Blaine Air Transport Service, Inc., providing air delivery service for businesses, has been in operation for three years. The following transactions occurred in February:

February 1 Paid $275 for rent of hangar space in February.
February 2 Purchased fuel costing $490 on account for the next flight to Dallas.
February 4 Received customer payment of $820 to ship several items to Philadelphia next month.
February 7 Flew cargo from Denver to Dallas; the customer paid $910 for the air transport.
February 10 Paid $175 for an advertisement in the local paper to run on February 19.
February 14 Paid pilot $2,300 in wages for flying in January (recorded as expense in January).
February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed.
February 25 Purchased on account $2,550 in spare parts for the planes.
February 27 Declared a $200 cash dividend to be paid in March.

Required:
Prepare journal entries for each transaction. Be sure to categorize each account as an asset (A), liability (L). stockholders' equity (SE). revenue (R). or expense (E).

Answer:

Entries and their narrations are posted below

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

February 1 (Paid $275 for rent of hangar space in February)

Rent (Expense)     Dr $275

Cash (Asset)                        Cr $275

February 2 (Purchased fuel costing $490 on account for the next flight to Dallas.)

Fuel (Expense)                             Dr $490

Accountt Payable (Liability)                            Cr $490

February 4 (Received customer payment of $820 to ship several items to Philadelphia next month.)

Cash (Asset)    Dr $820

Shipment (R)              Cr $820

February 7 (Flew cargo from Denver to Dallas; the customer paid $910 for the air transport)

Cash (A)   Dr $910

Ticket (R)              Cr $910

February 10 (Paid $175 for an advertisement in the local paper to run on February 19.)

Advertisement (E)    Dr $175

Cash (A)                              Cr $175

February 14 (Paid pilot $2,300 in wages for flying in January (recorded as an expense in January))

Wages payable (L) Dr 2300

Cash (A)                                Cr 2300

February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed.

Cash (A)                            Dr 1600

Account Receivable (A)   Dr 2200

Ticket (R)                                             Cr 3800

February 25 Purchased on account of $2,550 in spare parts for the planes.

Spares  (E)                    Dr 2550

Account Payable (L)                   Cr 2550

February 27 (Declared a $200 cash dividend to be paid in March.)

Retained Earnings (SE) Dr 200

Dividend Payable (L)                 Cr 200

Share one or two specific examples of how you will use the concepts or strategies presented in this class to contribute to your academic and career success.

There is a natural progression from one statement to the next. The following boxes represent the four financial statements. The set of financial statements is prepared at the end of each accounting period to communicate information about the company’s operations during that period to its users. Use the selection lists to demonstrate your knowledge of the relationships between the statements. In the headings, you will need to select the appropriate statement name and time period.(Hint: Ask yourself if the statement covers a period of time or if it is a snapshot at a given point in time.) Then complete the blanks following the headings.)
Statement:
ABC Company This statement shows how profitable a company is. It is sometimes referred to as the profit and loss (P&L) statement.
This statement summarizes the_______ Which item from this financial statement appears on the next financial statement?

Brace Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 21,600 hours. At the end of the year, actual direct labor-hours for the year were 20,400 hours, the actual manufacturing overhead for the year was $506,920, and manufacturing overhead for the year was underapplied by $23,440. The estimated manufacturing overhead at the beginning of the year used in the predetermined overhead rate must have been:_________
A. $501,920
B. $531,445
C. $483,480
D. $511,920

Which idea forms the basis of double-entry accounting?
A. For every single transaction, at least two accounts will be
affected.
B. For every single transaction, only assets will be impacted.
C. The assets of a business equal the stockholders' equity.
O D. The stockholders' equity in a business must equal the liabilities.

Indicate which activities of Stockton Corporation violated the rights of a stockholder who owned one share of common stock.

a. Paid the stockholder a smaller dividend per share than another common stockholder.
b. Did not allow the stockholder to make decisions regarding hiring and firing employees.
c. Rejected the stockholder's request to vote via proxy because she was home sick.
d. The company did not provide all stockholders with timely financial reports.
e. In liquidation, paid the common shareholder after preferred stockholders were already paid.

