Business, 25.04.2020 04:28 litzy90

Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP.

Acquired $68,000 cash by issuing common stock.

Paid $8,700 for the materials used to make its products, all of which were started and completed during the year.

Paid salaries of $4,500 to selling and administrative employees.

Paid wages of $10,000 to production workers.

Paid $9,600 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It had a $1,600 estimated salvage value and a four-year useful life.

Paid $16,000 for manufacturing equipment. The equipment was acquired on January 1. It had a $1,000 estimated salvage value and a five-year useful life.

Sold inventory to customers for $35,000 that had cost $14,000 to make.

Required

How these events would affect the balance sheet and income statement by recording them in a horizontal financial statements model as indicated here. The first event is recorded as an example. (Enter decreases to account balances with a minus sign.)

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 21:00

Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. the economist proposes the following relationship: p=a x m - p=price level - m=money supply - a=a composite of other factors, including real gdp, that change very slowly over time. how might an economist gather empirical data to test the proposed relationship between money and the price level? an economist would persuade the federal reserve to change the money supply to various levels, and observe the resulting changes in the price level. unlike researchers in the hard sciences, economists cannot study complex relationships using data. economists do not usually develop theoretical models of the economy but only analyze summary statistics about the current state of the economy. an economist would look for data on past changes in the money supply, and note the resulting changes in the price level

Answers: 1

Answer

Business, 22.06.2019 02:30

On january 1, 2018, jay company acquired all the outstanding ownership shares of zee company. in assessing zee's acquisition-date fair values, jay concluded that the carrying value of zee's long-term debt (8-year remaining life) was less than its fair value by $21,600. at december 31, 2018, zee company's accounts show interest expense of $14,440 and long-term debt of $380,000. what amounts of interest expense and long-term debt should appear on the december 31, 2018, consolidated financial statements of jay and its subsidiary zee? long-term debt $401,600 $398,900 $401,600 $398,900 interest expense $17,140 $17,140 $11,740 $11,740 a. b. c. d.

Answers: 3

Answer

Business, 22.06.2019 19:40

When a company produces and sells x thousand units per week, its total weekly profit is p thousand dollars, where upper p equals startfraction 800 x over 100 plus x squared endfraction . the production level at t weeks from the present is x equals 4 plus 2 t. find the marginal profit, startfraction dp over dx endfraction and the time rate of change of profit, startfraction dp over dt endfraction . how fast (with respect of time) are profits changing when tequals8?

Answers: 1

Answer

Business, 22.06.2019 21:10

This problem has been solved! see the answerthe xyz corporation is interested in possible differences in days worked by salaried employees in three departments in the financial area. a survey of 23 randomly chosen employees reveals the data shown below. because of the casual sampling methodology in this survey, the sample sizes are unequal. research question: are the mean annual attendance rates the same for employees in these three departments? days worked last year by 23 employees department days worked budgets (5 workers) 278 260 265 245 258 payables (10 workers) 205 270 220 240 255 217 266 239 240 228 pricing (8 workers) 240 258 233 256 233 242 244 249 picture click here for the excel data filefill in the missing data. (round your p-value to 4 decimal places, mean values to 1 decimal place and other answers to 2group mean n std. dev variancesbudgets payables pricing total one factor anova source ss df ms f p-value treatment error total

Answers: 2

Answer

You know the right answer?

Sinclair Manufacturing Company experienced the following accounting events during its first year of...

Questions