The unadjusted trial balance for Green Initiatives as December 31 is provided on the trial balance tab. Information for adjustments is os follows: o. As of December 31, employees had earned $2.000 of unpaid and unrecorded salaries. The next payday is January 4, at which time $2,500 of salaries will be paid. b. The cost of supplies still available at December 31 is $1.400. c. The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $2.250. The next interest payment, at an amount of $2700. is due on January 15. d. Analysis of the unearned member fees account shows $2,600 remaining unearned at December 31 e. in addition to the member fees included in the revenue account balance, the company has earned another $13.300 In unrecorded fees that will be collected on January 31. The company is also expected to collect $14.000 on that same day for new fees earned in January Depreclation expense for the year is $24.200 St Owners General Journal Income Statement General Ledger Post Closing Balance Sheet
Requirement:
Prepare the required adjusting entries and closing entries for Green Initiatives.

Answer:

Kindly check attached picture

Explanation:

Given:

The unadjusted trial balance for Green Initiatives as December 31 is provided on the trial balance tab. Information for adjustments is os follows: o. As of December 31, employees had earned $2.000 of unpaid and unrecorded salaries. The next payday is January 4, at which time $2,500 of salaries will be paid. b. The cost of supplies still available at December 31 is $1.400. c. The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $2.250. The next interest payment, at an amount of $2700. is due on January 15. d. Analysis of the unearned member fees account shows $2,600 remaining unearned at December 31 e. in addition to the member fees included in the revenue account balance, the company has earned another $13.300 In unrecorded fees that will be collected on January 31. The company is also expected to collect $14.000 on that same day for new fees earned in January Depreclation expense for the year is $24.200 St Owners General Journal Income Statement General Ledger Post Closing Balance Sheet.

Kindly check attached picture for detailed explanation

Jack Spratt is the production manager for a manufacturing firm that produces wizzy-gadgets and other items. The annual demand for a particular wizzy-gadget is 1,600 units. The holding cost is $2 per unit per year. The cost of setting up the production line is $25. There are 200 working days per year. The production rate for this product is 80 per day. If his maximum inventory level is 180 units, how many units did he produce each time he started production of the wizzy-gadgets

As sales exceed the break‑even point, a high contribution‑margin percentag________.
a. increases profits slower than does a low contribution-margin percentage.
b. increases profits faster than does a low contribution-margin percentage.
c. decreases profits at the same rate as a low contribution-margin percentage.
d. increases profits at the same rate as a low contribution-margin percentage.

The following are selected 2015 transactions of Pedigo Corporation.
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.
May 1 Purchased for $75,000 a patent with an estimated useful life of 5 years and a legal life of 20 years.
Required:
Prepare necessary adjusting entries at December 31 to record amortization required by the events above.

Tyare Corporation had the following inventory balances at the beginning and end of May:_______.
May 1 May 30
Raw materials $ 27,500 $ 34,000
Finished Goods $ 77,000 $ 70,000
Work in Process $ 15,500 $ 16,808
During May, $60,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 340 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,250 of direct materials cost. The Corporation incurred $42,600 of actual manufacturing overhead cost during the month and applied $40,800 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled:______.
a. $60,500
b. $71,192
c. $54,000
d. $67,000

Lion Company's direct labor costs for the month of January were as follows: What was Lion's direct labor efficiency variance? Select one: a. $6,000 favorable b. $6,150 favorable c. $6,300 favorable d. $6,450 favorable

A compay operates plants in both the United States (where capital is relatively cheap and labor is reltively expensive) and Mexico (where labaor is relatively cheap and capital is relatively expensive) Under what circumstances will the inpupt choice be relatively similar?

