Chapter 2 Mastery Problem
The T –
Hassan Rahim won a concession to rent bicycles in the local park during the summer. During the month of June, Hassan completed the following transactions for his bicycle rental business:

Chart of Accounts


Cash
Hassan Rahim Capital
Accounts Receivable
Hassan Rahim, Withdrawals
Supplies
Rental Income
Shed
Wages Expense
Bicycles
Maintenance Expense
Accounts Payable
Repair Expense

Concession Fee Expense

June
2
Began business by placing $7,200 in a business checking account.

3
Purchased supplies on account, $150

4
Purchased 10 Bicycles for $2,500, paying $1,200 down and agreeing to pay the rest in thirty days.

5
Purchased for cash a small shed to hold the bicycles and to use for other operations, $2,900

6
Paid cash for shipping and installation costs (considered as an addition to the cost of the shed) to place the shed at the park entrance, $400.

8
Received cash of $470 for rentals during the first week of operation.

13
Hired a part-time assistant to help out on weekends at $7.50 per hour

14
Paid a maintenance person to clean the grounds, $75.

15
Received cash, $500, for rentals during the second week of operation.

16
Paid the assistant for a weekend’s work, $150.

20
Paid for the supplies purchased on June 3, $150.

21
Paid repair bill on bicycles, $55.

22
Received cash for rentals during the third week of operation, $550.

23
Paid the assistant for a weekend’s work, $150.

26
Billed a company for bicycle rentals for an employee outing, $110

27
Paid the fee for June to the Park District for the right to the bicycle concession, $100.

28
Received cash for rentals during the week, $410.

29
Paid the assistant for a weekend’s work, $150.

30
Transferred $500 to personal checking account.

Answers

Answer 1

Answer:

27.

Explanation:


Related Questions

TIMED QUIZ PLS HELP!!! 10 POINTS
You are using an email marketing service. They charge a setup fee of $250 plus $0.35 per email sent. How much will a 10,000 email mailing cost?

Answers

Answer:

$3,750

Explanation:

Answer:

c) 3,750

Explanation:

knowledge matters

Explain how a marketing strategy is developed.

Answers

Answer:

The development of a marketing strategy involves the isolation of a target market segment, a set of clear-cut goals, a fair amount of consumer research, and the implementation of initiatives aimed at getting the word out.

Explanation:

Mr. Gupta is also considering giving his employees a raise that would increase total salaries by $35,000.00 per year. What effect would this raise have on Mr. Gupta’s income tax?

Answers

I think the taxes would decrease but increase for the company

If consumers start to believe they need a product, what is likely to happe A. The demand becomes less elastic. B. The demand becomes more elastic. C. The supply decreases. D. The price decreases.​

Answers

If consumers start to believe they need a product, it is likely that the demand for the good becomes less elasticity.

What is price elasticity of demand?

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price

When consumers consider a good to be a necessity, the elasticity of demand becomes less elastic. The more elastic demand is, the more sensitive quantity demanded is to price changes. The less elastic demand is, the less sensitive quantity demanded is to price changes.

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Answer:

B

Explanation:

takin test now

The basic economic problem results from not having enough resources to satisfy every need. a. True b. False

Answers

Answer:

True

Explanation:

Because the less product means less sales and less happy people. Hope this helps.

Establishing an online professional network is an important tool for locating career opportunities in the twenty-first century.


False

True

Answers

Answer:

I say your answer option is true. I'm so sorry if my answer ends up being wrong. I tired my best

Answer:TRUE

Explanation:

If the quantity demanded is greater than the quantity supplied, what will happen to the price?
A. Go up
B. Go up then down
C. Go down
D. Remain the same

Answers

A. Go Up....................

what might of happened if a newly hired person filled out a W-4 form incorrectly

Answers

Answer:

If an error is made, and you accidentally under withhold an employee’s income tax, a bevy of issues can arise, beginning with tax liability. When you under withhold, money is owed to the federal government. And they will be sure to get it. In some cases this burden falls on the employee - which can result in a very unhappy worker, which is never good for a workplace. In other cases you and your employee can both be responsible for the missing money. The longer the mistake goes unnoticed, and the longer you’re underpaying employee payroll taxes, the bigger the tax penalties. You can be penalized for 100% of the money owed, plus interest as the months and years go by.

