Answer:
14.74 %
Explanation:
Accounting rate of return = Average Profits / Average Investment x 100
therefore,
Accounting rate of return = ($100,000 - $65,000) / $237,500 x 100
= 14.74 %
where,
Average Investment = ( initial investment + scrape value ) ÷ 2
A company making tires for bikes is concerned about the exact width of its cyclocross tires. The company has a lower specification limit of 22.8 mm and an upper specification limit of 23.3 mm. The standard deviation is 0.14 mm and the mean is 23.1 mm. What is the process capability index for the process?
Answer:
the process capability index for the process is 0.4761
Explanation:
The computation of the process capability index for the process is shown below:
= minimum of [(23.3-23.1) ÷ (3 × 0.14),(23.1 - 22.8) ÷ (3 × 0.14)]
= minimum of (0.4761, 0.7142)
= 0.4761
Hence, the process capability index for the process is 0.4761
The same should be considered and relevant
A worker who loses a job at a call center because business firms switch the call center to another country is an example of which type of unemployment?
Answer:
"Structural unemployment" is the right approach.
Explanation:
The terminology economists mischaracterize unemployment, which seems to be the consequences of such an absence or failure of coordination of talents as well as of opportunities, is defined as Structural unemployment.This would be caused by economic shifts that prevent jobless persons from finding opportunities throughout different firms with very high qualifications.Duane Miller wants to know what price home he can afford. His annual gross income is $60,000. He has no other debt expenses and expects property taxes and insurance to cost $500 per month. He knows he can get a 6%, 15 year mortgage so his mortgage payment factor is 8.43. He expects to make a 10% down payment. What is Duane's affordable home purchase price
Answer: $151,576
Explanation:
Affordable home purchase price = Affordable mortgage loan / (1 - Down payment percentage)
Affordable mortgage loan = Affordable monthly payment * 1,000 / Factor
Affordable monthly payment = Monthly income * 33% - Property taxes
= (60,000 / 12) * 33% - 500
= $1,150
Affordable mortgage loan = 1,150 * 1,000 / 8.43
= $136,418
Affordable home purchase price = 136,418 / ( 1 - 10%)
= $151,576
Which of these scenarios best describe an open account?
A: Goods are shipped to the importer with terms of remittance in 30, 60, or 90 days.
B: The exporter (seller) receives payment in advance through wire transfers, credit cards, or Internet escrow accounts, similar to PayP/al.
C: A bank commi/ts to the exporter to pay for the goods on behalf of the importer as long as the terms of the sale are met.
D: Goods are shipped to the importer/buyer for resale to other customers. Good are paid for only when the goods have been sold.
Answer:it is A
Explanation:
Just took the test. Goods are shipped to the importer with terms of remittance in 30,60, or 90 days.
Goods are shipped to the importer with positions of remittance in 30, 60, or 90 days is scenarios best describe an open account. The remittance is paid to the importer.
What is open account?Open account is the sales transaction where the goods are delivered before the payment is due. This is beneficial for the importer, but it involves the high risk to the exporter.
It is also called account payable by the bearer. The example of Open account is trade credit which is not fully pay off, a deferred cost schedule for an goods, a past due account.
Thus, option A is correct.
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The expected cash balance at January 1, 2016, is $62,000. Brewster wants to maintain a cash balance at the end of each month of at least $60,000. Short-term borrowings at 1% interest per month will be used to accomplish this, if necessary. Borrowings (in multiples of $1,000) will be made at the beginning of the month in which they are needed, with interest for that month paid at the end of the month. Prepare a cash budget for the quarter ended March 31, 2016.
Answer: Check attachment
Explanation:
The cash budget for the quarter ended March 31, 2016 has been attached.
Note that in the calculation that is attached:
Cash available = Beginning cash balance + Cash receipt + Short term borrowing
Ending balance = Cash available - Total cash disbursement
Check attachment for further details and explanation.
Suppose that the Federal Reserve is conducting an expansionary monetary policy. It will _____ Treasury bills on the open market, so that the money supply will _____, interest rates will _____, planned investment spending will _____, and the AD curve will shift to the _____. sell; increase; rise; rise; left buy; increase; fall; rise; right sell; decrease; rise; fall; left buy; decrease; fall; fall; left
Answer:
buy; increase; fall; rise; right.
