Answer:
20,140 units
Explanation:
The number of units started will be the units completed in April plus the ending inventory minus the opening work in progress.
Units started = completed unit + ending inventory - beginning inventory.
Units started = 22,300 + 6,040 -8,200
units started = 28,340 - 8200
units started =20,140
Jeff needs car insurance. He is debating between purchasing liability insurance or a comprehensive policy. What is one TRUE statement about these options that can help him make an informed decision?
a) Liability insurance offers coverage when there is a theft.
b) Liability insurance offers to replace the car if it is destroyed in an accident.
c) A comprehensive policy usually requires a lower premium than liability coverage. d) A comprehensive policy is generally required if a bank helps you purchase a vehicle.
A comprehensive policy is generally required if a bank helps you purchase a vehicle.
Before, buying a car insurance policy, Jeff must take into consideration that a comprehensive policy is generally required if a bank helps an individual to purchase a vehicle. Therefore, the option D holds true.
What is the significance of a car insurance policy?There are a number of car insurance policies, such as a comprehensive car insurance that ensures reimbursement of the damages caused due to an accident for which the policy has been made. A comprehensive insurance policy is also the most commonly taken car insurance policy.
A liability insurance policy, on the other hand, is a policy that ensures the reimbursement of the claim of damages caused to another person's property due to the car being involved in such accident.
Therefore, the option D holds true regarding the significance of a car insurance policy.
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Bailand Company purchased a building for $210,000 that had an estimated residual value of $10,000 and an estimated service life of 10 years. Bailand purchased the building 4 years ago and has used straight-line depreciation. At the beginning of the fifth year (before it records depreciation expense for the year), the following independent situations occur:
1. Bailand estimates that the asset has 8 years’ life remaining (for a total of 12 years).
2. Bailand changes to the sum-of-the-years’-digits method.
3. Bailand discovers that the estimated residual value has been ignored in the computation of depreciation expense.
Required:
For each of the independent situations, prepare all the journal entries relating to the building for the fifth year. Ignore income taxes.
CHART OF ACCOUNTS
Bailand Company
General Ledger
ASSETS
111 Cash
121 Accounts Receivable
141 Inventory
181 Building
198 Accumulated Depreciation
LIABILITIES
211 Accounts Payable
231 Salaries Payable
250 Unearned Revenue
261 Income Taxes Payable
EQUITY
311 Common Stock
331 Retained Earnings
REVENUE
411 Sales Revenue
EXPENSES
500 Cost of Goods Sold
511 Insurance Expense
512 Utilities Expense
521 Salaries Expense
531 Depreciation Expense
532 Bad Debt Expense
559 Miscellaneous Expenses
Bailand estimates that the asset has 8 years’ life remaining (for a total of 12 years). Prepare the journal entry on December 31 to record depreciation in the fifth year after the change in estimate. Ignore income taxes.
PAGE 16
GENERAL JOURNAL
DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT
1
2
Prepare the journal entry on December 31 to record depreciation in the fifth year after the change in depreciation method. Round your answers to the nearest dollar.
PAGE 16
GENERAL JOURNAL
DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT
1
2
Prepare the journal entries on December 31 to record the prior period adjustment for the error and depreciation in the fifth year. Ignore income taxes.
PAGE 16
GENERAL JOURNAL
DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT
1
2
3
4
Answer:
Depreciation expense for 1-4 years:
Depreciation Expense (Dr.) $20,000
Accumulated Depreciation (Cr.) $20,000
Depreciation expense for 5th year:
Depreciation Expense (Dr.) $20,000
Accumulated Depreciation (Cr.) $20,000
Explanation:
Depreciation for 1-4 years:
(210,000 - 10,000 ) / 10 = 20,000
Carrying value of building :200,000 - 80,000 = 120,000
Depreciation for 5th year: 120,000/ 8 = 15,000.
Sundance Systems has the following transactions during July.
July 5 Purchases 44 LCD televisions on account from Red River Supplies for $2,700 each, terms 4/10, n/30.
July 8 Returns to Red River two televisions that had defective sound.
July 13 Pays the full amount due to Red River.
July 28 Sells remaining 42 televisions from July 5 for $3,200 each on account.
Record the transactions of Sundance systems, assuming the company uses a perpetual inventory system.
Answer:
Jul-05 Dr Inventory $118,800
Cr Accounts Payable $118,800
Jul-08 Dr Accounts Payable $5,400
Cr Inventory $ 5,400
Jul-13 Dr Accounts Payable $ 113,400
Cr Cash $108,864
Cr Inventory $4,536
Jul-28 Dr Accounts receivables $ 134,400
Cr Sales revenue $ 134,400
Jul-28 Dr Cost of Goods Sold $108,864
Cr Inventory $108,864
Explanation:
Preparation of the journal entry to Record the transactions of Sundance systems, assuming the company uses a perpetual inventory system
Jul-05 Dr Inventory $118,800
Cr Accounts Payable $118,800
(44 LCDs x $2700)
(Being to record inventory purchased on account)
Jul-08 Dr Accounts Payable $5,400
Cr Inventory $ 5,400
(2 LCDs x $2700)
(Being to record inventory returned that were defective)
Jul-13 Dr Accounts Payable $ 113,400
(42 LCDs x $ 2700)
Cr Cash $108,864
($ 113,400-$4,536)
Cr Inventory $ 4,536
(42 LCDS x $ 2700 x 4%)
(Being to record Amount paid within discount term of 10 days)
Jul-28 Dr Accounts receivables $ 134,400
[42 LCDs x $ 3200]
Cr Sales revenue $ 134,400
(Being to record Inventory sold)
Jul-28 Dr Cost of Goods Sold $108,864
(42 LCDS x $ 2700 x 96%)
Cr Inventory $108,864
(Being to record Cost of inventory sold adjusted)
The transactions of Sundance systems when assuming the company uses a perpetual inventory system.
The record is shown below
Date General Journal Debit Credit Working
Jul-05 Inventory 128,800 [46 LCDs x $2800]
Accounts Payable $128,800 [46 LCDs x $2800]
(Inventory purchased on account)
Jul-08 Accounts Payable $16,800 [6 LCDs x $2800]
Inventory $16,800 [6 LCDs x $2800]
(Inventory returned that were defective)
Jul-13 Accounts Payable $112,000 [40 LCDs x $ 2800]
Cash $109,760 [$112000 - $2240]
Inventory $2,240 [40 LCDS x $ 2800 x 2%(Amount paid within discount term of 10 days)
Jul-28 Accounts receivables $132,000 [40 LCDs x $ 3300]
Sales revenue $132,000 [40 LCDs x $ 3300]
(Inventory sold)
Jul-28 Cost of Goods Sold $109,760 [40 LCDS x $ 2800 x 98%]
Inventory $109,760 [Balance in Inventory account credited]
(Cost of inventory sold adjusted)
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Perhaps the most important kind of capital is human capital. For example, most lawyers spend years learning to practice law. Lawyers are willing to make large investments in their human capital because they expect to be compensated for doing so when they begin work. Suppose the government nationalizes the market for legal services, resulting in lower compensation for lawyers. Assume lawyers cannot easily move to other countries.
True or False: The investment in human capital for lawyers is not subject to post-investment hold-up.
Answer: False
Explanation:
Lawyers investing heavily in their human capital is quite subject to post-investment hold-up which refers to returns being held-up after a person has already gone into an investment.
The post-investment hold-up here is that the government nationalized the legal profession and offered lower salaries to lawyers who expected to be making a lot of money.
Should prospective lawyers see this, they will become discouraged and invest less in human capital there by proving that their investment is subject to post-investment hold-up.
