Answer:
A, increased prices is the answer
The transactions completed by PS Music during June 2018 were described at the end of Chapter
1. The following transactions were completed during July, the second month of the business's operations:
July 1. Peyton Smith made an additional investment in PS Music in exchange for common stock by depositing $5,000 in PS Music's checking account.
1 Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, $1,750. 1. Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period.
2. Received $1,000 on account.
3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to KXMD at $40 per hour. In accordance with the contract, Peyton received $7,200 from KXMD as an advance payment for the first two months. 3. Paid $250 on account.
4. Paid an attorney $900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense)
5. Purchased office equipment on account from Office Mart, $7,500.
8. Paid for a newspaper advertisement, $200.
11 Received $1,000 for serving as a disc jockey for a party
13. Paid $700 to a local audio electronics store for rental of digital recording equipment.
14. Paid wages of $1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal:
16. 18. 21. 22. Received $2,000 for serving as a disc jockey for a wedding reception. Purchased supplies on account, $850. Paid $620 to Upload Music for use of its current music demos in making various music sets. Paid $800 to a local radio station to advertise theservices of PS Music twice daily for the remainder of July 23. Served as disc jockey for a party for $2500. Received $750, with the remainder due August 4, 2018
27. Paid electric bill, $915.
28. Paid wages of $1200 to receptionist and part-time assistant.
29. Paid miscellaneous expenses, $540. 30. Served as a disc jockey for a charity ball for $1,500. Received $500, with the remainder due on August 9, 2018. 31 Received $3,000 for serving as a disc jockey for a party 31. Paid $1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Paid dividends, $1,250. 31.
Question Completion:
Journalize the transactions.
Answer:
PS Music
Journal Entries:
July 1 Debit Cash $5,000
Credit Common Stock $5,000
To record the additional investment by Peyton Smith.
July 1: Debit Rent Expense $1,750
Credit Cash $1,750
To record the payment of rent for July.
July 1: Debit Prepaid Insurance $2,700
Credit Cash $2,700
To record the prepayment of insurance premium for one year.
July 2: Debit Cash $1,000
Credit Service Revenue $1,000
To record the receipt of cash on account.
July 3: Debit Cash $7,200
Credit Service Revenue $3,600
Credit Unearned Service Revenue $3,600
To record the receipt of service revenue for July and August.
July 3: Debit Accounts Payable $250
Credit Cash $250
To record payment on account.
July 4: Debit Miscellaneous Expense $900
Credit Cash $900
To record the payment contract review by an attorney.
July 5: Debit Office Equipment $7,500
Credit Accounts Payable (Office Mart) $7,500
To record purchase of office equipment on account.
July 8: Debit Advertising Expense $200
Credit Cash $200
To record the payment for a newspaper advertisement.
July 11: Debit Cash $1,000
Credit Service Revenue $1,000
To record the receipt of cash for services.
July 13: Debit Equipment Rental Expense $700
Credit Cash $700
To record the payment for rental of digital recording equipment.
July 14: Debit Wages Expense $1,200
Credit Cash $1,200
To record the payment of wages.
July 16: Debit Cash $2,000
Credit Service Revenue $2,000
To record the receipt of cash for services.
July 18: Debit Supplies $850
Credit Accounts Payable $850
To record the purchase of supplies on account.
July 21: Debit Music Expense $620
Credit Cash $620
To record the payment of cash for uploading music.
July 22: Debit Advertising Expense $800
Credit Cash $800
To record the payment for advertising expense.
July 23: Debit Cash $750
Debit Accounts Receivable $1,750
Credit Service Revenue $2,500
To record service revenue earned for cash and on account.
July 27: Debit Utilities Expense $915
Credit Cash $915
To record the payment of electric bill.
July 28: Debit Wages Expense $1,200
Credit Cash $1,200
To record the payment of wages.
July 29: Debit Miscellaneous Expense $540
Credit Cash $540
To record the payment of miscellaneous expense.
July 30: Debit Cash $500
Debit Accounts Receivable $1,000
Credit Service Revenue $1,500
To record service revenue earned for cash and on account.
July 31: Debit Cash $3,000
Credit Service Revenue $3,000
To record the receipt of cash for services.
