Blog

Which food is classified as a potentially hazardous food (TCS/PHF)?

Discussion Question: What is the correct order of steps in the handwashing process? How Long Should You Wash Your Hands?

The Family and Medical Leave Act allows

Growth of a child  is determined by nutrition and environment only 

Use the adjusted trial balance and prepare a properly formatted Statement of Retained Earning Holiday’s Music Corp. Adjusted Trial Balance 30-Apr   Dr. Cr. Cash $68,000   Accounts Receivable 12,000   Prepaid Insurance 850   Prepaid Advertising 13,250   Office Supplies                1,475   Merchandise Inventory            27,850   Equipment          250,000   Accumulated Depreciation-Equipment   $100,000 Music Copyrights            60,000   Accounts Payable   10,300 Salaries Payable   63,018 Notes Payable   7,500 Long-term Notes Payable    92,500 Common Stock   25,000 Retained Earnings   173,862 Dividends 30,000   Sales   $265,065 Sales Discount            25,702   Sales Returns and Allowances              4,370   Cost of Goods Sold          124,209   Insurance Expense (on office)              3,000   Advertising Expense              1,900   Office Salaries Expense            23,000   Office Supplies Expense              13,319   Office Rent            24,000   Depreciation Expense- Office Building              5,000   Royalties (an expense)            26,000   Travel Expenses (sales related)            13,200   Utilities Expense              7,230   Interest Expense              2,890                 Totals $737,245 $737,245  

  October 1 Planet Express Inc. sold to Moe’s Tavern LLC. merchandise that cost $14,440 for $58,880, 2/10, n EOM, FOB Destination. October 2 Shipping cost of $2,009 is paid.  October 7 Planet Express accepted a return of merchandise of $3,880 that cost $890.  October 10 Moe’s Tavern pays the invoice.  Create a table and prepare journal entries for Planet Express and Moe’s Tavern. ***Do all entries for Planet Express and then all entries for Moe’s Tavern.***

A company had the following purchases and sales during its first year of operations:   Beginning Inventory Purchases Sales 80 units at $30 March: 135 units at $32 105 units April: 115 units at $34 100 units August: 110 units at $40 140 units December: 90 units at $38 155 units On December 31, there were 30 units remaining in ending inventory.  (Assume all sales were made on the last day of the month.) Using the perpetual LIFO inventory costing method, what is the value of cost of goods sold? Using the perpetual LIFO inventory costing method, what is the value of ending inventory? You must show your work to receive credit, but you do not have to create tables, or an inventory record, showing the math calculations is sufficient. 

Use the adjusted trial balance and prepare a properly formatted Multi-step Income Statement.  Holiday’s Music Corp. Adjusted Trial Balance 30-Apr   Dr. Cr. Cash $68,000   Accounts Receivable 12,000   Prepaid Insurance 850   Prepaid Advertising 13,250   Office Supplies                1,475   Merchandise Inventory            27,850   Equipment          250,000   Accumulated Depreciation-Equipment   $100,000 Music Copyrights            60,000   Accounts Payable   10,300 Salaries Payable   63,018 Notes Payable   7,500 Long-term Notes Payable    92,500 Common Stock   25,000 Retained Earnings   173,862 Dividends 30,000   Sales   $265,065 Sales Discount            25,702   Sales Returns and Allowances              4,370   Cost of Goods Sold          124,209   Insurance Expense (on office)              3,000   Advertising Expense              1,900   Office Salaries Expense            23,000   Office Supplies Expense              13,319   Office Rent            24,000   Depreciation Expense- Office Building              5,000   Royalties (an expense)            26,000   Travel Expenses (sales related)            13,200   Utilities Expense              7,230   Interest Expense              2,890                 Totals $737,245 $737,245

A company had the following purchases and sales during its first year of operations:   Beginning Inventory Purchases Sales 80 units at $30 March: 135 units at $32 105 units April: 115 units at $34 100 units August 110 units at $40 140 units December: 90 units at $38 155 units  On December 31, there were 30 units remaining in ending inventory.  (Assume all sales were made on the last day of the month.) Using the perpetual FIFO inventory costing method, what is the value of cost of goods sold? Using the perpetual FIFO inventory costing method, what is the value of ending inventory? You must show your work to receive credit, but you do not have to create tables or an inventory record. Showing the math calculations is sufficient. 

Answer each question thoroughly. Be sure to label each question.  In general, what accounts are affected by adjusting entries? (2 points) Why are adjusting entries important? (2 points) What are the types of adjusting entries? (4 points) Give an example of one type of adjusting entry; you must provide the transaction and journal entry. (5 points)