Acquired $70,000 cash from the issue of common stock. Purchased $61,000 of inventory on account. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,870 paid in cash. Sold inventory on account that cost $51,000 for $97,000. Freight cost on the goods sold in Event 4 was $1,020. The goods were shipped FOB destination. Cash was paid for the freight cost. Customer in Event 4 returned $4,540 worth of goods that had a cost of $2,320. Collected $79,540 cash from accounts receivable. Paid $56,200 cash on accounts payable. Paid $3,020 for advertising expense. Paid $4,050 cash for insurance expense. Required a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA. b. Record each event in a horizontal statements model. The first event is recorded as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash, and NA to indicate the element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.)

Answer:

Net Income = $33,820

Assets = Liabilities + Stockholders' Equity = $108,620

Explanation:

Note: This question is not complete as the introductory paragraph and the numbering are omitted. The complete question is therefore provided before answering the question as follows:

The Pet Store experienced the following events for the Year 1 accounting period:

1. Acquired $70,000 cash from the issue of common stock.

2. Purchased $61,000 of inventory on account.

3. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,870 paid in cash.

4. Sold inventory on account that cost $51,000 for $97,000.

5. Freight cost on the goods sold in Event 4 was $1,020. The goods were shipped FOB destination. Cash was paid for the freight cost.

6. Customer in Event 4 returned $4,540 worth of goods that had a cost of $2,320.

7. Collected $79,540 cash from accounts receivable.

8. Paid $56,200 cash on accounts payable.

9. Paid $3,020 for advertising expense.

10. Paid $4,050 cash for insurance expense.

Required:

a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA.

b. Record each event in a horizontal statements model. The first event is recorded as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash, and NA to indicate the element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.)

The explanation of the answer is now given as follows:

a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA.

Period costs are costs that include selling and asministrative costs which are not related to cost of producing a product.

Product costs can be described as costs of creating or producing a product that is meant for sale to customers.

Therefore, we have:

Event         Cost  

  1 .              NA

  2.              Product costs

  3.              Product costs

  4.              NA

  5.              NA

  6.              NA

  7.              NA

  8.              NA

  9.              Period costs

 10.              Period costs

b. Record each event in a horizontal statements model. The first event is recorded as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash, and NA to indicate the element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.)

Note: See the attache excel file for the horizontal statements.

In the attached excel file, Retained Earnings is equal to the balance of the Net Income which is equal to $33,820.

Under the horizontal statements in the attached excel, an evidence to show that Assets is equal to Liabilities Plus Stockholders' Equity. That is:

Assets = Liabilities + Stockholders' Equity = $108,620

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what is the role of marketing?

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a. $100-$150 per share
b. $50-$100 per share
c. $80-$96 per share
d. Not enough information

Identify the possessive pronoun in the following sentence: "I love my new computer!"


A I
B love
C
my

a) What do you understand by the term qualitative research?
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JESTION THREE (3)
What is a research problem and why is it important?
Examine five (5) characteristics of a good problem stater​

Enrique Industries purchased and consumed 50,000 gallons of direct material that was used in the production of 11,000 finished units of product. According to engineering specifications, each finished unit had a manufacturing standard of five gallons. If a review of Enrique's accounting records at the end of the period disclosed a material price variance of $5,000U and a material quantity variance of $3,000F, what is the actual price paid for a gallon of direct material

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At date t, a trader buys a bear spread using two European put options on the same stock. The date t stock price is $35 per share. Both put options have the same expiration date, T. The first put option is priced at $2.43 per share and has a strike price equal to $35 per share. The second put option is priced at $0.68 per share and has a strike price equal to $30 per share. At date T, what is the break-even stock price per share

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A. The Cassies will lose.
B. The Cassies will recover partial value of their foreclosed home.
C. The Cassies will win.

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define private equity funds economics. ​

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Ferrier Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 150,000 pounds of raw materials, the company generates 35,000 pounds of B7, 75,000 pounds of K6, and 40,000 pounds of X9. A standard batch costs $600,000 to produce. The sales prices per pound are $6, $10, and $16 for B7, K6, and X9, respectively. Required Allocate the joint product cost among the three final products using weight as the allocation base. Allocate the joint product cost among the three final products using market value as the allocation bas

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Staff Support $ 180,000
In-house computing charges 50,000
Miscellaneous office costs 20,000
Total $ 250,000
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If Bridges and Lloyd switched from its current accounting method to an activity-based costing system, the amount of administrative cost chargeable to consulting services would:________.
a. decrease by $23,500.
b. change, but the amount cannot be determined based on the information presented.
c. increase by $23,500.
d. decrease by $32,500.
e. change by an amount other than those listed.

Creating a Business Plan: Why is the section on key personnel so important?

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of the company's best-paid executives were moving to the Dallas area.
What did that probably do to the demand curve for expensive homes in the
Dallas area?
A. Shift to the left B. Shift to the right

Please help!
Note that common skills are listed toward the top and less common skills are listed toward the bottom. According to O*NET, what are some common skills needed by Personal Financial Advisors? Select four options.

critical thinking
judgment and decision making
active listening
reading comprehension
operation and control
quality-control analysis

The comparative statements of Carla Vista Co. are presented here.
CARLA VISTA CO.
Income Statements
For the Years Ended December 31
2017 2016
Net sales $1,897,540 $1,757,500
Cost of goods sold 1,065,540 1,013,000
Gross profit 832,000 744,500
Selling and administrative expenses 507,000 486,000
Income from operations 325,000 258,500
Other expenses and losses
Interest expense 24,000 22,000
Income before income taxes 301,000 236,500
Income tax expense 94,000 75,000
Net income $ 207,000 $ 161,500
CARLA VISTA CO.
Balance Sheets
December 31
Assets 2017 2016
Current assets
Cash $ 60,100 $ 64,200
Debt investments (short-term) 74,000 50,000
Accounts receivable 124,800 109,800
Inventory 128,000 117,500
Total current assets 386,900 341,500
Plant assets (net) 659,000 530,300
Total assets $1,045,900 $871,800
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $ 167,000 $152,400
Income taxes payable 45,500 44,000
Total current liabilities 212,500 196,400
Bonds payable 230,000 210,000
Total liabilities 442,500 406,400
Stockholders’ equity
Common stock ($5 par) 290,000 300,000
Retained earnings 313,400 165,400
Total stockholders’ equity 603,400 465,400
Total liabilities and stockholders’ equity $1,045,900 $871,800
All sales were on account. Net cash provided by operating activities for 2017 was $251,000. Capital expenditures were $135,000, and cash dividends were $59,000.
Compute the following ratios for 2017. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%.)
(a) Earnings per share $
(b) Return on common stockholders’ equity
(c) Return on assets
(d) Current ratio
(e) Accounts receivable turnover
(f) Average collection period
(g) Inventory turnover
(h) Days in inventory
(i) Times interest earned
(j) Asset turnover
(k) Debt to assets ratio
(l) Free cash flow

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A reality of living in a risk society is that:____________

a. social justice is, in fact, dispensed equally across all citizen groups, irrespective of ethnicity, income level, or other factors.
b. incomes are regulated by government policy to ensure equality across professions and worker class.
c. laws cannot be enacted to regulate corporations' adherence to accounting rules.
d. currency exchange rates are set by the Caux Principles.
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