July 31: Debit Music Expense $1,400
Credit Cash $1,400
To record the payment of royalties.
July 31: Debit Dividends $1,250
Credit Cash $1,250
To record the payment of dividends to the stockholder.
Explanation:
Journal entries are the first records made to record business transactions as they occur on a daily basis. They identify the accounts involved in each transaction and the ones to be debited and credited respectively.
Journal entries are the first records made to record business transactions as they occur on a daily basis. They identify the accounts involved in each transaction and the ones to be debited and credited respectively.
What are business's operations?Business operations is a term used to define a broad range of activities. In essence, it refers to everything a firm does day-to-day to keep running and making money. Those activities, therefore, can differ hugely from one company to the next.
Business operations also include the technologies, systems, processes, equipment, and workflows essential to deliver value to customers. Planning operations management allows decision-makers to supervise business activities and assign responsibilities to authorized individuals.
Learn more about Business operations here,
https://brainly.com/question/14751622
#SPJ5
If Cho's boss is interested in a graphical representation of the relationship between the price and quantity of televisions demanded, you would advise your coworker to construct_____________ using the data provided. However, if Cho's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that_________ would be more appropriate.
Answer:
supply curve
supply schedule
Explanation:
From the question, we are given an instance that If Cho's boss is interested in a graphical representation of the relationship between the price and quantity of televisions demanded, i would advise your coworker to construct supply curve using the data provided. However, if Cho's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that supply schedule would be more appropriate.
The supply curve can be regarded as
graphic representation that gives the
correlation between quantity supplied and cost of a good for a particular period of time.the left vertical axis con rain the price, the horizontal axis contains the quantity supplied .
Supply schedule can be regarded as table that gives the relationship between quantity supplied and the
price of a good
What are the arguments for and against the concept of corporate social responsibility? Where do you stand, and why? Give your opinions, specifically, with respect to the text examples.
Bali Sales Company experienced the following events:
Purchased merchandise inventory for cash.
Purchased merchandise inventory on account.
Returned merchandise purchased on account.
Sold merchandise inventory for cash. Label the revenue recognition 4a and the expense recognition 4b.
Paid cash on accounts payable not within the discount period.
Sold merchandise inventory on account. Label the revenue recognition 6a and the expense recognition 6b.
Paid cash for selling and administrative expenses.
Paid cash for transportation-in.
Collected cash from accounts receivable.
Paid cash for transportation-out.
Required:
Identify each event as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each event affects the financial statements by placing a + for increase, -for decrease, or NA for not affected under each of the components in the following statements model. Assume the use of the perpetual inventory system. The first event is recorded as an example.
Event Event Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flow
Type Type
1 AE + - = NA + NA NA - NA = NA -0A
Answer:
Bali Sales Company
Identifying events as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE):
Event Type Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flow Type
1. AE + - = NA + NA NA - NA = NA -0A
2. CE + = + + NA NA - NA = NA -OA
3. CE - = - + NA NA - NA = NA +OA
4a. AS + = NA + + + - NA = + +OA
4b. AU - = NA + - NA - + = - -OA
5. CE - = - + NA NA - NA = NA -OA
6a. AS + = NA + + + - NA = + +OA
6b. AU - = NA + - NA - + = - -OA
7. AU - = NA + - NA - - = - -OA
8. AU - = NA + - NA - - = - -OA
9. AE +- = NA + NA NA - NA = NA -OA
10. AU - = NA + - NA - - = - -OA
Explanation:
All the events are classified under operating activities for the cash flow type. There are no investing activities (IA) nor financing activities (FA) in any of the events listed. The workings above show the accounting equation in operation as it affects elements of the financial statements.
What is installment debt?
no se inglés mano / I don't know English, I'm from Mexico
Answer:an installment is a loan that is repaid in regular installments.
Explanation:meaning of installment a sum of money due as one of several equal payments of something
5. Calculating tax incidence Suppose that the U.S. government decides to charge beer consumers a tax. Before the tax, 30 billion cases of beer were sold every year at a price of $5 per case. After the tax, 25 billion cases of beer are sold every year; consumers pay $7 per case (including the tax), and producers receive $4 per case.