Explanation:
Fiscal policy in economics refers to the use of government expenditures (spending) and revenues (taxation) in order to influence macroeconomic conditions such as Aggregate Demand (AD), inflation, and employment within a country. Fiscal policy is in relation to the Keynesian macroeconomic theory by John Maynard Keynes.
A fiscal policy affects combined demand through changes in government policies, spending and taxation which eventually impacts employment and standard of living plus consumer spending and investment.
An inflationary gap, also known as the expansionary gap in economics is used to measure the difference between the gross domestic product (GDP) and the current level of real Gross Domestic Products that exists when a country's economy is guaged at a full employment rate. This eventually causes the price of goods and services to go up with a low income level.
Basically, an expansionary fiscal policy will cause the total increase in aggregate demand to be greater than the initial increase in aggregate demand due to the multiplier process.
Hence, the Fed will buy Treasury bills on the open market, so that the money supply will increase, interest rates will fall, planned investment spending will rise, and the aggregate demand (AD) curve will shift to the right.
Aggregate demand (AD) can be defined as the total quantity of output (final goods and services) that is demanded by consumers at all possible price levels in an economy at a particular time.
An aggregate demand curve gives a negative relationship between the aggregate price level for goods or services and the quantity of aggregate output demanded in an economy at a specific period of time.
In working with a client named Fred, you realize that he did not report income that he should have on a return. Fred reported $10,000 of income on the return but should have reported $13,500. What is Fred’s obligation going forward regarding this incident?
a) Fred must maintain records for 5 years from the year the return was filed
b) Fred must maintain records for 6 years from the year the return was filed
c) Fred must maintain records for 8 years from the year the return was filed
d) Fred must maintain records for 10 years from the year the return was filed
Answer:
b) Fred must maintain records for 6 years from the year the return was filed
Explanation:
A person that prepares tax is required by the Internal Revenue Service to keep tax returns and supporting documents for at least 3 years.
However when the tax preparer fails to report correct income amount they are required to keep records for at least the last 6 years.
The underreported income must be greater than 25% of the income.
In the given scenario the Fred reported $10,000 instead of $13,500.
The unreported amount is $3,500
Percentage not reported = (3,500 ÷ 13,500) * 100 = 25.925%
So Fred will need to keep records for the next 6 years
Suppose that you are in charge of hiring a new employee for your firm. You have to decide between two persons. One is a person with many years of experience in a company very similar to yours who has only a high school education. The other person is a recent university graduate with a degree in a field closely related to your company's business. Which person would you choose? Discuss.
Answer:
The one with many years ofexperience
Explanation:
1 experience
2 knows the job
3 proven to be dependable hence the many years of experience
Rachel Sells is unable to reconcile the bank balance at January 31. Rachel’s reconciliation is shown here.
Cash balance per bank $3,767.20
Add: NSF check 590.00
Less: Bank service charge 45.00
Adjusted balance per bank $4,312.20
Cash balance per books $4,065.20
Less: Deposits in transit 573.00
Add: Outstanding checks 910.00
Adjusted balance per books $4,402.20
Required:
a. What is the proper adjusted cash balance per bank?
b. What is the proper adjusted cash balance per books?
c. Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books.
Answer and Explanation:
a. The proper adjusted cash balance per bank is
Cash balance per bank $3,767.20
Add: Deposits in transit 573.00
Less: Outstanding checks 910.00
Adjusted cash balance per bank $3,430.20
b. The proper adjusted cash balance per books is
Cash balance per books $4,065.20
Less: NSF check 590.00
Less: Bank service charge 45.00
Adjusted cash balance per book $3,430.20
c. The journal entries are
Account receivable Dr $590
To cash $590
(being cash paid)
Bank service charges $45
To cash $45
(being cash paid)
Answer the question on the basis of the following list of assets:1. Large-denominated ($100,000 and more) time deposits2. Noncheckable savings deposits3. Currency (coins and paper money) in circulation4. Small-denominated (less than $100,000) time deposits5. Stock certificates6. Checkable deposits7. Money market deposit accounts8. Money market mutual fund balances held by individuals9. Money market mutual fund balances held by businesses10. Currency held in bank vaultsRefer to the above list. The M2 definition of money comprises(Points : 1) items 2, 3, 4, 6, 7, 8, and 10.items 3, 4, 5, and 6.items 2, 3, 4, 6, 7, and 8.all of the items listed.
