The January 1, Year 1 trial balance for the Perry Company is found on the trial balance tab. The beginning balances are assumed. North Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Apr. 20 Purchased $53,750 of merchandise on credit from Garcia, terms n/30. May 19 Replaced the April 20 account payable to Garcia with a 90-day, 10%, $38,000 note payable along with paying $15,750 in cash. July 8 Borrowed $90,000 cash from AKR Bank by signing a 120-day, 9%, $90,000 note payable. Aug. 17 Paid the amount due on the note to Garcia at the maturity date. Nov. 5 Paid the amount due on the note to AKR Bank at the maturity date. Nov. 28 Borrowed $45,000 cash from Albany Bank by signing a 60-day, 8%, $45,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Albany Bank. Year 2 Jan. 27 Paid the amount due on the note to Albany Bank at the maturity date.

Accublade castings inc. casts blades for turbine engines. within the casting department, alloy is first melted in a crucible, then poured into molds to produce the castings. on may 1, there were 230 pounds of alloy in process, which were 60% complete as to conversion. the work in process balance for these 230 pounds was $32,844, determined as follows: exercises during may, the casting department was charged $350,000 for 2,500 pounds of alloy and $19,840 for direct labor. factory overhead is applied to the department at a rate of 150% of direct labor. the department transferred out 2,530 pounds of finished castings to the machining department. the may 31 inventory in process was 44% complete as to conversion. prepare the following may journal entries for the casting department: the materials charged to production the conversion costs charged to production the completed production transferred to the machining department determine the work in process"casting department may 31 balance.

Lillypad toys is a manufacturer of educational toys for children. six months ago, the company's research and development division came up with an idea for a unique touchscreen device that can be used to introduce children to a number of foreign languages. three months ago, the company produced a working prototype, and last month the company successfully launched its new device on the commercial market. what should lillypad's managers prepare for next? a. increased competition from imitators b. a prolonged period of uncontested success c. a sharp decline in demand for the product d. a difficult struggle to move from invention to innovation

Considered alone, which of the following would increase a company's current ratio? a. an increase in net fixed assets. b. an increase in accrued liabilities. c. an increase in notes payable. d. an increase in accounts receivable. e. an increase in accounts payable.