Explanation:

When an employer willfully under withholds or evades payroll taxes entirely, the consequences are steep. Knowingly evading taxes is a felony and can result in prison time - up to five years or more, depending on the severity and amount. Occasionally, the IRS may issue an audit on your company. Should this occur, you will need to present the necessary paperwork - i.e. employee W-4s - when asked. Having illegible forms may arise suspicion with auditors - whether these forms are malicious or not. If you enter in information from a W-4 incorrectly and realize before the IRS, there are measures you can take to rectify the issue before it snowballs. Typically when a miscalculation of allowances occurs, you would increase the withholding on that person’s paycheck to balance out their withholdings correctly for the year. Then moving forward, you would correct the W-4 and ensure their allowances are correct. Want to avoid issues like these entirely? Read more about how electronic withholding forms can make the W-4 process simple and automatic.

Answer:

B. That person might have a larger tax bill to pay on income taxes.

Hope this helps!

Also for next time please include the answer choices if they are given with the question in your assignment :)

The main function of a high-risk investment is to:
A. make sure that an investment does not lose money.
B. make a variety of investments to balance risk and reward.
C. protect an investment from government fees and taxes.
D. quickly earn as much return on investment as possible.

Answers

D because the reason to take a risky investment is because you need a lot of money quickly

The main function of a high-risk investment is that one quickly earn as much return on investment as possible.

The advantages of high risk investments are:

Investors can earn huge returns in a very short period of time Investor are able to purchase and sell the securities with ease.Investors can earn capital gains as well as dividends on their investments.

The reason for investment is for profit or returns. it often involves risk.

Conclusively, Every investor invests with a specific objective at heart, and most investment has its own unique set of benefits and risks.

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A traditional store selling products

Answers

Confused? What is the problem at hand?

Answer:

Bricks and mortar is your answer.

Explanation:

how has smartphones product changed the way business is conducted? What business innovations have occurred as a result of this product being offered?

Answers

Answer: that make business communications more polished than ever before. No longer limited to voice only, we can now send various media through text messages, and other platforms.                                                       What business innovations have occurred as a result of this product being offered and it and how it is achieved - include Outcome-Driven Innovation and "Jobs.

Explanation:  i know its right. I hope it helps.

Answer the question on the basis of the following production possibilities table for two countries, North Cantina and South Cantina.

Refer to the table. If South Cantina is producing at production alternative F, the opportunity cost of the first unit of capital goods will be

A.1/2 of a unit of consumer goods.
B.1 unit of consumer goods.
C.27 units of consumer goods.
D.2 units of consumer goods.

Answers

The answer is c
hope this helpful

'Opportunity Cost' is described as the 'value of the next best possible opportunity that is given up for choosing the other.'

In the given situation, the opportunity cost of producing the very first unit of Capital Goods for South Cantina would be:

C). 27 units of consumer goods.

As we know, 'opportunity cost' is the cost of the next best alternative and its benefits that are lost for producing the other. The loss that South Cantina would suffer for producing one unit of the capital good is worth '27 units of consumer goods.'This implies that the 27 consumer unit goods would be lost for not choosing it and producing 1 unit of capital goods.

Thus, option C is the correct answer.

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8. You buy a 30-year zero coupon bond which will pay you $10,000 in 30 years at an annual yield of i=1% compounded once per year. A few minutes later the annual yield rises to i=2% compounded once per year. What is the percent change in the value of the bond? (Hint: recall the formula for percent change. The answer should be negative.) 9. You buy a 30 year zero coupon bond which will pay you $1000 in 30 years at an annual yield of i=16.5% compounded once per year. 25 years later it will be a 5 year zero coupon bond. Suppose the interest rate on this bond will be 16.5%, what will the price of this bond be in 25 years?

