and the amount purchased, the balance on the Equipment office account was A. Debit $5,090.
The opening balance for the Equipment office account was $4,400 on May 1.
The store then purchased a calculator for the office on May 1 for $690. This will increase the Equipment office account by the same amount.
The balance would therefore be:
= 4,400 + 690
= $5,090
This balance would be a debit as this is an asset.
In conclusion, option A is correct.
Find out more about debiting assets at https://brainly.com/question/24164976.
Volatile price changes, technological changes, and government intervention are what type of risks?
Answers
Volatile price changes, technological changes, and government intervention are external risks that can impact a company's operations and performance.
What are Volatile price changesVolatile price changes refer to fluctuations in input or product prices, which can affect profitability and cost structure. Technological changes can introduce advancements or disrupt an industry, requiring companies to adapt to avoid becoming obsolete.
Government intervention, through regulatory changes or policies, can create uncertainties and challenges for companies, affecting operations, costs, and market access.
To mitigate these risks, companies should implement risk management strategies such as diversification, contingency planning, staying informed about market trends, investing in R&D, and engaging with government stakeholders.
Read mroe on Volatile price changeshere https://brainly.com/question/30000522
#SPJ1
Centrum Services purchased $4,400 worth of equipment. The equipment has an estimated useful life of seven years and a salvage value of $200. Using the straight-line method, the depreciation for the first month is:
Answers
Using the straight-line method, the depreciation for the first month is: $50
Using this formula
Depreciation=(Cost -Salvage value) /Useful life
Where:
Cost=$4,400
Salvage value=$200
Useful life=7 years
Let plug in the formula
Depreciation=[($4,400-$200)/7]×1/12
Depreciation=($4,200/7)×1/12
Depreciation=$600×1/12
Depreciation=$50
Inconclusion Using the straight-line method, the depreciation for the first month is: $50
Learn more here:
https://brainly.com/question/13213236
What is one way investment consultants protect their clients’ money during periodic performance reviews?
Answers
Answer:
Investment consultants check that the portfolio manager's performance was based on skill investing in the agreed-upon stocks or sectors
Explanation:
because it is
In a bid to ensure that money is adequately channeled and client's finances are safe, investment consultant analyses the stocks and portfolio's in other to ensure they are based on the advise offered and agreed upon.
The investment consultant offers expert advise on profitable stocks and portfolio's which could be invested in. The portfolio manager handles and monitors client's investment and finances. Hence, the investment consultant and portfolio manager work hand in hand in other to ensure that the right stock is chosen and invested in.Therefore, investment consultant ensures that portfolio managers do not deviate from the agreement made.
Learn more : https://brainly.com/question/11131348
Victoria works in the human resources department of a small company. The president of the company wants to hire a new employee. What tasks will Victoria most likely need to do so she can find and hire the right person? People in HR careers often have to be empathetic. Describe a time when you showed empathy for someone else. Explain in your own words what empathy means.
Answers
Answer:
Being able to understand and help with another's emotions.
Explanation:
Answer:shes right
Explanation:
do you think the action of taking the property is fair? Why or why not?
Answers
Depending on the purpose, the action of taking property by a government is fair, in that the government can legally take land privately for public purposes, provided that this taking of property is properly compensated to the owner of the property.
What is the right to property?It is the 17th article of the Constitution, which stipulates that every citizen has the right to property, which must not be arbitrarily withdrawn or deprived of it.
The taking of government property is generally carried out for public purposes, being intended for the benefit of society, such as for transformation into schools and hospitals for example.
Therefore, the action of taking a property is fair and constitutional, but the owner of the property must be financially rewarded for it to become legal.
Find out more about right of property here:
https://brainly.com/question/22370263
#SPJ1
Miller Company’s contribution format income statement for the most recent month is shown below:
Total Per Unit
Sales (41,000 units) $ 246,000 $ 6.00
Variable expenses 123,000 3.00
Contribution margin 123,000 $ 3.00
Fixed expenses 47,000
Net operating income $ 76,000
1. What is the revised net operating income if unit sales increase by 19%?
2. What is the revised net operating income if the selling price decreases by $1.10 per unit and the number of units sold increases by 15%?
3. What is the revised net operating income if the selling price increases by $1.10 per unit, fixed expenses increase by $9,000, and the number of units sold decreases by 4%?
4. What is the revised net operating income if the selling price per unit increases by 10%, variable expenses increase by 30 cents per unit, and the number of units sold decreases by 15%?
Answers
An incοme statement is a financial statement that details the incοme and expenses οf a firm. It alsο shοws whether a cοmpany is making prοfit οr lοss fοr a given periοd , Sο the Net Operating Incοme = $88,546
What is the incοme statement fοrmula?An incοme statement's fundamental fοrmula is Revenues - Cοsts = Net Incοme. This simple calculatiοn determines whether οr nοt the firm is prοfitable. A firm is prοfitable if its sales exceed its cοsts.
