Preparing Adjusting Entries, Financial Statements, and Closing Entries

Fischer Card Shop is a small retail shop. Fischer’s balance sheet at year-end 2014 is as follows. The

following information details transactions and adjustments that occurred during 2015.

1. Sales total $145,850 in 2015; all sales were cash sales.

2. Inventory purchases total $76,200 in 2015; at December 31, 2015, inventory totals $14,500.

Assume all purchases were made on account.

3. Accounts payable totals $4,100 at December 31, 2015.

4. Annual store rent of $24,000 was paid on March 1, 2015, covering the next 12 months. The

balance in prepaid rent at December 31, 2014, was the balance remaining from the advance

rent payment in 2014.

5. Wages are paid every other week on Friday; during 2015, Fischer paid $12,500 cash for wag-

es. At December 31, 2015, Fischer owed employees unpaid and unrecorded wages of $350.

6. Depreciation on equipment totals $1,700 in 2015.

FISCHER CARD SHOP

Balance Sheet

December 31, 2014

Cash ........................ $ 8,500

Inventories ................... 12,000

Prepaid rent .................. 3,800

Total current assets ............ 24,300

Equipment ................... $7,500

Less accumulated depreciation ... 3,000

Equipment, net ................ 4,500

Total assets................... $28,800

Accounts payable..................... $ 5,200

Wages payable....................... 100

Total current liabilities.................. 5,300

Total equity (includes retained earnings) ... 23,500

Total liabilities and equity ............... $28,800

a. Prepare any necessary transaction entries for 2015 and adjusting entries at December 31,

2015, using the ?nancial statement effects template.

b. Prepare any necessary transaction entries for 2015 and adjusting entries at December 31,

2015, in journal entry form.

c. Set up T-accounts, enter the balances above, and post the transactions and adjusting entries to

them.

d. Prepare its income statement for 2015, and its balance sheet at December 31, 2015.

e. Prepare entries to close its temporary accounts in journal entry form and post the closing entries to the T-accounts

Managers must be committed to making decisions in accordance with core values such as honesty, integrity, respect for others, taking responsibility for their actions and being accountable for them. To be an effective, ethical leader, managers must learn how to spot ethical issues in their organization.

Social responsibility is a business's duty to make ethical decisions that positively impact society. Organizations need to consider how their actions affect communities to create long-lasting trusting relationships. In order to be socially responsible, companies must strictly follow their codes of ethics.

Here are the steps:

I hope this helps!!!

The followers in the Penn State Sexual Abuse Scandal acted in ways that contributed to the power of the destructive leader and his goals.

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.

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In most situations, a small business should keep their business tax records for a minimum for 3 years. If you don't submit a return, keep records for as long as necessary.

If you file a claim for credit or refund after filing your return, keep records for 3 years from the date of your initial return's filing or 2 years from the day you paid the tax, whichever comes first.

If you submit a claim for a deduction for bad debts or a loss from worthless securities, keep records for seven years.

If you fail to submit income that you should have reported and it represents more than 25% of the gross income listed on your return, keep records for six years.

Therefore, in most situations, a small business should keep their business tax records for a minimum for 3 years. If you don't submit a return, keep records for as long as necessary.

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The topic, thesis, introduction, body, conclusion, and references are the first appropriate financial essay components. After finishing your first draft, start working on your second one.

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Answer:

Cheese and other milk products gain popularity in France

I hope this helps you

:)

Answer:

For mine, it was D but be careful with the letters. You want to look for the answer specifically. So, the answer is: French consumers expect the price of milk to increase in the future.

Explanation:

It's the most logical decision because the others say something about supply or demand going down. D) says something about the anticipation and that's all that humans need to freak ou and go for all the milk.

Profit equals the total amount of money made minus expenses.

Profit can be best defined as gain, especially when achieved by increasing the price of goods.

Here, the money paid by consumers outweighs the cost to the producer, leaving a sizeable return on what has been paid out.

Once expenses and costs have been covered, profit is the money left over.

Hence, profit equals the total amount of money made minus expenses.

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The profit equivalent to the total money made less expenses.

Option A is correct.

Revenue is the amount being received to the company after deducting charges incurred. It could be derived from the statement of profit or loss.

When a company incurs cost on the production of goods or services for the consumers, then the cost spent is to be treated as expenses. It is also called as charges. The amount made by a company is called as sales revenue. When the profit is received to the company, then it is actually the difference of what has been made by company and what has been spent by company.

