Answer:
Therow Corporation
a) Tabular Analysis of Transactions:
Assets = Liabilities + Equity
1. Cash $20,000 = + Common Stock $20,000
2. Cash -$3,000
Equipment $9,000 = $6,000
3. Accounts
Receivable $18,000 = + Retained Earnings $18,000
4. Cash -$1,200 + Retained Earnings -$1,200
5. Cash -$4,000 -$4,000
6. Cash -$500 + Retained Earnings -$500
b. Sept. 1:
Debit Cash $20,000
Credit Common Stock $20,000
Sept. 5:
Debit Equipment $9,000
Credit Cash $3,000
Credit Accounts Payable $6,000
Sept. 8:
Debit Accounts Receivable $18,000
Credit Service Revenue $18,000
Sept. 14:
Debit Salaries Expense $1,200
Credit Cash $1,200
Sept. 25:
Debit Accounts Payable $4,000
Credit Cash $4,000
Sept. 30:
Debit Dividends $500
Credit Cash $500
c. T-accounts:
Cash
Account Titles Debit Credit
Common Stock $20,000
Equipment $3,000
Salaries Expense 1,200
Accounts payable 4,000
Dividends 500
Accounts Receivable
Account Titles Debit Credit
Service Revenue $18,000
Common Stock
Account Titles Debit Credit
Cash $20,000
Equipment
Account Titles Debit Credit
Cash $3,000
Accounts payable 6,000
Accounts Payable
Account Titles Debit Credit
Equipment $6,000
Cash $4,000
Service Revenue
Account Titles Debit Credit
Accounts receivable $18,000
Salaries Expense
Account Titles Debit Credit
Cash $1,200
Dividends
Account Titles Debit Credit
Cash $500
Explanation:
a) Data and Analysis:
Sept. 1: Cash $20,000 Common Stock $20,000
Sept. 5: Equipment $9,000 Cash $3,000 Accounts Payable $6,000
Sept. 8: Accounts Receivable $18,000 Service Revenue $18,000
Sept. 14: Salaries Expense $1,200 Cash $1,200
Sept. 25: Accounts Payable $4,000 Cash $4,000
Sept. 30: Dividends $500 Cash $500
Statement of Owner's Equity Zack Gaddis owns and operates Gaddis Advertising Services. On January 1, 20Y3, Zack Gaddis, Capital had a balance of $186,000. During the year, Zack invested an additional $9,300 and withdrew $65,100. For the year ended December 31, 20Y3, Gaddis Advertising Services reported a net income of $89,800.
Prepare a statement of owner's equity for the year ended December 31, 20Y3. Use the minus sign to indicate negative values.
Answer:
Zack Gaddis
Statement of owner's equity for the year ended December 31, 20Y3
Capital Retained Earnings Total
Beginning of the Year :
Opening Balance $186,000 - $186,000
During the year :
Additional Capital $9,300 - $9,300
Drawings ($65,100) - ($65,100)
Net Income - $89,800 $89,800
At the end of the year $130,200 $89,800 $220,000
Explanation:
The statement of owner's equity for the year ended December 31, 20Y3 is prepared as above.
Communicating Negative News EffectivelyAt some point, everyone will have to deliver bad news. The bad feelings associated with this type of message can be alleviated if the receiver knows the reason for the bad news, feels the news is revealed sensitively, thinks the matter is treated seriously, and believes that the decision is fair. When applying these strategies, make sure to follow the writing process and determine whether to use a direct or an indirect pattern in your message. Read the following scenario:Your company started using shipping company two months ago. During your short relationship with a new the company, you notice that it regularly inflates its shipping rates, fails to meet scheduled deliveries, and loses packages. You decide to write a letter to them ending the business relationship. 1. What are your goals when responding to the previous scenario? A. To encourage follow-up correspondence from the receiver. B. To ensure that the company knows you are angry.C. To convey fairness.D. To avoid creating legal liability for your company.E. To make the receiver understand the bad news.2. Staying calm and using polite language while offering a clear explanation of why the negative message was necessary helps the sender to:___.A. Limit legal liability.B. Be firm in their decision.C. Project a professional image.D. Avoid apologizing.
Answer:
Communicating Negative News Effectively
1. The goals when responding to the previous scenario is:
E. To make the receiver understand the bad news.
2. Staying calm and using polite language while offering a clear explanation of why the negative message was necessary helps the sender to:___
D. Avoid apologizing.
Explanation:
To effectively communicate negative news to a recipient, the sender needs to clarify her goal. The goal is the purpose that she wants to achieve through the communication. There are many goals one can pursue when delivering negative news. They include avoiding further clarification, legal liability, or erroneous admission of guilt, maintaining relationships, reducing tensions, and achieving the intended outcome.
The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to the ending work in process inventory was:
Answer:
$95,400
Explanation:
Step 1 : Find the equivalent units of production in Ending Work in Progress
Materials = 18,000 x 100 % = 18,000 units
Conversion costs = 18,000 x 60 % = 10,800 units
Step 2 : Calculate the Cost of units in Ending Work in Progress
Cost of units in Ending Work in Progress = 18,000 x $2.75 + 10,800 x $4.25
= $95,400
Conclusion :
The ending work in process inventory was $95,400.
