The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $102,500 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $4,400 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $8,800 in advance rent from another company that is renting a portion of Microchip's factory. The $8,800 represents one year's rent and the entire amount was credited to deferred rent revenue. 4. Depreciation on office equipment is $3,300 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $6,800. The company records vacation pay as salaries expense. 6. Microchip began the year with $1,600 in its asset account, supplies. During the year, $5,700 in supplies were purchased and debited to supplies. At year-end, supplies costing $2,850 remain on hand.

Required:
If Microchip's accountant employed reversing entries for accruals, prepare the adjusting entries at the end of 2021 for only those entries that would be reversed.

Answers

Answer 1

The adjusting entry for supplies on December 31, 2021, will be: $2,850

The reversing entry for vacation pay will be:

Salaries Expense = $6,800

Vacation Payable = $6,8006.

Microchip began the year with $1,600 in its asset account, supplies.

During the year, $5,700 in supplies were purchased and debited to supplies. At year-end, supplies costing $2,850 remain on hand.

The adjusting entry for supplies on December 31, 2021, will be:

Supplies Expense = $5,700 - $2,850= $2,850

Supplies = $2,850

In conclusion, these are the adjusting entries for Microchip Company if Microchip's accountant employed reversing entries for accruals.

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Related Questions

everyone here is a pleb

Answers

Noooo




Step by step explanation:

Answer:

no no no no no no no no no no no                                                                                            

Question #3
Multiple Select
The main types of markets are called
consumer
O industrial
customer
Oresidential
Question #4
Multiple Choice

Answers

The two most important types of marketplaces are consumer and business markets. There are also institutional markets, government markets, and global markets.

What other kind of markets are there?

In a market where buyers and sellers may meet, there can be an exchange of commodities and services. Markets include both actual physical markets and digital ones, such those found online. There are additional examples, such as the stock market, gray market, and auction market.

Although it can be complicated, marketing is primarily driven by four variables: product, price, promotion, and place. These are the fundamental concepts around which everything else is built, and they apply regardless of how tactics and distribution methods evolve. The seven P's or another form of these core concepts are sometimes included.

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What else can be added as a bonus to employees to keep them at your company?

Answers

Answer:

Explanation:

Maybe give them a raise

What is fiat money and why does it have value?

Answers

The answer is… Fiat money is a type of currency that has the value because it's backed by a type of government, not because it represents ownership of a physical good, such as shinning gold. Hope this helps!

True or false: Once the entire cost of a resource has been recovered, the business is NOT allowed to continue deducting depletion expense for the resource.

Answers

Answer:

False

Explanation:

mayor stoner is the new mayor of mayberry, north carolina. he discovered that the city-run utility requires a deposit of $50 from new customers in homes. however, new customers who reside in apartments, condominiums, or townhouses must pay a $500 deposit. mayor stoner proposed that the utility deposit be $100 for all new customers. stoner's change fits best under which theory of law?

Answers

Mayor Stoner's proposed change in the utility deposit policy fits best under the theory of legislative law.

Legislative law refers to laws or regulations that are enacted by a legislative body, such as a city council or a parliament. In this case, Mayor Stoner, as the new mayor, is proposing a change in the utility deposit policy for new customers in homes, apartments, condominiums, or townhouses. By suggesting a uniform deposit of $100 for all new customers, Mayor Stoner is essentially proposing a new regulation or law that would replace the existing deposit requirements.

As the mayor, Stoner has the authority to propose and advocate for changes in local policies and regulations. These changes are typically made through the legislative process, which involves introducing the proposed amendment, gathering support from council members or other relevant authorities, and eventually enacting the change through official legislation.

Therefore, Mayor Stoner's proposed change in the utility deposit policy aligns with the theory of legislative law, as it involves proposing a new regulation or law to modify the existing deposit requirements for new utility customers.

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ax Weber believed that bureaucracy prevents a firm from achieving a competitive advantage because it is inefficient and is plagued with management problems. Group startsTrue or False

Answers

The given statement that ax Weber believed that bureaucracy prevents a firm from achieving a competitive advantage because it is inefficient and is plagued with management problems is true.