A (Static) Using T accounts to record all business transactions. LO 3-1, 3-2, 3-4
The following accounts and transactions are for Vincent Sutton, Landscape Consultant.
Transactions:
Sutton invested $90,000 in cash to start the business.
Paid $6,000 for the current month’s rent.
Bought office furniture for $10,580 in cash.
Performed services for $8,200 in cash.
Paid $1,250 for the monthly telephone bill.
Performed services for $14,000 on credit.
Purchased a computer and copier for $18,000; paid $7,200 in cash immediately with the balance due in 30 days.
Received $7,000 from credit clients.
Paid $2,800 in cash for office cleaning services for the month.
Purchased additional office chairs for $5,800; received credit terms of 30 days.
Purchased office equipment for $22,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
Issued a check for $9,400 to pay salaries.
Performed services for $14,500 in cash.
Performed services for $16,000 on credit.
Collected $8,000 on accounts receivable from charge customers.
Issued a check for $2,900 in partial payment of the amount owed for office chairs.
Paid $725 to a duplicating company for photocopy work performed during the month.
Paid $1,280 for the monthly electric bill.
Sutton withdrew $5,500 in cash for personal expenses.
Post the above transactions into the appropriate T accounts.
Analyze:
What liabilities does the business have after all transactions have been recorded?
Complete this question by entering your answers in the tabs below.
Transactions
Analyze
Post the above transactions into the appropriate T accounts.
Cash Accounts Receivable
Bal.
Bal.
Office Furniture Office Equipment
Bal. Bal.
Accounts Payable Vincent Sutton, Capital
Bal.
Bal.
Vincent Sutton, Drawing Fees Income
Bal.
Bal.
Rent Expense Utilities Expense
Bal. Bal.
Salaries Expense Telephone Expense
Bal. Bal.
Miscellaneous Expense
Bal.
Complete this question by entering your answers in the tabs below.
What liabilities does the business have after all transactions have been recorded?
Liabilities

f the present value of the annuity is $45,000, what should be the size of each payment from the annuity

g Benton, Inc. has decided to discontinue manufacturing its Quantum model personal organizer. Currently the company has a number of partially completed personal organizers on hand. The company has spent $111 per unit to manufacture these organizers. To complete each unit, costs of $14 for material and $15 for direct labor will be incurred. In addition, $9 of variable overhead and $34 of allocated fixed overhead (relating primarily to depreciation of plant and equipment) will be added per unit. If Benton, Inc., completes the organizers, it can sell them for $124 per unit. Another manufacturer is interested in purchasing the partially completed organizers for $107 per unit and converting them into inventory tracking devices. Determine whether Benton should complete the personal organizers or sell them in their current state.

Consider the following information for stocks A, B, and C. The returns on the three stocks are positively correlated, but they are not perfectly correlated. (That is, each of the correlation coefficients is between 0 and 1.)


Stock Expected Return Standard Deviation Beta
A 8.60% 14% 0.8
B 9.95 14 1.1
C 11.75 14 1.5

Fund P has one-third of its funds invested in each of the three stocks. The risk-free rate is 5%, and the market is in equilibrium. (That is, required returns equal expected returns.)

Required:
a. What is the market risk premium?
b. What is the beta of Fund P?
c. What is the required return of Fund P?
d. Would you expect the standard deviation of Fund P to be less than 15%, equal to 15% or greater than 15%? Explain.