A person may be willing to pay more than the fundamental value of a stock today if he or she believes that someone else will pay even more for it in the near future. When many people purchase stocks based on this reasoning, the stock market can develop:

Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:
Ending Balance Beginning Balance
Cash $80,800 $96,800
Accounts receivable 65,400 70,400
Inventory 87,800 80,000
Total current assets 234,000 247,200
Property, plant, and equipment 234,000 224,000
Less accumulated depreciation 78,000 56,000
Net property, plant, and equipment 156,000 168,000
Total assets $390,000 $415,200
Accounts payable $51,200 $91,000
Income taxes payable 39,800 51,200
Bonds payable 96,000 80,000
Common stock 112,000 96,000
Retained earnings 91,000 97,000
Total liabilities and stockholders’
equity $390,000 $415,200
During the year, Ravenna paid a $9,600 cash dividend and it sold a piece of equipment for $4,800 that had originally cost $10,800 and had accumulated depreciation of $7,200. The company did not retire any bonds or repurchase any of its own common stock during the year.
1. What is the combined amount and direction (+ or) of the inventory and accounts payable adjustments to net income in the operating activities section of the statement of cash flows?2. If the company debited income tax expense and credited income taxes payable $1,180 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account?3. What is the amount and direction (+ or) of the income taxes payable adjustment to net income in the operating activities section of the statement of cash flows?4. Would the operating activities section of the company’s statement of cash flows contain an adjustment for a gain or a loss? What would be the amount and direction (+ or ) of the adjustment?

Management now needs to determine the number of engines to be produced in each plant in each month, as well as the number of engines each plant should sell to each assembly plant in June and July. Define decision variables and formulate to problem to maximize the total profit (total sales revenue minus sum of production costs, inventory costs, backordering costs, and shipping costs).

large global automobile manufacturer is considering outsourcing the manufacturing of a solenoid used in the transmission of its SUVs. The company estimates that annual fixed costs of manufacturing the part​ in-house, which include​ equipment, maintenance, and​ management, amounts to ​$7.1 million. The variable costs of labor and material are ​$8.00 per unit. The company has an offer from a major subcontractor to produce the part for ​$10.75 per unit.​ However, the subcontractor wants the company to share in the costs of the equipment. The automobile company estimates that the total cost would be $ 3.7 ​million, which also includes management oversight for the new supply contact.
A. How many solenoids would the automobile company need per year to make the​ in-house option least​ costly?
B. What other​ factors, besides​ costs, should the automobile company consider before revising its supply chain for​ SUVs?

Patterson Lawn Co. wants to determine the cost of each lawn care maintenance job. The Company has two operating departments, one that performs lawn care services for commercial properties and one that services residential properties. Both operating departments are supported by two service departments, administrative and machine maintenance. Costs for each of these supporting departments are as follows:
Administrative Machine Maintenance
Total cost $178,200 $441,000
The following estimates that are related to the operating departments is as follows:
Commercial Residential Total
properties properties
# of employees 42 24 66
# of customers 135 170 305
# of billable hours 5,000 4,000 9,000
Total overhead cost* $ 435,000 $ 360,000 $ 795,000
*Note that total overhead cost includes costs allocated from service departments and other overhead costs.
The Company uses the direct method for all cost allocations. Assume that total overhead cost is allocated based on the # of billable hours incurred by each operating department. Suppose a lawn care maintenance job in the residential properties department has a direct cost of $170 and takes 4 hours to complete. What is the total cost of this job?

Bridgeport Company reported the following amounts in the stockholders’ equity section of its December 31, 2016, balance sheet.Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000Common stock, $5 par (110,000 shares authorized, 22,000 shares issued) 110,000Additional paid-in capital 132,000Retained earnings 419,000Total $861,000During 2017, Bridgeport took part in the following transactions concerning stockholders’ equity.1. Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016.2. Purchased 1,700 shares of its own outstanding common stock for $41 per share. Bridgeport uses the cost method.3. Reissued 600 treasury shares for land valued at $28,400.4. Issued 480 shares of preferred stock at $103 per share.5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $44 per share.6. Issued the stock dividend.7. Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018.A) PREPARE THE JOURNAL ENTRIES TO RECORD TRANSACTIONS ABOVEB) Prepare the December 31, 2017, stockholders’ equity section. Assume 2017 net income was $312,000.

