Challenge Problem: Completing a work sheet 01,2,3,4,5,6 Sales ProSource Company had a small fire in its office. The fire destroyed some of the accounting records. On November 30 of the current year, the end of a monthly fiscal period, the following information was constructed from the remaining records and other sources. A work sheet is given in the Working Papers. Remains of the general ledger: Account Titles Account Balances Accounts Receivable--C. Grumpa $1,650.00 Supplies 1,400.00 Donna Beggin, Drawing 600.00 7,600.00 Advertising Expense 400.00 Rent Expense 1,200.00 Utilities Expense 780.00 Information from the business's checkbook: Cash balance on last unused check stub $6,238.00 Total payments for miscellaneous expense 100.00 Total payments for insurance 800.00 Information obtained through inquiries to other businesses: Owed to Century Supplies $3,000.00 500.00 Value of prepaid insurance, November 30 Information obtained by counting supplies on hand after the fire: Supplies on hand $400.00 Instructions: 1. From the information given, prepare a heading and reconstruct a trial balance on a work sheet. The owner's capital account balance is the difference between the total of all debit account balances minus the total of all credit account balances 2. Complete the work sheet. Chapter 6 185 Work Sheet and Adjusting Entries for a Service Business

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Answer 1

The total adjusted trial balance of ProSource Company for November 30 is $11,380 and its working capital is $292.

The complete adjusted trial balance is attached below

To construct the trial balance for ProSource, we have to idenfity the unadjusted balance for each accounts and defines wheter it is recorded as debit or credit.

For the unadjusted balance, we have informations:

Debit accounts:

Account receivable = $1,650

Supplies = $1,400

Drawing = $600

Advertising expense = $400

Rent expense = $1,200

Credit accounts:

Long-term debt = $780

Revenues (Sales) = $7,600

From the additional informations, we have some adjusting entries:

Debit accounts:

Cash = $6,238

Supplies = $(1,000)

Prepaid insurance = $500

Misc. Expense = $100

Credit Accounts:

Account payables = $300

Please notice that the total supplies on hand after the fire is $400, hence the supplies loss $1,000 should be recorded as the adjusting entries.

Based on the adjusted balance for each account, we have:

Debit accounts:

Cash = $6,238

Account receivables = $1,650

Supplies = $400

Drawing = $600

Advertising expense = $400

Rent expense = $1,200

Misc. expense = $100

Total debit = $11,088

Credit accounts:

Account payables = $300

Long-term debt = $780

Revenues (Sales) = $7,600

Total credit = 11,380

If we sum up all the debit and credit accounts, we will find that the total debit is unbalanced with the total credit. However, remember that the owner's capital account balance refers to the total of all debit account balances minus the total of all credit account balances.

Hence we could use the equity account to record the owner's capital.

Equity = Total debit accounts - Total credit accounts

Equity =  $11,088 - $11,380

Equity = $292 --> in debit

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Challenge Problem: Completing A Work Sheet 01,2,3,4,5,6 Sales ProSource Company Had A Small Fire In Its

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What is the multiplicative rate of change of the exponential function represented in the table?.

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The multiplicative rate of change of the exponential function represented in the table is 1.5

We use the geometric sequence formula to solve for rate:

an=a1r^(n-1)

6.75  =4.5r^(2-1)

6.75 = 4.5r

6.75/4.5 = r

r = 1.5

And if you want to make sure just multiply each number by 1.5 and see if it gets you the next number

4.5 4.5×1.5 = 6.75 (holds true)

6.75 6.75×1.5 = 10.125 (holds true)

10.125 10.125×1.5 = 15.1875 (holds true)

15.1875

Hence, 1.5 is the multiplicative rate

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understanding what information assets need protection

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The first step involved in security risk management is determining the cause of damage. Thus, option first is correct.

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Answers

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Answer:

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Explanation:

If the city doesn't impose transfer tax, that means the transfer tax is 0 ...

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Scrum is an efficient framework within which you can develop software with teamwork. It is based on agile principles.

