The following transactions occurred during march 2018 for the wainwright corporation. the company owns and operates a wholesale warehouse. issued 30,000 shares of common stock in exchange for $300,000 in cash. purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable was signed for the balance owed. purchased inventory on account at a cost of $90,000. the company uses the perpetual inventory system. credit sales for the month totaled $120,000. the cost of the goods sold was $70,000.paid $5,000 in rent on the warehouse building for the month of march. paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning april 1, 2018.paid $70,000 on account for the merchandise purchased in 3.collected $55,000 from customers on account. recorded depreciation expense of $1,000 for the month on the equipment. prepare journal entries to record each of the transactions listed above. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Price and efficiency variances, journal entries. the schuyler corporation manufactures lamps. it has set up the following standards per finished unit for direct materials and direct manufacturing labor: direct materials: 10 lb. at $4.50 per lb. $45.00 direct manufacturing labor: 0.5 hour at $30 per hour 15.00 the number of finished units budgeted for january 2017 was 10,000; 9,850 units were actually produced. actual results in january 2017 were as follows: direct materials: 98,055 lb. used direct manufacturing labor: 4,900 hours $154,350 assume that there was no beginning inventory of either direct materials or finished units. during the month, materials purchased amounted to 100,000 lb., at a total cost of $465,000. input price variances are isolated upon purchase. input-efficiency variances are isolated at the time of usage. 1. compute the january 2017 price and efficiency variances of direct materials and direct manufacturing labor. 2. prepare journal entries to record the variances in requirement 1. 3. comment on the january 2017 price and efficiency variances of schuyler corporation. 4. why might schuyler calculate direct materials price variances and direct materials efficiency variances with reference to different points in time

Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.

Buyer henry is going to accept seller shannon's $282,500 counteroffer. when will this counteroffer become a contract. a. counteroffers cannot become contracts b. when henry gives shannon notice of the acceptance c. when henry signs the counteroffer d. when shannon first made the counteroffer