Answer:
the journal entries for the unrecorded transactions are:
a. Taping services in the amount of $994,000 were billed.
Dr Accounts receivable 994,000
Cr Service revenue 994,000
b. The accounts receivable at the beginning of the year were collected.
Dr Cash 384,000
Cr Accounts receivable 384,000
c. In addition, cash for $983,000 of the services billed in transaction a was collected.
Dr Cash 983,000
Cr Accounts receivable 983,000
d. The rent payable for the building was paid. In addition, $48,000 of building rental costs was paid in cash. There was no rent payable or prepaid at year-end.
Dr Rent expense 48,000
Dr Rent payable 10,000
Cr Cash 58,000
e. The equipment rent payable on January 1 was paid. In addition, $84,000 of equipment rental costs was paid in cash. There was no rent payable or prepaid at year-end.
there is no equipment rent payable
Dr Equipment rent expense 84,000
Cr Cash 84,000
f. Utilities expense of $56,000 was incurred and paid in 2009.
Dr utilities expense 56,000
Cr Cash 56,000
g. Salaries expense for the year was $702,000. All $702,000 was paid in 2009.
Dr Salaries expense 702,000
Cr Cash 702,000
h. The interest payable at January 1 was paid. During the year, an additional $11,000 of interest was paid. At year-end no interest was payable.
Dr Interest expense 11,000
Dr Interest payable 100,000
Cr Cash 111,000
i. Income taxes for 2009 in the amount of $19,700 were incurred and paid.
Dr Taxes expense 19,700
Cr Cash 19,700
Thomas Book Sales, Inc., supplies textbooks to college and university bookstores. The books are shipped with a proviso that they must be paid for within 30 days but can be returned for a full refund credit within 90 days. In 2014, Thomas shipped and billed book titles totaling $660,000. Collections, net of return credits, during the year totaled $605,934. he company spent $255,453 acquiring the books that it shipped a. Using accrual accounting and the preceding values, show the firm's net profit for the past year b. Using cash accounting and the preceding values, show the firm's net cash flow for the past year c. Which of these statements is more useful to the financil manager? Why?
Answer:
The following summarizes the solution to the given problem.
Explanation:
The given values are:
Sales,
= $660,000
Expenses,
= $255,453
Received cash revenues,
= $605,934
(a)
According to the accrual, profits would be acknowledged and therefore not necessarily received on the occasion of purchase.
⇒ [tex]Net \ income=Sales-Expense[/tex]
On substituting the given values, we get
⇒ [tex]=660,000-255,453[/tex]
⇒ [tex]=404,547[/tex] ($)
(b)
⇒ [tex]Net \ Income =Received \ cash \ revenues-Expenses[/tex]
On substituting the given values, we get
⇒ [tex]=605,934-255,453[/tex]
⇒ [tex]=350,481[/tex] ($)
(c)
The reliable financial foundation again for a financial consultant is more helpful because it demonstrates or represents the organization's appropriate financial status. It accepts the profits throughout a similar time frame.Explain why the concept of an organization as an iceberg is important.
Answer:An organizational iceberg can sink a business if the leaders don't take the time to find out what's beneath the surface of their culture. But once you recognize the issues at the different levels of the organizational iceberg, you can appropriately address them and keep your business in safe waters.
Explanation:IM SMART
3. During a typical performance appraisal, the employee's supervisor evaluates the employee's work in terms of
• A. diverse management strategy.
O B. industry norms.
O C. his or her contribution to the organization.
O D. economic forecasts.
Answer:
O C. his or her contribution to the organization.
Explanation:
A performance appraisal reviews an employee's job performance and overall contribution to a company. It is also called an annual review, performance review or evaluation, or employee appraisal. Performance appraisal provides feedback on each employee's performance, serves as a basis for modifying or changing work behavior, and provide data to managers with which they may judge future job assignments and performance.
A $25,000 bank loan is to be repaid in equal yearly payments of $2745 over 15 yr at an effective annual interest rate of 7%. The borrower uses the loan money to earn an annual effective return of 10% in the stock market. All money earned is kept in the stock fund. What is most nearly the present-day value of the earnings over 15 yr as a result of this loan and investment venture
Answer:
The present-day value of the earnings over 15 years as a result of this loan and investment venture is:
= $24,998.51.