Answers

Answer:

-74.41%

465.9833221

Explanation:

The computation of percent change in the value of the bond is shown below:-

Price at 1% = $10,000 ÷ 1.01^30

= 7,419.23

Price at 2% = $10,000 ÷ 1.02^30

= 5,520.71

Percentage change in price = 5,520.71 ÷ 7,419.23

= -74.41%

The computation of the price of this bond be in 25 years is shown below:-

Price after 25 years: $1,000 ÷ 1.165^5

= 465.9833221

The percentage change in the value of the bond is 25.6% and the price of the bond in 25 years will be $465.98

Data;

Present Value of coupon = $10,000Interest rate = 1%, 2%Time = 30 years.Percentage Change in the Value of the Bond

This is calculated by the difference between the value of the interest rate.

Value of zero coupon bond = maturity value * PVF (r%, n)

The value of the bond at 1%

[tex]10000* PVF(1\%, 30)\\10000 * 0.7419 = 7,419.23[/tex]

The value of the bond at 2%

Value of zero coupon bond = maturity value * PVF (r%, n)

[tex]10000*PVF(2\%, 30)\\10000*0.5521 = 5521[/tex]

The percentage change is

[tex]\% change = \frac{previous value - present value}{previous value}\\\% change = \frac{7419.23-5521}{7419.23}\\ \% change = 25.6\%[/tex]

The percentage change in the value of the bond is 25.6%

b)

The cost of the zero coupon is equal to the present value of the future cash flow which is discounted at it's rate of interest. The period of discounting is the same as the period which the value needs to be determined.

Period = 5 yearsRate = 16.5% = 0.165PV = 1000

[tex]p = \frac{1000}{(1+0.165)^2}\\p = 465.98[/tex]

The price of the bond in 25 years will be $465.98

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What is the name for a loan with a co-signer

Answers

Answer:

co-borrowers

Explanation:

They are joint borrowers that are sharing and have to repay a debt together.

how has smart phones products been modified over time particularly modifications that made it more useful to business in general

Answers

Answer:

The rise of smartphones, tablets, and phablets has led to so many shifts from little tweaks (such as the need for bigger, clearer fonts) to huge strategic moves (the current payment wars) that just keeping track of it all can feel overwhelming. Trying to draw the right strategic lessons is even more daunting.

To help, we’ve highlighted seven key ways mobile devices have transformed e-commerce. This list, of course, is no means an exhaustive rundown of every change in the space. Rather, it’s simply an overview of some of the shifts we believe matter most.

Explanation:

bro of if I'm r8 pls make me braniest and follow me.

What is one big decision you have made in the last few months? How did you make that decision?

Answers

Answer:

Decided to setup my new pc. The urge of having something new is what made me do it.

Explanation:

100%   :-)

Answer:decided to go into construction

Explanation:

When a hotel does not fill a room and therefore the sale of that room on that day is lost forever, that refers to...
a.) product services-mix length
b.) seasonability
c.) perishability
d.) productservices-mix width
e.) tangible

Answers

Answer:

c.) perishability

Explanation:

The term perishability is used in marketing to describe the inability to keep or store services for sale in the future. Services are intangible and by nature. Once a service has been performed, it is deemed to have been consumed and cannot be returned or resold.

Once a service is offered, and the customer does take up the offer, it cannot be stored or kept for sale at a later date. If a hotel room is not booked for a particular night, the room does not generate any revenues for that night.  The hotel cannot store the room services for that night and offer them to customers any other time. The inability to preserve a service for sale at a later date is what marketers refer to as perishability.

Identify the factors that would MOST LIKELY help a firm to increase production.

Investment in new
technology.
Hiring more employees.

An increase in demand.

Increased education of labor force.

A decrease in demand

Increase foreign competition.

Answers

Answer:

Investment in new technology.

Hiring more employees.

increased education of labor force.

Explanation:

At the micro-economic level, the following factors would MOST LIKELY help a firm to increase production.

A) Investment in new  technology B) Hiring more employeesD) Increased education of labor force

At the macro-economic level, an increase in demand is a factor that will lead to more production by the industry.

At the firm-level (micro-economic), a decrease in demand or an increased foreign competition cannot lead the firm to increase production.  Instead, they discourage more production of goods and services.

To increase production, a firm must invest in new technology and hire more.  The latter will be boosted by an increase in labor education.

Thus, the factors that lead to increased production by a firm are A), B), and D).

