Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / 1

1

Finance

1.Meta Course Module 5 Module 5 Homework FNAN522-010_850-202120 Adv Financial Mgmt and Policy Meta Course A company has $2 million in machinery expenses and $3 million in rent. It costs $30 per unit in labor costs to produce the good, which is sold for $50 per unit. What is the break even point? Question 1 Not yet answered Marked out of 1.00 P Flag question Select one O a 100,000 units O b. 250,000 units O c. 50,000 units O d. 166,667 units

2.Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows:

Account Titles Debit Credit
Cash $ 7        
Accounts Receivable   3        
Supplies   3        
Equipment   10        
Accumulated Depreciation       $ 2  
Software   6        
Accumulated Amortization         2  
Accounts Payable         5  
Notes Payable (short-term)         0  
Salaries and Wages Payable         0  
Interest Payable         0  
Income Taxes Payable         0  
Deferred Revenue         0  
Common Stock         15  
Retained Earnings         5  
Service Revenue         0  
Depreciation Expense   0        
Amortization Expense   0        
Salaries and Wages Expense   0        
Supplies Expense   0        
Interest Expense   0        
Income Tax Expense   0        
Totals $ 29   $ 29  
 

Transactions during 2018 follow:

  1. Borrowed $28 cash on July 1, 2018, signing a six-month note payable.
  2. Purchased equipment for $31 cash on July 2, 2018.
  3. Issued additional shares of common stock for $5 on July 3.
  4. Purchased software on July 4, $3 cash.
  5. Purchased supplies on July 5 on account for future use, $7.
  6. Recorded revenues on December 6 of $61, including $8 on credit and $53 received in cash.
  7. Recognized salaries and wages expense on December 7 of $36; paid in cash.
  8. Collected accounts receivable on December 8, $9.
  9. Paid accounts payable on December 9, $10.
  10. Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5, 2019.

Data for adjusting journal entries on December 31:

  1. Amortization for 2018, $2.
  2. Supplies of $3 were counted on December 31, 2018.
  3. Depreciation for 2018, $4.
  4. Accrued interest of $1 on notes payable.
  5. Salaries and wages incurred but not yet paid or recorded, $3.
  6. Income tax expense for 2018 was $4 and will be paid in 2019.

3.

On December 31, 2018, Alan and Company prepared an income statement and balance sheet but failed to take into account four adjusting journal entries. The income statement, prepared on this incorrect basis, reported income before income tax of $31,000. The balance sheet (before the effect of income taxes) reflected total assets, $92,000; total liabilities, $41,000; and stockholders’ equity, $51,000. The data for the four adjusting journal entries follow:

  1. Effect of Amortization of $8,200 for the year on software was not recorded.
  2. Salaries and Wages amounting to $17,200 for the last three days of December 2018 were not paid and not recorded (the next payroll will be on January 10, 2019).
  3. Rent revenue of $5,100 was collected on December 1, 2018, for office space for the three-month period December 1, 2018, to February 28, 2019. The $5,100 was credited in full to Deferred Revenue when collected.
  4. Income taxes were not recorded and not paid. The income tax rate for the company is 20%.

Required:

Complete the following table to show the effects of the four adjusting journal entries. (Negative amounts should be indicated by a minus sign.)

Option 1

Low Cost Option
Download this past answer in few clicks

2.89 USD

PURCHASE SOLUTION

Already member?


Option 2

Custom new solution created by our subject matter experts

GET A QUOTE