Explanation:
a) Bank loan = $25,000
Annuity Payment = $2,745 yearly
Period of loan = 15 years
Effective annual interest rate = 7%
Effective annual return = 10%
Future value of $25,000 at 10% for 15 years = $25,000 * 4.1777
= $104,425
The present-day value of $104,425 over 15 years at 10% effective annual return, using an online financial calculator =
N (# of periods) = 15 years
I/Y (Interest per year) = 10 years
PMT (Periodic Payment) = 0
FV (Future Value) = $104,425
Results
PV = $24,998.51
Total Interest $79,426.49
A comparative balance sheet for Culver Corporation is presented as follows.
December 31
2020 2019
Assets
Cash 72740 22000
Accounts receivable 83220 67480
Inventory 181220 190480
Land 72220 111480
72,740 83,220 181,220 72,220 $ 22,000 67,480 190,480 111,480
Equipment 261,220 201,480
Accumulated Depreciation- (70,220) (43,480)
Equipment
Total $600,400 $549,440
Liabilities and Stockholders' Equity
Accounts payable 35,220 $48,480
Bonds payable 150,000 200,000
Common stock ($1 par) 214,000 164000
Retained earnings 201,180 136,960
Total Additional information:
1. Net income for 2020 was $127,440. No gains or losses were recorded in 2020.
2. Cash dividends of $63,220 were declared and paid.
3. Bonds payable amounting to $50,000 were retired through issuance of common stock.
Prepare a statement of cash flows for 2020 for Culver Corporation. (Show amounts that decrease cash flow wit sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Answer:
Increase in cash = $50,740
Explanation:
The statement of cash flows for 2020 can be prepared as follows:
Culver Corporation
Statement of Cash Flows
For December 31, 2020
Particulars $ $
Net income 127,440
Adjustment to reconcile net income:
Depreciation expenses (w.1) 26,740
(Increase) decrease in current assets:
Increase in accounts receivable (w.2) (15,740)
Decrease in inventory (w.3) 9,260
Increase (decrease) in current liabilities:
Decrease in accounts payable (w.4) (13,260)
Net cash from operating activities 134,440
Cash Flow from Investing Activities
Sales of land (w.5) 39,260
Purchase of equipment (w.6) (59,740)
Net cash from investing activities 20,480
Cash Flow from Financing Activities
Cash dividends paid (63,220)
Net cash from financing activities 63,220
Increase / (Decrease) in cash 50,740
Beginning cash balance 22,000
Ending cash balance 72,740
Workings:
w.1: Depreciation expenses = Accumulated Depreciation in 2020 - Accumulated Depreciation in 2019 = $70,220 - $43,480 = $26,740
w.2: Increase in accounts receivable = Accounts receivable in 2020 - Accounts receivable in 2021 = $83,220 - $67,480 = $15,740
w.3: Decrease in inventory = Inventory in 2020 - Inventory in 2019 = 181220 190480 = -$9,260
w.4: Decrease in accounts payable = Accounts payable in 2020 - Accounts payable in 2019 = ($35,220 - $48,480) = $13,260
w.5: Sales of land = Land in 2019 - Land in 2020 = ($111,480 - $72,220) = $39,260
w.6: Purchase of equipment = Equipment in 2020 - Equipment in 2019 = $261,220- $201,480 = $59,740
GIVING BRAINLIEST
hi!.... so i have a question for all of you... how do you make money?
Answer: Doing activities that involve services that qualify for payment.
Explanation: Those services could be our normal daily jobs. Janitors, teachers, engineers, doctors, etc. Other ways to make money could be doing it the easier way, but not making a better profit then the daily services. That can be finding trips or tricks online to make a quick buck, doing small jobs like delivering newspapers or having a food stand.