Therefore, the correct option is written in option A.

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No people do not have to be allowed to engage in unsafe practices if they want to.

When people are engaging in unsafe practices, they may turn out to be threats in the environment.

For instance, someone who is engaging in heavy drinking and decides to drive a car may end up causing accidents on the road. Other people would have to suffer for his risky behavior.

Also the amount that would be spent treating a driver that had an accident because he refused to wear his helmet could be channeled into something else.

Hence we can say that the legislation would be a step in the right direction in the society based on these group of persons.

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An online store that drop-ships camping gear is a digital business, a bookstore on Amazon that sells ebooks is a digital business, A bakery in your community is a physical business, and a hair salon that makes appointments online is a physical business.

A physical business is described as a form of business in which customers need to visit a store or a place to receive a service or make a purchase. Whereas, a digital business is described as a form of business in which customers can purchase any product or service online (internet) without going to a physical store.

Statement A and statement B are digital business because it does not have a physical store where a customer needs to visit to make a purchase. Rather, the seller just delivers the product to the customer.

Statement C and statement D are physical businesses because both have a physical store, these business sells or offer their services to their customer. The presence of a physical store/hair salon justifies the physical nature of the business.

It can be concluded that an online store that dropships camping gear is a digital business, a bookstore on Amazon that sells ebooks is a digital business, A bakery in your community is a physical business, and a hair salon that makes appointments online is a physical business.

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Answer:

A. An online store that dropships camping gear - Digital

B. A bookstore on Amazon that sells eBooks - Digital

C. A bakery in your community - Physical

D. A hair salon that makes appointments online - Physical

Explanation:

Common Sense

a. If Melissa leaves this company before working full time for 3 years, she will not receive any benefits.

This is true based on the information provided. The plan is noncontributory, which means Melissa does not need to make contributions to the plan. Additionally, the cliff vesting feature means that Melissa will not be vested (or entitled to the benefits) until she has worked full-time for 3 years.

Answer:

Business Finance means the funds and credit employed in the business. Finance is the foundation of a business. Finance requirements are to purchase assets, goods, raw materials and for the other flow of economic activities

Answer:

in my opinion and own words

Explanation:

Business Finance simply means the activity of managing money in financial status especially in companies or government organizations to run a business or activity or also a project so it simply means using Finances to run a business

.(Thank you and sorry)0

1. Valmont Company should establish a selling price of $15,540 for the XP–200 using absorption cost-plus pricing.

2. The advantages mentioned are longer usage time, lower preventive maintenance costs, and lower electricity consumption.

3. If Valmont Company decides to use value-based pricing, they should consider the economic value provided to the customer and the pricing of the competitor's equipment.

4. Choosing between absorption cost-plus pricing and value-based pricing depends on various factors such as market competitiveness, customer perception, and profitability.

1. To calculate the selling price using absorption cost-plus pricing, we need to add a markup percentage to the absorption unit product cost. In this case, the absorption unit product cost is given as $8,400, and the markup percentage is 85%.

Markup = Markup percentage * Absorption unit product cost

Markup = 85% * $8,400

Markup = $7,140

Selling price = Absorption unit product cost + Markup

Selling price = $8,400 + $7,140

Selling price = $15,540

Therefore, Valmont Company should establish a selling price of $15,540 for the XP–200 using absorption cost-plus pricing.

2. To determine the economic value to the customer (EVC) over the XP–200's 20,000-hour life, we need to consider the advantages it offers compared to the competitor's equipment. The advantages mentioned are longer usage time, lower preventive maintenance costs, and lower electricity consumption.

EVC can be calculated by quantifying the monetary value of these advantages over the product's lifespan. Let's assume the following values:

Longer usage time: 5,000 additional hours compared to the competitor's equipment.

Lower preventive maintenance costs: $500 saved annually compared to the competitor's equipment.

Lower electricity consumption: $200 saved annually compared to the competitor's equipment.

EVC = (Additional usage time * Value per hour) + (Annual cost savings * Present value factor)

Using a discount rate of 10% and assuming the annual cost savings remain constant over the 20,000-hour life:

EVC = (5,000 hours * Value per hour) + ($500 * Present value factor) + ($200 * Present value factor) + ... (repeated for all 20 years)

3. If Valmont Company decides to use value-based pricing, they should consider the economic value provided to the customer and the pricing of the competitor's equipment. This involves determining a range of possible prices based on the additional value delivered by the XP–200 compared to the competitor's equipment.