On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April:
Opened a business bank account with a deposit of $46,000 in exchange for common stock.
Purchased office supplies on account, $3,180.
Received cash from fees earned for managing rental property, $8,940.
Paid rent on office and equipment for the month, $3,910.
Paid creditors on account, $1,450.
Billed customers for fees earned for managing rental property, $7,240.
Paid automobile expenses for month, $870, and miscellaneous expenses, $430.
Paid office salaries, $2,750.
Determined that the cost of supplies on hand was $1,880; therefore, the cost of supplies used was $1,300.
Paid dividends, $2,610.
Required:
1. Indicate the effect of each transaction and the balances after each transaction:
For those boxes in which no entry is required, leave the box blank.
For those boxes in which you must enter subtractive or negative numbers use a minus sign.
2. Stockholders’ equity is the right of stockholders (owners) to the assets of the business. These rights are increased by issuing common stock and revenues and decreased by dividends and expenses.
3. Determine the net income for April.
$
4. How much did April’s transactions increase or decrease stockholders’ equity?
Increased by $

National Income Accounts (dollar figures are in billions)
Expenditures for consumer goods and services $2,850
Exports $300
Government purchases of goods and services $810
Social Security taxes $295
Net investment $510
Indirect business taxes $445
Imports $450
Gross investment $700
Corporate income taxes $190
Personal income taxes $875
Corporate retained earnings $210
Net foreign factor income $0
Government transfer payments to households $780
Net interest payments to households $20
On the basis of Table 5.2, GDP is:_______.
A) $2,090 billion.
B) $4,210 billion.
C) $4,400 billion.
D) $4,020 billion.

When modeling the flow of income and expenditures in an economy the two principal participants are households (consumers) and firms (producers). The normal flow of resources would be that a firm would produce goods and services and the households would consume that good or service. Where else can the income of a household flow

a semiannual interest of 3.5%. Any money he invests would have to be left in the fund for at least five years if he wanted to withdraw it without penalty. a) What is the nominal interest rate on this investment? b) What is the annual effective interest rate? c) If James deposits $8,000 in the fund now, how much will it be worth in five years?

Moki Hunt recently purchased Swift Waters Adventures, a kayaking and canoeing rental business near the Salt River in Arizona. Swift Waters Adventures had been in operation for five years and was located in an ideal area. Even though the winters in the area can be cold, kayaking and canoeing activities are generally popular year-round. After two months of operation, it became clear why the previous owners had sold the business. While the business appeared to be ideally located, sales were extremely disappointing.
Before administering the questionnaire, Moki discovered through talking to other sports rental businesses that, although retired males made up a small percentage of the area's population, they often rented kayaks and canoes. In light of this, Moki decided to include a minimum of 25 percent retired males in his sample. The final choice of respondents was left up to the interviewers. This sampling method is known as ____ sampling.
a. quota
b. stratified
c. random
d. representative
e. area

Following are the merchandising transactions for Dollar Store:Nov. 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1.5 Dollar Store pays cash for the November 1 purchase.7 Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund.10 Dollar Store pays $90 cash for transportation costs for the November 1 purchase.13 Dollar Store sells merchandise for $1,600 with terms n/30. The cost of the merchandise is $800.16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $160 and cost $80: the items were not damaged and were returned to inventory.Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.