Suppose that Econistan produces two goods, marshmallows and toothpicks, under conditions of constant opportunity costs. Given its resources, the maximum number of marshmallows that it can make is 1000 pounds, and the opportunity cost of making one additional box of toothpicks is 4 pounds of marshmallows. a) (5 points) What is the maximum amount of toothpicks that Econistan can produce
Answer:
maximum number of toothpicks to be produced = 250
Explanation:
given data
maximum number of marshmallows = 1000 pounds
opportunity cost = 4 pounds
solution
we get here max no of toothpick that is express as
max no of toothpick = maximum number of marshmallows ÷ opportunity cost one toothpicks .......................1
put here value
max no of toothpick = [tex]\frac{1000}{4}[/tex]
max no of toothpick = 250
maximum number of toothpicks to be produced = 250
An organization expresses its reason for being, what it aspires to be, and the values it wants to emphasize in its mission, vision, and values statements, respectively. This activity is important because these three statements are the necessary foundation for a successful organizational planning process. Read the descriptions and select whether the description pertains to a mission, vision, or value statement.
a. Describes the image the organization wants to project
b. Inspires enthusiasm and encourages commitment
c. Illuminates the organization’s attitude toward its employees
d. Is intended to guide all of the actions in the organization
Answer:
Explanation:
Each one of these are aspects of a company that each demonstrate something different of the company. A compan's mission is basically its ethics, cultures, and values. A company's vision is where they see themselves in the future in terms of the company they want to become. A company's value statement is it's core beliefs and priorities. That being said the following statements would be classified as follows...
a. Describes the image the organization wants to project - Vision
b. Inspires enthusiasm and encourages commitment - Vision
c. Illuminates the organization’s attitude toward its employees - Mission
d. Is intended to guide all of the actions in the organization - Value Statement
The Steamboat Company began the month with 2,000 units in work in process which were 25% complete with respect to conversion costs. During the month, 10,000 units were started into production and the ending work in process consisted of 1,000 units which were 40% complete with respect to conversion costs. What was the number of equivalent units of production for conversion costs
Answer:
The number of equivalent units of production for conversion costs was 6,000 units
Explanation:
The 2,000 units at the beginning of the period is completed during the period and 10,000 units are started in the period.
Equivalent units of production = Completed Units + Portion of WIP completion at the end of the period )
Equivalent units of production = Completed Units + ( Numbers of units started in the period x Percentage of completed at the end of the period )
Where
Completed units = 2,000 units
Numbers of units started in the period = 10,000 units
Percentage of completed at the end of the period = 40%
Placing values in the formula
Equivalent units of production = 2,000 units + ( 10,000 units x 40% ) = 2,000 units + 4,000 units = 6,000 units
The weekly time tickets indicate the following distribution of labor hours for three direct labor employees:
Hours
Job 301 Job 302 Job 303 Process Improvement
Tom Couro 10 15 13 2
David Clancy 12 12 14 2
Jose Cano 11 13 15 1
The direct labor rate earned per hour by the three employees is as follows:
Tom Couro $32
David Clancy 36
Jose Cano 28
The process improvement category includes training, quality improvement, and other indirect tasks.
a. Journalize the entry to record the factory labor costs for the week.
b. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the week?
Answer:
A) attached below
B)
= $ 2336 will reflect as the direct cost at the end of the week
Explanation:
Attached below is a detailed solution
A) Journalize the entry to record the factory labor cost for the week
attached below
B) Assuming jobs 301 and 302 were completed but not sold during the week and Job 303 remained incomplete at the end of the week
productive hours worked on Jobs 301 and 302
Tom : 10 + 15 = 25 hours
David : 12 + 12 = 24 hours
Jose : 11 + 13 = 24 hours
productive hours worked on job 303 = uncomplete
Direct labor cost at the end of the week
= ( 25 * 32 ) + ( 24 *36 ) + ( 24 *28 )
= $ 2336 will reflect as the direct cost at the end of the week
A demand for a product or resource because of its contribution to the final product is called
Answer:
Derived demand
Explanation:
Derived demand occurs when a good is requested not for benefits they directly provide, but for their contribution to another product.
For example capital, land, labour, and raw materials are demanded for their role in producing a final product.
So they can be seen as goods that have derived demand.
When they demand for the final product increases the good that has derived demand also increases, and vice versa.