Answer:
The amount of the tax on a case of beer is $3 per case.
Of this amount, the burden that falls on consumers is $2 per case,
and the burden that falls on producers is $ per case.
Explanation:
First, we need to calculate the total amount of tax on one case
Amount of tax = Price by the consumer including tax - Producer receives
Where
Price by the consumer including tax = $7
Producer receives = $4
Placing values in the formula
Amount of tax = $7 - $4
Amount of tax = $3
Burden on consumer = Price paid by consumer before tax - Price paid by consumer after tax = $7 - $5 = $2
Burden on Producer = Total tax - Burden on consumer = $3 - $2 = $1
Ralph owns a building that he is trying to lease. Ralph is a calendar-year, cash-method taxpayer and is trying to evaluate the tax consequences of three different lease arrangements. Under lease 1, the building rents for $720 per month, payable on the first of the next month, and the tenant must make a $720 security deposit that is refunded at the end of the lease. Under lease 2, the building rents for $7,920 per year, payable at the time the lease is signed, but no security deposit is required. Under lease 3, the building rents for $720 per month, payable at the beginning of each month, and the tenant must pay a security deposit of $1,440 that is to be applied toward the rent for the last two months of the lease.
Required:
a. What amounts are included in Ralphâs gross income this year if a tenant signs lease 1 on December 1 and makes timely payments under that lease?
b. What amounts are included in Ralphâs gross income this year if the tenant signs lease 2 on December 31 and makes timely payments under that lease?
c. What amounts are included in Ralphâs gross income this year if the tenant signs lease 3 on November 30 and makes timely payments under that lease?
Answer:
a. The amounts that are included in Ralph's gross income this year if a tenant signs lease 1 on December 1 and makes timely payments under that lease
= $8,640
b. The amounts that are included in Ralph's gross income this year if the tenant signs lease 2 on December 31 and makes timely payments under that lease:
= $7,920
c. The amounts that are included in Ralph's gross income this year if the tenant signs lease 3 on November 30 and makes timely payments under that lease:
= $10,080
Explanation:
a) Data and Calculations:
Leases: Lease Payments Security Remarks
Deposit
Lease 1 Monthly rent = $720 $720 Refundable at the lease end
Lease 2 Yearly rent = $7,920 None None
Lease 3 Monthly rent = $720 $1,440 Non-refundable; last months' rent
1) The amounts that are included in Ralph's gross income this year if a tenant signs lease 1 on December 1 and makes timely payments under that lease
= $720 * 12 = $8,640
2) The amounts that are included in Ralph's gross income this year if the tenant signs lease 2 on December 31 and makes timely payments under that lease:
= $7,920
3) The amounts that are included in Ralph's gross income this year if the tenant signs lease 3 on November 30 and makes timely payments under that lease:
= ($720 * 12) + $1,440
= $8,640 + $1,440
= $10,080
b) Since Ralph is a cash-method taxpayer, the amounts of lease rents that are included in his gross income equal the total amounts received in the calendar-year.
Shlee Corporation issued a 4-year, $60,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $60,000. In addition, Shlee agreed to sell merchandise to Garcia at an amount less than regular selling price over the 4-year period. The market rate of interest for similar notes is 12%. Prepare Shlee Corporation's January 1 journal entry.
Answer:
January 1, 2020
Dr Cash $60,000
Dr Discount on Bonds Payable $21,869
Cr Notes Payable $60,000
Cr Unearned Sales Revenue $21,869
Explanation:
Preparation of Shlee Corporation's January 1 journal entry
First step is to calculate Find the Present value (PV) using financial calculator
N = 4 years
I/Y% = 12$
FV = $60,000
PMT = 0
PV =?
Hence,
PV =$38,131
Second step is to calculate the Discount on Bonds Payable for January 1, 2020
Discount on Bonds Payable =$60,000 −$38,131 Discount on Bonds Payable =$21,869
Now let prepare the Journal entry
January 1, 2020
Dr Cash $60,000
Dr Discount on Bonds Payable $21,869
($60,000 −$38,131)
Cr Notes Payable $60,000
Cr Unearned Sales Revenue $21,869
($60,000 −$38,131)
Consider the market for "rainbow sandals" . Suppose average household income increases from â$31 thousand to â$50 thousand per year. As aâ result, the demand for increases from 402 to 559. Using the midpointâ formula, what is the "income elasticity of demand" forâ?