Bureaucracy Bureaucracy is a type of organizational structure that is characterized by fixed and formal rules and procedures, hierarchical authority, and specialized roles for employees. It is a method of organization in which people, machines, and materials are coordinated to accomplish a specific objective efficiently. Max Weber, a German sociologist, developed the concept of bureaucracy in the early twentieth century.

He argued that bureaucracy is the most efficient and rational way to organize human activity. However, Weber also acknowledged that bureaucracy has several disadvantages that can prevent an organization from achieving a competitive advantage.

InefficiencyWeber claimed that bureaucracy is inefficient because it is rule-bound and lacks flexibility. Employees must adhere to strict procedures, which can cause delays and inefficiencies. Bureaucratic structures can also stifle creativity and innovation because they are resistant to change.

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under the texas constitution, the power to tax resides with

Answers

A authority to levy and collect taxes was granted to Congress by the Constitution.

A government's capacity to levy and collect taxes is known as its taxing authority. In addition to being able to levy and collect taxes, imposts, excise taxes, and tonnage fees, Congress also has the authority to borrow money against the government's assets to pay off debts, fund the nation's common defence, and promote overall prosperity. All other forms of governmental action are made feasible by taxes, or more specifically, the money they generate. The power of the purse—the authority to levy taxes and spend public funds—is granted to Congress, and especially the House of Representatives.

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Taylor organizes and manages the operations department. At the end of the day, he gathers data from his team and generates a daily report for his supervisor. Which option has helped him gather and generate all the reports quickly?

A.
adoption of an information system
B.
adoption of a transaction management system
C.
adoption of a report generation tool
D.
adoption of a data processing tool

Answers

With an adoption of a data processing tool,Taylor gathered and generate all the reports quickly.

Data Processing tool is any software tool that helps to arrange

scattered,raw and  unprocessed documents( text file data, excel file

data, images, audio clips, video clips etc) into a structured, readable and

useable data that can be stored and retrieved easily.

Different types of data processing tools for different reports or

management exist and some of them  include:

Excel for very small data.Tableau

Qlik Sense 

ThoughtSpot

FineReport. MicroStrategy etc

Taylor can therefore gather and generate his reports using a good data processing tool like Excel or Fine report software.

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Please pick one product which is not available in the United States and how it can be "localized/adapted" when it enters into the U.S. market and discuss why.

Answers

One product that is currently not available in the United States is Kinder Surprise, a popular chocolate egg with a small toy inside, made by Ferrero.

To successfully localize and adapt Kinder Surprise for the U.S. market, certain modifications would need to be made due to existing regulations and consumer preferences. Firstly, the product would need to comply with the U.S. Food and Drug Administration (FDA) regulations. Currently, the sale of Kinder Surprise is banned in the U.S. because it is considered a choking hazard, as the toy is embedded inside the chocolate egg. To address this concern, Ferrero could develop a modified version of the egg where the toy is separated from the chocolate in a way that eliminates the potential choking hazard, such as placing the toy in a clearly visible, separate compartment within the packaging.

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If your manager were to give you a complex project that involved a lot of research and analysis to provide information to write a detailed and accurate report, how might you make it more manageable? What type of communication skills would that require?

Answers

Answer:

That would be written Communication.

Explanation:

Answer:

the answer is communitive

Explanation:

i need help with Question B5 (a) short essay. im completely lost please help me :(

i need help with Question B5 (a) short essay. im completely lost please help me :(

Answers

In xigift try i jkyukuo

which of the following is not one of the three types of contingent valuation surveys?

Answers

The correct answer is "Stated preference survey" as it is not one of the three types of contingent valuation surveys.

Contingent valuation surveys are a methodology used in economics to estimate the value individuals place on goods, services, or environmental resources that do not have a market price. The three main types of contingent valuation surveys are:

Open-ended contingent valuation surveys: These surveys ask respondents an open-ended question about the maximum amount they would be willing to pay (WTP) or accept (WTA) for a particular good or service.

Closed-ended contingent valuation surveys: These surveys provide respondents with a set of predetermined payment options, often presented in a multiple-choice format. Respondents choose their preferred option or indicate their WTP or WTA from the provided choices.