You are the beneficiary of a life insurance policy. The insurance company informs you that you have two options for receiving the insurance proceeds. You can receive a one-time cash of $200,000 today or receive payments of $1,400 a month starting at the end of this month for 20 years. Assuming the APR is 6 percent with monthly compounding, which option should you take and why
Answer:
Option 1 PV lumpsum = $200000
Option2 PV of Annuity = $195413.08035 rounded off to $195413.08
Based on the present value of both the options, Option 1 should be chosen as it has a higher present value than option 2.
Explanation:
To decide on the best option to choose among the given two, we need to find the present value of both the options.
As the first option is to receive a lumpsum payment of $200000 today, the present value of this option is also equal to $200000 as it will be received today.
Option two, on the other hand, is an annuity as fixed payments will be received after equal intervals of time and for a limited time period and at the end of the period which satisfies the criteria of annuity ordinary. We will use the formula for the present value of annuity which is,
PV of Annuity = C * [( 1 - (1+r)^-n) / r]
Where,
C is the periodic paymentr is the rate of return of discount raten is the number of periodsThe periodic payment is provided as $1400. We are also provided with and APR of 6% which is the Annual rate. We will have to convert it into monthly rate by dividing it by 12. We are also provided with the number of years which we will need to convert into number of months by multiplying it by 12.
Monthly r = 6%/12 = 0.5%
Number of periods = 20 * 12 = 240
PV of Annuity = 1400 * [( 1 - (1+0.5%)^-240) / 0.5%]
PV of Annuity = $195413.08035 rounded off to $195413.08
4.7 Discuss the role that computers play in modern society.
Answer:
Computer roles in education in modern society
Storage of information.
Quick data processing.
Audio-visual aids in teaching.
Better presentation of information.
Access to the Internet.
Quick communication between students, teachers and parents.
Explanation:
Computers make people's lives easier and more comfortable:
they provide opportunities for staying in touch to billions of people who are in different parts of the world.
People can drive computerized cars and work for employers from other countries without even seeing them.
Which of the following is NOT a benefit provided by a stakeholder analysis document?
Select an answer:
You will know who the project stakeholders are.
You can prioritize stakeholders so you make sure to keep the most important ones happy.
You will know the best way to communicate project information to the stakeholders.
You will understand the best way to work with different stakeholders to get results.
Answer:
This is not a benefit provided by a stakeholder analysis document:
You can prioritize stakeholders so you make sure to keep the most important ones happy.
Explanation:
A stakeholder analysis document identifies a project's stakeholders, their participation levels, interests, and influences in the project. It determines the best approach to involve, and therefore, communicate with each stakeholder group. The purpose of the document is not to prioritize stakeholders but to identify the groups.
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31
Cash balance according to company’s records $11,100
Add: Outstanding checks $3,585
Error by Chesner Co. in recording Check No. 1056 as $950 instead of $590 360
Note for $12,000 collected by bank, including interest 12,480 16,425
$27,525
Deduct: Deposit in transit on August 31 $7,200 Bank service charges 25 7,225
Cash balance according to bank statement $20,300
Required:
a. From the data prepared by the accounting clerk, prepare a new bank reconciliation for Chesner Co.,
b. If a balance sheet were prepared for Chesner Co. on July 31, 2016, what amount should be reported for cash?
Answer:
See below
Explanation:
Chesner Co.
Bank reconciliation statement
a.
Cash balance according to bank statement
$20,300
Add:
Deposit in transit on July 31
$7,200
Deduct:
Outstanding checks
($3,585)
Balance
$3,615
Adjusted balance
$23,915
Cash balance according to company's record
$11,100
Add:
Error in recording check no
1056 as $950 instead of $590
$360
Note for $12,000 collected by bank including interest
$12,480
Deduct:
Bank service charge
($25)
Balance
$12,815
Adjusted balance
$23,915
b. The amount that should be reported as cash if a balance sheet were prepared for Chesner Co. on July 31, 2016 is $23,915
On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $720,000. On July 1, 2021, the company borrowed $570,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The company assigned specific receivables totaling $720,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.2% of the accounts receivable assigned.
Required: Prepare the journal entry to record the borrowing on the books of High Five Surfboard. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
Dr Cash$561,360
Dr Finance charge expense $8,640
Cr Finance arrangement $570,000
Explanation:
Preparation of the journal entry to record the borrowing on the books of High Five Surfboard.