Twelve​ samples, each containing five​ parts, were taken from a process that produces steel rods at Emmanual​ Kodzi's factory. The length of each rod in the samples was determined. The results were tabulated and sample means and ranges were computed. The results​ were:
Sample Sample Mean​ (in.) Range​ (in.) Sample Sample Mean​ (in.) Range​ (in.)
1 11.204 0.033 7 11.201 0.041
2 11.204 0.041 8 11.203 0.034
3 11.189 0.034 9 11.197 0.027
4 11.208 0.051 10 11.201 0.029
5 11.195 0.031 11 11.201 0.039
6 11.197 0.036 12 11.206 0.047
For the given​ data, the x ​= nothing inches ​(round your response to four decimal​ places).
Based on the sampling​ done, the control limits for ​3-sigma x chart​ are:
Upper Control Limit ​(UCLx​) ​= nothing inches ​(round your response to four decimal​ places).
Lower Control Limit ​(LCLx​) ​= nothing inches ​(round your response to four decimal​ places).
Based on the x​-chart, is one or more samples beyond the control​ limits? ▼ Yes No .
For the given​ data, the R ​= nothing inches ​(round your response to four decimal​ places).
The control limits for the ​3-sigma​ R-chart are:
Upper Control Limit ​(UCLR​) ​= nothing inches ​(round your response to four decimal​ places).
Lower Control Limit ​(LCLR​) ​= nothing inches ​(round your response to four decimal​ places).
Based on the​ R-chart, is one or more samples beyond the control​ limits? ▼ Yes No .

What is a premium in personal finance HEEEEELLPPP

A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending Inventory at January 31 totals 130 units.
Units Unit Cost
Beginning inventory on January 1 320 $3.10
Purchase on January 9 70 3.30
Purchase on January 25 100 3.40
Required:
Assume the Perpetual Inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on LIFO.

Darden Corporation uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 21,400 units in its beginning work in process inventory that were 10% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $24,700. An additional 101,000 units were started into production during the month. There were 34,000 units in the ending work in process inventory of the Welding Department that were 70% complete with respect to conversion costs. A total of $853,880 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs for the month is closest to:_______
a. $8.486
b. $9.965
c. $8.738
d. $9.200

Blossom Corp is issuing a 10-year bond with a coupon rate of 11 percent. The interest rate for similar bonds is currently 7 percent. Assuming annual payments, what is the value of the bond

Following is information about consulting jobs for a company that is increasing in sales, but has not yet become profitable. The owner keeps financial records on yellow sticky notes stuck to the wall behind his desk. He has asked you to help him set up a costing system so that he can better understand his costs. The owner said that job 140 was completed, job 141 was started and completed, and job 142 was started this month. Professional labour hours for contracts in process consist of job 140 with 129 hours, job 141 with 258 hours, and job 142 with 137 hours. Professional labour was paid $23,580 for the month, and the professional employees are all paid the same rate per hour. Overhead is allocated using an estimated rate based on professional labour hours. The total cost for job 141 is $32,766. Actual overhead cost for the month was $53,448. What is labour paid per hour? Labour per hour. What is the estimated rate per labour hour used to allocate overhead? per hour. Overhead rate What are the total costs (before adjusting for overapplied or underapplied overhead) for Jobs 141, 142, and 143? Total cost Job 140 Job 141 Job 142 What are the amounts in cost of goods sold and work-in-process at the end of the month? Cost of goods sold Work-in-process What amount of overhead was overapplied or underapplied this month? Overhead If this month is typical, what is a reasonable overhead rate? Reasonable overhead rate per hour