Dichotomous choice contingent valuation surveys: In these surveys, respondents are presented with a yes-or-no question, typically framed as whether they would be willing to pay a specific amount for the good or service being valued.

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3. Management is A art. B. a science C. an art and a science. D. an art not science



c. an art and a science
.​

Answers

Management is an art and a science. The arguments show that management incorporates elements of the sciences and the arts.

Management is a science since it is founded on a number of ideas and concepts that have been refined through time via repeated experiments and observations. It is also an art since a manager must utilize his or her own knowledge, ingenuity, and talent to apply these ideas and concepts. In addition to having cause and effect links and widely acknowledged principles, management is a science for a number of reasons. However, it is also an art since it need practice, practical knowledge, creativity, and other human qualities to be perfected.

It is regarded as a science since it has an organized collection of knowledge which comprises fundamental principles. The reason why Management is referred to be an art is because it necessitates a few skills that managers must exhibit.

Option C is the correct answer.

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Which of the following summarize how the social-cultural-political environment of the United States has encouraged economic growth? Multiple select question. No social or moral taboos on production Wealth creation considered an antisocial goal A negative attitude toward risk taking A competitive market system

Answers

Answer:

There are two answers to this::

1. No social or moral taboos on production

2. A competitive market system

__ meanins giving employees increased autonomy and direction to make decisions as well as control over the resources needed to make those decisions

Answers

Empowerment means giving employees increased autonomy and discretion to make their own decisions, as well as control over the resources needed to implement those decisions.

Empowerment is important for employees as it helps them to become more creative, assertive, and confident.

It also helps them to become innovative, and talented and boosts their performance-based activities.

According to research, employees who enjoy freedom and empowerment are better performers, diligent, and loyal to their firm.

So in order to grow their businesses, firms and organizations need to make their workers feel encouraged, empowered, and dedicated. It will help them grow their business by leaps and bounds.

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A country has a trade deficit of $20 billion with its trading partners (
year. Which change would cause the country to have a trade surplus the
following year, assuming everything else remains the same?
A. The country increases its exports by $30 billion.
B. The country increases its imports by $30 billion.
C. The country decreases its exports by $10 billion.
D. The country decreases its imports by $10 billion.

Answers

D) The nation reduces its exports by $30 billion, the change would result in a trade deficit the following year for the country that had a trade surplus of $20 billion in one year.

When imports rise faster than exports, a trade deficit occurs. If the country increases its exports by $30 billion, decreases its imports by $10 billion, or increases its imports by $10 billion, it cannot have a trade deficit.

As a result, the country will only experience a trade deficit if its exports decrease by $30 billion while the rest of its exports remain unchanged.

With an example, what is a trade deficit?

A country has a trade deficit when its imports exceed its exports over a given time period. A negative balance of trade (BOT) is another name for this situation. There are several ways to determine the balance, including: goods (also called " merchandise”), goods and services, and services and goods.

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Full Question = A country has a trade surplus of $20 billion with its trading partners over a

year. Which change would cause the country to have a trade deficit the

following year, assuming everything else remains the same?

A. The country increases its exports by $30 billion.

B. The country decreases its imports by $10 billion.

O C. The country increases its imports by $10 billion.

O D. The country decreases its exports by $30 billion.

Tax rates in which the percentage of tax is the same regardless of the level of income is MOST LIKELY a

Answers

Answer:

Proportional tax system

Explanation:

A proportional tax system levies an equal tax rate on everyone regardless of their income level.  It is also known as the flat-rate tax because it treats the wealthy, middle class, and low-income earners equally. The proportional tax system simplifies tax filing as the same tax rate will apply to everyone.

The proportions tax system contrasts with the progressive tax system, which bases the tax rate on the taxpayer's income.