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a entry to a liability account decreases the account balance

Answers

Answer:

Asset accounts. A debit increases the balance and a credit decreases the balance. Liability accounts. A debit decreases the balance and a credit increases the balance.

Explanation:

Why is there a need to assess one's PECs in terms of characteristics,attributes,lifestyle,skills traits before starting a particular business?​

Answers

Answer:

Explanation:

PECs stands for Personal Entreprenurial Competencies.

It is important to evaluate them because they have a way of predicting how successful one would be in a particular business.

Some of these attributes include but are not limited to the following:

Ability to Influence other People: People here refer to customers, public and even staff.

Self-Confidence: Confidence in one's abilities is key for survival in any business or endeavour.

Persuasion: Persuasion goes hand in hand with influence and Self-Confidence. It's almost impossible to influence other people if ones does not have self-confidence or lacks the strategy to do so.

Efficiency Orientation: The best entrepreneurs known how to create value from little or nothing.

Problem Solving: This is one of the greatest skills of an Entrepreneur. The higher they go on this trait, the more their chances of success.

Information Seeking: This is not just about reading. It refers to ones ability to seek related intelligence within and outside of one's environment. Good intelligence contributes to great decision making.

Ability to spot and utilize Opportunities: This is two traits combined in one. Spotting opportunities is overrated. Ability to organise internal and external resources in order to translate such opportunities into value is priceless.

Grit: Also known as persistence. This is key and is required for any idea which is receiving efforts to come to fruition.

Cheers!

PLEASEEEE HELP!!!!!!!!!!!!!!

Damon is working on a tight budget. He has just a few more scenes to shoot to complete his project. For one of the scene requires at least 50 extras. Hiring union extras will cost him more than the budget allows. what do you think he is likely to do to ensure the scene is shot within the budget?
A .Change the storyline
B. Deduct the scriptwriter's fees
C. Deduct the fees of the lead actor
D, hire non-union extras

Answers

Answer:

possibly d

Explanation:

makes more sense

The law of demand states that a price and quantity demanded do not affect each other. b as price increases, quantity demanded increases. c as price increases, quantity demanded decreases. d supply, price and quantity demanded do not affect each other.

Answers

Answer:

c as price increases, quantity demanded decreases.

Explanation:

The law of demand states that the higher the price of an item, the lower the quantity demanded of that good. While the lower the price, the higher the quantity demanded.

This shows an inverse relationship. As the price of a commodity increases from a former price to a new price, the consumers of that commodity would purchase less of it. But if the reverse is the case, that is price is lowered, consumers would purchase more quantity of the commodity.

Ian is interested in purchasing bonds, but he is looking for bonds that aren’t related to the government. Which type of bonds would you suggest he purchase?

treasury bonds

municipal bonds

corporate bonds

general obligation bonds

Answers

Answer:

The principal of a Brady bond is backed by U.S. Treasury bonds that are deposited with the Federal ... A corporate bond has a 12% nominal yield. ... General Obligation Bond's credit risk:.

Explanation:

try it

Treasury bonds are the  type of bonds would you suggest the purchase. Hence, option A is correct.

What is Treasury bonds?

Until they complete, Treasury bonds provide a fixed rate of interest every six months. They are given out for 20 or 30 year contracts. Treasury Direct is where a person may purchase Treasury bonds from a financial institute. Additionally, a person can purchase them from a bank or broker.

Treasury bonds are among the safest assets a person can buy because they are supported by the full faith and credit of the United States Government. They often don't provide a very high return because there is so little chance that you will lose money.

Thus, option A is correct.

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Following a systematic approach is useful during which step of the seven-step decision-making model?


gathering information and data

identifying the decision to be made

identifying options

developing a plan of action

Answers

Answer:

developing a plan of action

Explanation:

Savings should be treated as another type of

Answers

Investment saving is investing in your future self for anything that you may or will need

Select the correct answer from each drop-down menu.
Managers use the decision support system to support business and organizational decision making. What are two examples where companies
make use of this system?
Decision support systems help managers use (filtered data, structured data, raw data)
to identify problems and find solutions to business-related problems.
The (financial decision, financial planning, financial management)
system is an example of this system.