Dr Cash$561,360
[$570,000-($720,000*1.2%)]
$570,000-$8,640
=$561,360
Dr Finance charge expense $8,640
($720,000*1.2%)
Cr Finance arrangement $570,000
(Being to record the borrowing on the books of High Five Surfboard )
what are the intermediaries of netflix
Since a cell phone is a private good, if Neha chooses to spend $300 on a cell phone, Neha would get $300 of benefit from the cell phone and Teresa wouldn't receive any benefit from Neha's choice. If Neha still spends $300 on a cell phone and Teresa chooses to contribute $300 to the public park, Neha would still receive the $270 of benefit from Teresa's generosity. In other words, if Neha decides to keep the $300 for a cell phone and Teresa decides to contribute the $300 to the public project, then Neha would receive a total benefit of $300 $270
Answer:
In other words, if Neha decides to keep the $300 for a cell phone and Teresa decides to contribute the $300 to the public project, then Neha would receive a total benefit of:
$570.
Explanation:
Neha has, in this situation, maximized his benefits to the detriment of the public good. This is an illustration of the tragedy of the commons. The tragedy of the common is an economic problem that explains the loss that the society incurs when some persons like Neha neglect to contribute to the common good because they are solely concentrated on pursuing their individual goals for personal gains.
A company issued 70 shares of $30 par value preferred stock for $4,000 cash. The journal entry to record the issuance is:______.
A. Debit Cash $2,100; credit Preferred Stock $2,100.
B. Debit Investment in Preferred Stock $2,100; credit Cash $2,100.
C. Debit Cash $4,000; credit Preferred Stock $4,000.
D. Debit Preferred Stock $2,100, debit Investment in Preferred Stock $1,900; credit Cash $4,000.
E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.
Answer:
E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.
Explanation:
Journal Entry for Issuance of 70 shares of $30 par value preferred stock for $4,000 is -
Cash Debited - $4,000
Paid in Capital in excess of Par value Credited - $1,900
Preferred Stock (70 shares × $30 each) Credited - $2,100
The correct option is - E. Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.
It is better to ___ than to ___.
A. pay with a credit card; use cash
B. pay down a credit card; save the money
C. save the money, pay off a credit card
D. use cash; save the money
Answer:
It is better to pay down a cred card than to save the money.
Or B
Explanation: I just took the quiz.
It is better to "save the money, pay off a credit card" than to "use cash". The correct option is C.
Why is it important to save money early?The first step toward financial independence is saving money. The sooner children and teenagers begin saving, the more probable it is that it will become a habit. Children and teenagers can benefit from compound interest by saving frequently and early. Finding ways to generate additional money might help kids and teenagers increase their savings.
This is because paying off a credit card debt can help reduce overall debt and save money in the long term by avoiding high-interest charges. On the other hand, using cash may provide a sense of security and control over spending, but it does not necessarily address existing debt or help build credit history.
Thus, the ideal selection is option C.
Learn more about saving money here:
https://brainly.com/question/25192498
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In 2020, the CEO of Crimson, Inc., entertains 9 clients at a skybox in Memorial Stadium for a single athletic event during the year. Substantive business discussions occurred at various times during the event. The box cost $11,300 per event and seats 11 people. (The cost of a regular, nonluxury box seat at Memorial ranges from $90 to $180.) Refreshments served during the event cost $820 (and were separately itemized on the bill Crimson received).
Required:
How much of these costs may Crimson deduct?
Answer:
The amount of these costs Crimson may deduct is $1,400.
Explanation:
The amount of these costs Crimson may deduct can be calculated as follows:
Costs of refreshments served during the event = $820
Higher of the cost of nonluxury box seat at Memorial = $180
Number of people the box can seat = 11
Costs of the seat = Higher of the cost of nonluxury box seat at Memorial * Number of people the box can seat = $180 * 11 = $1,980
Total cost of entertainment = Costs of refreshments served during the event + Costs of the seat = $820 + $1,980 = $2,800
50% of the total cost of entertainment = $2,800 * 50% = $1,400
Allowable deduction = Total cost of entertainment - Elimination of 50% of the total cost of entertainment = $2,800 - $1,400 = $1,400
Therefore, the amount of these costs Crimson may deduct is $1,400.
Savers make deposits and investments in order to earn what?
Why don't savers invest their money directly with the businesses?
Answer:
Savers make deposits and investment in order to earn interest on their money. This often works very well because they do not earn only interest as a percentage of their money, but also interest as a percentage of previously accrued interest, something known as compound interest.
Savers do not invest their money directly with the businesses because real economic activity tends to be riskier (although it could also be more profitable for this same reason). This is why they often prefer to invest the money on financial instruments.
Sheffield Corp. includes one coupon in each bag of dog food it sells. In return for eight coupons, customers receive a leash. The leashes cost Sheffield $4 each. Sheffield estimates that 45 percent of the coupons will be redeemed. Data for 2020 and 2021 are as follows:______.
2020 2021
Bags of dog food sold 480000 620000
Leashes purchased 19000 24000
Coupons redeemed 110000 130000
The premium liability at December 31, 2015 is?
Answer: $108875
Explanation:
First, we calculate the Premium liability at December 31, 2020 which will be:
= (480,000 × 45%) - $110,000/8 × 4
= (216000 - 110000)/8 × 4.
= $53000.
Premium liability at December 31, 2021 will be:
= 53000 + [(620000 × 45%) - $130,000]/8 × 3
= 53000 + 55875
= $108875