To calculate the range of possible prices, you would need to assess the economic value of the XP–200 as determined in Question 2 and consider the pricing of the competitor's equipment. Without specific values and competitor pricing information, it's not possible to provide a precise range of prices.

However, Valmont Company should set the price within a range that captures a significant portion of the economic value delivered to the customer while remaining competitive in the market.

4. Choosing between absorption cost-plus pricing and value-based pricing depends on various factors such as market competitiveness, customer perception, and profitability. Here are some considerations for Valmont's managers:

Absorption cost-plus pricing:

Pros: This approach ensures that all costs, including fixed and variable costs, are covered. It provides a straightforward calculation for determining the selling price and ensures profitability.

Cons: It does not directly consider the economic value delivered to the customer or the pricing of the competitor's equipment. This approach may not reflect the true value of the XP–200 to customers, potentially leading to pricing that is not aligned with customer expectations or market conditions.

Value-based pricing:

Pros: This approach considers the economic value provided to the customer, allowing the price to be based on the perceived value rather than just the cost. It aligns the price with the customer's willingness to pay and can capture the full value delivered by the XP–200.

Cons: It may be more challenging to quantify and communicate the economic value to customers. Determining the optimal price range requires a thorough understanding of customer preferences, competitor pricing, and market dynamics.

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The depreciation of equipment, wages paid to factory workers, and electricity used to operate the equipment are typically included in manufacturing overhead costs. The three division will be $10.8 million, $ 8.4 million, $17.4 million.

The total of all indirect costs incurred during the manufacturing of a product is known as manufacturing overhead (MOH) cost. Along with the expenses of direct materials and direct labour, it is included in the price of the finished product. Materials, labour, and overhead are the three main areas of costs in the manufacturing industry. There are no indirect costs. In other words, while the foreman's salary and supplies are included, neither the corporate accountant's salary nor those of the accountant's office are. The overhead allocation rate multiplied by the quantity of labour or equipment used can be used to compute applied production overhead. Consequently, your applied manufacturing overhead for this product is $25 if your allocation rate is $25 and your employee works on the product for three hours.

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Answer:

Explanation:

1) Indirect Competition is a business whose services are different from yours but satisfy the same need.

True

2) All Companies that sell goods and services are Indirect Competitors.

False

3) When your target audience buys products from a competitor instead from you, that is Indirect Competition.

False

4) Direct Competition is a company that offers the same thing you offer.

True

Based on the fact that Forward Co. discarded a machine with cost $5,000, the entry to record this transaction in the books would include a credit to Machinery.

When fixed assets are to be disposed of, the accumulated depreciation upt to that point is looked at to calculate the net book value.

This would then show the company if they made a profit or a loss when they sold the fixed asset with a profit being made when the selling price is higher than the net book value.

Regardless of the price the fixed asset is sold at, the company would record a credit to the fixed asset (machinery) account to show that the fixed asset account is decreasing.

In conclusion, there will be a credit to machinery.

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Answer:

a. The present value of Cash flow stream A at 10% interest rate is $1,181.50; while the present value of Cash flow streams B at 10% interest rate is $1,239.13.

b. Present value of Cash flow streams A and B at 0% interest rate are both equal to $1,600.

Explanation:

a. Calculations of the present values of Cash Flow Stream A and B at 10% interest rate

The present value (PV) for a particular year can be calculated using the following formula:

PV = FV / (1 + r)^n

Where:

PV = present value of a particular year

FV = Future value or cash stream of a particular year

r = interest rate = 10%

n = The particular year in focus

The present value of cash flow streams at a particular interest rate is the sum of the present values of Cash Stream for all years, and this can be calculated as follows:

Present value of Cash flow stream A at 10% interest rate = (100 / (1 + 10%)^1) + (400 / (1 + 10%)^2) + (400 / (1 + 10%)^3) + (400 / (1 + 10%)^4) + (300 / (1 + 10%)^5) = $1,181.50

Present value of Cash flow streams B at 10% interest rate = (300 / (1 + 10%)^1) + (400 / (1 + 10%)^2) + (400 / (1 + 10%)^3) + (400 / (1 + 10%)^4) + (100 / (1 + 10%)^5) = $1,239.13

b. Calculations of the present values of Cash Flow Stream A and B at 0% interest rate

The present value of cash flow streams at a 0% is simply the sum of Cash Flow Stream for all years, and this can be calculated as follows:

Present value of Cash flow stream A at 0% interest rate = $100 + $400 + $400 + $400 + $300 = $1,600

Present value of Cash flow streams B at 0% interest rate = $300 + $400 + $400 + $400 + $100 = $1,600

Companies go through different phases to reach product/market fit. These phases are the: idea stage, the prototype stage, the launch stage, the traction stage, the monetization stage, and the growth stage

Option B

In its most basic form, a product's "market fit" refers to the extent to which it fits the demands of a significant target audience. It has been known for a long time that this is the first phase in the process of developing a successful business in which the firm meets early adopters, receives feedback, and determines interest in its product.