One disadvantage of a sole proprietorship as a form of business organization is that: a. owners of sole proprietorships generally find it difficult to negotiate separation agreements with the other partners in the firm. b. sole proprietorships are less efficient than corporations, because they are less specialized in production. c. owners of sole proprietorships generally have very little control over how they operate their businesses. d. sole proprietorships cannot lower the transaction costs associated with contracting with resource owners. e. owners of sole proprietorships can lose all their personal assets if the business is sued or fails.
Answer:
e. owners of sole proprietorships can lose all their personal assets if the business is sued or fails.
Explanation:
Remember, in a sole proprietorship form of business ownership, the owner's personal assets are not usually separated from the business since the business isn't viewed as a separate legal entity.
Hence, in a case where the business incurs liability or sued/fails, the owner's personal assets can be targeted in the lawsuit and may lead to loss of all their personal assets.
Functions of money and barterConsider an economy in which money does not exist, so that agents rely on barter to carry out transactions. When the economy was small, barter seemed sufficient. However, the economy has now begun to grow.If people in this economy trade three goods, the price tag of each good must list ______________?prices, and the economy requires____________?prices for people to carry out transactions.Suppose that the number of goods people trade increases to 15. Then the price tag of each good must list _________?prices, and the number of prices that the economy requires increases to____________?Now suppose that our economy has a money. The government now issues a national currency and there is no longer any barter.In this economy, money and currency are not the same because:1. The fact that the government issues currency means that the currency will be accepted as money by all agents.2. The fact that the currency is backed by the government means that it will never lose value and will remain a perfect unit of account.3. Just because the government issues currency does not mean that the currency will be accepted as money, since it must be used as a medium of exchange, store of value and standard of value.4. Just because the government issues currency does not mean that the currency will be accepted as money, and buyers and sellers still need barter to ensure that money does not lose its value.Suppose now that our economy is suffering from rapid, ongoing increases in the cost of living. Which characteristic of money is directly negatively impacted in that economy?1. Medium of exchange2. Double coincidence of wants3. Store of value4. Unit of account
Answer:
Money and Barter System
a. 9 prices
b. 9 prices
c. 225 prices
d. 225
e. 2. The fact that the government issues currency means that the currency will be accepted as money by all agents.
f. The characteristic or quality of money that is directly negatively impacted in that economy by the rapid, ongoing increases in the cost of living is the:
3. Store of value.
Explanation:
Before the governments started to mint money or currency, the barter system was the system of exchanging goods and services between two people. The barter system relied on the exchange of goods and services that were required by one person if she could find another person who possessed the goods or services and was willing to accept or actually needed the goods or services that the first person had. The exchange system was complicated, involving the location of the other party in the barter transaction.
The January 28 (fiscal y ear-end) financial statements of Collette, Inc. reported the following information (in millions). Cost of sales Inventories, net LIFO reserve Year2 $1,213,918 468,611 3,476 Year1 $1,223,622 437,396 3,275 If Collette had used the FIFO method of inventory costing, Year 2 inventory would have been: A) $465, 135 million B) $472,087 million C) $468,812 million D) $405,482 million E) None of these are correct.
Answer:
B) $472,087 million
Explanation:
The computation of the year 2 inventory is shown below
= LIFO inventory + LIFO reserve
= 468,611 + $3,476
= $472,087 million
We simply added the lifo inventory and lifo reserve of year 2 in order to determine the year 2 inventory
Hence, the correct option is B.
On January 1, 2017, Ahmed Inc. loaned $316,837 to Cyrus Co. A zero-interest-bearing note (face amount, $400,000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2020. The prevailing rate of interest for a loan of this type is 6%. What amount of interest expense will Cyrus recognize over the four years?