Answer: Items 2, 3, 4, 6, 7, and 8
Explanation:
The M2 definition of money includes M1 money and then some other types of instruments that are quite highly liquid and so can be converted to liquid cash quickly if needed.
M2 includes:
2. Noncheckable savings deposits
3. Currency (coins and paper money) in circulation
4. Small-denominated (less than $100,000) time deposits
6. Checkable deposits
7. Money market deposit accounts
8. Money market mutual fund balances held by individuals
define customer satisfaction
Answer:
Customer satisfaction is a term frequently used in marketing. It is a measure of how products and services supplied by a company meet or surpass customer expectation.
Explanation:
~hope this helps
There are two projects under consideration by the Rainbow factory. Each of the projects will require an initial investment of $35,265 and is expected to generate the following cash flows: First Year Second Year Third Year Total Alpha Project $32,000 $22,500 $4,500 $59,000 Beta Project 8,000 23,000 27,627 58,627 A. Calculate the internal rate of return on both projects. Use the IRR spreadsheet function to calculate internal rate of return. Alpha Project fill in the blank 1 68.275 % Beta Project fill in the blank 2 % B. Make a recommendation on which one to accept.
Answer:
Alpha = 42%
25%
I would accept the alpha project because it has the higher IRR
Explanation:
Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested
IRR can be calculated with a financial calculator
Alpha
Cash flow in year 0 = $-35,265
Cash flow in year 1 = $32,000
Cash flow in year 2 = $22,500
Cash flow in year 3 = $4,500
IRR = 42%
Beta
Cash flow in year 0 = $-35,265
Cash flow in year 1 =8,000
Cash flow in year 2 =23,000
Cash flow in year 3 =27,627
IRR = 25%
To find the IRR using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the IRR button and then press the compute button.
If the buyer perceives a buyer-supplier relationship is in the desirable region on the purchaser-supplier satisfaction matrix, but there are problems, the buyer is most likely to: a. use or threaten legal action. b. sever purchases without advance notice. c. refuse to accept shipments. d. share information to find a mutual solution.
Answer:
The correct answer is the option D: share information to find a mutual solution.
Explanation:
To begin with, the concept known as "Supplier Satisfaction" has long been a dead term for many companies in all the industries, however very recently the acquisition of this method has been implemeted in order to increase the benefits that it brings to understand better the relationship with the costumer. Moreover, the model itself seeks for the proper creation of a high quality relationship established in communication between the costumer and the supplier who is able to make a confortable sale and create and environment suitable for the buyer. That is why that the correct action will be to share information in order to find a mutual solution in the case where the situation is in that desirable region of the matrix.
At the beginning of the month, the Forming Department of Martin Manufacturing had 11,000 units in inventory, 40% complete as to materials, and 10% complete as to conversion. During the month the department started 61,000 units and transferred 63,500 units to the next manufacturing department. At the end of the month, the department had 8,500 units in inventory, 85% complete as to materials and 60% complete as to conversion. If Martin Manufacturing uses the weighted average method of process costing, compute the equivalent units for materials and conversion respectively for the Forming Department. Multiple Choice
Answer:
Materials ⇒ 70,725 units Conversion ⇒ 68,600 unitsExplanation:
Using the weighted average method, the equivalent units are the Units transferred out plus the equivalent closing inventory.
Materials:
= Units transferred out + Closing equivalent units
= 63,500 + (85% * 8,500)
= 70,725 units
Conversion:
= 63,500 + (60% * 8,500)
= 68,600 units
The 2017 balance sheet of Dream, Inc., showed current assets of $3,175 and current liabilities of $1,645. The 2018 balance sheet showed current assets of $2,920 and current liabilities of $1,620.
What was the company’s 2018 change in net working capital, or NWC?
Answer:
($230)
Explanation:
Net working capital = Current assets - Current liabilities
2017 Net working capital
= $3,175 - $1,645
= $1,530
2018 Net working capital
= $2,920 - $1,620
= $1,300
Change in net working capital
= $1,300 - $1,530
= -$230
Therefore the company's 2018 change in net working capital is ($230).
What does job title mean on a work application?
Answer:
The position or name for the job or thing a employee is doing.