Answer:
0.695
Explanation:
The computation of the income elasticity of demand using the mid-point formula is given below:
Income elasticity of demand is
= Percentage change in quantity demanded ÷ percentage change in income
where,
Percentage change in quantity demanded is
= (New - old) ÷ (New + old) ÷ 2
= (559 - 402) ÷ (559 + 402) ÷ 2
= 157 ÷ 481
= 0.326
And, the percentage change in income is
= (New - old) ÷ (New + old) ÷ 2
= ($50,000 - $31,000) ÷ ($50,000 + $31,000) ÷ 2
= $19,000 ÷ $40,500
= 0.469
Now the income elasticity of demand is
= 0.326 ÷ 0.469
= 0.695
Required information Skip to question The Ferre Publishing Company has three service departments and two operating departments. Selected data from a recent period on the five departments follow: Service Departments Operating Departments Administration Janitorial Maintenance Binding Printing Total Costs $163,800 $122,850 $56,160 $321,750 $503,100 $1,167,660 Number of employees 60 35 140 315 210 760 Square feet of space occupied 15,000 10,000 20,000 40,000 100,000 185,000 Hours of press time 30,000 60,000 90,000 Administration is allocated based on number of employees; Janitorial based on space occupied; and Maintenance based on hours of press time. Required: Assuming that the company uses the direct method to allocate service department costs, how much cost would be assigned to each operating department
Answer:
The Ferre Publishing Company
The cost assigned to each operating department:
Binding = $463,320
Printing = $704,340
Explanation:
a) Data and Calculations:
Service Departments Operating Departments
Administration Janitorial Maintenance Binding Printing
Total Costs $163,800 $122,850 $56,160 $321,750 $503,100 $1,167,660
Number of
employees 60 35 140 315 210 760
Square feet
of space
occupied 15,000 10,000 20,000 40,000 100,000 185,000
Hours of
press time 30,000 60,000 90,000
Allocation of Service Departments' Costs to the Operating Departments;
Service Departments Operating Departments
Administration Janitorial Maintenance Binding Printing
Total Costs $163,800 $122,850 $56,160 $321,750 $503,100 $1,167,660
Admin. (163,800) 8,190 32,760 73,710 49,140 0
Janitorial (131,040) 16,380 32,760 81,900
0
Maintenance (105,300) 35,100 70,200 0
Total $463,320 $704,340 $1,167,660
Rate of Administration Cost to the other departments =$234 ($163,800/700)
Janitorial 35*$234 = $8,190
Maintenance 140*$234 = $32,760
Binding 315*$234 = $73,710
Printing 210*$234 = $49,140
Janitorial cost:
Rate based on space occupied = $131,040/160,000 = $0.819
Maintenance = 20,000*$0.819 = $16,380
Binding = 40,000*$0.819 = $32,760
Printing = 100,000*$0.819 = $81,900
Maintenance Cost of $105,300
Rate = $1.17 ($105,300/90,000)
Binding = 30,000*$1.17 = $35,100
Printing = 60,000*$1.17 = $70,200
Hubbard, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2015. 1/1/15 12/31/15 Projected benefit obligation $11,400,000 $11,760,000 Pension assets (at fair value) 6,000,000 6,900,000 Accumulated benefit obligation 2,400,000 2,760,000 Net (gains) and losses -0- 240,000 The service cost component of pension expense for 2015 is $890,000 and the amortization of prior service cost due to an increase in benefits is $180,000. The settlement rate is 10% and the expected rate of return is 8%. What is the amount of pension expense for 2015?