Answer:
the amount of interest expense for the four years is $76,041
Explanation:
The computation of the amount of interest expense for the four years is shown below:
= Loan amount × rate of interest × number of years
= $316,837 × 6% × 4 years
= $76,041
Hence, the amount of interest expense for the four years is $76,041
Larsen Company adds materials at the beginning of the process in Department 2. Data concerning the materials used in May production are as follows: Units Work-in-process at May 1 12,000 Started during May 32,000 Completed and transferred out during May 33,000 Normal spoilage incurred 3,000 Work-in-process at May 31 8,000 Using the weighted-average method, the equivalent units for materials are:
Answer:
$44,000
Explanation:
Calculation for the equivalent units for materials
Using this formula
Equivalent unit of material = Completed and transferred out+Normal spoilage+Ending work in process
Let plug in the formula
Equivalent unit of material = $33,000+$3,000+$8,000
Equivalent unit of material = $44,000
Therefore Using the weighted-average method, the equivalent units for materials are $44,000
discuss three types of elasticity of demand with various exa
mples
Answer:
Perfectly Elastic Demand
Perfectly Inelastic Demand
Relatively Elastic Demand
Relatively Inelastic Demand
Explanation:
GIVING BRAINLIEST
hi!.... so i have a question for all of you... how do i make money? ( cuz ya know i'm too young T - T
backstory
i'm going to sound WEIRD ik but here it goes, last christmas i got the microphone i needed for my project, but that's before i realised that the 93$ i had been saving for mo months wasn't going to cut the costs of the drawing tablet i needed... to finally pursue my dream, my yt channel so i looked into getting a job but guess what! the area im living in means that i'm exactly 9 months to young to get one, i would wait but that microphone was expensive and i don't want to so can you help me?
can you please answer or comment some money ideas?
Answer:
yes, start selling stuff
ex) start a closet on IG, sell on ETSY, Mercardi
2. invest money in stocks its a risk but your money can increase or decrease just make a smart buy
Explanation:
plz mark brainliest
Quality Ceramic, Inc. (QCI) defined five submarkets within its broad product-market. To obtain some economies of scale, QCI decided not to offer each of the submarkets a different marketing mix. Instead, it selected two submarkets whose needs are fairly similar, and is counting on promotion and minor product differences to make its one basic marketing mix appeal to both submarkets. QCI is using the
Answer:
combined target market approach
Explanation:
When a company engages in a combined target market approach, it segregates potential markets into pairs or small groups which share similarities and then offers their products or services to them. The marketing mix will be similar for all the small segments that are within the larger group.
Azus is an international food products company with subsidiaries in many countries. It employs host-country nationals extensively in each of its foreign locations. The corporate human resources (HR) function in Azus focuses primarily on coordinating relevant activities with their counterparts in each foreign location. Each subsidiary has its own fully functioning HR department that is responsible for managing all local HR issues for lower- and upper-level employees. In the given scenario, which of the following staffing models does Azus employ?
A) Regiocentric staffing model
B) Polycentric staffing model
C) Ethnocentric staffing model
D) Geocentric staffing model
Answer: Polycentric staffing model
Explanation:
The staffing model employed by Azus is the polycentric staffing model. This is an approach whereby the nationals of a particular country are employed in the central offices while foreigners are employed into their subsidiaries overseas. The foreigner are locals in their countey.
The advantages are that hiring locals are less costly and can improve employee morale and increase in productivity.
The following is a set of hypothetical production possibilities for a nation.
Combination Automobiles (thousands) Beef (thousands of tons)
A 0 10
B 2 9
C 4 7
D 6 4
E 8 0
a. Plot the production possibilities data. What is the opportunity cost of the first 2,000 automobiles produced? Between which points is the opportunity cost per automobile highest? Between which points is the opportunity cost per thousand tons of beef highest?
b. Does this production possibilities curve reflect the law of increasing opportunity costs? Explain.
c. What assumptions could be changed to shift the production possibilities curve?
Answer:
Concept of PPC & MOC, as per given Automobiles & Beef Case.
Explanation:
Production Possibility Curve is graph representing product combinations that an economy can produce with given resources & technology.
The PPC of automobiles & Beef is downward sloping, as their production is inversely related & marginal opportunity cost is increasing.
Marginal Opportunity Cost is the cost of a good sacrifised to gain an additional unit of other good. MOC per automobile is highest between point D & E, as 2 beefs per unit automobile are sacrifised (0 - 4)/ (8 - 6) = -4/2 = -2
Yes, the PPC reflects law of increasing MOC. As from A to B, least ie 1/2 beef is sacrifised to gain an automobile. Then higher 2 beef from B to C, rising & highest from D to E (ie 2 beefs per automobile).
PPC is based on 'given resources & technology' assumption. So, change in resources & technology level can change / shift the PPC
These are the agents of the
organization.