In other words, the product-market fit also describes a scenario in which a firm's target customers are buying, using, and telling others about the company's product in numbers large enough to sustain that product's growth and profitability. This can be achieved when the product is tailored to meet the needs of the target customers.

In a nutshell, product-market fit is defined by Marc Andreesen, the man who is credited with creating this idea, as the process of locating a suitable market together with a product that is able to fulfill the requirements of that market.

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I bad at explaining things but a easy way to learn quicker (for me anyways) is by taking notes and going over them everyday and reading a little ahead then you have to. Also by going at your pace first till you get use to it before you start pushing your self a little harder.

This helps a lot but than again every one is different so I would honestly juts say to go slow at first and work your self up that way it would he a lot easier on you if you want to learn faster

Answer: 6.11 million

Explanation:

The accounting break-even level of sales will be calculated as:

= (depreciation + fixed costs) / (1 - (variable costs/sales))

= (1.2million + 1million) / [1 - (2.304million / 3.6million))

= 2.2 million / (1 - 0.64)

= 2.2million /0.36

= 6.11 million

Therefore, the the accounting break-even level of sales is $6.11 million.

Answer:

C.

Explanation:

In the context of the General Agreement on Tariffs and Trade (GATT), free trade areas and customs unions were seen as exceptions to the most-favored-nation (MFN) principle, which states that countries should not discriminate between their trading partners. Free trade areas and customs unions involve preferential treatment among member countries, which goes against the MFN principle.

However, the contracting parties to the GATT allowed for the creation of free trade areas and customs unions as long as they promoted trade and economic integration among member countries. These exceptions were made in recognition of the potential benefits that such arrangements could bring.

Therefore, option C accurately describes the stance on free trade areas and customs unions in relation to the GATT.

Yes. Accounting courses I took before helps us understand how to make cash budget and pro forma income statement and balance sheet.

Here's how accounting courses can help individuals in creating cash budgets, pro forma income statements, and balance sheets:

By studying accounting, individuals gain a solid foundation in financial concepts, reporting standards, and analytical techniques. This knowledge equips them with the skills necessary to create cash budgets, pro forma income statements, and balance sheets effectively.

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Answer:

identify value

Explanation:

Finding out how a product or service will do in a certain market is an example of this "IDENTIFY VALUE" market research. This will help the producers understand and know what the consumers want and the degree of value they placed on their products.

identify if communications are effective is used determine who the consumers are and the type of media preferred.

identify if consumer needs are being met is used to determine what customers like or dislike about a product or service.

identify threats and investigate the competition is used to determine changes in consumer preferences and competition

Answer:

They changed as the USA entered the war.

Explanation:

American and domestic foreign policy during World

War 2 were linked in that once America entered the

war it had a significant impact on its economy.

When we say during World War 2 we must remember

that the USA did not enter the war until December

1941 after the attack on Pearl Harbour. Even then

there was no guarantee that they would become

involved in a war in Europe. It was Hitler who

declared war on the USA.

Prior to that American domestic politics

were dominated by the arguments between

interventionism and isolationism. President Roosevelt

had to tread a fine path in providing limited support to

the UK whilst being careful not to turn public opinion even more against involvement in a war thousands of miles away.

Japan's failure to deliver a knockout blow at Pearl Harbour meant that the US economy, on a war footing, was powerful enough to produce military hardware on a scale not seen before which would lead to victory in 1945 and the USA emerging as the most powerful country in the world.

Domestic policies change over time mainly due to changing societal values, economic conditions, and political influences. Society's evolving nature, economic developments, and shifts in political power greatly influence such changes.

Domestic policies change over time due to a variety of reasons. The primary ones include changing societal values, economic conditions, and political influences. For instance, societal values evolve over time, which may either necessitate new policies or changes in existing ones to address contemporary issues. Economic conditions may influence policy changes for enhancing economic stability and growth. Changing political influences also play a significant role as different political parties with contrasting priorities and approaches to governance come to power.

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The dividends per share for the common stock in year 1 (Y1) is $0.60 per share, and in year 3 (Y3) is $0.90 per share.

To calculate the dividends per share for the common stock in year 1 (Y1) and year 3 (Y3), we need to determine the total dividends distributed and divide them by the number of common shares outstanding.

Given information:

Cumulative preferred stock: 15,000 shares, 1% dividend

Common stock: 50,000 shares, $30 par value

Dividends distributed:

Y1: $30,000

Y2: $12,000

Y3: $45,000

First, let's calculate the dividends per share for the cumulative preferred stock in each year.

Dividends per share for cumulative preferred stock = (Par value * Dividend rate) / Number of preferred shares

Dividends per share for cumulative preferred stock = ($100 * 1%) / 15,000 shares

Dividends per share for cumulative preferred stock = $1 / 15,000

Dividends per share for cumulative preferred stock = $0.000067 per share

Now, let's calculate the dividends per share for the common stock in year 1 (Y1) and year 3 (Y3).

For Y1:

Total dividends for common stock = Dividends distributed - (Dividends per share for cumulative preferred stock * Number of preferred shares)

Total dividends for common stock = $30,000 - ($0.000067 * 15,000)

Total dividends for common stock = $30,000 - $1.005

Total dividends for common stock = $29,998.995

Dividends per share for common stock in Y1 = Total dividends for common stock / Number of common shares

Dividends per share for common stock in Y1 = $29,998.995 / 50,000 shares

Dividends per share for common stock in Y1 = $0.5999799 per share (rounded to $0.60 per share)

For Y3:

Total dividends for common stock = Dividends distributed - (Dividends per share for cumulative preferred stock * Number of preferred shares)

Total dividends for common stock = $45,000 - ($0.000067 * 15,000)

Total dividends for common stock = $45,000 - $1.005

Total dividends for common stock = $44,998.995

Dividends per share for common stock in Y3 = Total dividends for common stock / Number of common shares

Dividends per share for common stock in Y3 = $44,998.995 / 50,000 shares

Dividends per share for common stock in Y3 = $0.8999799 per share (rounded to $0.90 per share)

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Utilities firms are one example of a monopoly among the possibilities given. When they are the exclusive provider of these necessary services in a certain region, utility firms, such as those that provide electricity, water, or natural gas, frequently act as Monopoly. As a result, customers are virtually forced to adopt the services offered by the local utility company since they have no other alternatives.

The Landlord's Game, which was developed by Lizzie Magie in the United States in 1903 to advance Henry George's economic theories, particularly his views on taxation, and to show that an economy that rewards Utilities individuals is preferable to one in which monopolies hold all the wealth, is the source of Monopoly.

The Landlord's Game originally featured two sets of rules, one that included taxes and another that serves as the foundation for the present regulations.

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The fact that Amy’s inventory is not reflected at a value that would be realized if it were required to be sold immediately to pay bills is referred to as the Going concern concept. Thus, option C is correct.

An inventory will be defined as the part in which the resources will be available with the company or the business. This will help them to define the state in which the organization will either have a raw, in-process, or finished inventory.

In the process of the going concern concept, it will be determined that the accounting principle was to be made sure that the inventory is in the processing feature. In the Amy, Auto parts book the amount of  $156,000 will not be reflected in the books when prepared.

Therefore, option C is correct.

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The question is incomplete, Complete question probably will be  is:

Amy Auto Parts has inventory that has been recorded on their balance sheet at $156,000. The fact that Amy’s inventory is not reflected at a value that would be realized if it were required to be sold immediately to pay bills is referred as the ___________.

materiality concept

liquidity concept

going concern concept

consistency concept

Answer:

Determining when the cumulative total of net cash flows reaches zero.

Explanation:

The early Venetians make Standardizing production with assembly lines and inventory controls the practice of management.

Venetian traders were influential financiers in Europe. The city was also the birthplace of awesome European explorers, which includes Marco Polo, as well as Baroque composers inclusive of Antonio Vivaldi and Benedetto Marcello, and well-known painters which include the Renaissance master Titian.

The Republic of Venice or the Venetian Republic, historically referred to as Los Angeles Serenissima changed into a sovereign nation and maritime

Venetian is a separate language from Italian, with many neighborhood varieties. Its precise location in the Romance language circle of relatives remains extremely debatable.

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