a. $1,766,000
b. $1,730,000
c. $1,658,000
d. $1,490,000
Answer:
b. $1,730,000
Explanation:
Pension expense = $ervice cost component + Opening projected benefit obligation*settlement rate - Opening pension assets*Expected rate of return + Amortization of prior service cost
= $890,000 + ($11,400,000*0.10) - ($6,000,000*0.08) + $180,000
= $890,000 + $1,140,000 - $480,000 + $180,000
= $1,730,000
A researcher wants to understand how customers' social interaction with online retailers impact their loyalty to online retailers. This researcher understands that extraneous variables such as gender and age could influence the result, but these variables cannot be eliminated and their effects cannot be canceled out in this case. In order to deal with extraneous variables, which of the following techniques this researcher can choose?
a. Randomization
b. Inclusion
c. Statistical Control
d. Elimination
e. Induction
f. Manipulation
Answer:
Option A, Randomization
Explanation:
Extraneous variables can be taken care of through randomization or random sampling. In random sampling, the extraneous variables are not deleted instead their equal distribution is ensured. Random sampling increases the external validity and generalize the population.
Hence, option A is correct
Before making the decision to invest in Uber, managers at Toyota undoubtedly conducted an internal analysis. In order to choose the strategy that will enable their company to attain a sustained competitive advantage through this decision, in what other activity would Toyota managers have engaged in conjunction with this internal analysis?
a. The support of C-level management and majority stockholders
b. Nothing - an internal analysis is sufficient on its own.
c. An analysis of the company's external environment
d. An analysis of the company's finances and operations
Answer: c. An analysis of the company's external environment
Explanation:
Apart from the internal analysis conducted by Toyota, it is vital for the organization to analyze its external environment.
We should note that the external environment of a business is made up of the legal, social, economic, demographic, political secturs etc.
To achieve organizational goals,buts paramount to analyse both the internal and the external environment.
While taking courses at a community college, Patrice also spends time each week assisting at her town’s community center. Patrice aides the community center leaders and learns about how the center works. Although she is not paid for this time, she hopes to begin a full-time job at the community center after finishing her courses. Patrice’s time at the community center is called
secondary education.
doctoral research.
a certification.
an internship.
Answer:
an internship.
Explanation:
The internship is the training program provided by a company in order to get the work experience to the employee who wants to make a career in a specific field whether unpaid or paid.
Since in the question it is mentioned she is not paid also she started for a full time job at the community center so the time at the community center is known as an internship
Answer:
D
Explanation:
Presented below is information related to Sheffield Company.
Oct. 1 Diane Lexington begins business as a real estate agent with a cash investment of $15,600 in exchange for common stock.
2 Hires an administrative assistant.
3 Purchases office furniture for $2,250, on account.
6 Sells a house and lot for N. Fennig; bills N. Fennig $4,000 for realty services performed.
27 Pays $800 on the balance related to the transaction of October 3.
30 Pays the administrative assistant $2,750 in salary for October.
Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Answer:
1) Oct 1
Dr Cash $15,600
Cr Common stock $15,600
2. No entry
3. Oct 3
Dr Cost of real estate service $2,250
Cr Accounts payable $2,250
4. Oct 1
Dr Accounts receivable $4,000
Cr Reality service revenue $4,000
5. Oct 27
Dr Accounts payable $800
Cr Cash $800
6. Oct 30
Dr Cost of real estate service $2750
Cr Cash $2750
Explanation:
Preparation of the debit-credit analysis for each transaction.
1) Oct 1
Dr Cash $15,600
Cr Common stock $15,600
[Being to record Issued common stock to properties]
2. No entry
3. Oct 3
Dr Cost of real estate service $2,250
Cr Accounts payable $2,250
[Being to record Purchased on account office furniture]
4. Oct 1
Dr Accounts receivable $4,000
Cr Reality service revenue $4,000
[Being to record Sold reality estate and bill raised]
5. Oct 27
Dr Accounts payable $800
Cr Cash $800
[Being to record paid dues of Oct 3 in part]
6. Oct 30
Dr Cost of real estate service $2750
Cr Cash $2750
[Being to record Salary paid to administrative staff]
A project manager is considering how to structure a project team that will not directly disrupt ongoing operations. The project needs to be done quickly and a high level of motivation will be needed in order to do that. For this situation, the ______ organization would be the best choice. Group of answer choices weak matrix strong matrix projectized functional balanced matrix
Answer: Projectized
Explanation:
With regards to the information given in the question, the projectized organization would be the best choice.