A. Board of Directors
B. Bondholders
C. Managers
D. Managers
Answer:
bondholder I think it is the correct one
Answer:
It is correct but remove the D. Managers
Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of net credit sales will be uncollectible. On January 1, theAllowance for Doubtful Accounts had a credit balance of $2,400. During the year, Abbott wrote off accounts receivable totaling $1,800 and made credit sales of $100,000.There were no sales returns or sales discounts during the year. After the adjusting entry, the December 31, balance in the Bad Debt Expense will be:________.
a. $1,200
b. $3,000
c. $3,600
d. $7,200
Answer:
b. $3,000
Explanation:
According to the above information, the following data are given
Credit sales = $100,000
Uncollectible percentage = 3%
So, after the adjustment by using allowance method, Bad debt expense can be calculated as;
Bad debt expense = Credit sales × Uncollectible percentage
= $100,000 × 3%
= $3,000
Following are the transactions of a new company called Pose-for-Pics.Aug. 1 Madison Harris, the owner, invested $8,000 cash and $34,400 of photography equipment in the company in exchange for common stock.2 The company paid $3,000 cash for an insurance policy covering the next 24 months.5 The company purchased office supplies for $1,520 cash.20 The company received $4,000 cash in photography fees earned.31 The company paid $884 cash for August utilities.Prepare general journal entries for the above transactions.
Answer:
Aug 1
Dr cash $8,000
Dr photography equipment $34,400
Cr Common Stock $42,400
Aug 2
Dr Prepaid Insurance $3,000
Cr Cash$3,000
Aug 5
Dr Office supplies $1,520
Cr Cash$1,520
Aug 29
Dr Cash $4,000
Dr photography fees earned $4,000
Aug31
Dr Utilities expense $884
Cr Cash $884
Explanation:
Preparation of the general journal entries for the above transactions.
Aug 1
Dr cash $8,000
Dr photography equipment $34,400
Cr Common Stock $42,400
(8,000+34,400)
Aug 2
Dr Prepaid Insurance $3,000
Cr Cash$3,000
Aug 5
Dr Office supplies $1,520
Cr Cash$1,520
Aug 29
Dr Cash $4,000
Dr photography fees earned $4,000
Aug31
Dr Utilities expense $884
Cr Cash $884
Sheridan Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year period and requires equal annual payments of $31,448 at the beginning of each year. The first payment is received on January 1, 2020. Sheridan had purchased the machine during 2016 for $116,000. Collectibility of lease payments by Sheridan is probable. Sheridan set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Sheridan at the termination of the lease.
1. Compute the amount of the lease receivable.
2. Prepare all necessary journal entries for Sheridan for 2020.
3. Suppose the collectibility of the lease payments was not probable for Sheridan. Prepare the necessary journal entry for the company in 2020.
4. Suppose at the end of the lease term, Sheridan receives the asset and determines that it actually has a fair value of $980 instead of the anticipated residual value of $0. Record the entry to recognize the receipt of the asset for Sheridan at the end of the lease term.
Answer:
1. $ 207,003.32
2. Dec 1 2020
Dr Lease Receivable $ 207,003.32
Dr Cost of good sold $116,000
Dr Sales $ 207,003.32
Cr Inventory $ 116,000.00
Dr Cash $31,448
Cr Lease Receivable $31,448
Dec 31 2020
Dr Interest Receivable $10,533.32
Cr Interest Revenue $10,533.32
3. Dr Cash $31,448
Cr Deposit Liability $31,448
4. Dr Inventory 980
Cr Gain on lease (Residual value) 980
Explanation:
1 Computation for the amount of the lease receivable
Annual Payments $31,448
x PVAD (6%,8 years ) $6.5824
Amount of lease receivables $ 207,003.32
($31,448*$6.5824)
