Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31
Debit Credit
Cash 47,800
Accounts receivable 11,200
Supplies 550
Prepaid insurance 610
Service trucks 17,600
Accumulated depreciation 8,900
Other assets 9,860
Accounts payable 2,380
Wages payable
Income taxes payable
Notes payable, long-term 12,000
Common stock (5,500 shares outstanding) 1,996
Additional paid-in capital 17,964
Retained earnings 4,200
Service revenue 89,710
Wages expense 16,200
Remaining expenses
(not detailed; excludes income tax) 33,330
Income tax expense
Totals 137,150 137,150

Data not yet recorded at December 31 included:
a. The supplies count on December 31 reflected $160 in remaining supplies on hand to be used in the next year.
b. Insurance expired during the current year, $610.
c. Depreciation expense for the current year, $3,700.
d. Wages earned by employees not yet paid on December 31, $650.
e. Income tax expense, $5,480.

Required:
1. Record the 2014 adjusting entries.
2. Prepare an income statement and a classified balance sheet that include the effects of the preceding five transactions.
3. Record the 2014 closing entry.

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Aquatic marine stores company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. aquatic uses standard costs to prepare its flexible budget. for the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: direct materials: 3 pounds per unit; $ 6 per pound direct labor: 4 hours per unit; $ 19 per hour during the first quarter, aquatic produced 5 comma 000 units of this product. actual direct materials and direct labor costs were $ 65 comma 000 and $ 330 comma 000, respectively. for the purpose of preparing the flexible budget, calculate the total standard direct materials cost at a production volume of 5 comma 000 units.

< back to assignment attempts: 1 1 keep the highest: 1 / 2 2. determining opportunity cost juanita is deciding whether to buy a suit that she wants, as well as where to buy it. three stores carry the same suit, but it is more convenient for juanita to get to some stores than others. for example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $102 for the suit: store travel time each way price of a suit (minutes) (dollars per suit) local department store 15 102 across town 30 88 neighboring city 60 65 juanita makes $42 an hour at work. she has to take time off work to purchase her suit, so each hour away from work costs her $42 in lost income. assume that returning to work takes juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. as you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. complete the following table by computing the opportunity cost of juanita's time and the total cost of shopping at each location. store opportunity cost of time price of a suit total cost (dollars) (dollars per suit) (dollars) local department store 102 across town 88 neighboring city 65 assume that juanita takes opportunity costs and the price of the suit into consideration when she shops. juanita will minimize the cost of the suit if she buys it from the . grade it now save & continue continue without saving