A projectized organization structure is simply one whereby the decisions regarding the project will be made by the project manager and everything regarding the project will be reported to the project manager.
Since the project needs to be done quickly and a high level of motivation will be needed in order to do that, the projectized structure will be ideal.
The organization would be the best choice is Projectized
The following information should be considered:
A projectized organization structure is simply one whereby the decisions regarding the project will be made by the project manager and everything regarding the project will be reported to the project manager. Since the project needs to be done quickly and a high level of motivation will be needed in order to do that, the projectized structure will be ideal.Learn more: brainly.com/question/16911495
One way to make ratio analysis more meaningful is to compare the ratios of one firm to those of other firms in the same industry. True Or False
Understanding preference assumptions
Complete the following table by identifying which assumption each given scenario references.
Assumptions
Scenario Complete Transitive
Tastes Tastes Monotonicity Convexity Continuity
Your niece Latasha says she
can't compare her two favorite
TV shows, Dora the Explorer
and Sesame Street, because
they are so different, even though
they are on at the same time and
she needs to choose.
Jake usually buys three pounds
of ham and two pounds of turkey
each week at the grocery store.
When the grocery store had only
1.99 pounds of turkey available,
he didn't feel that worse off.
Your brother would prefer to have
two computers and a video game
console, rather than one computer
and a video game console, because
he loves technology.
Frances is indifferent between having
only two scoops of ice cream or having
only four cookies for dessert, but she
would prefer to have one scoop of ice
cream and two cookies because she
likes variety in her diet.
Dmitri prefers burgers over hot dogs
and hot dogs over chicken. However,
when faced with a choice between
burgers and chicken, he chooses
chicken.
Answer:
Understanding Preference Assumptions
Identifying the assumption for each scenario:
Scenario Preference Assumption
1. Your niece Latasha says she
can't compare her two favorite
TV shows, Dora the Explorer
and Sesame Street, because
they are so different, even though
they are on at the same time and
she needs to choose. Continuity
2. Jake usually buys three pounds
of ham and two pounds of turkey
each week at the grocery store.
When the grocery store had only
1.99 pounds of turkey available,
he didn't feel that worse off. Complete taste
3. Your brother would prefer to have
two computers and a video game
console, rather than one computer
and a video game console, because
he loves technology. Monotonicity
4. Frances is indifferent between having
only two scoops of ice cream or having
only four cookies for dessert, but she
would prefer to have one scoop of ice
cream and two cookies because she
likes variety in her diet. Convexity
5. Dmitri prefers burgers over hot dogs
and hot dogs over chicken. However,
when faced with a choice between
burgers and chicken, he chooses
chicken. Transitive tastes
Explanation:
A. Complete taste: As Jake's preferences are inclined towards ham, she is able to compare and rank ham and turkey.
B. Continuity: There are sudden jumps in Latasha's taste. She wants her two favorite TV shows, Dora the Explorer and Sesame Street, equally.
C. Transitive tastes: For example, Dmitri prefers burgers over hot dogs
and hot dogs over chicken, but still chooses chicken.
D. Monotonicity: More computers are better for my brother.
E. Convexity: Averages of (ice cream and cookies) are better than only ice cream or only cookies For Frances.
The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:
Fees earned $900,000
Office expense 300,000
Miscellaneous expense 15,000
Wages expense 450,000
Accounts payable 18,000
Accounts receivable 38,000
Cash 52,000
Common Stock 100,000
Land 450,000
Supplies 3,000
$10,000 of dividends were paid during the year. Retained earnings as of June 1, 20Y5, were $300,000. Prepare a balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity.
Answer:
Paradise Travel Service
Balance Sheet as of May 31, 20Y6:
Assets:
Cash $52,000
Accounts receivable 38,000
Supplies 3,000
Land 450,000
Total assets $543,000
Liabilities and Equity:
Accounts payable 18,000
Common Stock 100,000
Retained Earnings 425,000
Total liabilities and
equity $543,000
Explanation:
a) Data and Calculations:
Paradise Travel Service
Income Statement for the year ended May 31, 20Y6:
Fees earned $900,000
Office expense 300,000
Miscellaneous expense 15,000
Wages expense 450,000
Total expenses 765,000
Net Income $135,000
Statement of Retained Earnings for the year ended May 31, 20Y6:
Retained Earnings, June 1, 20Y5 $300,000
Net Income 135,000
Dividends 10,000
Retained Earnings, May 31, 20Y6 $425,000
b) The balance sheet shows the balances of assets, liabilities and equity at the end of an accounting period. It derives its name from the accounting equation, which states that assets = liabilities + equity. This equation implies that the two sides always balance each other.
