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29. On December 28, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10,...On December 28, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,200. On December 31, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, Silverman issued Beasley a credit memo for returned merchandise. The returned merchandise originally cost Silverman $2,350 and was billed (invoiced) for $4,000 with terms 2/10, n/30. (a) Journalize the entries by Silverman Enterprises to record the December 28 sale. Beasley paid the balance due on January 7. (b) Journalize the entries by Silverman Enterprises to record the merchandise returned January 3. (c) Journalize the entry to record the receipt of the amount due by Beasley Co. on January 7.
30. 211.A reduction in production costs will result in a(n): a.rightward shift of the supply curve....
211.A reduction in production costs will result in a(n):
a.rightward shift of the supply curve.
b.increase in supply.
c.greater willingness and ability of producers to supply a larger quantity at any given price.
d.greater willingness and ability of producers to supply the same quantity at a lower price.
e.all of these.
212.A shift occurs in the supply curve for salt when:
a.the price of salt increases.
b.improvements are made in the production process.
c.salt is found to be associated with high blood pressure.
d.consumers expect the price of salt to increase in the future.
213.Which of the following would not cause a shift in the supply curve for a good?
a.An increase in demand for that good.
b.An increase in the cost of labor used to produce that good.
c.A change in the cost of raw materials used to produce that good.
d.A decrease in the cost of machinery used to produce that good.
214.To finance medical care, the federal government raises the tax per pack paid by sellers of cigarettes. Other things being equal, the price of cigarettes rises because of a(n):
a.upward movement along the supply curve for cigarettes.
b.rightward shift of the supply curve for cigarettes.
c.upward movement along the demand curve for cigarettes.
d.leftward shift of the supply curve for cigarettes.
215.Assuming that soybeans and tobacco can both be grown on the same land, a decrease in the price of tobacco, other things being equal, causes a(n):
a.rightward shift of the supply curve for tobacco.
b.upward movement along the supply curve for soybeans.
c.rightward shift in the supply curve for soybeans.
d.leftward shift in the supply curve for soybeans.
216."Because of unseasonable cold weather, much of the peach crop has been destroyed." This statement indicates that the:
a.price of peaches will fall.
b.quantity of peaches that will be available at any given price has decreased.
c.demand for peaches will shift to the left.
d.quantity of peaches that will be available at any given price have increased.
217.Which of the following has a direct relationship rather than an inverse relationship with the supply curve?
a.The number of sellers.
b.Resource prices.
c.Consumer income.
d.Prices of other goods that firms could produce.
218.Which of the following would decrease the supply of airline travel?
a.Reduced number of airline travelers.
b.New airline companies beginning operations.
c.Higher fuel costs.
d.Lower prices for airline tickets.
219.Assume that oranges and peaches can both be grown on the same type of land, a decrease in the price of peaches, other things being equal, will cause a(n):
a.upward movement along the supply curve for oranges.
b.downward movement along the supply curve for oranges.
c.rightward shift of the supply curve for oranges.
d.leftward shift of the supply curve for oranges.
220.An advance in technology results in:
a.suppliers offering a larger quantity than before at each given price.
b.suppliers offering the same quantity as before at a lower price.
c.a rightward shift of the supply curve.
d.an increase in supply.
e.all of these.
31. 1. What problems arise when a partner dies ? As an accountant, how will you deal with them? 2. Why..
1. What problems arise when a partner dies ? As an accountant, how will you deal with them? 2. Why do the partners take a Joint Life Policy ? What are the different methods adopted for accounting Joint Life Policy? 3. What is surrender value? When is it paid ? 4. Joint life policy premium will be treated as
A a personal expenses of the partners
B an operating loss of the firm
C an expense of the firm
D an appropriation of profit
5. At the time of death of a partner if there is undistributed profit in the Balance Sheet of the firm, it
A will not be distributed amongst the partners
B will be distributed in the capital ratio
C will be distributed amongst the surviving partners only
D will be distributed in the old profit sharing ratio amongST all the partners
6. Upon death, the amount of joint life policy should be distributed
A amongst all partners in the old ratio
B amongst continuing partners in the old ratio
C to the executors of the deceased
D amongst continuing partners in the new ratio
7. The executors of deceased partners are entitled to the share of goodwill as per the
A agreement between the partners
B profit sharing ratio
C capital ratio
D equally
8. Which of the following is true ?
A Due to death of a partner, the profit sharing ratio between the old partners does not change
B The death of a partner dissolves the old partnership firm
C A joint life policy matures on the happening of the first death
D The premium paid on a joint life policy is charged against capital of the partners
32. Are people living in a relationship-based governance system likely to be unethical in business...
Are people living in a relationship-based governance system likely to be unethical in business dealings?