Therefore the amount of the lease receivable will be $ 207,003.32
2. Preparation of all necessary journal entries for Sheridan for 2020.
Dec 1 2020
Dr Lease Receivable $ 207,003.32
Dr Cost of good sold $116,000
Dr Sales $ 207,003.32
Cr Inventory $ 116,000.00
(Being to record Lease Receivable)
Dr Cash $31,448
Cr Lease Receivable $31,448
(Being to record first lease Receivable)
Dec 31 2020
Dr Interest Receivable $10,533.32
[ ($ 207,003.32 - $31,448 ) x 6%]
Cr Interest Revenue $10,533.32
3. Preparation of the necessary journal entry for the company in 2020.
Dr Cash $31,448
Cr Deposit Liability $31,448
4. Preparation of the entry to recognize the receipt of the asset for Sheridan at the end of the lease term.
Dr Inventory 980
Cr Gain on lease (Residual value) 980
GreenLawn Co. provides landscaping services to clients. On May 1, a customer paid GreenLawn $60,000 for 6-months services in advance. GreenLawn's general journal entry to record this transaction on May 1 will include a: a. Debit to Unearned Revenue for $60,000. b. Credit to Cash for $60,000. c. Credit to Unearned Revenue for $60,000. d. Debit to Accounts Receivable for $60,000. e. Credit to Accounts Receivable for $60,000.
Answer:
c. Credit to Unearned Revenue for $60,000
Explanation:
Based on the information given in a situation where the company provides landscaping services to clients in which On May 1 we were told a customer paid the company the amount of $60,000 in advance which means that the general journal entry to record this transaction on May 1 will include :Credit to Unearned Revenue for $60,000
Dr Cash $60,000
Cr Unearned revenue $60,000
define the term feasibility study
Answer: An evaluation of the practicality of a suggested project or framework is a feasibility study. A feasibility study attempts to discover the benefits and limitations of an ongoing study critically and rationally.
I hope this helped :)
As the video showed, there are many people who are so concerned about the viability of banks, and indeed the entire financial system, that they are buying gold and silver coins instead of trusting their money to banks. However, the government provides protection from having bank accounts wiped out as they were during the Great Depression. The _____________ is an independent agency of the U.S. government that insures bank deposits (up to $250,000).
Consider Abraham and Zach. They both will save $7,200 per year until they retire at age 65. Abraham and Zach, however, will start saving at different ages. Abraham will start saving when he is 25 years old. Zach will start saving when he is 45 years old. Assuming the interest rate each year is 7%, how much money will the first year of savings amount to when they retire
Answer:
Total FV= $1,732,540.35
Explanation:
Giving the following information:
Annual deposit= $7,200
Annual interest rate= 7%
To calculate the future value at the age of retirement, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Abraham:
FV= {7,200*[(1.07^40) - 1]} / 0.07
FV= $1,437,372.81
Zach:
FV= {7,200*[(1.07^20) - 1]} / 0.07
FV= $295,167.54
Total FV= $1,732,540.35
Answer:
Abraham: $107,816.10
Zach:$27,861.73
Explanation:
For Abraham: 7200x(1.07)^40 = $107,816.10
For Zach: 7200x(1.07)^20 = $27,861.73
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period:
Performed $87,000 of services for clients on account.
Performed $50,000 of services for cash.
Incurred $48,000 of other operating expenses on account.
Paid $20,000 cash to an employee for salary.
Collected $64,000 cash from accounts receivable.
Paid $17,000 cash on accounts payable.
Paid a $8,000 cash dividend to the stockholders.
Accrued salaries were $4,000 at the end of Year 1.
Required
a. Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. The first event is shown as an example. (Enter any decreases to account balances and cash outflows with a minus sign.)
b. What is the amount of total assets at the end of Year 1?
c. What is the balance of accounts receivable at the end of Year 1?
d. What is the balance of accounts payable at the end of Year 1?
f. What is net income for Year 1?
g. What is the amount of net cash flow from operating activities for Year 1?
Answer:
Following are the solution to the given points:
Explanation:
For point a: Please find the attachment file
For point b:
The total asset value is[tex]= 92000[/tex]
For point c:
The account receivable value is [tex]= (Transaction_1)- (Transaction_5)= 87000- 64000 = 23000[/tex]
For point d:
The accounts payable valueis [tex]= 48000-17000 =31000[/tex]
For point f:
The Net income is [tex]= 65000[/tex]
For point g:
The value of net cash flow from the operating activity is[tex]= 42000[/tex]