Rosita purchased 300 shares of a stock for $37 a share. Today, the stock is selling for $41 a share. The initial margin requirement is 70 percent and the maintenance margin is 30 percent. Rosita had to pay _____ in cash to purchase the stock and must have at least _____ in equity today.
Answer: $7,770; $3,690
Explanation:
Rosita purchased 300 shares of a stock for $37 a share. Today, the stock is selling for $41 a share. The initial margin requirement is 70 percent and the maintenance margin is 30 percent. Rosita had to pay $7,770 in cash to purchase the stock and must have at least $3,690 in equity today.
Amount Rosie had to pay in cash:
= Number of shares * Value of shares * Initial margin requirement
= 300 * 37 * 70%
= $7,770
Least amount to have in equity:
= Number of shares * current value of shares * maintenance margin
= 300 * 41 * 30%
= $3,690
The development of cotton and woolen mills in the mill cities of England, and later New England, caused tremendous sociological change as potential workers (especially women) swarmed from rural areas to the growing industrial cities. Cite some examples of similar occurrences in more recent times in developing countries.
Explanation:
Agribusiness is the strongest sector of the Brazilian economy, for this reason there is a change in the flow of workers who migrated from the southeastern region of Brazil where the largest Brazilian metropolises such as Rio and São Paulo are concentrated to the central west region of Brazil, where there is the largest agricultural productivity in Brazil.
The high investment and industrialization in the region, the strengthening of Brazilian agribusiness and the lack of employment in other regions of the country were the causes that contributed to the greater demand for jobs in the central west region of the country.
Sunland Company's account balances at December 31, 2020 for Accounts Receivable and the related Allowance for Doubtful Accounts are $924000 debit and $1970 credit, respectively. From an aging of accounts receivable, it is estimated that $40900 of the December 31 receivables will be uncollectible. The necessary adjusting entry would include a credit to the allowance account for:_______
a. $42870.
b. $1970.
c. $38930.
d. $40900.
Answer:
c. $38930
Explanation:
Calculation for what the necessary adjusting entry would include a credit to the allowance account for:
Using this formula
Credit to the allowance account =Accounts receivable-Allowance for Doubtful Accounts (Credit)
Let plug in the formula
Credit to the allowance account=$40900-$1970
Credit to the allowance account= $38930
Therefore The necessary adjusting entry would include a credit to the allowance account for $38930
When the company is hosting an event, managers should assign event preparations to a ________. Preparations include trucking in different kinds of equipment and setting it up over several acres; installing sufficient security, first aid, and portable restrooms throughout the course; and having food and drink delivered, as well as marketing the event and enrolling participants. Hiring team members who are diverse in terms of gender and race is likely to_____________ the team's productivity.
Answer:
Cross functional team / will increase
Explanation:
A cross functional team can be defined as a team formed by people with different areas of expertise, as is the case of a team specialized in the organization of business events.
Cross functional teams have the advantages of making work more effective and more productive by the possibility that each person is responsible for a different area and therefore the work takes place in a much more flexible, dynamic and creative way, since there is greater autonomy, greater capacity to communication and lower hierarchy in these teams, and the greater the diversity of professionals, the more the teams will be innovative and productive.
According to the video, what are some factors that make this job stressful? Select two options.
new technologies
creative decisions
tight deadlines
artistic temperaments of coworkers
missing equipment
Answer:
3 & 4
Explanation:
answer key showed me the answer.
Answer:
C and D
Explanation:
Brainlist please
Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics.
a. The effect of a large government budget deficit on the economy's price level.
b. The effect of government regulation on a monopolist's production decisions.
c. The optimal interest rate for the Federal Reserve to target
Answer:
macroeconomics.
microeconomics.
macroeconomics.