Examples:
Administrative Assistant
Receptionist
Office Manager
Auditing Clerk
Bookkeeper
Account Executive
Branch Manager
Business Manager
Team Leader
Manager
Assistant Manager
Executive
Director
Coordinator
Administrator
Controller
Officer
Organizer
Supervisor
Superintendent
Hope this helps!!
A manufacturing company can make 100 units of a necessary component part with the following costs: Direct Materials $120,000 Direct Labor 25,000 Variable Overhead 45,000 Fixed Overhead 20,000 If the manufacturing company can purchase the component externally for $190,000 and $5,000 of the fixed costs can be avoided, what is the correct make-or-buy decision
Answer: See explanation
Explanation:
Based on the information given, the relevant cost to make will be:
Direct Materials = $120,000
Add: Direct Labor = $25,000
Add: Variable Overhead = $45,000
Add: Fixed Overhead = $5,000
Relevant cost to make = $195,000
The relevant cost to buy is $190,000.
Therefore, the cost to buy is less as there'll be a net operating Income increase of $5000.
One characteristic of a just-in-time (JIT) inventory system is that :_______
a. a firm has an ample buffer stock of inventory.
b. the working capital a company needs to finance inventory increases is high.
c. a company is more likely to have excess unsold inventory to write off against earnings.
d. parts enter the manufacturing process immediately; they are not warehoused.
e. it is difficult to spot and fix defective inputs.
Answer:
d. parts enter the manufacturing process immediately; they are not warehoused.
Explanation:
The Just in Time inventory system is one where the management of a business increases efficiency and reduces inventory cost by obtaining raw materials for the production process just as they are needed.
This implies warehousing of unused raw materials is at a minimum. Thereby reducing warehousing cost.
So the option most close to JIT inventory method is - parts enter the manufacturing process immediately; they are not warehoused.
This method also requires accurate forecasting get what is actually needed per time.
Autonomous consumption is defined as: Group of answer choices the level of consumption that depends only on the exchange rate. the consumption expenditures incurred by the government. the level of consumption that does not depend on income. an equilibrium condition that needs to be met for the aggregate expenditure model to work. the part of consumption that is related to investment.
Answer:
the level of consumption that does not depend on income.
Explanation:
Autonomous consumption means that the expenditures that should be incurred at the time also when the consumer has no income. Like food, shelter, heathcare, etc are needed for survival even in the case when the person has no money
So according to the given situation, it is consumption level which does not based upon the income
Hence, the third option is correct
ina Inn and Midwest Chicken exchanged assets. China Inn received a delivery truck and gave equipment. The fair value and book value of the equipment were $20,500 and $11,400 (original cost of $42,000 less accumulated depreciation of $30,600), respectively. To equalize market values of the exchanged assets, China Inn paid $8,700 in cash to Midwest Chicken. 1. At what amount did China Inn record the delivery truck
Answer:
1. $29,200
2. $9,100
Explanation:
1. Calculation to determine At what amount did China Inn record the delivery truck
Using this formula
Delivery truck amount=Fair value of the delivery truck+Cash paid
Let plug in the formula
Delivery truck amount=$20,500 + $8,700
Delivery truck amount=$29,200
Therefore The amount that China Inn record the delivery truck is $29,200
2. Calculation to determine How much gain or loss did China Inn recognize on the exchange
Using this formula
Gain of Exchange=Fair value of the delivery truck-Book value
Let plug in the formula
Gain of Exchange =$20,500- $11,400
Gain of Exchange=$9,100
Therefore The amount of gain or loss that China Inn recognize on the exchange is $9,100
"The following accounts increased/(decreased) during 2020: Accounts Receivable ($12,000), Inventory $11,000, and Accounts Payable ($13,000). Prepare the cash flows from operating activities section of Bloom's 2020 statement of cash flows using the indirect method."
Solution :
The Cash flow from the operating activities
Sales revenue $ 2,00,000
Less : Cost of goods sold $ 1,20,000
Less : operating expenses paid
(excluding depreciation, 50,000 - 21,000) $ 29,000
Cash generated from the operating activities $ 51,000
Increase in current assets liabilities
Increase in accounts receivable $ 12,000
Increases in inventory $ 11,000
Increase in accounts payable $ 13,000
Cash flow from the operating activity $ 41,000
On December 31, 2019, the unadjusted credit balance of the Allowance for Overvaluation of Inventories: Hope Branch ledger account in the accounting records of the home office of Farah Company was $60,000. The home office of Farah ships merchandise to the branch at a markup of 20% on billed price. For the fiscal year ended December 31, 2019, the branch had reported a net loss (based on billed prices of merchandise shipped from home office) of $18,400 and ending inventories (all received from home office) of $132,000 at billed prices.