33. 1-1 What are the three major types of product costs in a manufacturing company? 1-2 Define the follo
1-1 What are the three major types of product costs in a manufacturing company? 1-2 Define the following: (a) direct materials, (b) indirect materials, (c) direct labor, (d) indirect labor, and (e) manufacturing overhead. Explain the difference between a product cost and a period 1-3 cost. 1-4 Distinguish between (a) a variable cost, (b) a fixed cost, and (c) a mixed cost. 1-5 What effect does an increase in the activity level have on- a. Unit fixed costs ? b. Unit variable costs? c. Total fixed costs? d. Total variable costs? 1–6 Define the following terms: (a) cost behavior and (b) relevant range. 1-7 What is meant by an activity base when dealing with variable costs? Give several examples of activity bases. 1–8 Managers often assume a strictly linear relationship between d. Total variable costs? 1–6 Define the following terms: (a) cost behavior and (b) relevant range. 1–7 What is meant by an activity base when dealing with variable costs? Give several examples of activity bases. 1-8 Managers often assume a strictly linear relationship between cost and the level of activity. How can this practice be defended in light of the fact that many costs are curvilinear? 1-9 Distinguish between discretionary fixed costs and committed fixed costs. 1-10 Does the concept of the relevant range apply to fixed costs? Explain. 1-11 What is the difference between a traditional format income statement and a contribution format income statement? 1-12 1–13 What is the contribution margin? Define the following terms: differential cost, sunk cost, and opportunity cost. Only variable costs can be differential costs. Do you agree? Explain. 1-14
34. Jane Kent is a licensed CPA. During the first month of operations of her business, the following...
Jane Kent is a licensed CPA. During the first month of operations of her business, the following events and transactions occurred.
May 1 Kent invested $25,000 cash.
2 Hired a secretary-receptionist at a salary of $2,000 per month.
3 Purchased $2,500 of supplies on account from Read Supply Company.
7 Paid office rent of $900 cash for the month.
11 Completed a tax assignment and billed client $2,100 for services provided.
12 Received $3,500 advance on a management consulting engagement.
17 Received cash of $1,200 for services completed for H. Arnold Co.
31 Paid secretary-receptionist $2,000 salary for the month.
31 Paid 40% of balance due Read Supply Company.
Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 301 Jane Kent, Capital; No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.
Instructions
(a) Journalize the transactions.
(b) Post to the ledger accounts.
(c) Prepare a trial balance on May 31, 2010.
35. C.S. Lewis Company had the following transactions involving notes payable.
C.S. Lewis Company had the following transactions involving notes payable.
July 1, 2014 Borrows $50,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2014 Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note.
Dec. 31, 2014 Prepares adjusting entries.
Feb. 1, 2015 Pays principal and interest to Lyon County State Bank.
Apr. 1, 2015 Pays principal and interest to First National Bank.
Instructions
Prepare journal entries for each of the transactions.
36. Catena's Marketing Company has the following adjusted trial balance at the end of the current ye
Catena’s Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $590 were declared at the end of the year, and 560 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,240 in cash (for a total at the end of the year of 810 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year Debit 1,700 2,270 Credit Cash Accounts receivable Interest receivable 260 Prepaid insurance Long-term notes receivable Equipment Accumulated depreciation Accounts payable Dividends payable Accrued expenses payable Income taxes payable Unearned rent revenue 1,770 2,860 16,300 2,870 2,360 590 3,870 2,510 430 Common Stock (810 shares) Additional paid-in capital Retained earnings Sales revenue 81 3,599 3,910 37,150 Interest revenue Rent revenue 190 720 Wages expense Depreciation expense Utilities expense 18,200 1,780 380 Insurance expense Rent expense Income tax expense 710 9,260 2,790 58,280 $ 58,280 Total CATENA’S MARKETING COMPANY Balance Sheet At the end of current year Assets Current assets: Total current assets 0 0 Total assets Liabilities Current liabilities 0 Total current liabilities Stockholders’ equity Total stockholders' equity 0 0 Total liabilities and stockholders’ equity