Explain how a consumer’s place of residence has an especially large impact on their purchase of sports and entertainment commodities.

please and thank you :)

Answers

Answer:

Concept: Business digression

Lets assume you live in Los Angeles CALA houses the Lakers, dodgers, and so many more big brand teams.A consumer which is defined as any person in a free and open market to openly trade their wealth and income in return for an item or service.Residence defined as the area that surrounded the immediate perimeter of the said consumer.Hence, by the principle of socialization people are more inclined to buy sports gear to represent their teams and inclined to participate in consumer purchases based on their peers.It becomes the "lifestyle" and "ideal" personalities in a place such as LA and this inherently drives up sales of sports and entertainment commodities.The location, or residence directly exposes the consumer to the products in a market where it "hot" and in style/demand.Rate brainlist & give positive feedback.

an employee can be dismissed if their job surplus to requirements' outline why this state ment is false

Answers

Hiring labour is different from buying other goods and services, and the contract between the employer and the employee is incomplete. It does not cover what the employer really cares about, which is how hard and well the employee works.

In 2010, the population of a city was 223,000. From 2010 to 2015, the population grew by 5%. From 2015 to 2020, it fell by 3%. How much did the population grow from 2010 to 2015, to the nearest 100 people?.

Answers

From 2010 to 2015, the population grew by 5%, which is 11,150 people to the nearest 100 people. Population refers to the number of people living in a specific geographic area, such as a country, state, city, or neighborhood.  

Population can also refer to the number of individuals of a particular species living in a specific area. In general, population data is used to understand the demographics and characteristics of a specific area, as well as to make predictions about future population trends and patterns.

From the text we are informed that the population of a city was 223,000 in 2010. From 2010 to 2015, the population grew by 5%. From 2015 to 2020, it fell by 3%.

Hence, to determine the growth of population from 2010 to 2015 is:

223,000 x 0.05 = 11,150

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Anyone who has the power to sway or persuade others, especially via their opinions and posts on a specific topic, market or industry, is known as a/an:
А
sharer
B
participant
С
contributor
D
influencer

Answers

They are known as D, an influencer.

A person who fails to make loan payments on time is likely to face which
consequence?
A. Paying higher interest rates on future loans
B. Having his or her credit score greatly increased
C. Being arrested and charged with bank fraud
D. Being given a lower debt-to-income ratio

Answers

the answer is A. Paying higher interest rates

A person who fails to make loan payments on time is likely to face the consequence of paying higher interest rates on future loans. The correct option is A.

When a borrower fails to make loan payments on time, it can negatively affect their credit score. This can make it harder to obtain future loans or credit cards, and lenders may charge higher interest rates to compensate for the increased risk of lending to someone with a lower credit score.

It is important to note that failing to make loan payments on time does not typically result in being arrested and charged with bank fraud. However, it is important to communicate with the lender and work out a plan for repayment to avoid further consequences such as defaulting on the loan or having the loan sent to a debt collection agency.

Thus, the ideal selection is option A.

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The key to a good assessment of the alternatives: (Choose all that apply.) Multiple select question. ensures buy in at all levels of the organization. makes sure that managerial mind-set is the main consideration. defines the opportunity or threat exactly. specifies the criteria that should influence the selection of appropriate alternatives.

Answers

The key to a good assessment of the alternatives:

C. defines the opportunity or threat exactly.D. specifies the criteria that should influence the selection of appropriate alternatives.

What is an Assessment?

This refers to the analysis that is done to ensure the best possible thing is selected and that threat is identified and eliminated on time.

Hence, we can see that when making good assessments, it is important to define the threat or opportunity and then specify the criteria that should influence the selection of appropriate alternatives.

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. The struggle among sellers to attract consumers by offering the best products at the lowest prices is known as ______.answer choicesvoluntary exchangeprofit motiveproperty rightscompetition

Answers

Answer:

The struggle among sellers to attract consumers by offering the best products at the lowest price is known as competition.

at what level of investment ownership is significant influence often presumed?

Answers

Significant influence is often presumed when an entity or individual holds more than 20% but less than 51% of the investment in another entity.

Significant influence enables the entity to make operating and financial decisions for the other entity. The entity may lack total control since the ownership is not above 50%, but the entity can significantly influence corporate decisions.

Some entities may exert significant influence with investment ownership that is less than 20%.

Under International Financial Reporting Standards, investors with significant influence account for their investments in the investee using the equity method.

Thus, significant influence is often presumed once an investor owns 20% or more of an investee.