Required:
Prepare journal entries for the home office of Farah Company on December 31, 2019, to record the foregoing information.
Answer:
Journal entries
Date Particulars Debit Credit
31, Dec 19 Investment in Branch Office $132,000
To Inventories $110,000
To Allowance for Overvaluation of $20,000
Inventories
31, Dec 19 Profit and loss $18,400
To Investment in Branch Office $18,400
31, Dec 19 Allowance for Overvaluation $10,000
of Inventories
To Realized Gross Profit: Branch Sales $10,000
Workings
1. Unrealized Inter-company Inventory Profit = (132,000/120) * 20 = $22,000
Shipment to Branch = 132,000 - 22,000 = $110,000
2. Unrealized Inter-company Inventory Profit = (60,000/120) * 2 = $10,000
The probability of the economy booming is 10 percent, while it is 60 percent for being normal, and 30 percent for being recessionary. A stock is expected to return 16 percent in a boom, 11 percent in a normal economy, and lose 8 percent in a recession. What is the standard deviation of the returns?
Answer:
9.15%
Explanation:
Expected return = Respective return * Respective probability
Expected return = (0.1*16) + (0.6*11) + (0.3*-8)
Expected return = 5.8%
Probability Return Probability*(Return-Expected Return)^2
0.1 16 [0.1*(16-5.8)^2] = 10.404
0.6 11 [0.6*(11-5.8)^2] = 16.224
0.3 -8 [0.3*(-8-5.8)^2] = 57.132
Total = 83.76%
Standard deviation = [Total probability*(Return-Expected Return)^2/Total probability]^(1/2)
Standard deviation = (83.76)^(1/2)
Standard deviation = 9.15204895092%
Standard deviation = 9.15%
6. GAMA Corp. and FAMA Corp. have the same tax rate, sales, total assets, and basic earning power. Both companies have positive net incomes. GAMA Corp. has a higher debt to asset ratio and, therefore, a higher interest expense. Which of the following statements is CORRECT? a. GAMA Corp. has a lower times interest earned (TIE) ratio. b. GAMA Corp.has more net income. c. GAMA Corp.pays more in taxes. d. GAMA Corp. has a lower ROE.
Answer: GAMA Corp. has a lower times interest earned (TIE) ratio
Explanation:
The times interest earned (TIE) ratio simply means how the ability of a company to meet its debt obligations is being measured based on the current income that the company has.
Since GAMA Corp. has a higher debt to asset ratio and, therefore, a higher interest expense, it simply means that GAMA Corp. has a lower times interest earned (TIE) ratio when compared to FAMA Corp.
Therefore, the correct option is A.
Mars, Inc. follows IFRS for its external financial reporting, while Jerome Company uses GAAP for its external financial reporting. During the year ended December 31, 2021, both companies changed from using the completed-contract method of revenue recognition for long-term construction contracts to the percentage-of-completion method. Both companies experienced an indirect effect, related to increased profit-sharing payments in 2021, of $30,000. As a result of this change, how much expense related to the profit-sharing payment must be recognized by each company on the income statement for the year ended December 31, 2021
Answer:
Mars, Inc (IFRS) and Jerome Company (GAAP) for External Reporting
Change from completed-contract method of revenue recognition for long-term construction contracts to the percentage-of-completion method.
Mars, Inc Jerome Company
Expenses to be recognized $0 $30,000
Explanation:
GAAP and IFRS previously recognized two methods for accounting for long-term construction contracts: the completed contract method and the percentage of completion method. GAAP allowed for an adjustment to be made to the income as a result of a change in method for unrecognized expenses in the previous period, whereas IFRS did not allow such an adjustment. However, the harmonized revenue standards under GAAP ASC 606 and IFRS 15 now stress the performance obligations that have been met under any contract as the standard criteria to measure revenue recognition.