Replace Equipment A machine with a book value of $80,000 has an estimated five-year life. A proposal is offered to sell the old machine for $50,500 and replace it with a new machine at a cost of $75,000. The new machine has a five-year life with no residual value. The new machine would reduce annual direct labor costs from $11,200 to $7,400. a. Prepare a differential analysis dated April 11 on whether to continue with the old machine (Alternative 1) or replace the old machine (Alternative 2). If an amount is zero, enter "0". Use a minus sign to indicate subtracted or negative numbers or a loss. Differential Analysis Continue with Old Machine (Alt. 1) or Replace Old Machine (Alt. 2) April 11 Continue with Old Machine (Alternative 1) Replace Old Machine (Alternative 2) Differential Effect on Income (Alternative 2) Revenues: Proceeds from sale of old machine $ $ $ Costs: Purchase price Direct labor (5 years) Income (Loss) $ $ $ b. Should the company continue with the old machine (Alternative 1) or replace the old machine (Alternative 2)

In a late October marketing meeting, Theresa, the branch manager, told her marketing manager, Sal, that she needed two things by the end of the year from him: "First I want your goals for next year, and then I need your action plan to reach your goals, your ________."

On June 30, Year 7, King Co. had outstanding 9%, $5,000,000 face value bonds maturing on June 30, Year 9. Interest was payable semiannually every June 30 and December 31. On June 30, Year 7, after amortization was recorded for the period, the unamortized bond premium was $30,000. On that date, King acquired all its outstanding bonds on the open market at 93 and retired them. At June 30, Year 7, what amount should King recognize as gain before income taxes on redemption of bonds

You accepted a new job with starting salary of $52,000 per year. The salary is expected to increase 4% each year. Now it is time to make a retirement plan for the next 39 years you expect to work. Your retirement fund has an annual interest rate of 5%, and You plan to deposit 10% of your annual salary into the account. (Hint: Be sure to move all values to the same point in time for equivalency.)

Cutter Enterprises purchased equipment for $57,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $5,700. Using the double-declining-balance method, depreciation for 2021 and the book value at December 31, 2021, would be: Multiple Choice $20,520 and $33,780 respectively. $22,800 and $34,200 respectively. $20,520 and $36,480 respectively. $22,800 and $28,500 respectively.

On January 2, 2021, Crane Company issued at par $9300 of 7% bonds convertible in total into 1000 shares of Crane's common stock. No bonds were converted during 2021. Throughout 2021, Crane had 1000 shares of common stock outstanding. Crane's 2021 net income was $4100, and its income tax rate is 25%. No potentially dilutive securities other than the convertible bonds were outstanding during 2021.


Crane's diluted earnings per share for 2021 would be _________ (rounded to the nearest penny)

The period manufacturing costs of a company is comprised of $2,000,000 in direct materials, $1,000,000 in direct labor, and $500,000 in overhead, resulting in 7,000 units of product. Manufacturing operations is consisted of two processes, machining and assembly. Machining takes up 40% of direct materials, 60% of direct labor, and 50% of overhead. Provide a hybrid manufacturing cost statement, containing combined activity based costing and process costing.

5x+2y=2
2x+y-z=0
2x+3y-z=3​

Omega Healthcare Investors Inc. (ticker symbol on NYSE: OHI) is described as an "equity REIT (real estate investment trust) that supports the goals of skilled nursing facility (SNF) and assisted living facility (ALF) operators with financing and capital." OHI has a relatively high dividend. If OHI is managing its retained earnings to maximize economic profits, a reasonable explanation is that:_____

Damon Company receives its monthly bank statement, which reports a balance of $1,875. After comparing this to the company’s cash records, Damon’s accountants determine that deposits outstanding total $3,700 and checks outstanding total $3,950.
Required:
Calculate the reconciled bank balance for cash.

Following are Nintendo’s revenue and expense accounts for a recent March 31 fiscal year-end (yen in millions). (Enter answers in millions.) Net sales ¥ 1,888,622 Cost of sales 1,254,981 Advertising expense 118,308 Other expense, net 397,544 Prepare the company's closing entries for its revenues and its expenses.

In a democratic capitalist environment the price mechanism automatically becomes the planning tool for its homeostasis; what is the significance of the public sector in this environment?