Q

QuestionAccounting

Online Analytical Processing (OLAP) 2. The journal entry to adjust the accounts on December 31, 2021, would be: Step 1: Calculate the earned revenue for December 2021 Earned Revenue (debit) = Unearned Revenue (credit) × Number of months elapsed / Total number of months Earned Revenue (debit) = $12,000 × 2 / 3 = $8,000 Step 2: Record the journal entry Unearned Revenue (credit) = $12,000 Service Revenue (debit) = $8,000 WIP (Work-in-Progress, asset, debit) = $4,000 Service Revenue: $8,000 WIP: $4,000 Unearned Revenue: $4,000 (to be carried forward to 2022) 3. The least relevant factor in analyzing corruption issues in Russia is the Environmental factor. Step 1: Understand the question We need to identify the least relevant factor in analyzing corruption issues in Russia. Step 2: Analyze the factors - Social factors include cultural norms, values, and attitudes toward corruption. - Legal factors involve the rule of law, enforcement, and transparency. - Environmental factors relate to the physical environment and its impact on corruption. - Political factors encompass the political system, governance, and power distribution. Step 3: Choose the correct answer Environmental factors have the least direct impact on corruption issues compared to Social, Legal, and Political factors. Environmental 4. The value of CN Company's inventory on May 31, 2021, using the Last-in, First-out (LIFO) method is $700. Step 1: Calculate the number of units in inventory Total units purchased = 800 + 650 = 1,450 Remaining units from the first purchase = 150 LIFO units = Total units - Remaining units = 1,450 - 150 = 1,300 Step 2: Calculate the cost of LIFO units Cost of LIFO units = Last purchase cost × LIFO units Cost of LIFO units = $7 × 650 + $6 × 650 = $4,550 + $3,900 = $8,450 Step 3: Calculate the value of inventory Value of inventory = Cost of LIFO units - Cost of sold units Cost of sold units = Units sold × Cost per unit Cost of sold units = 1,500 × $12 = $18,000 Value of inventory = $8,450 - $18,000 = -$9,550 (credited to Cost of Goods Sold) Step 4: Calculate the value of remaining inventory Value of remaining inventory = Remaining units × Unit cost Value of remaining inventory = 150 × $5 = $750 5. The dividends account is reported in the balance sheet as a liability account when the company declares dividends but has not yet paid them. The account is then closed to Retained Earnings. Step 1: Understand the question We need to identify the accurate description of the dividends account. Step 2: Analyze the options a. Dividends account is reported in the balance sheet as a liability account. (partially correct) b. An increase in dividends account decreases retained earnings. (incorrect) c. An increase in dividends account is reported in the income statement. (incorrect) d. Dividends account is reported in the balance sheet as an account. (partially correct) Step 3: Choose the correct answer The dividends account is reported in the balance sheet as a liability account when the company declares dividends but has not yet paid them. Dividends account is reported in the balance sheet as a liability account.