Consider the following payoff matrix for a game in which two firms attempt to collude under the Bertrand model:
Firm B cuts Firm B colludes
Firm A cuts 6,6 24,8
Firm A colludes 8,24 12,12
Here, the possible options are to retain the collusive price(collude) or to lower the price in attempt to increase the firm's market share (cut). The payoffs are stated in terms of millions of dollars of profits earned per year. What is the Nash equilibrium for this game?
a. Both firms cut prices.
b. Both firms collude.
c. B cuts and A colludes.
d. A cuts and B colludes.
Answer:
A
Explanation:
Game theory looks at the interactions between participants in a competitive game and calculates the best choice for the player.
Dominant strategy is the best option for a player regardless of what the other player is playing.
Nash equilibrium is the best outcome for players where no player has an incentive to change their decisions.
For either firm, the payoff of cutting price is either 6 or 24
For either firm, the payoff of colluding is either 8 or 12
the dominant strategy for both firms is to cut price because it is the best option regardless of what the other firm does as it yields the highest payoffs.
Thus, the Nash equilibrium is to cut price
You have $20 to spend. You want to buy a new bike helmet because your old one is
damaged. You also want to buy a new CD. However, you can only afford one of them. How
would you decide which item to buy?
Answer: I would buy the bike helmet.
Explanation:
The bike helmet is needed, but the CD is only wanted. Therefore, it would be smarter to buy the bike helmet and invest in buying the CD later.
Sergey bought two shares of a stock at $22 each in early January 2018. At the end of a year he earned $2 dividend on each one. By year-end 2018 the price had risen to $22.50. In early January (after the holidays) he bought another share at that price. At year-end 2019 the price was $22.80 and the dividend of $2 a share was again paid out. What was the dollar weighted return on his investment?
Answer: 10.79%
Explanation:
Based on the information given, the return in year 1 will be:
= (22.5 + 2)/21 - 1
= 1.1136 - 1
= 0.1136
= 11.36%
The return in year 2 will be:
= (22.8 + 2)/22.5 - 1
= 1.1022 - 1
= 0.1022
= 10.22%
Therefore weighted return will be:
= (11.36% + 10.22%)/2
= 21.58%/2
= 10.79%
What are some solutions for schools to fix the problem of too much work/homework given by teachers
they could give out less homework
give out weekly packets instead of a lot of daily work
only do necessary work
do more work in class
give homework every 2 weeks
or stop giving homework all together
Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2019 Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 71 Accounts Receivable 519 Supplies 24 Prepaid Insurance 18 Land 590 Equipment 236 Accum. Depr.-Equipment 47 Accounts Payable 212 Wages Payable 24 Brenda Schultz, Capital 1,028 Brenda Schultz, Drawing 47 Fees Earned 578 Wages Expense 142 Rent Expense 71 Insurance Expense 59 Utilities Expense 41 Supplies Expense 35 Depreciation Expense 24 Miscellaneous Expense 12 1,889 1,889 Prepare the two closing entries for Alert Security Services Co. For a compound transaction, if an amount box does not require an entry, leave it blank.
Answer:
Alert Security Services Co.
Closing Journal Entries:
October 31, 2019:
Debit Fees Earned $578
Credit Income Summary $578
To close the revenue account to the income summary.
October 31, 2019:
Debit Income Summary $384
Credit:
Wages Expense $142
Rent Expense 71
Insurance Expense 59
Utilities Expense 41
Supplies Expense 35
Depreciation Expense 24
Miscellaneous Expense 12
To close the expenses to the income summary.
Explanation:
a) Data and Calculations:
Alert Security Services Co.
End-of-Period Spreadsheet For the Year Ended October 31, 2019
Adjusted Trial Balance Income Statement Balance Sheet
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash 71 71
Accounts Receivable 519 519
Supplies 24 24
Prepaid Insurance 18 18
Land 590 590
Equipment 236 236
Accum. Depr.-Equipment 47 47
Accounts Payable 212 212
Wages Payable 24 24
Brenda Schultz, Capital 1,028 1,028
Brenda Schultz, Drawing 47 47
Fees Earned 578 578
Wages Expense 142 142
Rent Expense 71 71
Insurance Expense 59 59
Utilities Expense 41 41
Supplies Expense 35 35
Depreciation Expense 24 24
Miscellaneous Expense 12 12
Total 1,889 1,889 384 578 1,505 1,311