Answers

Answer:

1st one: Raw data

2nd one: Financial planning

Explanation:

I saw another question where the OP gave the answer saying that they posted it for people so that they could answer it, and the answer was indeed correct. Thanks BanditCrusher06

Question: https://brainly.com/question/18519269

Decision support systems help managers use raw data to identify problems and find solutions to business-related problems. The financial planning system is an example of this system. Thus, option C and B is correct.

What is decision-making?

Determining a decision, acquiring data, and weighing alternative approaches are all steps throughout the decision-making method. One can make a decision based on the alternatives that are available to them and choose which one will be the most feasible. 

Managers to using raw data which means the unfiltered filter data to detect the problem and discover the solution by using the decision-making process as these data or not being adjusted or being filtered out which would give them the best result

One illustration of this system is financial planning, in which the manager basically allow different finance or different amount to the various department based on their requirements. Therefore, option C and B is the correct option.

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Jamie is a purchasing agent for a company that manufactures shoes. She
has just submitted a purchase order to a supplier for more leather. Which
step of the purchasing process comes next?
A. Quality check
B. Requisition
C. Bid soliciting
O D. Shipping

Answers

Answer:

D. Shipping

Explanation:

Shipping refers to the activity of physically moving goods from one location to another. The goods could be moving from one store to another, from manufacturers to distributors, or from retailers to customers. Shipping is 'carrying goods' and hence a component of logistics.

After Jamie has prepared a submitted a purchase order, the next thing is to wait to receive the goods she ordered. Her supplier should ship the goods to her. The supplier can deliver the goods by themselves or use a logistics company.

The managerial function of leading: is a part of the planning process. involves monitoring the organization s progress toward its goals. is the set of processes used to get members of an organization to work together. involves setting an organization s goals and deciding how best to achieve them.

Answers

Answer:

is the set of processes used to get members of an organization to work together.

Explanation:

Management can be defined as a strategic process which typically involves analyzing, planning supervising, organizing, controlling and coordination of employees and business activities in order to successfully achieve organizational goals and objectives.

Generally, there are four (4) main components associated with the management of business activities and employees, these includes planning, organizing, leading and controlling.

The managerial function of leading is the set of processes used to get members of an organization to work together. Thus, leading a team of workers working in an organization simply involves communication, motivation, inspiration, direction, guidance and support of these employees in order to enhance their level of output or production at all times.

The managerial function of leading: is a part of the planning process is the set of processes used to get members of an organization to work together, third option is correct.

In order to successfully achieve organizational goals and objectives, management is often characterized as a strategic process that involves analysis, planning, supervision, organizing, regulating, and coordinating of personnel and business operations.

The management of corporate operations and personnel generally consists of four key elements: planning, organizing, leading, and controlling.

The collection of procedures used to get team members in an organization to collaborate is known as the management function of leadership. So, managing a group of people in an organization simply entails communicating with them, inspiring them, directing them, guiding them, and supporting them so that their output or production is always at a higher level.

Thus, third option is correct.

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Which of the following describes the business ethical climate in the 1960s?
A.)Healthcare emphasized
B.)Public pushed for corporate accountability
C.)Anti-war sentiment
D.) Major industries riddled by scandal


please help me i need answer by today

Answers

This can be a subjective answer.

Mostly D.

No EPA: rivers so fouled by raw sewage and fuel contamination there were literally fires on the surface of some near major industries.

The military industrial complex was reaping large profits off Cold War and later Vietnam war.

Not all business were culpable but major reforms and legislative actions had to be enacted forcing the abusers to clean up their act.!

At the end of the 2020 fiscal year the General Fund had $500 in encumbrances that remained opened into fiscal year 2021. In 2021 the encumbered goods were received at an invoiced cost of $520. How much would be recorded as the 2021 expenditure?A) $0.B) $20.C) $500.D) $520.

Answers

Answer:

B) $20

Explanation:

Calculation for how much that would be recorded as the 2021 expenditure

Using this formula

Expenditure =Invoiced cost-General fund

Let plug in the formula

Expenditure =$520-$500

Expenditure =$20

Therefore the amount that would be recorded as the 2021 expenditure will be $20

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