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a A rocket shoots up 123 meter
i. What is its initial velocity -​

Answers

Answer:

Initial Velocity= 49 m/s

Time period= 5 secs

Explanation:

THIS IS THE COMPLETE QUESTION BELOW

A rocket shoots up 123 meters. What is it initial velocity?How long is it ascending

The initial velocity can be calculated using the expression below

u= √( 2gh)

Where g= Acceleration due to gravity= 98 m/s^2

h= height

Substitute the values we have

u = √(2*9.8*123)

u=√( 2410.8)

u = 49 m/s

the time period can be calculated as

(49/9.8)

= 5 sec

Hence time period is 5 secs

True or False: It is possible for a team to start with the DMAIC or DMADV approach and realize that they need to switch to the other process mid-project quiz

Answers

DMAIC and DMADV methods share features that are important, but they are not interchangeable and are designed for use in different business processes.

What is DMAIC?

The full forms of both the methods are :

DMAIC: Define, Measure, Analyze, Improve, Control

DMADV: Define, Measure, Analyze, Design, Verify

DMAIC and DMADV have many similarities that deserve attention. They both use mathematical and factual tools to find solutions to common quality-related problems and focus on achieving the business and financial goals of the organization.

DMADV is associated with new services and product designs; may not always work with existing products and processes.

DMAIC is applied to an existing product or process but no longer meets customer requirements and / or details.

Hence, It is not possible to switch the methods in the middle of any project as they have serve different purposes.

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APR, a rate advertised by ___ is typically ___ than APY

A) lenders; higher
B) borrowers; higher
C) borrowers; lower
D) lenders; lower

answer: D

Answers

D is the answer look at this

APR, a rate advertised by lenders is typically lower than APY. The correct answer is D.

What is APR?

APR is an acronym for annual percentage rate, it is considered as a cost of borrowing money which is calculated on a percentage that any individual pay each year on their loan.  It does not only include the rate of interest but also the fees you must pay to obtain the loan.

APY is an acronym for annual percentage yield, which is considered the actual rate of return on the investment after considering the effect of investment returns.

APR is a rate advertised by lenders that is typically lower than APY as the cost of overall borrowing is lower, and the accounts of APR are also lower. If the difference between APR and APY is higher, the frequency with which interest compounds also increases.

Therefore, option D lenders and lower is the appropriate answer.

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.3. One day you happen to hear a snippet of conversation between two graduate students, who are drinking coffee and contemplating an open box of exquisitely delicious chocolate truffles in the Page Break Café. The first student opines that one can definitely outline a set of objective design principles that should underpin the construction of any professional chart or map. The second student disagrees vehemently and argues that the one and only important thing to worry about is aesthetics. The first student is speechless. What do you think? Use your knowledge of data visualization to inform your answer, and be sure to explain your answer carefully.

Answers

The debate between the two graduate students revolves around the importance of objective design principles versus aesthetics in the construction of professional charts or maps.

Objective design principles in data visualization serve as guidelines to ensure clarity, accuracy, and effective communication of information. These principles include considerations such as appropriate use of colors, legibility of text, proper labeling, and accurate representation of data. By adhering to these principles, charts and maps can convey the intended message clearly, facilitating data comprehension and analysis.

However, aesthetics cannot be disregarded. Visual appeal and aesthetics contribute to the overall user experience and can enhance engagement with the data. An aesthetically pleasing chart or map can captivate the viewer's attention, stimulate interest, and encourage exploration of the data. Attention to aesthetics involves aspects such as visual balance, appropriate use of visuals and typography, and overall design coherence.

Both objective design principles and aesthetics are important in data visualization because they serve different purposes. Objective design principles ensure accuracy and effective communication, while aesthetics enhance engagement and user experience. Striking a balance between these two aspects is crucial to create visually appealing and informative visualizations that effectively convey the intended message while engaging the audience.

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Amy convenes a virtual meeting to determine why Happy Time Toys was slow to respond to a competitive threat. How might culture influence how Happy Time Toys will respond in the future? Choose the correct answer.A. Shared values and norms will focus employees' attention on company priorities and goalsB. Culture won't influence Happy Time Toys because it only affects employee attitudes, not behaviors Can someone help me? If you pass an electric current through an iron nail, you will create an electromagnet. This magnet will pick up small objects, thus demonstrating that electrical energy can be converted into mechanical energy. Is there a way to use this principle to create a motor? The function V(t) = 30000(0.85) value V(t) represents the values v(t) of Nancy's car after t years. What is the depreciation rate of Nancy's car? Solve for z.5y = ZW - ZC Why were most slave rebellions unsuccessful? Which of the following are true statements regarding the development of the break-even point formula? (Check all that apply.)1 pointa.Fixed costs are reflected in the equation on a per-unit basis.b.Profit is assumed to be zero.c.Contribution margin is reflected in the equation as a total.d.Revenues and variable costs are reflected in the equation on a per-unit basis. The comedian Chris Rock has suggested that one way to reduce gun deaths is by making bullets cost $5,000 apiece. Assuming guns and bullets are complements, the effect of such a policy on the demand for guns would be: A movement along the demand curve down and to the right. A movement along the demand curve up and to the left. A shift of the demand curve to the right. A shift of the demand curve to the left. how do you back your car out To The right when you leave The parking lot where should you Turn your steering wheel Which of the following was an initial barrier to European trade in the Ming Dynasty? (1 point)The Chinese thought Europeans were barbarians.The Chinese forbade Christians from entering China.The Europeans did not have any goods that the Chinese wanted.The Europeans did not have access to trade routes that led to Chinese cities. Which account holds the assets backing the non-guaranteed values of variable life insurance products?a)The general account of the insurerb)A separate account established by the insurerc)An account set up by each policyownerd)A trust account with the insurer as trustee Which medication should be used cautiously with Plavix? Crestor Niaspan Vascepa Zetia You and some friends are duck pin bowling. Youre up and you roll your bowling ball (m = 1.6kg) down the lane. It collided with one pin (0.68kg) on the end in a perfectly elastic one dimensional collision. If the ball was moving at a velocity of 6 m/s just before it hits the pin, what is the velocity of the bowling pin after the collision? What is the distance between the two points plotted?A graph with the x-axis starting at negative 10, with tick marks every one unit up to 10. The y-axis starts at negative 10, with tick marks every one unit up to 10. A point is plotted at negative 4, 6 and at negative 4, negative 6. 12 units 10 units 12 units 10 units Explain how you can use absolute value to tell whetherthe sum of two integers is positive or negative. Please help with this question The equation d=m/v can be used to calculate the density,d, of an object with mass,m,and volume,v.which is an equivalent equation solved for v ScenarioYou are working for "Computing Supplies Ltd" and you are an idealist: you only buy Fair Trade, you work in a charity shop over the week-end, you participate in charity runs, and every year you attend community beach cleaning events.Although youve already tried to approach the subject of Corporate Social Responsibilities, nobody took it seriously. However, the company recently received bad publicity after a documentary showing the obsolete computers being stripped down for gold by 10 years-old in Africa. To complicate things further, the computers are actually being burnt to collect the gold which create dangerous fumes both for the environment and for the children.In addition to this new issue, "Computing Supplies Ltd" pays the majority of its employee the minimum wage in order to maximise profit. Several employees have now joined a union and trying to negotiate a living wage to no avail, which has also cause some bad publicity.Notwithstanding, due to the bad publicity, 4 large clients have already terminated their contract and as a consequence, the revenue is down 15% compare to the previous year.To make the matters worse, although this has not emerged in the news, "Computing Supplies Ltd" is planning on relocating some of its manufacturing in India in order to cut down cost, however it seems that it would not really benefits the locals as the subcontracting cost implies cuts down, in particular relating to local wages and local use of water.You believe that this time senior management will listen, but you know that you should prepare the ground before the meeting to make a successful proposal.Based on the scenario above, write a report to suggest an implementation of CSR. You should:1. Describe how Computing Supplies Ltd objectives are affected by ethical considerations.2. Report on how the Computing Supplies Ltd could improve the ethics of their operations.3. Recommend changes to CSR policy to benefit different stakeholders in Computing Supplies Ltd. What is the value of f(-3)? TRUE/FALSE. the manufacturing segment of the business plan should identify key personnel, their responsibilities and their positions, and career experience that qualifies them for those particular roles. the first step in budgeting is to evaluate your current financial position by looking at just your income and expenses.