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.
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.
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 )
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
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:
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