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-Wild, Shew,Chlappetta,7e, Inventories and Cost of Sales Recall the formula for figuring a company's inventory turnover ratio. Click the answer you think is right. r Cost of goods sold/Average inventory V Inventory -Merchandise Inventory/Average inventory nventory turnover- Inventory turnover - Merchandise Inventory/Cost of goods sold Inventory turnover- Cost of goods sold/Gross profit Do you know the answer? Iknow it Think so No ide

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-Wild, Shew,Chlappetta,7e, Inventories and Cost of Sales Recall the formula for figuring a company's inventory turnover ratio. Inventory Turnover = Cost of Goods Sold/ Average Inventory

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theoretically, how will an increase in the required reserve ratio affect the size of the money supply? a. the money multiplier goes up, and so the money supply decreases. b. the money multiplier goes down, and so the money supply increases. c. the money multiplier goes down, and so the money supply decreases. d. there will be no effect on the size of the money supply. e. the money multiplier goes up, and so the money supply increases.

Answers

An increase in the required reserve ratio affects the size of the money supply, The money multiplier goes up, and so the money supply decreases. Option A

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Operation management simulation that asks requires the students to work individually to make decisions about different industries, thus being diverse and making each student have a unique experience.

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a. a stock has an annual return of 11 percent and a standard deviation of 44 percent. what is the smallest expected gain over the next year with a probability of 1 percent?

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The smallest expected gain over the next year with a probability of 1 percent is 113.3%.

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a stock has an annual return of 11 percent

a standard deviation of 44 percent

Prob(R ≥ 0.11 + 2.326(0.44)) = 1%

Prob(R ≥ 1.133) = 1% = 113.3%

While this is a large return, it is plausible, and even possible. Since it is not possible for a stock to lose more than 100% but it is possible for a stock to gain more than 100%, stock returns are not truly normal.

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While there are several different types of savings accounts,the three most common are the deposit account,the money market account,and the certificate of deposit.

Have peace of mind knowing that your money is insured, earn interest on your savings,pay your bills on time,automatically,benefit from the best of both worlds with a checking account and a savings account.Having a savings account to set aside money for hospital funds,medications,or any unexpected medical procedures will be a great relief. With a savings account,you'll be able to be more consistent by setting aside a portion of your earnings for those rainy days and emergencies.Gives you flexibility for emergencies you need a savings account that you can withdraw money from if you need it right away.Having a savings account means you don't have to pay penalties when withdrawing a large sum of money for emergencies.

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Targeting uneducated customers using marketing strategies is not unethical or deceptive.

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at the end of the current year, accounts receivable has a balance of $850,840; allowance for doubtful accounts has a credit balance of $5,553; and sales for the year total $3,379,000. bad debt expense is estimated at 1/2 of 1% of net sales. a. determine the amount of the adjusting entry for bad debt expense. $fill in the blank 1 b. determine the adjusted balances of accounts receivable, allowance for doubtful accounts, and bad debt expense. adjusted balance accounts receivable $fill in the blank 2 allowance for doubtful accounts fill in the blank 3 bad debt expense fill in the blank 4 c. determine the net realizable value of accounts receivable. $fill in the blank 5

Answers

a) The amount of the adjusting entry for bad debt expense is $16,895.

b) The adjusted balances of the following are:

Accounts receivable = $828,392Allowance for doubtful accounts = $22,448Bad debt expense = $16,895.

c) the net realizable value of accounts receivable is $828,392.

How the adjusting entry for bad debt expense is determined:

The adjusting entry for bad debt expense is debited to the bad debt expense account and credited to the allowance for doubtful accounts.

It may be directly derived, as in this instance.  In other instances, the adjusting entry for bad debt expense is the difference between the current balance and the previous balance of the allowance for doubtful accounts.

End of Current Year Balances:

Accounts receivable = $850,840

Allowance for doubtful accounts = $5,553 (credit)

Sales for the year = $3,379,000

Bad debt expense = 1/2 of 1% of net sales

= 0.5% of $3,379,000

= $16,895

Adjusted Balances:

Accounts receivable = $828,392 ($850,840 - $22,448)

Allowance for doubtful accounts = $22,448 ($5,553 + $16,895)

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What were the four main effects of the industrialization?

Answers

Additionally, it has led to increased population, urbanization, and clear stress on the fundamental systems that support life, while also bringing environmental damages closer to the tolerance threshold.

Which four sorts of systems are there?

Systems engineering usually recognizes four distinct types of planned system context: product system, service system, enterprise system, and system of systems.

What does a person's system entail?

Alter sexes, alternates, or alters are some names for the personalities. That generally referred to as being a system together. The patient perceives them as different, independent beings with their own perspectives on and reactions to the outside world.

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