Hilary sells bottled water from a small stand by the beach. On the last day of summer vacation, many people are on the beach, and Hilary realizes that she can make a lot more money this day if she hires someone to walk up and down the beach selling water. She finds a college student named Edison and makes him the following offer: They'll each sell water all day and split their earnings (revenue minus the cost of water) equally at the end of the day. Hilary knows that if they both work hard, Edison will earn $90 on the beach and Hilary will earn $240 at her stand, so they will each take home half of their total revenue: If Edison shirks, he'll generate only $60 in earnings. Hilary does not know that Edison estimates his personal cost (or disutility) of working hard as opposed to shirking at $30. Once out of Hilary's sight, Edison faces a dilemma: work hard (put in full effort) or shirk (put in low effort).In terms of Edison's total utility, it is worse for him to ____(work hard or shirk). Taking into account the loss in utility that working hard brings to Edison, Hilary and Edison together ___ (are or are not) better off if Edison shirks instead of working hard.Hilary knows Edison will shirk if unsupervised. She considers hiring her good friend Carrie to keep an eye on Edison. The most Hilary should be willing to pay Carrie to supervise Edison, assuming supervision is sufficient to encourage Edison to work hard, is ____ .
a. 55.
b. 30.
c. 25.
d. 20.It turns out that Hilary's friend Carrue is unavilable that day, so Hilary cannot find a reliable person to watch Edison. Which of the following arrangements will ensure that Edison works hard without making Hilary any worse off than she is when Edison shirks?A. Pay Edison $20, regardless of how many bottles of water he sells.B. Allow Edison to keep 75% of the revenue from the bottles of water he sells instead of 50%.C. Allow Edison to keep 57% of the revenue from the bottles of water he sells instead of 50%.D. Make Edison promise to work hard.

Which activities are often required of someone who is in the performing arts?

A. writing creatively, remembering a script, and entertaining people

B. going on auditions, using pottery wheels, and scheduling tasks

C. creating artwork, designing a dance routine, and interviewing people to get information

D. coordinating performances, attending events to market themselves, and operating technical equipment

Is cost minimization equivalent or identical the concept of product maximization. True of False. Explain

A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below.
Advertising and Promotion Expenses $ 263,700
Income Tax Expense 56,620
Interest Expense 44,020
Other Expenses 123,600
Other Selling & Administrative Expenses 352,000
Sales Revenue 1,871,300
Salaries and Wages Expense 726,000
Required:
1. Calculate the net income for the Green Thumb, Inc. for Year 3.
2. Prepare a statement of retained earnings for Green Thumb, Inc. for Year 3. Assume the company had retained earnings of $163,200 as of January 1, Year 3, and paid out $46,120 in dividends during Year 3.

Fort Corporation had the following transactions during its first month of operations
1. Purchased raw materials on account, $85,000.
2. Raw Materials of $30,000 were requisitioned to the factory.
3. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials labor costs incurred were $175,000 of which $145,000 pertained to factory wages payable and $30,000 pertained to employer payrol
4. Time tickets indicated that $145,000 was direct labor and $30,000 was indirect labor.
5. Overhead costs incurred on account were $198,000
6. Manufacturing overhead was applied at the rate of 150% of direct labor cost.
7. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods
8. Finished goods costing $100,000 to manufacture were sold on account for $130,000.
Journalize the above transactions for Fort Corporation. (Record journal entries in the order presented in the problem.

Help me please!!!!
Explain possible circumstances under which an adult child may
have undue influence in a relationship with an elderly parent.

Three categories of activities (operating, investing, and financing) generate or use the cash flow in a company. In the following , identify which type of activity is described by each statement. (Operating Activity Investing Activity Financing Activity)

a. Yum Co. uses cash to repurchase 10% of its common stock.
b. DigiInk Printing Co. buys new machinery to ramp up its production capacity.
c. D and W Co. sells its last season’s inventory to a discount store.
d. A company records a loss of $70,000 on the sale of its outdated inventory.

Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for Year 1.

Salaries expense $122,000 Beginning retained earnings $61,100
Common stock 110,000 Warranties payable (short term) 6,500
Notes receivable (short term) 32,500 Gain on sale of equipment 19,000
Allowance for doubtful accounts 19,000 Operating expenses 65,000
Accumulated depreciation 66,000 Cash flow from investing activities 116,000
Notes payable (long term) 160,000 Prepaid rent 38,000
Salvage value of building 21,000 Land 95,000
Interest payable (short term) 6,000 Cash 41,000
Uncollectible accounts expense 45,000 Inventory 101,000
Supplies 6,500 Accounts payable 55,000 Equipment 243,000
Interest expense 36,000 Interest revenue 6,200
Salaries payable 68,000 Sales revenue 940,000
Unearned revenue 47,000 Dividends 20,000
Cost of goods sold 595,000 Warranty expense 9,200
Accounts receivable 108,000 Interest receivable (short term) 3,600
Depreciation expense 3,000

List and describe the three types of income. Include information regarding how each one is taxed.