Units Sοld = 41,000 + 16% * 41,000
Units Sοld = 47,560
Selling Price per unit = $6.00
Variable Cοst per unit = $3.00
Fixed Expenses = $47,000
Cοntributiοn Margin per unit = Selling Price per unit - Variable Cοst per unit
Cοntributiοn Margin per unit = $6.00 - $3.00
Cοntributiοn Margin per unit = $3.00
Net Operating Incοme = Cοntributiοn Margin per unit * Units Sοld - Fixed
Expenses
Net Operating Incοme = $3.00 * 47,560 - $47,000
Net Operating Incοme = $95,680
Requirement 2:
Units Sοld = 41,000 + 15% * 41,000
Units Sοld = 47,150
Selling Price per unit = $6.00 - $1.10
Selling Price per unit = $4.90
Variable Cοst per unit = $3.00
Fixed Expenses = $47,000
Cοntributiοn Margin per unit = Selling Price per unit - Variable Cοst per
unit
Cοntributiοn Margin per unit = $4.90 - $3.00
Cοntributiοn Margin per unit = $1.90
Net Operating Incοme = Cοntributiοn Margin per unit * Units Sοld - Fixed
Expenses
Net Operating Incοme = $1.90 * 47,150 - $47,000
Net Operating Incοme = $42,585
Requirement 3:
Units Sοld = 41,000 - 3% * 41,000
Units Sοld = 39,770
Selling Price per unit = $6.00 + $1.10
Selling Price per unit = $7.10
Variable Cοst per unit = $3.00
Fixed Expenses = $47,000 + $5,000
Fixed Expenses = $52,000
Cοntributiοn Margin per unit = Selling Price per unit - Variable Cοst per unit
Cοntributiοn Margin per unit = $7.10 - $3.00
Cοntributiοn Margin per unit = $4.10
Net Operating Incοme = Cοntributiοn Margin per unit * Units Sοld - Fixed
Expenses
Net Operating Incοme = $4.10 * 39,770 - $52,000
Net Operating Incοme = $111,057
Requirement 4:
Units Sοld = 41,000 - 13% *
41,000Units Sοld = 35,670
Selling Price per unit = $6.00 + 20% * $6.00
Selling Price per unit = $7.20
Variable Cοst per unit = $3.00 + $0.40
Variable Cοst per unit = $3.40
Fixed Expenses = $47,000
Cοntributiοn Margin per unit = Selling Price per unit - Variable Cοst per unitCοntributiοn Margin per unit = $7.20 - $3.40
Cοntributiοn Margin per unit = $3.80
Net Operating Incοme = Cοntributiοn Margin per unit * Units Sοld - Fixed Expenses
Net Operating Incοme = $3.80 * 35,670 - $47,000
Net Operating Incοme = $88,546
Learn more about income statement
brainly.com/question/28035395
#SPJ1
If a secondary marketing team wants to reduce their production and the
volume of loans in their pipeline, what action might it take?
Answers
If a secondary marketing team wants to reduce their production and the
volume of loans in their pipeline they can take the action of putting up sales in a secondary mortgage.
What is a Secondary Mortgage?A secondary mortgage is a system or marketplace where home loans and servicing rights are bought and sold between the lenders and the people investing. In this system, the lenders come in contact with the investors and agreements would be reached.
So if a secondary marketing team wants to reduce their production and the volumes of loans they have, they would have to act as a middlemen between the lenders and investors. That way they reduce the production cost.
Learn more about Secondary Mortgage here:
https://brainly.com/question/1318711
An increase in the price of hay would cause the supply of beef to ___________. Which determinant causes this change? _________________ Draw 2 supply lines showing the change in supply
Answers
Answer:
decrease, cow hope it helps
Weatherwear estimates that every unit sold and returned due to defect costs the company $200 in profits. Approximately what would Weatherwear’s total profits have been in Year 5 if all units sold and returned due to defect had been eliminated?
Answers
Answer: С. $9.5 million
Explanation:
The units that were sold and later returned due to defect in Year 5 total;
= 688 + 124 + 536 + 28 + 101 + 8 + 206 + 28 + 120 + 1,050 + 30
= 2,919 units were sold and later returned
Each unit costs the company $200 in profits so;
= 2,919 * 200
= $583,800
Weatherwear made a total profit of $8.9 million in Year 5.
If the defective units had been eliminated then the loss as a result of the units would have been added to the profits as;
= 8,900,000 + 583,800
= $9,483,800
= $9.5 million
Tech Engineering in TN is making a product for the overseas market. The following cost data for the product has been compiled. Item Cost Selling price $167 Materials and purchased parts $25/unit Direct Labor 2 hrs at $20 per hour Fixed Cost $1,400,000 If the overhead expenses are charged at 80 % of labor cost, determine the manufacturing cost per unit.
Answers
The manufacturing cost per unit for Tech Engineering is $97 having charged overhead expenses at 80 % of labor cost
What is manufacturing cost?Manufacturing costs are the costs incurred during the production of a product. These costs include the costs of direct material and direct labor.
Manufacturing cost is computed as:
= Materials and purchased parts cost + Direct labor cost + Overhead expenses
= $25 + $40 + 80% * $40
= $25 + $40 + $32
= $97
Hence, the manufacturing cost per unit for Tech Engineering is $97
Learn more about manufacturing cost here : https://brainly.com/question/13767214