The Szakos Company engaged in the following transactions during the current year:a) Acquired $50,000 of cash by issuing common stock to ownersb) Paid $10,000 to acquire manufacturing equipmentc) Paid $5,000 cash for materials used in productiond) Paid $2,000 for wages of production workerse) Paid $8,000 in general, selling, and administrative costsf) Recognized $1,000 of depreciation on the manufacturing equipmentg) Sold inventory for $18,000 cashh) The cost of the inventory sold was $6,500Required:Show the balance sheet and income statement effects of the transactions by completing the financial statement model provided.
What will be an ideal response?
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At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $195,000; Total Liabilities of $15,000; and Total Paid-in capital of $60,000. During the year, the company reported total revenues of $226,000 and expenses of $175,000. Also, dividends during the year totaled $48,000. Assuming no other changes to Retained earnings, the balance in the Retained earnings account at the end of the year would be:
A. $120,000. B. $123,000. C. $171,000. D. $78,000. E. $174,000.
A firm’s process strategy is the ______.
A. strategy a firm follows to produce goods and services determined by resource availability B. process used to allocate resources between a conglomerate’s different businesses C. strategy used to facilitate the choice between rebate coupons and advertising to promote sales D. strategy used to be in compliance with government regulations
Materials used by Square Yard Products Inc in producing Division 3's product are currently purchased from outside suppliers at a cost of $5 per unit. However, the same materials are available from Division 6. Division 6 has unused capacity and can produce the materials needed by Division 3 at a variable cost of $3 per unit. A transfer price of $3.20 per unit is established, and 40,000 units of
material are transferred, with no reduction in Division 6's current sales. How much would Division 6's income from operations increase? A) $8,000 B) $15,000 C) $80,000 D) $150,000
_________ and ____________ are the main reasons group interaction leads to less creativity than when individuals work alone.
a. Cognitive interference; social inhibition. b. Extrinsic rewards; evaluation apprehension. c. Social interference; internal paradigms. d. Cognitive interference; evaluation apprehension.