(Journal entries for a not-for-profit college) Manny Saxe College is a small, not-for-profit college known for its excellence in teaching accounting. The college uses fund accounting and has an Unrestricted Current Fund, a Restricted CurrentFund, a Plant Fund, and an Endowment Fund. It charges its expenses to Instruction and research, Student services, Plant operations, and […]
Journal entries for an Internal Service Fund The Arlington Motor Pool Internal Service Fund had the following transactions and events during January 2018. Using the “Additional Information” provided below. Prepare journal entries to record the following transactions: January 2018 transactions: 1. Paid salaries for the month in cash (1/12 of $80,000) 2. Paid $600 cash […]
Juanita makes $50 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $50 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 […]
KADS, Inc., has spent $320,000 on research to develop a new computer game. The firm is planning to spend $120,000 on a machine to produce the new game. Shipping and installation costs of the machine will be capitalized and depreciated; they total $42,000. The machine has an expected life of three years, a $67,000 estimated […]
Suppose the State government is deciding between two possible electricity generation options:Option A: Keep operating an old, coal-fired electricity generation plant.Option B: Build new, clean electricity generation infrastructure.Each option will provide $100 million of electricity benefits to the State each yearfor the next 20 years. The costs, however, differ for each project as shown in […]
Ken Hensley Enterprises, Inc., is a small recording studio in St. Louis. Rock bands use the studio to mix high-quality demo recordings distributed to talent agents. New clients are required to pay in advance for studio services. Bands with established credit are billed for studio services at the end of each month. Adjusting entries are […]
Kersey Manufacturing Co., a small fabricator of plastics, needs to purchase an extrusion moldingmachine for $120,000. Kersey will borrow money from a bank at an interest rate of 9% over fiveyears. Kersey expects its product sales to be slow during the first year, but to increase subsequentlyat an annual rate of 10%. Kersey therefore arranges […]
Keynes believed that expansionary fiscal policy was the best response to a period of high unemployment. true or false?
Lambert Company has two suppliers: Deming and Leming. The cost of warranty work due to defective components is $2,000,000. The total units repaired under warranty average 100,000, of which 90,000 have components from Deming and 10,000 have components from Leming. Select the items below that represent true statements. a. Components purchased from Leming cost $200,000 […]
Last year Jandik Corp. had $250,000 of assets (which is equal to its total invested capital), $18,750 of net income, and a debt-to-total-capital ratio of 37%. Now suppose the new CFO convinces the president to increase the debt-to-total-capital ratio to 48%. Sales, total assets and total invested capital will not be affected, but interest expenses […]
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