Explanation:
Macroeconomics is a branch of economics that studies the economy as a whole. Macroeconomics studies economic aggregates such as inflation, unemployment, GDP and growth rate.
The government deficit would affect price levels of the whole economy. Thus, it is a macroeconomic topic.
Interest rate would affect the whole economy.
Microeconomics is a branch of economics that studies the decisions individuals and firms make in response to changes in economic factors. These factors include price, resources etc. it studies how firms and individuals allocate and make decisions about resources
Regulation of the monopolist would only affect the monopolist and its customers possibly. This makes it a microeconomic topic
Under rent control, bribery is a potential mechanism to:________
a. bring the total price of an apartment (including the bribe) closer to the equilibrium price.
b. force the total price of an apartment (including the bribe) to be less than the market price.
c. allocate housing to the most deserving tenants.
d. allocate housing to the poorest individuals in the market.
Answer:
A). bring the total price of an apartment (including the bribe) closer to the equilibrium price.
Explanation:
Rent control can be regarded as a program set up by the government which control the limit of amount that can be demanded by landlords for leasing out a home as well as renewal of a lease. The law that govern rent control are been enacted by municipalities, and it's a way to make lower-income residents have an affordable living cost. It should be noted that Under rent control, bribery is a potential mechanism to bring the total price of an apartment (including the bribe) closer to the equilibrium price.
In Year 1, Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account. Lee paid $31,000 of the accounts payable. Lee acquired $40,000 cash from the issue of common stock. The company invested $21,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: What amount of revenue will Lee report on the Year 1 income statement
Answer and Explanation:
LEE INC.
Effect of events on the general ledger accounts
Event Cash Account land Account Common stock Retained
receivable Payable Earnings
Sales
on account 62,000 62,000
collected 51,000 -51,000
Expenses 39,000 -39,000
Account
Payable -31,000 -31,000
Issue of stock 40,000 40,000
Purchase land -21,000 21,000
Totals 39,000 11,000 21,000 8,000 40,000 23,000
The computation of the amount of revenue recognized would be equivalent to the service performed i.e. $62,000
John lived in Zimbabwe in 2001. His boss told you that starting from this month, he will get paid in double, i.e. 100% raise. He has $(Zimbabwean)10,000 in his savings. Here was economic situation in Zimbabwe in 2001.
GDP growth rate: 1.4%
Unemployment rate: 5.41%
Inflation: 112%
Interest rate: 50%
Explain why(there are two correct possibilities).
A. John has nothing to worry about, Zimbabwean economy is doing well as GDP growth rate is positive.
B. John lost his savings as real interest rate is negative.
C. John should look for other jobs because unemployment rate is quite low. There might be other jobs who can pay more.
D. John must have not purchased the same as last month due to inflation.
Answer:
B , D
Explanation:
Real interest rate is the interest rate adjusted for inflation rate.
Real Interest rate = Nominal Interest rate - Inflation
= 50% - 112% = -62% {Its negative}
So, such high negative real interest rate implies loss in value of held money. Hence, John lost his savings as real interest rate is negative.
Also, such higher inflation rate implies lower purchasing power of money.
So, John must have not been able to purchase the same, as much as last month - due to inflation.
A vacant lot acquired for $500,000, on which there is a balance owed of $300,000, is sold for $660,000 in cash. The seller pays the $300,000 owed. What is the effect of these transactions on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity
Answer: See explanation
Explanation:
The effect of these transactions on the total amount of the seller's
(1) assets will be:
= Sales - (Aquisition value + Balance Owed)
= $660,000 - ($500,000 + $300,000)
= $660,000 - $800,000
= -$140,000
Decreased $140,000
2. Liabilities: Decreased by $300,000. This is because the seller paid the $300,000 owed.
3. Stock holder's Equity will be gotten by subtracting the acqusition value from the sales value. This will be:
= $660,000 - $500,000
= $160,000.
Increased by $160,000
Do you think being charitable can be taught?
Answer:
Yes, I feel like anyone can be taught what charitable means and what it is. Its all about helping..and anyone could learn that without being taught
Explanation: