Wang Company accumulates the following adjustment data at December 31. For each item, indicate the (1) type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.) (1) Type of Adjustment (2) Accounts Before Adjustment (a) Services performed but unbilled totals $600. Select a type of adjustment Select a status of the accounts Select a status of the accounts (b) Store supplies of $160 are on hand. The supplies account shows a $1,900 balance. Select a type of adjustment Select a status of the accounts Select a status of the accounts (c) Utility expenses of $275 are unpaid. Select a type of adjustment Select a status of the accounts Select a status of the accounts (d) Service performed of $490 collected in advance. Select a type of adjustment Select a status of the accounts Select a status of the accounts (e) Salaries of $620 are unpaid. Select a type of adjustment Select a status of the accounts Select a status of the accounts (f) Prepaid insurance totaling $400 has expired. Select a type of adjustment Select a status of the accounts

Answer and Explanation:

The type of adjustment and the status of accounts before the adjustment is shown below:-

          Type of adjustment         Accounts before adjustment

(a)        Accrued revenues               Assets understated

                                                          Revenues understated

(b)        Prepaid expenses              Assets overstated

                                                        Expenses understated

(c)         Accrued expenses            Expenses understated

                                                        Liabilities overstated

(d)         Unearned revenues         Revenues understated

                                                        Liabilities overstated

(e)         Accrued expenses            Expenses understated

                                                        Liabilities understated

(f)        Prepaid expenses              Assets overstated

                                                        Expenses understated

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $390,000. During 2021, Halifax sold merchandise on account for $12,800,000. Halifax's merchandise costs is 70% of merchandise selling price. Also during the year, customers returned $370,000 in sales for credit, with $204,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at year end. 2. What is the amount of the year-end refund liability after the adjusting entry is recorded

Starbucks is a national chain of gourmet cafes, which caters to coffee-drinkers. Many of their customers commute from the suburbs, and several of the stores are located in business districts so they may better accommodate the commuters' needs. Starbucks sells their private brand of coffees, and also accompanied them with fresh baked goods. They have a synergy between their stores and their website, both of which help to maintain an advantage over competing local coffee shops. This is a description of Starbucks:

Assume, for the sake of this question only, the following: The sale of the business included a warehouse building. The contract for the sale of the business indicated that the warehouse was included "in its present condition" or "as is." Shortly after Sarita took possession of the warehouse, she discovered a walled-in basement room that neither she nor Juan had realized was there. The room was packed full of drums of hazardous materials, which (as far as anyone could tell) had been leaking their contents into the ground for a decade or so. Sarita was going to have to clean up the mess at a considerable ongoing expense. If she seeks to rescind the contract based on the doctrine of mistake, which of the following is true?

Which of the following best describes the main difference between B2B and B2C transactions? B2B transactions involve transactions where the buyers and sellers are both businesses, while B2C involves transactions between businesses and consumers. B2B transactions focus on financial transactions while B2C e-commerce focuses on the sale of manufactured goods. B2B transactions refer to business between nonprofit organizations while B2C e-commerce is carried out by business firms seeking to earn a profit. B2B transactions involve sales in foreign markets while B2C e-commerce is restricted to domestic markets.

PLEASE HELP!!! I need to come up with a unique business that would be convenient in a high school. It can be one that sells food, drinks, etc

Med Max buys surgical supplies from a variety of manufacturers and then resells and delivers these supplies to dozens of hospitals. In the face of declining profits, Med Max decided to implement an activity-based costing system to improve its understanding of the costs incurred to serve each hospital. The company broke its selling and administrative expenses into four activities as shown below: Activity Cost Pool Activity Measure Total Cost Total ActivityCustomer deliveries Number of deliveries $ 361,900 4,700Manual order processing Number of manual orders 266,400 3700 Electronic order processing Number of electronic orders 191,540 12200 Line item picking Number of line items picked 518,000 370000 Total selling and administrative expenses $ 1,337,840 Med Max gathered the data below for two of the many hospitals that it servesâCity General and County General: Activity Activity Measure City General County GeneralNumber of deliveries 15 30Number of manual orders 0 60 Number of electronic orders 20 0 Number of line items picked 130 290 Required: 1. Compute the activity rate for each activity cost pool. 2. Compute the total activity costs that would be assigned to City General and County General.

Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $25,525. Clayborn's May bank statement shows $22,600 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 7,750 Outstanding checks $ 6,300 Bank service fees, not yet recorded by company $ 110 A NSF check from a customer, not yet recorded by the company $ 1,365 The adjusted cash balance should be:

Although GDP is a reasonably good measure of a nation’s output, it is not an accurate measure of a nation’s well-being. Which of the following options are either not accounted for or are measured inaccurately in calculations of GDP for the United States? Check all that apply. The variety of goods available to consumers The parts of a car manufactured in the United States that are produced in Canada The value of babysitting services, when the babysitter is paid in cash and the transaction isn’t reported to the government The loss of enjoyment people incur when scenic land is converted to commercial use Federal government paychecks to soldiers

What is porter's 5 forces?

If you have a bank account whose principal = $1000, and your bank compounds the interest twice a year at an interest rate of 5%, how much money do you have in your account at the year's end?

Webster Corporation is preparing its cash budget for April. The March 31 cash balance is $38,600. Cash receipts are expected to be $652,000 and cash payments for purchases are expected to be $614,000. Other cash expenses expected are $28,100 selling and $34,600 general and administrative. The company desires a minimum cash balance at the end of each month of $25,000. If necessary, the company borrows enough cash to meet the minimum using a short-term note. The amount Webster must borrow during April is: Multiple Choice $0. $11,100. $13,900. $101,600. $76,600.

what prportion of revenues is derived from property taxes? do the notes clearly indicate recognition croteria for promary revenue source?

QUESTION 4. Consider the following game. Player 1’s payoffs are listed first, in bold: Player 2 X Y Player 1 U 100 , 6 800 , 4 M 0 , 0 200 , 1 D 10 , 20 20 , 20 a. Imagine that Player 1 makes a decision first and Player 2 makes a decision after observing Player 1’s choice. Write down every subgame-perfect Nash equilibrium of this game. b. Does the outcome above differ from the Nash equilibrium (if the game were played simultaneously)? Carefully explain why, intuitively, the result differs or does not differ.

Social Security benefits are increased each year in proportion to the increase in the CPI, even though most economists believe that the CPI overstates actual inflation. True or False: If the elderly consume the same market basket as other people, then Social Security would provide a decrease in their standard of living. True False Healthcare costs have risen faster than overall inflation. True or False: If the elderly consume a market basket that includes more healthcare than other people, then Social Security necessarily provides an increase in their standard of living. True False

Start with the beginning balances for these​ T-accounts: Accounts​ Receivable, $100,000​, Allowance for Uncollectible​ Accounts, $14,000. Post the following 2018 transactions to the​ T-accounts: a. Service revenue of $697,000​, all on account b. Collections on​ account, $714,000 c. ​Write-offs of uncollectible​ accounts, $8,000 d. ​Uncollectible-account expense​ (allowance method), $11,000. What are the ending balances of Accounts Receivable and Allowance for Uncollectible​ Accounts?

Product White Fragrant Loonzain Total Percentage of total sales 48 % 20 % 32 % 100 % Sales $ 312,000 100 % $ 130,000 100 % $ 208,000 100 % $ 650,000 100 % Variable expenses 93,600 30 % 104,000 80 % 114,400 55 % 312,000 48 % Contribution margin $ 218,400 70 % $ 26,000 20 % $ 93,600 45 % 338,000 52 % Fixed expenses 233,480 Net operating income $ 104,520 Dollar sales to break-even = Fixed expenses = $233,480 = $449,000 CM ratio 0.52 As shown by these data, net operating income is budgeted at $104,520 for the month and the estimated break-even sales is $449,000. Assume that actual sales for the month total $650,000 as planned. Actual sales by product are: White, $208,000; Fragrant, $260,000; and Loonzain, $182,000. Required: 1. Prepare a contribution format income statement for the month based on the actual sales data. 2. Compute the break-even point in dollar sales for the month based on your actual data.

The best estimate of the total cost to manufacture 5,100 units is closest to: (Round your intermediate calculations to 2 decimal places.)

(Table) Germany has a comparative advantage in producing
Sweaters
Germany 6
Greece
4
Skirts
12
20
sweaters and skirts.
skirts only.
sweaters only.
neither good.

Timothy wants to cut costs in his company to increase the profitability of production. Which tactic should Timothy utilize to cut the costs and maintain the quality of output?

A.

using shorter transport routes

B.

use low-grade raw materials

C.

overworking the employees

D.

overstocking the input

Answer right gets

How can you leverage your strength in the workplace? How can you strengthen your weakness? Not real good on business please helpp!!!!