The purchase of office equipment at a cost of $7,600 with an immediate payment of $4,200 and agreement to pay the balance within 60 days is recorded by the purchaser with:_____.
A. A debit of $7,600 to Office Equipment, a credit of $4,200 to Cash, and a credit of $3,400 to Accounts Payable.
B. A debit of $7,600 to Office Equipment, a debit of $4,200 to Accounts Receivable, and a credit of $3,400 to Accounts Payable.
C. A debit of $3,400 to Accounts Receivable, a debit of $4,200 to Cash, and a credit of $7,600 to Office Equipment.
D. A debit of $7,600 to Office Equipment, a credit of $4,200 to Cash, and a credit of $3,400 to Accounts Receivable.

Cost of Production Report
The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process.
Work in process, January 1, 7,000 units, 70% completed $81,970
Direct materials (7,000 × $8.00) $56,000
Conversion (7,000 × 70% × $5.30) 25,970
$81,970
Materials added during January from Weaving
Department, 108,000 units $869,400
Direct labor for January 248,134
Factory overhead for January 303,274
Goods finished during January (includes goods in
process, January 1), 109,200 units —
Work in process, January 31, 5,800 units, 30% completed —
A. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0".
B. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (December).

Assume that in the short run a firm is producing 500 units of output, has average total costs of $300, and has average variable costs of $220. The firm's total fixed costs are. Select one: a. $40,000. b. $6.25. c. $0.16. d. $80.

Verne Cova Company has the following balances in selected accounts on December 31, 2014.
Accounts Receivable $ -0-
Accumulated Depreciation—Equipment -0-
Equipment 7,000
Interest Payable -0-
Notes Payable 10,000
Prepaid Insurance 2,100
Salaries and Wages Payable -0-
Supplies 2,450
Unearned Service Revenue 30,000
All the accounts have normal balances. The information below has been gathered at December 31, 2014.
1. Verne Cova Company borrowed $10,000 by signing a 12%, one-year note on September 1, 2014.
2. A count of supplies on December 31, 2014, indicates that supplies of $900 are on hand.
3. Depreciation on the equipment for 2014 is $1,000.
4. Verne Cova Company paid $2,100 for 12 months of insurance coverage on June 1, 2014.
5. On December 1, 2014, Verne Cova collected $30,000 for consulting services to be performed from December 1, 2014, through March 31, 2015.
6. Verne Cova performed consulting services for a client in December 2014. The client will be billed $4,200.
7. Verne Cova Company pays its employees total salaries of $9,000 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2014.
Instructions:
Prepare adjusting entries for the seven items described above.

Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows: ($ millions)


PBO balance, January 1 $530
Plan assets balance, January 1 300
Service cost 50
Interest cost 30
Gain from change in actuarial assumption 36
Benefits paid (46 )
Actual return on plan assets 23
Contributions 2021 40

The expected long-term rate of return on plan assets was 9%. There were no AOCI balances related to pensions on January 1, 2021, but at the end of 2021, the company amended the pension formula, creating a prior service cost of $18 million.

Required:
a. Calculate the pension expense for 2021.
b. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2021.
c. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability?

Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,283,744 as follows.
Work in process, November 1 Materials $78,600 Conversion costs 48,700 $127,300 Materials added 1,592,280 Labor 225,100 Overhead 339,064 Production records show that 35,200 units were in beginning work in process 30% complete as to conversion costs, 661,000 units were started into production, and 25,400 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.
(a) Determine the equivalent units of production and the unit production costs for the Assembly Department.
(Round unit costs to 2 decimal places, e.g. 2.25.)
Materials Conversion Costs
Equivalent Units
Cost per unit $ $
(b) Determine the assignment of costs to goods transferred out and in process.
(c) Prepare a production cost report for the assembly dept.