Which of the following are benefits of private student loans?
-Can get a better rate with a parent co-signing the Lon
-Applications and processing time is very short, which means students get money faster
-Loans can be larger to cover the actual cost of attendance
-Borrowers can receive additional discounts such as good discount for good grades
-All the above

Indicate in the space provided by each item whether it would appear on the income statement, balance sheet, or retained earnings statement: a. Service Revenue choose a statement b. Utilities Expense choose a statement c. Cash choose a statement d. Accounts Payable choose a statement e. Supplies choose a statement f. Salaries and Wages Expense choose a statement g. Accounts Receivable choose a statement h. Common Stock choose a statement i. Equipment choose a statement j. Advertising Expense choose a statement k. Dividends choose a statement l. Notes Payable choose a statement

a firm has total interest charges of $10,000 per year, sales of $1 million, a tax rate of 40 percent, and a net profit margin of 6 percent. What is the firm's times interest earned ratio

Vanessa Jones is the assistant chief accountant at IBT Company, a manufacturer of computer chips and cellular phones. The company presently has total sales of $20 million. It is the end of the first quarter and Vanessa is hurriedly trying to prepare a trial balance so that quarterly financial statements can be prepared and released to management and the regulatory agenicies. THe total credits on the trial balance exceed the debits by $1,000.

In order to meet the 4pm deadline, Vanessa decides to force the debits and credits into balance by adding the amount of the difference to the Equipment account. She chose Equipment because it is one of the larger account balances; percentage wise, it will be the least misstated. Vanessa plugs the difference! She believes that the difference is quite small and will not affect anyone's decisions. She wishes that she had another few days to find the error but realizes that the financial statements are already late.

A. Who are the stakeholders in this situation?

B. What ethical issues are involved?

C. What are Vanessa's alternatives?

The Year 1 selling expense budget for Karin Corporation is as follows: Budgeted sales $2,500,000 Selling costs: Delivery expenses $25,000 Commission expenses 75,000 Advertising expenses 20,000 Office expenses 12,000 Miscellaneous expenses 30,000 Total $162,000 Delivery and commission expenses vary proportionally with budgeted sales in dollars. Advertising and office expenses are fixed. Miscellaneous expenses include $10,000 of fixed costs. The rest varies with budgeted sales in dollars. The Year 2 budgeted sales is $3,400,000. What will be the value for commission expenses in the Year 2 selling expense budget? Group of answer choices $102,000 $24,000 $48,000 $122,000

erdue Company purchased equipment on April 1 for $36,180. The equipment was expected to have a useful life of three years, or 7,020 operating hours, and a residual value of $1,080. The equipment was used for 1,300 hours during Year 1, 2,500 hours in Year 2, 2,100 hours in Year 3, and 1,120 hours in Year 4. Required: Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the straight-line method, (b) units-of-activity method, and (c) the double-declining-balance method. Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then round the answer for each year to the nearest whole dollar. a. Straight-line method

Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions.) Acquired $3,200 cash from issuing common stock. Borrowed $2,300 from a bank. Earned $3,200 of revenues. Incurred $2,420 in expenses. Paid dividends of $420. Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions.) Acquired an additional $600 cash from the issue of common stock. Repaid $1,370 of its debt to the bank. Earned revenues, $4,600. Incurred expenses of $2,790. Paid dividends of $760. What was the amount of retained earnings that will be reported on Lexington's balance sheet at the end of Year 1?

Texteriles Company creates different types of bolts of cloth. These bolts of cloth are made on the same machinery. The textile machines have the capacity of 3,600 hours per month. Texteriles is considering producing three different types of cloth: denim, chenille, and gauze, with contribution margins per bolt of $14, $22, and $9, respectively. Texteriles knows it can sell only a total of 6,000 bolts of denim, 2,000 bolts of chenille, and/or 1,200 bolts of gauze. A bolt of each type of cloth requires a different amount of machine time as follows: denim takes 0.5 machine-hours, chenille takes 1 machine-hour, and gauze takes 0.3 machine-hours. What combination of products will maximize the profits of Texteriles

Which of the following mechanisms would be most likely to help motivate managers to act in the best interests of shareholders? a. Take actions that reduce the possibility of a hostile takeover. b. Decrease the use of restrictive covenants in bond agreements. c. Increase the proportion of executive compensation that comes from stock options and reduce the proportion that is paid as cash salaries. d. Elect a board of directors that allows managers greater freedom of action.

Which services would a charitable organization provide? Check all that apply. preserving waterways operating a city aquarium opening an animal shelter inventing a new pet feeder owning a pet store franchise​